Star Bulk Carriers

Eagle Bulk Shipping (EGLE) and Star Bulk Carriers (SBLK) have finalized their merger in an all-stock transaction, establishing the largest publicly-traded bulk carrier company in the world. The merged entity will continue under the Star Bulk Carriers (SBLK) name, with its headquarters in Athens and leadership under CEO Petros Pappas. According to the terms of the merger, shareholders of Eagle Bulk Shipping (EGLE) were allocated 2.6211 Star Bulk Carriers (SBLK) common shares for every Eagle Bulk Shipping (EGLE) share they owned. Consequently, Eagle Bulk Shipping (EGLE) shares have stopped trading and have been delisted from the New York Stock Exchange (NYSE). Gary Weston, a director from Eagle Bulk Shipping (EGLE), has taken a position on the board of Star Bulk Carriers (SBLK), and Bo Westergaard, the former CCO of Eagle Bulk Shipping, has been appointed to the leadership team of Star Bulk Carriers (SBLK). Additionally, Costa Tsoutsoplides, previously the CSO of Eagle Bulk Shipping, will temporarily act as a senior advisor to support the integration process. “Today marks a significant milestone for Star Bulk Carriers (SBLK) as we merge our strengths to form a leading force in the global dry bulk sector,” CEO Petros Pappas remarked. “With enhanced scale, a robust financial foundation, and unparalleled technical and commercial expertise, Star Bulk Carriers (SBLK) is poised for growth, committed to superior service for our clients, and focused on generating lasting shareholder value.” As of April 9, 2024, the expanded Star Bulk Carriers (SBLK) fleet comprises 163 owned bulk carriers. 9-April-2024

 

The shareholders of the Connecticut-based Eagle Bulk Shipping (EGLE) have approved a merger with the Athens-based and New York-listed Star Bulk Carriers (SBLK). Eagle Bulk Shipping (EGLE) reported that about 65% of its outstanding shares supported the agreement, under which shareholders will acquire 2.6211 shares of Star Bulk Carriers (SBLK) common stock for every share of Eagle Bulk Shipping (EGLE) they hold. This transaction, slated for completion around 9 April 2024, is poised to establish the leading publicly-traded bulk carrier company in the world, boasting a combined fleet of nearly 170 vessels. The merged entity will operate under the leadership of CEO Petros Pappas and will include senior executives from Eagle Bulk Shipping (EGLE), with the exception of CEO Gary Vogel. Star Bulk Carriers (SBLK) will see Spyros Capralos continuing as chairman, and a director from Eagle Bulk Shipping (EGLE) will be appointed to the board. The consolidated shipowning business will continue as Star Bulk Carriers (SBLK), maintaining its headquarters in Athens and having additional offices in Stamford, Singapore, Copenhagen, and Limassol. 8-April-2024

 

The Connecticut-based maritime company, Eagle Bulk Shipping (EGLE), has received the green light from its shareholders for an acquisition by the New York-listed maritime firm, Star Bulk Carriers (SBLK), marking the creation of a $2.7 billion powerhouse in the bulker industry. The merger between Eagle Bulk Shipping (EGLE) and Star Bulk Carriers (SBLK) received a positive vote, with two-thirds of Eagle Bulk Shipping’s shareholders endorsing the deal. The merger is scheduled to be finalized on April 2, 2024, following approval from 65% of the shareholders. This all-stock transaction, valued at $836 million, is set to establish the largest publicly-traded bulker operator globally, boasting a combined fleet of 167 bulk carriers. The completion of the merger between Eagle Bulk Shipping (EGLE) and Star Bulk Carriers (SBLK) is anticipated for April 2, 2024, subsequent to the affirmative shareholder vote. 7-April-2024

 

As Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) prepares for a pivotal shareholder vote, the stage is set for the emergence of a new $2.7 billion entity under Athens-based and New York-listed shipowner and operator Star Bulk Carriers (SBLK), heralding the creation of a substantially larger and highly investable mega dry bulk shipowner. Both Eagle Bulk Shipping (EGLE) and Star Bulk Carriers (SBLK) debuted during a flurry of shipping IPOs in 2005 in New York. Fast forward 19 years, and it’s Eagle Bulk Shipping (EGLE) that’s being absorbed, with Star Bulk Carriers (SBLK) advancing as the standard-bearer of the dry bulk sector through an $836 million all-stock merger. This progression hinges on the approval of CEO Gary Vogel-led shipowner and operator Eagle Bulk Shipping’s shareholders, who are slated to cast their decisive vote on the merger this Friday. 3-April-2024

 

Rising prices in the capesize bulk carrier market have enhanced the appeal of the deal between Athens-based and New York-listed Star Bulk Carriers (SBLK) and Connecticut-based Eagle Bulk Shipping (EGLE) for investors. Clarksons Securities, based in London, indicates that the now $836 million valuation of the acquisition is likely to be even more enticing to Eagle Bulk Shipping (EGLE) shareholders. The acquisition proposal, initiated by Petros Pappas and managed by Star Bulk Carriers (SBLK), has gained attractiveness beyond its initial December 2023 proposition, fostering increased optimism among Clarksons Securities’ equity analysts regarding the Eagle Bulk Shipping (EGLE) shareholders’ approval in the upcoming vote on 5 April 2024. The enhancement of the deal’s value is attributed to the unaltered exchange ratio in the all-stock transaction, coupled with a more significant increase in the value of Star Bulk Carriers’ (SBLK) fleet compared to that of Eagle Bulk Shipping (EGLE) since the deal’s announcement. 26-March-2024

 

The Athens-based and New York-listed shipping firm Star Bulk Carriers (SBLK), under the leadership of Petros Pappas, is reportedly involved in a new transaction amidst a flurry of Greek supramax carrier sales. Star Bulk Carriers (SBLK) has generated approximately $350 million from selling 19 vessels in the secondary market over the past twelve months. It’s understood that Star Bulk Carriers (SBLK) has successfully completed the sale of its nineteenth bulk carrier, capitalizing on the recent uptick in market values for bulk carriers. Among these transactions, Star Bulk Carriers (SBLK) has allegedly finalized the sale of the 2013-built supramax bulk carrier, the 56K DWT MV Star Pyxis, during a period marked by heightened activity in supramax bulk carrier sales within the Sale and Purchase (S&P) market. This surge in sales reflects a growing interest in acquiring smaller bulk carrier classes, which have not seen as significant a rise in value as their larger counterparts. 24-March-2024

 

Star Bulk Carriers (SBLK), a prominent US-listed shipping company renowned for its expansive fleet of bulk carriers, is reportedly advancing in the competitive maritime market through the sale of a capesize bulk carrier amidst a period of increasing vessel values. With a strategic focus on optimizing its fleet composition and capitalizing on market trends, Star Bulk Carriers (SBLK) is said to have successfully completed its 18th transaction involving a secondhand ship in the last twelve months. This sequence of judicious vessel disposals by Star Bulk Carriers (SBLK) not only highlights its proactive approach in fleet management but also underscores a broader industry trend of leveraging rising bulker values for strategic asset turnover. Under the leadership of the esteemed maritime industry veteran, Petros Pappas, Star Bulk Carriers (SBLK) continues to demonstrate its adeptness in navigating the complexities of the global shipping market. The company’s latest move involves the sale of the 175K DWT capesize bulk carrier MV Star Audrey (built in 2011), a testament to Star Bulk’s commitment to refreshing its fleet and maintaining a strong market position. The vessel is being sold to an Athens-based shipowner for an estimated $27 million, a transaction that, upon confirmation, would reinforce Star Bulk Carriers (SBLK)’s reputation as an active participant in the secondhand vessel market. The sale of the MV Star Audrey would mark a significant milestone for Star Bulk Carriers (SBLK), making it the 18th bulk carrier the company has divested in the secondhand market over the course of the past year. This strategic pattern of sales is part of Star Bulk Carriers (SBLK)’s broader business strategy aimed at leveraging market dynamics to optimize its fleet size and composition, thereby enhancing shareholder value and positioning the company for long-term success in the global shipping industry. Star Bulk Carriers (SBLK)’s adept maneuvering through the market, spearheaded by Petros Pappas, showcases its resilience and forward-thinking approach in a sector known for its cyclical nature and volatility. 27-February-2024

 

