Star Bulk has swept up the 34 strong bulker fleet of fellow Oaktree-backed company Excel Maritime Carriers to expand its position as the largest US-listed owner in the dry cargo sector.
The $634.91m cash plus shares deal, revealed just two months after Star merged with Oceanbulk, will take the fleet of Petros Pappas-led owner to beyond 100 vessels.
Pappas said: “We are excited to announce these vessel purchases that, when completed, will expand our presence as the largest US listed drybulk shipping company, and one of the largest dry bulk owners and operators globally.
“These transactions mark an important next step in the evolution of Star Bulk following our recent merger transaction with Oceanbulk."
6 capesizes, 14 kamsarmaxes, 12 panamaxes and two handymax ships in the Excel fleet.
“We also believe that after these transactions are completed, will be well positioned to capitalize on an improving dry bulk shipping market with significant operating leverage to rising rates.”
"This is consistent with our strategy to be an active consolidator in the dry bulk shipping industry, using moderate levels of debt," Pappas said.