Athens-based New York-listed shipowner and operator Star Bulk Carriers (SBLK), in response to security concerns following missile attacks by Houthi rebels, has made a significant operational decision to halt the transit of its ships through the Suez Canal. CEO Petros Pappas shared during an investor call that the company proactively reached out to the charterers of the two targeted bulk carriers, urging them to avoid the Red Sea route, a key maritime path known for its strategic importance but also for security challenges in recent times. Although Star Bulk Carriers (SBLK) sought to reroute its vessels for safety, Petros Pappas noted the limitations in legally mandating this change, highlighting the complexities involved in international maritime operations. This decision comes amid increasing tensions in the region, where maritime assets have become focal points for geopolitical disputes. The attacks on Star Bulk Carriers’ ships precede similar aggressive actions against ships owned by US-listed entities Genco Shipping & Trading and Eagle Bulk Shipping, underscoring a broader security issue facing the maritime industry. By opting to discontinue Suez Canal transits, Star Bulk Carriers (SBLK) is prioritizing the safety of its crew and ships over the traditional benefits of one of the world’s most crucial maritime chokepoints. The move by Star Bulk Carriers (SBLK) to seek alternative routes demonstrates the company’s agile response to emerging threats and its commitment to operational security. Star Bulk Carriers (SBLK) CEO Petros Pappas’s disclosure of these events and the company’s preventative measures reflect an industry-wide need to adapt to changing security landscapes. As tensions persist, the global shipping community will likely continue to monitor these developments closely, assessing the impact on shipping routes, operational costs, and broader supply chain dynamics. 17-February-2024

 

Athens-based New York-listed shipowner and operator Star Bulk Carriers (SBLK) has announced the expansion of its fleet with additional kamsarmax bulk carrier newbuilds in China, as part of its strategy to refresh its fleet. Petros Pappas-led shipowner and operator Star Bulk Carriers (SBLK) boasts a fleet of 115 bulk carriers, has placed orders for three 82K DWT kamsarmax bulk carriers at Qingdao Shipyard. This is in addition to two similar bulk carriers ordered from the same shipyard in October 2023. The initial two kamsarmax carriers are scheduled for delivery in 2025, with the subsequent three expected to be delivered in April and July 2026. Recently, Star Bulk Carriers (SBLK) received a kamsarmax bulk carrier and an ultramax bulk carrier, marking the beginning of six new bulk carriers set to be delivered in 2024, under seven-year charter-in agreements. Continuing its practice of selling older bulk carriers, Star Bulk Carriers (SBLK) has sold five bulk carriers in the last three months for a total of $112 million. Four of these bulk carriers are anticipated to be transferred to their new owners by April, including the 17-year-old capesize bulk carrier MV Big Bang. Star Bulk Carriers (SBLK) is preparing for a merger with the US-based Eagle Bulk Shipping in a stock-for-stock transaction, with Star Bulk emerging as the combined entity. Following the merger, shareholders of Star Bulk Carriers (SBLK) and Eagle Bulk Shipping are expected to own approximately 71% and 29% of the new company, respectively. The transaction is set for a shareholder vote on April 5, 2024. 17-February-2024

 

A panamax bulk carrier owned by the Nasdaq-listed shipowner and operator Star Bulk Carriers (SBLK), the MV Star Iris, recently became a target of the Houthi forces. MV Star Iris was attacked with missiles twice within a 20-minute interval while navigating southeast through the Bab al Mandab strait. MV Star Iris had set sail from the Vila do Conde port in Brazil on 12 January 2024, heading towards Bandar Imam Khomeini port in Iran when it came under attack. The assault resulted in physical damage to the Petros Pappas-led shipowner and operator Star Bulk Carriers (SBLK) owned and operated MV Star Iris’s starboard side, though fortunately, no crew members were injured. A statement from the Houthis claimed responsibility for the missile strikes on the “American ship MV Star Iris” in the Red Sea, describing the hits as “accurate and direct.” This incident marks the 51st attack on merchant ships since early November 2023, aligning with the Houthis’ support for the Palestinians amid their conflict with Israel. The event represents the first reported assault in the Red Sea region in six days. Additionally, another ship from Nasdaq-listed shipowner and operator Star Bulk Carriers (SBLK), the kamsarmax bulk carrier MV Star Nasia, experienced minor damages from a missile attack on February 6, 2024. 12-February-2024

 

The New York-listed, Athens-based shipping company Star Bulk Carriers (SBLK) recently sold its 2007-built capesize bulk carrier, the 174K DWT MV Big Bang, amid a bustling Sale and Purchase (S&P) market for bulk carriers of similar size. Constructed by Shanghai Waigaoqiao Shipbuilding in 2007, the MV Big Bang was acquired by the Petros Pappas-led shipowner and operator Star Bulk Carriers (SBLK) in July 2013 for approximately $28.2 million and has now been sold to a Chinese shipowner for about $20 million. Star Bulk Carriers (SBLK), which operates over 20 capesize bulk carriers averaging around 13 years old, counts the MV Big Bang among its five oldest ships. Since the start of the 2024 the shipping industry has seen about 100 bulk carriers transfer ownership, almost double the figure from the same timeframe in 2023. This surge in sales highlights a significant interest in purchasing, particularly within the newcastlemax and capesize categories, where eight out of approximately thirteen sales this year have occurred. 9-February-2024

 

Athens-based New York-listed shipowner and operator Star Bulk Carriers (SBLK) has successfully negotiated the sale of one of its oldest capesize bulk carriers amidst a flurry of Sale and Purchase (S&P) market activity. Shipbrokers report a notably high demand for large bulk carriers, with capesize bulk carriers particularly sought after in the secondhand market. This trend is evidenced by several transactions in recent weeks, including the sale of the MV Big Bang, a 174K DWT capesize bulk carrier constructed by SWS in 2007, which is reportedly being sold to Chinese shipowner for around $20 million. 6-February-2024

 

Athens-based New York-listed shipowner and operator Star Bulk Carriers (SBLK) has successfully completed another lucrative ship sale, marking a dynamic end to their year. This sale of an eight-year-old ultramax bulk carrier is the 13th instance this year where the Petros Pappas-led shipowner and operator Star Bulk Carriers (SBLK) has offloaded a ship in the secondary market. This move is part of their ongoing strategy for gradual fleet renewal. Market insiders reveal that the New York-listed shipping titan sold the 2015 built ultramax bulk carrier 61K DWT MV Star Bovarius for a sum of $25 million. Additionally, Star Bulk Carriers (SBLK) has provided insights into the company’s cautious approach towards fueling decisions. 28-December-2023

 

The recent acquisition of New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) by Athens-based New York-listed shipowner and operator Star Bulk Carriers (SBLK), a Greek shipping company, marks a significant milestone in its expansion strategy. This acquisition, valued at approximately $500 million, is not only the largest for Star Bulk Carriers since 2014 but also a pivotal moment in its nearly decade-long series of consolidation efforts. The deal involves the Connecticut-based Eagle Bulk Shipping’s fleet of 52 supramax and ultramax bulk carriers. This latest acquisition underscores the strategic role of Star Bulk Carriers’ stock in facilitating its growth ambitions. The company has consistently used its stock as a financial backbone to support its acquisitions, a strategy that has been employed in all of its 10 major acquisition moves. These acquisitions have ranged from the purchase of a few ships to entire fleets or companies. The successful acquisition of Eagle Bulk Shipping is a clear demonstration of Star Bulk Carriers’ commitment to becoming a solidly mid-cap entity in the maritime industry, further cementing its position through strategic and substantial consolidation. 13-December-2023

 

Athens-based New York-listed shipowner and operator Star Bulk Carriers (SBLK) has completed a $500 million all-stock acquisition of New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE). The merger, involving two New York-listed shipowners, positions Petros Pappas of Star Bulk Carriers (SBLK) at the helm of the enlarged entity. This Athens-based shipowner and operator Star Bulk Carriers (SBLK) now oversees a combined fleet of 169 bulk carriers, with the company’s market value estimated at approximately $2.1 billion. Although the precise valuation of Eagle Bulk Shipping (EGLE) in this transaction remains unclear, it’s believed that Star Bulk Carriers’ (SBLK) payment is around $500 million in stock value. Two major players in the bulk shipping industry, Greece’s Star Bulk Carriers (SBLK) and the US’s Eagle Bulk Shipping (EGLE), have agreed to merge, creating the largest US-listed dry bulk shipping firm. The merger, which involves 169 bulk carriers, has been unanimously approved by both companies’ boards and is structured as an all-stock deal, valuing the combined entity at $2.1 billion. Eagle Bulk Shipping (EGLE) shareholders will receive 2.6211 Star Bulk Carriers (SBLK) shares for each of their shares, amounting to a value of about $52.60 per share, a 17% premium over Eagle Bulk Shipping’s (EGLE) December 8 closing price. Post-merger, Star Bulk Carriers (SBLK) and Eagle Bulk Shipping (EGLE) shareholders will own approximately 71% and 29% of the new company, respectively. The transaction is expected to be finalized in the first half of 2024. The merged entity, retaining the Star Bulk Carriers Corp. name, will be based in Athens, with additional offices in Stamford, Singapore, Copenhagen, and Limassol. It will be led by Petros Pappas of Star Bulk Carriers (SBLK), with key Eagle Bulk Shipping (EGLE) executives joining the team. Spyros Capralos of Star Bulk Carriers (SBLK) will be the chairman, and a member of Eagle Bulk Shipping’s board will also join. Star Bulk Carriers (SBLK) currently operates a diverse fleet of 117 bulk carriers, ranging from newcastlemax to supramax bulk carriers, while Eagle Bulk Shipping (EGLE) has a substantial fleet of 52 supramax and ultramax bulk carriers. The majority of the combined fleet will feature scrubber technology. The new company Star Bulk Carriers Corp. is expected to have a liquidity pool of nearly $420 million. The partners anticipate at least $50 million in annual cost and revenue synergies within 12 to 18 months post-merger, through integrated operations and economies of scale. Star Bulk Carriers (SBLK) CEO Petros Pappas commented on the merger, emphasizing the creation of a global leader in dry bulk shipping with a large, diversified fleet. Petros Pappas highlighted the focus on performance optimization, safety, environmental goals, and maximizing earnings. Eagle Bulk Shipping (EGLE) CEO Gary Vogel also expressed confidence in the merger, noting the significant value and long-term benefits it will bring to Eagle Bulk Shipping’s (EGLE) shareholders. 12-December-2023

 

Athens-based New York-listed shipowner and operator Star Bulk Carriers (SBLK) has announced the sale of several older bulk carriers from its fleet of approximately 120 bulk carriers. Petros Pappas-led shipowner and operator Star Bulk Carriers (SBLK) has agreed to sell five (5) bulk carriers built between 2003 and 2012 for a total of $72 million. Among the sales, the 2003-built supramax vessel MV Star Zeta has already been transferred to an undisclosed shipowner for around $8 million. Additionally, Star Bulk Carriers (SBLK has finalized agreements to sell four other bulk carriers: the 2012-built supramax bulk carrier MV Star Athena and MV Star Glory, the 2003-built MV Star Theta, and the 2006-built kamsarmax bulk carrier MV Star Jennifer. These bulk carriers are slated for delivery to their new shipowners in November and December of 2023. Athens-based New York-listed shipowner and operator Star Bulk Carriers (SBLK) anticipates that the disposal of these five (5) bulk carriers will result in a gain of $15.6 million, which is expected to be reflected in Q4 2023 earnings. As part of their fleet renewal strategy, Star Bulk Carriers (SBLK) has also confirmed orders for two (2) new kamsarmax bulk carriers, with an option for two (2) additional kamsarmax bulk carriers. These new kamsarmax bulk carriers are being constructed at Qingdao Shipyard in China, with the firm units scheduled for delivery in November 2025 and June 2026. Should the optional shipbuilding contracts be exercised, their deliveries are expected in December 2025 and August 2026. This move signifies Petros Pappas-led shipowner and operator Star Bulk Carriers’ (SBLK) commitment to modernizing its fleet and maintaining its position as a leading player in the global dry bulk shipping market. 14-November-2023

 

Athens-based New York-listed shipowner and operator Star Bulk Carriers (SBLK) has repurchased an additional 10 million shares from its largest investor, Oaktree Capital Management. The agreement between the Petros Pappas-led shipowner and operator Star Bulk Carriers (SBLK), which manages approximately 127 bulk carriers, and the US private equity firm Oaktree Capital Management involved a price of $19.50 per share. Over the past 15 days, New York-listed shipowner and operator Star Bulk Carriers’ (SBLK) stock has been on a decline, closing at $18.55 on 30 October 2023. The transaction is being financed through new debt financing, with the intention of repaying it primarily through the proceeds generated from future bulk carrier sales. Following the completion of the sale, expected to occur in December 2023, New York-based Oaktree Capital Management and its affiliated funds will possess approximately 7.2% of Star Bulk Carriers’ (SBLK) stock, and their representation on the board will be reduced to a single seat. Earlier this year, Oaktree Capital Management divested its entire stake in the New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE), and Oaktree Capital Management has also been reducing its holdings in the BW Group-backed product tanker company, Hafnia Tankers. 31-October-2023

 

Athens-based New York-listed shipowner and operator Star Bulk Carriers (SBLK) has agreed to acquire two (2) new kamsarmax bulk carriers in China. The order, placed at Qingdao Yangfan, is expected to be delivered in 2026. Petros Pappas-led shipowner and operator Star Bulk Carriers (SBLK) operating a fleet of approximately 120 bulk carriers, had previously ordered six (6) new buildings in 2021, set for delivery in 2024. While the specific price of the two (2) new kamsarmax bulk carriers hasn’t been disclosed, shipbrokers estimate it to be in the range of $33 million to $35 million, considering similar tonnage prices in China. Recent trends in the kamsarmax market have shown increased contracting activity, with reports indicating that shipyards have added ten such kamsarmax bulk carriers to their order books. This surge in orders marks one of the busiest periods since July 2023, when George Procopiou-led Athens-based shipowner and operator Sea Traders SA alone placed orders for a significant number of bulk carriers. Apart from Athens-based New York-listed shipowner and operator Star Bulk Carriers (SBLK), other Greek shipping companies like New York-listed shipowner and operator Safe Bulkers (SB) and Greek Laskaridis family-controlled Athens-based Lavinia Bulk Ltd have also recently secured orders for new buildings, with Safe Bulkers (SB) ordering two (2) bulk carriers in Japan and Lavinia Bulk Ltd booking six (6) bulk carriers in China. 22-October-2023

 

Athens-based New York-listed shipowner and operator Star Bulk Carriers (SBLK) has announced enhanced environmental performance for 2022. Petros Pappas-led shipowner and operator Star Bulk Carriers (SBLK) revealed that it had made significant strides in its environmental efforts over the past year. According to its environmental, social, and governance report, Star Bulk Carriers (SBLK) managed to decrease its average fleet annual efficiency ratio — a metric that quantifies CO2 emissions per dwt-mile. The ratio was reduced to 3.29, down from 3.43 the year before. This improvement was achieved through the implementation of various technical and operational measures. Additionally, Star Bulk Carriers (SBLK) has set a precedent by becoming the first Greek-based bulker owner to calculate and publicly disclose its Scope 3 emissions. Currently, Athens-based New York-listed shipowner and operator Star Bulk Carriers (SBLK) has a fleet of 127 bulk carriers. 11-October-2023

 

Oaktree Capital Management, a US private equity firm, has sold approximately an 8% stake in the Athens-based New York-listed shipowner and operator Star Bulk Carriers (SBLK). Petros Pappas-led shipowner and operator Star Bulk Carriers (SBLK) is repurchasing 10 million shares from its principal investor Oaktree Capital Management at $18.50 per share. The acquisition is financed by the Petros Pappas-led company using the proceeds from the sale of bulk carriers at favorable market rates over the past six months. The deal is anticipated to be finalized in October 2023. Post-sale, Oaktree Capital Management and its associated funds will retain approximately 17.2% of Star Bulk Carriers’ (SBLK) shares, maintaining their position as the largest shareholder. However, Oaktree Capital Management’s representation on the board will decrease from three to two seats. This decision comes after Oaktree Capital Management’s divestment of its entire 28% stake in New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) in June 2023. Additionally, Oaktree Capital Management has been reducing its investment in the BW Group-supported product tanker behemoth, Hafnia. 26-September-2023

 

Athens-based New York-listed shipowner and operator Star Bulk Carriers’ (SBLK) revenues experience a precipitous decline amidst a softer dry bulk shipping market. Despite this, Nasdaq-listed shipowner and operator Star Bulk Carriers (SBLK) continues to dispense a shareholder dividend of $0.40 per share. Petros Pappas-led shipowner and operator Star Bulk Carriers’ (SBLK) net gains for the Q2 2023 have undergone a substantial downturn, as a direct consequence of an exceptionally more subdued dry bulk market. Star Bulk Carriers (SBLK) reported a net income of $44.3 million for the Q2 2023, a stark contrast from the $200 million generated during the same timeframe the previous year. Currently, Nasdaq-listed shipowner and operator Star Bulk Carriers (SBLK) has a fleet of 122 bulk carriers. 4-August-2023

 

Clarksons Securities acknowledges Athens-based New York-listed shipowner and operator Star Bulk Carriers (SBLK) shares could spike as the stage is set for a dry cargo market to upcycle. Clarksons Securities expressed bulk carrier shipowners’ stocks resume to have a challenging time, with the dry bulk sector now trading at a 30% discount to net asset value (NAV) on average. The significant ship supply problem drives New York-listed shipowner and operator Star Bulk Carriers (SBLK) a substantial investment case. Currently, Nasdaq-listed shipowner and operator Star Bulk Carriers (SBLK) has a fleet of 129 vessels. 25-May-2023

 

Athens-based New York-listed shipowner and operator Star Bulk Carriers (SBLK) sold two (2) capesize bulk carriers to Jan Rindbo-led Dampskibsselskabet DS Norden A/S. Petros Pappas-led shipowner and operator Star Bulk Carriers (SBLK) sold 2011 built capesize bulk carrier 179K DWT MV Star Polaris and 2011 built capesize bulk carrier 179K DWT MV Star Polaris Borealis for $32.5 million each. Danish shipowner and operator Dampskibsselskabet DS Norden A/S has doubled the capesize fleet with two acquisitions. Currently, Nasdaq-listed shipowner and operator Star Bulk Carriers (SBLK) has a fleet of 129 vessels. 4-April-2023

 

Star Bulk Carriers’ president Hamish Norton commented that scrubber-fitted vessels’ discharge has less sulphur concentrate thansparkling water. Athens-based New York-listed shipowner and operator Star Bulk Carriers’ (SBLK) president Hamish Norton remarked that discharge from exhaust gas scrubbers actually has a lower concentration of sulphur in it than a sparkling water. Petros Pappas-led shipowner and operator Star Bulk Carriers’ (SBLK) president Hamish Norton noted that the inspection of scrubber effluent when addressing widely held concerns of its impact on the marine environment. Nasdaq-listed shipowner and operator Star Bulk Carriers’ (SBLK) president Hamish Norton reported that the sulphur scrubber-fitted vessels add is less concentrated than the sulphur in a sparkling water, by a reasonable amount actually. Currently, Petros Pappas-led shipowner and operator Star Bulk Carriers (SBLK) has a fleet of 129 vessels. 13-March-2023

 

Athens-based New York-listed shipowner and operator Star Bulk Carriers (SBLK) halves dividend on profit dip. Petros Pappas-led shipowner and operator Star Bulk Carriers (SBLK) stated that the company could not guarantee consistent earnings in volatile shipping markets. Nasdaq-listed shipowner and operator Star Bulk Carriers (SBLK) holds a positive outlook on dry bulk markets despite seasonal spot market weakness. Star Bulk Carriers (SBLK) reported an $85.8 million net income for Q4 2022. Currently, Petros Pappas-led shipowner and operator Star Bulk Carriers (SBLK) has a fleet of 128 vessels. 20-February-2023

 

Athens-based New York-listed shipowner and operator Star Bulk Carriers (SBLK) saved $2 million through Navig8’s bunker platform spin-off Engine in H1 2022. Navig8’s bunker platform spin-off Engine is a fuel optimisation service that demonstrates the company’s operations worth over half year. Navig8’s bunker platform spin-off Engine expressed the Nasdaq-listed shipowner and operator Star Bulk Carriers (SBLK) had paid well below the market average price for bunkers despite volatile circumstances and availability challenges. Currently, Petros Pappas-led shipowner and operator Star Bulk Carriers (SBLK) has a fleet of 128 vessels. 18-September-2022

 

Nasdaq-listed shipowner and operator Star Bulk Carriers (SBLK) reduced interest costs with $310 million of new loan deals with ING, SEB, and Citi Banks. Petros Pappas-led Star Bulk Carriers (SBLK) calls the competitive nature of transactions despite the rising interest rate environment. Athens-based New York-listed shipowner and operator Star Bulk Carriers (SBLK) has knocked millions off its interest bill with a series of new finance deals. Star Bulk Carriers (SBLK) has sealed $310 million of loans to save $4 million every year. Star Bulk Carriers (SBLK) resumed optimising the company’s debt since the beginning of 2022. Currently, Athens-based New York-listed shipowner and operator Star Bulk Carriers (SBLK) has a fleet of 128 vessels. 11-August-2022

 

Nasdaq-listed shipowner and operator Star Bulk Carriers (SBLK) considers that the recent shipping boom is dissimilar from the two decades ago provoked by China entering the World Trade Organization. Petros Pappas-led Star Bulk Carriers (SBLK) assumes that the persisted bulk carrier upcycle is due to the scarcity of bulk carrier newbuilding orders. Nasdaq-listed shipowner and operator Star Bulk Carriers (SBLK) acknowledges that the next shipping cycle should be pushed by a shortage of new bulk carrier ordering due to regulatory uncertainty and increasing ship newbuilding prices. The bulk carrier order book has stayed at approximately 7% of the existing bulk carrier fleet during 2021. Petros Pappas-led Star Bulk Carriers (SBLK) thinks bulk carrier newbuilding orders will stay under pressure because there is no straightforward answer to reach zero emissions. New York-listed shipowner and operator Star Bulk Carriers (SBLK) pledge to dividends stays firm. Star Bulk Carriers (SBLK) might also examine to complete further share repurchases. Star Bulk Carriers (SBLK) shares are dealing at a 35% discount to NAV (Net Asset Value). Lately, volatility in capesize bulk carrier rates have mainly been pushed by Chinese regulatory guidelines to restrict steel production. 15-December-2021

 

New York-listed shipowner and operator Star Bulk Carriers chartered out three (3) capesize bulk carriers, nine (9) panamax bulk carriers, and nine (9) supramax bulk carriers for Q1 2022. Star Bulk Carriers locked the bulk carriers before the dry bulk market plummeted. In Q3 2021, Star Bulk Carriers reported a net income of $225 million. In Q3 2021, Star Bulk Carriers reported $30,600 per day per ship. Petros Pappas-led Star Bulk Carriers is confident about the dry bulk market. New York-listed shipowner and operator Star Bulk Carriers is typically a spot market player. According to Star Bulk Carriers, China’s coal and iron ore imports should increase in Q1 2022. The iron ore volumes should support tonne-miles. Star Bulk Carriers assume that India’s coal imports will also add to the dry bulk market rebound. On the demand side, tonne-miles should grow by 2.4% in 2022. Currently, Star Bulk Carriers owns and operates 128 bulk carriers. 17-November-2021

 

Oaktree Capital Management sold around ten (10) million shares of Nasdaq-listed shipowner and operator Star Bulk Carriers. Many of the large financial shareholders in Star Bulk Carriers are also shareholders of these other publicly-listed dry bulk companies. In August 2019, Oaktree Capital Management owned around 35 million shares or 37% of Star Bulk Carriers’ stock. Oaktree Capital Management was the biggest shareholder of Star Bulk Carriers. Currently, Nasdaq-listed shipowner and operator Star Bulk Carriers is the world’s largest dry bulk owner. 24-May-2021

 

Nasdaq-listed shipowner and operator Star Bulk Carriers chairman Hamish Norton affirmed that the United States election should not affect the dry bulk shipping business because the United States does not import significant dry bulk cargoes. The United States election have very complex influences on global businesses, the dry bulk shipping sector may barely notice. According to Oaktree Capital Management backed Star Bulk Carriers, the United States doesn’t import any notable dry bulk cargoes, and exports mainly grain. Annually, the United States exports around 100 million tonnes of grain cargoes, and around a quarter of this grain is imported by Mexico. Donald Trump has been viewed as a protectionist president, commenced a tariff war with China in an attempt to balance trade. Furthermore, Donald Trump is also a tremendous advocate of the oil and gas industry. On the other hand, Joe Biden emerges to have a very greener plan and advocates a stronger collaborative strategy with China and other trade partners. Star Bulk Carriers is led by Greek tycoon Petros Pappas. 15-October-2020

 

Nasdaq-listed shipowner and operator Star Bulk Carriers will initiate watching at merger opportunities soon. In Q1 2020, Star Bulk Carriers announced that at that time it was not a good time for consolidation because market players were very doubtful as to the future of dry bulk carriers. Currently, market players are more comfortable with how the economies will react to coronavirus recession. Star Bulk Carriers would be interested in merger opportunities that fit with Star Bulk Carriers’ existing fleet and that would not increase the Star Bulk Carriers’ leverage. Star Bulk Carriers is not planning to acquire fleets for cash and would instead use the company’s shares at net asset value (NAV). Star Bulk Carriers plan to execute acquisitions within the dry bulk shipping market and not get into other markets at this time. In July 2020, Star Bulk Carriers refinanced 15 bulk carriers and signed contracts to sell and lease back 16 bulk carriers by September 2020 to raise cash. Petros Pappas led shipowner and operator Star Bulk Carriers has been concentrating on capesize fleet because Star Bulk Carriers is very positive about the post-pandemic recession. 5-August-2020

 

Nasdaq-listed shipowner and operator Star Bulk Carriers has been approved to delist from Oslo Stock Exchange (OSE) on 3 August 2020. Petros Pappas-led Star Bulk Carriers observed inadequate trading of company stocks in Oslo. Star Bulk Carriers’ stocks have been trading on Nasdaq Global Select Market since 2007. Oslo Stock Exchange (OSE) requires more-stringent reporting from the New York Stock Exchange in buying back and selling shares. Furthermore, Star Bulk Carriers had to provide reports to both Oslo and New York. 4-June-2020

 

New York-listed Star Bulk Carriers is planning to take its shares off of the Oslo Stock Exchange (OSE) due to inadequate stock trading since 2018. In July 2018, Star Bulk Carriers listed on the Oslo Stock Exchange (OSE) after acquiring Songa Bulk’s 15 bulk carriers. Unfortunately, the Oslo Stock Exchange (OSE) listing did not bring more liquidity to the stock of Star Bulk Carriers. Star Bulk Carriers’ trading volume averaged around 11,800 per day on the Oslo Stock Exchange (OSE). According to Star Bulk Carriers, low trading volumes in the company’s shares listed on the Oslo Stock Exchange (OSE) are disproportionate to the cost of the managerial expenses related to maintaining the Oslo Stock Exchange (OSE) listing. Therefore, sole listing on the New York Stock Exchange (NASDAQ) and a de-listing from the Oslo Stock Exchange (OSE) will result in substantial cost savings and managerial eliminations. Star Bulk Carriers will have to comply with one set of regulatory requirements. Star Bulk Carriers’ plot to take its shares off of the Oslo Stock Exchange (OSE) will submit to shareholders at Annual General Meeting (AGM) on 12 May 2020. Petros Pappas led Star Bulk Carriers’ shares declined to $5.40 on 24 April 2020. Star Bulk Carriers has been on New York’s Nasdaq Global Select Market since 2007 and has a fleet of 116 ships. 26-April-2020

 

Norwegian securities firm Pareto Securities upgraded New York-listed Star Bulk Carriers’ stocks to “buy” from “hold” due to strong charter coverage through Q3 2020. Even though the dry bulk market will be in dire straits because of the coronavirus recession, Pareto Securities anticipates Star Bulk Carriers to report a modest profit in 2020. Pareto Securities upholds an optimistic prospect on Star Bulk Carriers amid dry bulk market uncertainty. On 9 April 2020, Petros Pappas led Star Bulk Carriers reported that the company has covered 45% of all fleet in both Q2 and Q3 at rates of around $11,500 per day. However, Pareto Securities has downgraded its 2020 earnings per share outlook to $0.97 from $1.27. According to Pareto Securities, Star Bulk Carriers’ forward freight agreement rates will reach to $14,500 per day in Q2 2020. Furthermore, Pareto Securities expects China to normalize its economy faster than presumed and China’s economy will soon rebound. Pareto Securities calculates that Star Bulk Carriers’ net asset value (NAT) will be $9 per share by the end of 2020. On 8 April 2020, New York-listed Star Bulk Carriers has dropped Pareto Securities as a market maker in an effort to escalate the stock’s trading liquidity on the Oslo Stock Exchange (OSE). Star Bulk Carriers reported a $16 million loss for 2019. However, Pareto Securities anticipates Star Bulk Carriers to make $93 million profit for 2020. On 15 April 2020, Nasdaq listed Star Bulk Carriers’ stocks plunged $5.89 per share in the US market. 15-April-2020

 

Nasdaq-listed shipowner and operator Star Bulk Carriers decided to expand its chartering activities in Singapore and close its Star Logistics Management office in Switzerland. In 2017, Star Bulk Carriers established Star Logistics Management as a freight-trading outfit in Switzerland. Star Logistics Management focused on grain charters for kamsarmax and supramax bulk carriers. Star Logistics Management chartered in third-party bulk carriers on periods of up to one year in order to increase Star Bulk Carriers’ overall operating capacity. However, the IMO 2020 LSFO (Low Sulphur Fuel Oil) deadline prompted a shift in Star Logistics Management’s plan. Star Bulk Carriers found it could fix its bulk carriers on time charter better than voyage basis. Hence, the Switzerland office became considerably redundant and conclusively it was shut down. Star Bulk Carriers will keep Star Logistics Management the name, but the business and office in Geneva, Switzerland was closed in January 2020. In February 2020, Star Bulk Carriers moved its chartering activities to a recently formed subsidiary called Star Bulk Chartering in Singapore. Star Bulk Chartering was established in Singapore due to a change in Star Bulk Carriers’s chartering plan. Star Bulk Chartering in Singapore is close to the Far East market and creates a time difference advantage over the competition. In Geneva, Star Logistics Management’s CEO Leonidas Giannakopoulos resigned from his position at Star Logistics Management. Furthermore, in December 2019, John Karadimos resigned from his position at Star Logistics Management. In June 2019, Eduardo Basetti resigned from his position at Star Logistics Management and joined d’Amico Società di Navigazione SpA’s Monaco office. In Geneva, Star Logistics Management was a loss-making company due to high overheads. 29-February-2020

 

New York-listed shipowner and operator Star Bulk Carriers decided to shift its chartering activities to Singapore from Geneva, Switzerland. Star Bulk Carriers shifted chartering activities to a freshly formed entirely owned subsidiary under the name of Star Bulk Chartering Singapore Pte. In 2017, Star Bulk Carriers established Star Logistics Management in Geneva, Switzerland. Star Logistics Management was established in order to further expand the chartering potential of Star Bulk Carriers for kamsarmax and supramax bulk segments. In December 2019, Star Bulk Carriers’ subsidiary company Star Bulk Chartering Singapore Pte. started hiring new shipbrokers. Zheng Yang Rebecca was hired by Star Bulk Chartering Singapore Pte. as chartering manager. Previously, Zheng Yang Rebecca was working at Bary Chemical for eleven (11) years as a chartering manager. 27-February-2020

 

Oaktree Capital Management backed Star Bulk Carriers fixed employment for about 72.3% of the days in Q1 2020 at average time charter equivalent (TCE) rates of $12,580 per day. Star Bulk Carriers harvesting the earnings of significant scrubber installation program to the entire fleet. At the weak dry bulk market in Q1 2020, Petros Pappas led Star Bulk Carriers chartered out over 65% of its capesize and newcastlemax bulk carriers at close to $20,000 per day. During the record-low capesize and newcastlemax spot rates, Star Bulk Carriers benefits from timely scrubber investments. Strong charter rates had justified Star Bulk Carriers’ scrubber program. Till February 2019, Star Bulk Carriers has installed scrubbers to 90 bulk carriers out of the 116 bulk carriers. Since the beginning of 2020, Star Bulk Carriers has been observing the commercial and operational benefits of its scrubber investment. Star Bulk Carriers have been anticipating completing the scrubber installation program by April 2020 due to the coronavirus pandemic that caused delays in Chinese shipyards. NASDAQ listed Star Bulk Carriers reported a net profit of $23.5 million in Q4 2019 versus the $11.75 million in Q4 2018. Star Bulk Carriers reported adjusted earnings per share came in at $0.36 in Q4 2019. Star Bulk Carriers reported average charter rates as $15,535 per day in Q4 2019. Average charter rates as $15,535 per day is reportedly about 40% above all-in cash break-even levels of Star Bulk Carriers. 25-February-2020

 

Petros Pappas led shipowner and operator Star Bulk Carriers is planning to distribute a dividend to its shareholders. After seven (7) years, Star Bulk Carriers is distributing dividends. New York-listed Star Bulk Carriers is aiming to distribute dividends to its shareholders every quarter. New York-listed Star Bulk Carriers declared a $0.05 stakeholder perk for Q3 2019 which is the first dividend since the company distributed $0.15 in September 2012. Petros Pappas led shipowner and operator Star Bulk Carriers is planning a future dividend policy in which the company intended to give a quarterly dividend if it has a minimum cash balance after subtracting a certain minimum cash balance per bulk carrier. Star Bulk Carriers has set up a quarterly minimum cash balance per bulk carrier schedule that starts at $1 million per bulk carrier at the end of 2019 and the schedule goes up to $2.1 million per bulk carrier by Q3 2021. Furthermore, Star Bulk Carriers has set up a transparent dividend policy, under which Star Bulk Carriers will distribute dividends to shareholders once cash balance has reached set thresholds. Star Bulk Carriers believe a transparent dividend policy will safeguard the company’s balance sheet while creating value by returning cash to its shareholders. At the beginning of 2019, ​Star Bulk Carriers reported that the company could commence paying dividends after having repaid deferred debt from its September 2016 restructuring of finance agreements. Star Bulk Carriers’ Q3 2019 earnings fell short of analyst consensus despite profit falling from Q3 2018. Currently, Star Bulk Carriers has a fleet of 118 bulk carriers. In Q3 2019, Star Bulk Carriers reported a $5.82 million profit versus $26.1 million in earnings for Q3 2018. In Q3 2019, Star Bulk Carriers reported $17.3 million in adjusted profit compared to $30.6 million in adjusted earnings. In Q3 2019, Star Bulk Carriers reported $0.18 adjusted earnings per share (EPS). However, investors and market players estimate by $0.03. In Q3 2018, Star Bulk Carriers reported $0.17 adjusted earnings per share (EPS). In Q3 2019, Star Bulk Carriers reported revenue as $248 million which offset by higher expenses. In Q3 2019, Star Bulk Carriers reported voyage costs more than doubled to $67.6 million while dry-docking expenditures for scrubber retrofits have more than tripled to $8.16 million. In Q3 2019, Star Bulk Carriers reported EBITDA of $60.5 million which is ahead of market forecasts. Star Bulk Carriers has continued making substantial improvement in executing its scrubber retrofit program. Until now, Star Bulk Carriers installed 88 scrubbers to its fleet. Star Bulk Carriers anticipates to complete the scrubber certification process for most of the fleet by the end of 2019. According to market analysts, Star Bulk Carriers’ new transparent dividend policy is a crucial point and may double Star Bulk Carriers’ shares in 2020. After the announcement of Star Bulk Carriers’ new transparent dividend policy, the company’s shares increased 7% to $10.74 on NASDAQ. In NASDAQ, ​Star Bulk Carriers’ shares are traded as ticker name SBLK. Star Bulk Carriers started paying a $0.05 dividend for Q3 2019. On the other hand, Star Bulk Carriers has been in a fleet renewal program and selling vintage bulk carriers. Star Bulk Carriers plans to distribute a quarterly dividend if the company has a minimum cash balance after subtracting a certain minimum cash balance per bulk carrier. Star Bulk Carriers’ new transparent dividend policy may yield a 2020 dividend of more than $2 per share if operating profit hits at least $470 million. Star Bulk Carriers could generate $300 million in scrubber savings. Star Bulk Carriers has gained significant progress on scrubber retrofits before IMO 2020 LSFO deadline 1 January 2020. Before the distribution announcement of dividend by Star Bulk Carriers, another New York-listed shipowner and operator Genco Shipping & Trading has announced its first dividend as a $0.175 regular bonus and a $0.325 special dividend. Currently, John Wobensmith led Genco Shipping & Trading has a fleet of 56 bulk carriers. 21-November-2019

 

NASDAQ listed Star Bulk Carriers sold 2001 built supramax bulk carrier 52K DWT MV Star Epsilon and 2005 built supramax bulk carrier 52K DWT MV Star Cosmo. Star Bulk Carriers circulated MV Star Epsilon and MV Star Cosmo in the sale and purchase (S&P) market for two weeks and sold two of its oldest supramax bulk carriers. 2001 built supramax bulk carrier 52K DWT MV Star Epsilon was sold for about $6.5 million. 2005 built supramax bulk carrier 52K DWT MV Star Cosmo was sold for about $6.8 million to Middle Eastern shipowners. During the 2007-2008 shipping boom, Star Bulk Carriers acquired MV Star Epsilon and MV Star Cosmo at the top of the market with huge price tags. Petros Pappas led Star Bulk Carriers is the world’s largest scrubber fitted shipowner. Currently, Star Bulk Carriers has a fleet of 118 bulk carriers and almost the entire fleet is scrubber fitted. Oaktree Capital Management backed Star Bulk Carriers have been circulating MV Star Epsilon and MV Star Cosmo in the second-hand market since August 2019. In 2019, Star Bulk Carriers sold or scrapped three (3) bulk carriers and took delivery of three (3) new-building newcastlemax bulk carriers. In 2019, Star Bulk Carriers acquired an entire fleet of Delphin Shipping i.e. eleven (11) supra­max bulk carriers. In 2019, Star Bulk Carriers has already installed exhaust gas cleaning systems (scrubber) on about 80 bulk carriers. Currently, Star Bulk Carriers​ is ranking first in a list of ­estimated top scrubber shipowners. Star Bulk Carriers targeted to increase the size of its scrubber-­fitted fleet to more than 100 bulk carriers by the beginning of 2020. Furthermore, Star Bulk Carriers has ­secured $150 million in debt financing to finance the scrubber installations. In 2020, only Scorpio Bulkers will eventually surpass Star Bulk Carriers’ scrubber-fitted fleet, if Scorpio Bulkers install scrubbers on 140 bulk carriers. 24-October-2019

 

Petros Pappas led shipowner and operator Star Bulk Carriers could stockpile $300 million surplus cash flow from its scrubber programme. Current bunker spread between LSFO (Low Sulphur Fuel Oil) and IFO (Intermediate Fuel Oil) means Star Bulk Carriers could achieve zero debt and target consolidation. According to analysts’ estimates, Star Bulk Carriers’ fleet burns 1.2 million tons of fuel per year which is around $300 million savings per year. Currently, there is a $240 per ton spread between low and high sulfur bunkers. New York-listed Star Bulk Carriers could pay the savings to shareholders as dividends. Remarkable dividends should allow for shares to continue moving higher relative to net asset value (NAV). Star Bulk Carriers will earn a perpetual capital base to deleverage from today’s very manageable 50% level to zero (LTV) net debt and will bring down breakeven levels which is currently at $11,200 per day including debt repayment. Petros Pappas led shipowner and operator Star Bulk Carriers could consolidate the stock market via highly attractive ship-for-share deals. Market analysts remain bullish on the outlook for Star Bulk Carriers’ (SBLK) shares. Particularly, market analysts believe that Star Bulk Carriers’ management will choose to allocate surplus cash flow towards dividends within a structure that is sustainable. According to market analysts’ estimations, this will be achieved in the Q3 2020. Star Bulk Carriers will maintain profitable and sustainable growth in shipping markets. 17-October-2019

 

Oaktree Capital Management backed shipowner and operator Star Bulk Carriers is looking for fleet acquisitions and new opportunities. Star Bulk Carriers has been planning to acquire other shipowners’ fleets once IMO 2020 is out of the way. NASDAQ listed Star Bulk Carriers has a very positive outlook on capesize bulk carriers’ charter rates through 2019. Furthermore, Star Bulk Carriers believe that delays in shipyards for scrubbers will increase bulk carrier rates until the end of 2019. Petros Pappas led shipowner and operator Star Bulk Carriers prefer merging with outstanding shipping companies or buying bulk carriers with a combination of cash and shares. Star Bulk Carriers acquired fleets of Delphin Shipping, OceanBulk, and Excel Maritime. Previously, Star Bulk Carriers successfully completed acquisitions with ER Capital Holding, Songa Bulk, and Raffaele Zagari. Currently, bulk carriers been waiting for up to two months to have scrubbers installed in Chinese shipyards. Delays in installing scrubbers will be taking bulk carriers out of the shipping market until the end of 2019. In this situation, bulk carriers shortage of capacity will have a positive impact on Star Bulk Carriers. In early 2019, Star Bulk Carriers signed scrubber installation contracts before rivals. Star Bulk Carriers expects some delays, but not as bad as other affected rival companies. 12-September-2019

 

NASDAQ listed shipowner and operator Star Bulk Carriers is predicting that capesize freights rates to soar over the next half of 2019 due to scrubber installations before the IMO 2020 deadline. According to Star Bulk Carriers, Far East shipyards are extremely busy to install scrubbers. Therefore, Star Bulk Carriers have positive sentiments on capesize freights rates through the rest of 2019. In early April 2019, capesize freights rates were around $3,460 per day. At the beginning of August 2019, capesize freights rates increased to $33,000. In the second week of August 2019, capesize freights rates plunged to $23,872 per day as many capesize bulk carriers ballasted to the Atlantic basin. Oaktree Capital Management backed shipowner and operator Star Bulk Carriers is very optimistic about the capesize market until the end of 2019. According to Star Bulk Carriers, capesize freights rates will upkeep this level for a while because capesize bulk carriers were focused on the Pacific basin. Moreover, Vale’s Brucutu mine supplied 30 million metric tonnes of iron ore to capesize market. Currently, bunker prices are very high to ballast and many capesize bulk carriers were at Chinese shipyards for scrubber installations. According to Star Bulk Carriers, 60 VLOCs (Very Large Ore Carriers) and 130 capesize bulk carriers will be installed scrubbers i.e. these large bulk carriers will be off the market. Therefore, Star Bulk Carriers forecasts that the capesize freight rates will be above $20,000 for the near future. Currently, China’s iron ore stockpile dropped down to 120,000,000 tonnes. So, the slowdown in iron ore demand in China was more shipping supply-driven. Furthermore, slow-steaming due to high low-sulfur fuel costs also soar capesize freight rates by lowering ship supply to the market. 10-August-2019

 

Oaktree Capital Management backed shipowner and operator Star Bulk Carriers reported a $40 million net loss in Q2 2019 versus a $10.7 million profit in Q2 2018. $40 million net loss was reported in Q2 2019 due to adjustments to the Star Bulk Carriers’ fleet value. $40 million net loss as a result of a $30 million depreciation expense driven by a higher average number of bulk carriers. In Q2 2019, Star Bulk Carriers approved the deal with Delphin Shipping to acquire eleven (11) bulk carriers. Furthermore, Star Bulk Carriers took delivery of two (2) newcastlemax bulk carriers. In Q2 2019, adjusted loss came in at $20.5 million versus $13.4 million adjusted profit in Q2 2018. In Q2 2019, adjusted loss per share was $0.22 versus $0.21 earnings per share in Q2 2018. In Q2 2019, Star Bulk Carriers reported voyage revenue $158 million, up from $132 million in Q2 2018. However, voyage revenue was offset by costly scrubber installations. In Q2 2019, Star Bulk Carriers installed 26 scrubber towers completing 10 dry docks as well an additional 8 dry docks in progress. By the end of 2019, Star Bulk Carriers has been forecasting to install 104 scrubbers. Star Bulk Carriers has an optimistic outlook for 2020 shipping markets. According to Star Bulk Carriers, the Brazilian iron ore market will be improved and higher bauxite imports to China are expected. Petros Pappas led shipowner and operator Star Bulk Carriers expects trade war resolution in 2020. Star Bulk Carriers expect further slow steaming due to expensive bunkers, increased scrapping of inefficient vintage bulk carriers. 7-August-2019

 

Nasdaq-listed shipowner and operator Star Bulk revealed a $42 million worth stock incentive plan for company executives. Petros Pappas-led Star Bulk Carrier’s shares have taken a tumble after the announcement of the stock incentive plan. Star Bulk Carrier explained that 4 million shares will be on offer depending on the performance of company executives. Star Bulk Carrier’s have fallen 12.4% to $9.15. Deutsche Bank analyst Amit Mehrotra stated that Star Bulk Carrier’s shares underperformance likely reflects the complexity of today’s announcement and management is effectively diluting existing shareholders if performance significantly exceeds average benchmark levels. Star Bulk Carrier’s share awards are subject to Star Bulk Carrier’s fleet outperforming relevant dry bulk charter rate indices as reported by the Baltic Exchange during 2020 and 2021. According to Deutsche Bank analyst, dilution will not happen until the shares reach much higher levels and show management’s confidence in its scrubber business plan, with the potential 4% dilution. Star Bulk Carrier has been buying back shares under a $50 million programme. Deutsche Bank maintains a buy rating on the Star Bulk Carrier’s stock and still considers it to be the top shipping pick. 6-August-2019

 

Leading Greek shipping firms are actively engaging in the dynamic sale and purchase scene for supramax bulk carriers, demonstrating an ongoing commitment to fleet renewal even during the typically slower summer months. This week, both Angeliki Frangou’s Navios Maritime Holdings and Petros Pappas’s Star Bulk Carriers Corp have made strategic moves to modernize their fleets by selling off older vessels. Navios Maritime Holdings, which is traded on the New York Stock Exchange, finalized the sale of the 53K DWT supramax bulk carrier MV Navios Primavera, constructed in 2007, for an estimated $10.5 million. This transaction follows the company’s sale of the MV Navios Arc, a 53K DWT supramax built in 2003, to a Chinese shipping entity for about $7.5 million. So far this year, Navios Holdings has divested five aging bulk carriers and added a contemporary panamax bulk carrier to its fleet, illustrating a focused strategy on fleet optimization. Star Bulk Carriers Corp, a significant entity in the dry bulk industry, is reported to have sold the 53K DWT supramax bulk carrier MV Star Gamma, built in 2002, to a Russian shipowner for $7 million. This sale, involving a vessel of Japanese origin, represents the second supramax bulk carrier Star Bulk has sold this year and comes after its acquisition of Delphin Shipping’s fleet in the spring. These moves are part of Star Bulk’s strategy to strengthen its presence in the dry bulk market, actively participating in both acquiring and divesting vessels. The market for supramax bulk carriers continues to thrive, with shipbrokers observing continued sales activity into the summer months, which typically see a downturn. This enduring market vibrancy can be attributed to a revival in spot rates, bringing liquidity to the sale and purchase (S&P) market and mitigating the expected summer slowdown. Moreover, today’s shipping industry benefits from improved connectivity and communication, which sustains transaction momentum during traditionally quieter periods, marking a notable transformation in market behavior. 18-July-2019

 

New York-listed shipowners and operators Star Bulk Carriers and Genco Shipping & Trading are poised to take advantage of a strong freight market in Q3 2019. Capesize spot rates have been rebounding since the Brazilian iron ore dam incident on 25 January 2019. On 2 April 2019 Capesize freight rates plunge to $3,460 per day from $13,288 since the 25 January 2019 Vale dam disaster. Brazil Vale dam disaster took 40 million tonnes of iron ore off the shipping market. Capesize spot rates have improved steadily since then as Vale iron ore production is expected to return normal at the end of 2019. On 7 June 2019, capesize spot rates reached to $15,007 per day. According to shipping experts, in Q4 2019, capesize spot rates may hit $18,000 per day based on a positive forward freight agreement (FFA) market. Besides strong Chinese steel output and iron-ore demand, there is higher coal demand in Vietnam, Thailand, Pakistan, and China in Q4 2019. ​According to market analysts, Genco Shipping & Trading would also benefit from rebounding capesize bulk market in Q3 2019. Genco Shipping & Trading has a ticker symbol GNK on the New York Stock Exchange. Genco Shipping & Trading’s medium-sized bulk carriers contribute a stable income to the company while capesize bulk carriers are expected to generate more income in the volatile shipping market. Genco Shipping & Trading should also take advantage of the rising long-term dry bulk sector and low capesize supply which is driven by IMO 2020 low sulphur regulations. Genco Shipping & Trading’s capesize bulk carriers will also benefit from China’s rebound in iron ore imports. Currently, Genco Shipping & Trading’s share valuation is enticing due to a strong balance sheet. Genco Shipping & Trading’s CEO John Wobensmith explained that the company will benefit from steady pay from ultramax and supramax bulk carriers while collecting upside from the capesize bulk carriers. Genco Shipping & Trading’s CEO John Wobensmith is very positive about shipping outlook and expects that Genco Shipping & Trading will benefit from the positive capesize momentum. NASDAQ listed Star Bulk Carriers has a younger fleet and more large bulker exposure than Genco Shipping & Trading. Currently, Star Bulk Carriers has a fleet of 120 dry bulk carriers. When capesize spot rates exponentially increase in Q4 2019, both Genco Shipping & Trading and Star Bulk Carriers will undoubtedly be the biggest winners in the shipping market. 10-June-2019

 

New York-listed shipowners and operators Star Bulk Carriers and Genco Shipping & Trading will benefit from iron ore recovery as China’s imports and Brazil’s exports continue to recover beyond expectations. Since the first week of April 2019, capesize spot freight rates have more than tripled to $14,000 per day. Brazil’s iron ore giant Vale’s dam tragic incident deeply impacted sea-born trade and especially capesize market. Capesize spot rates have increased substantially over the last two months, faster than expected. China’s iron ore stockpiles decreased to minimum levels and sea-born trade normalizing and the shipping industry has been keeping a record low order-book. Currently, New York-listed dry bulk shipowners’ stocks are trading at a 40% discount to net asset value (NAV). On 25 January 2019, ​Vale’s dam tragic incident in Brazil, capesize spot freight rates plunged from $13,288 to $3,460. On 3 April 2019, capesize spot freight rates reached to $13,916. However, capesize spot freight rates are already under downward pressure as a result of the United States and China trade tensions. Brazil’s iron ore giant Vale’s weekly iron ore shipments almost doubled to 5 million tonnes by June 2019. However, Vale’s weekly iron ore shipments may settle at 6.5 million tonnes due to the mine suspensions. In China, demand for imported iron ore may increase again in June 2019. Soon, China will import more sea-born iron ore than analysts expectations. 1-June-2019

 

Oaktree Capital Management backed shipowner and operator Star Bulk Carriers reported a $5.3 million loss for Q1 2019 due to exhaust gas scrubber installations. In Q1 2018, Star Bulk Carriers reported a $9.9 million profit. In Q1 2019, Star Bulk Carriers reported $166 million revenue but voyage expenses increased to $44 million and charter-in hire costs increased to $22 million. Furthermore, Star Bulk Carriers reported heftier dry-docking costs of $9 million due to scrubber installations. Star Bulk Carriers reported ship operating expenses of $39 million in Q1 2019. Petros Pappas led shipowner and operator Star Bulk Carriers will install scrubbers to 40 bulk carriers till the end of May 2019. Star Bulk Carriers expects to have a fully scrubber fitted fleet by January 2020 IMO (International Maritime Organisation) deadline. In 2018, Star Bulk Carriers acquired 34 capesize bulk carriers to its fleet. Currently, Star Bulk Carriers has a mixed fleet of 111 bulk carriers. Star Bulk Carriers is planning to install scrubbers in the entire fleet by 2020. Star Bulk Carriers schemed to install scrubbers on 52 bulk carriers through the drydocking period. Additionally, 50 more bulk carriers will be installed scrubbers while operating at sea. Star Bulk Carriers want to take advantage of what may be a prosperous 2020 for scrubber fitted bulk carriers. Star Bulk Carriers seek to maximize the operating days in 2020. Therefore, Star Bulk Carriers scheduled all drydocks to an earlier time in 2019 that would otherwise be due in 2020. In Q1 2019, Star Bulk Carriers reported an adjusted net loss of $8.5 million in Q1 2019 versus an adjusted profit of $11.9 million in Q1 2020. Adjusted net loss was due to a $3.09 million unrealized loss on forward freight agreements (FFA) and bunker swaps. In Q1 2019, Star Bulk Carriers reported a $0.09 loss per share, versus $0.18 earnings per share in Q1 2018. In Q2 2019, 76% of Star Bulk Carriers’ fleet had been fixed for at $10,006 per day which indicates an improvement in revenue for Q2 2019. 20-May-2019

 

Oceanbulk Group, under the distinguished Greek ship magnate Petros Pappas, has executed its premier ship transaction in almost three years. The illustrious 207,600-dwt MV Conrad (constructed in 2017), a notable inclusion among the three newcastlemax bulk vessels affiliated with Oceanbulk Group, is poised to augment the esteemed fleet of the US investment powerhouse, JP Morgan. “The integration of this contemporary, scrubber-augmented newcastlemax bulk vessel accentuates our unwavering allegiance to our patrons within this niche,” articulated Andrian Dacy, the eminent global overseer of transportation at JP Morgan Asset Management. Beyond its scrubber, the MV Conrad boasts a sophisticated ballast water treatment system (BWTS), with its forthcoming specialized inspection slated for spring 2022. Notably, this marks JP Morgan’s second acquisition of a newcastlemax, previously procuring the Chinese-forged, 209,300-dwt MV Hark Oldendorff (crafted in 2016) from Germany’s renowned Oldendorff Carriers. From the vendor’s perspective, the MV Conrad transaction intimates that Petros Pappas, the notable Greek ship magnate, is astutely capitalizing on escalating ship valuations, thereby strategically divesting some vessels from their exclusive ensemble, independent of the US-listed conglomerate, Star Bulk Carriers. The visionary Petros Pappas at the helm of Oceanbulk Group appears to be contemplating another judicious divestiture. Maritime trade analysts earlier this month highlighted the 87,100-DWT MV Nozomi (originated in 2006) as potentially available for acquisition. This Japanese-crafted MV Nozomi, too, is enhanced with a scrubber. The last recorded divestiture by the Petros Pappas-directed Oceanbulk Group dates back to November 2018; the transaction involved the 56,400 DWT MV Tron Legacy (subsequently rechristened MV Qing Dao Gang Da Gang, inaugurated in 2012), relinquished in a strategic asset move for a sum near $13 million. 19-May-2020

 

Oaktree Capital Management backed shipowner and operator Star Bulk Carriers rely on the future of exhaust gas scrubbers. In the second week of May 2019, environmental groups called for the entire banning-order on exhaust gas scrubbers. On the other hand, IMO’s (International Maritime Organisation) Marine Environment Protection Committee (MEPC) approved the European Union’s February 2019 request to harmonize IMO (International Maritime Organisation) scrubber rules over 2020. NASDAQ listed shipowner and operator Star Bulk Carriers will be paying around $175 million for scrubber installations on 102 bulk carriers by 2020. However, Star Bulk Carriers is not excessively concerned over the IMO (International Maritime Organisation) possible ban. According to Star Bulk Carriers, the chances of an open-loop scrubber IMO (International Maritime Organisation) ban is extremely small in the international sea. Furthermore, open-loop scrubbers are not practically a cause of contamination at all. Contemporary seawater tests revealed scrubber pollutant levels in ports to be well within the European Union (EU) limits. Additionally, it might be complicated for the IMO (International Maritime Organisation) to modify any significant regulations about open-loop scrubbers before 2022. 19-May-2019

 

Oaktree Capital Management backed shipowner and operator Star Bulk Carriers and Germany based ER Capital abandon $115 million worth four (4) capesize bulk carrier deal. Capeize bulk carriers price tags have noticeably fell since the mid of 2018. Star Bulk Carriers and Germany based ER Capital have mutually agreed to waive options on:

  • MV ER America (180K DWT built 2010)
  • MV ER Bayonne (180K DWT built 2010)
  • MV ER Borneo (180K DWT built 2010)
  • MV ER Buenos Aires (180K DWT built 2010)

Currently, the market value of the four (4) capesizes built-in 2010 at $95 million en bloc which is much less than Star Bulk Carriers’ call option pricing of $115 million. In other words, Star Bulk Carriers was going to pay about $20 million above the market value of capesize bulk carriers. Petros Pappas led shipowner and operator Star Bulk Carriers scrapped the deal because the call option prices the company had on four (4) capesize bulk carriers were higher than the current market prices. Star Bulk Carriers was holding options to purchase four (4) capesize bulk carriers from ER Capital at a price of $29 million per vessel. Star Bulk Carriers had the option to pay in cash and shares. In August 2018, New York-listed Star Bulk Carriers and Germany based ER Capital signed a two-stage deal. Options were the second stage of a deal which is to buy two capesize and a supramax bulk carriers from the German owner. German owner ER Capital also had put options that could be exercised if Star Bulk Carriers opted not to take the extra bulk carriers. Currently, Star Bulk Carriers does not prefer to add capesize bulk carrier exposure due to Vale uncertainty. 3-April-2019

 

Petros Pappas led Star Bulk Carriers is trying to sell the newly acquired 2015 built ultramax dry bulk carrier 63K DWT MV Star Anna. In November 2018, Star Bulk Carriers acquired 63K DWT MV Star Anna (ex MV Vela) for $20.3 million from Delphin Shipping by Oceanbulk Maritime which is the parent company of Star Bulk. Delphin Shipping is a private New York-based shipowner which is led by former Eagle Bulk Shipping chief executive Sophocles Zoullas. Experienced sale and purchase (S&P) shipbrokers has been estimating offers in the range of $18.5 million to $19 million. Ship sale and purchase (S&P) shipbrokers surprised to see 63K DWT MV Star Anna (ex MV Vela) back on the sales market. New York-listed Star Bulk Carriers is among the shipping market’s fastest-growing companies due to a series of large-scale fleet acquisitions. In 2018, Star Bulk Carriers acquired Oceanbulk, Excel Maritime, Songa Bulk, Augustea, and ER Capital Holding. Star Bulk Carriers have created the shipping market’s largest public dry bulk fleet with nearly 100 vessels. Lately, Star Bulk Carriers has been disposing of vintage ships from its fleet. In February 2019, Star Bulk Carriers sold its oldest capesize 2000 built 171K DWT MV Star Aurora for demolition. Star Bulk Carriers also sold 2001 built supramax dry bulk carrier 52K DWT MV Star Kappa to Asian ship owners for $6.3 million. In January 2019, Star Bulk Carriers sold 2000 built supramax dry bulk carrier 52K DWT MV Star Delta for an undisclosed price. New York-listed Star Bulk Carriers has reserved $50 million for a share buy-back programme. Star Bulk Carriers’ common shares are trading below net asset value (NAV). However, nobody understands Star Bulk Carriers’ management’s intentions to sell newly acquired 2015 built ultramax dry bulk carrier 63K DWT MV Star Anna (ex MV Vela). 63K DWT MV Star Anna (ex MV Vela) was ordered in 2010 from Jiangsu Hantong Ship Heavy Industry for $25 million. 10-March-2019

 

Oaktree Capital Management backed shipowner and operator Star Bulk Carriers’ shares tumbled. Star Bulk Carriers’ shares started to plunge after acquiring fifteen (15) bulk carriers from Songa Bulk in July 2018. Furthermore, Petros Pappas led Star Bulk Carriers to announce a share incentive scheme for company top executives. On 6 July 2018, Star Bulk Carriers acquired fifteen (15) bulk carriers from Songa Bulk in exchange for 13.7 million common shares and $145 million in cash. Star Bulk Carriers placed the common shares on the Oslo Stock Exchange (OSE) for six (6) months pursuant to SEC (Security Exchange Commission) rules. Star Bulk Carriers’ share plunge was related to a six (6) month stock trading restriction after the acquisition. NASDAQ stock trading restriction barrier was lifted in January 2019. So, Star Bulk Carriers’ traded shares were allowed to trade on Nasdaq with the rest of Star Bulk Carriers’ shares under the regular SBLK ticker symbol. However, Star Bulk Carriers’ shares fell to $8.84 per share. Star Bulk Carriers’ shares were sold off due to the Songa Bulk traded shares restriction period ending which brings selling pressure. Star Bulk Carriers should repurchase many of the shares if ex-Songa shareholders would sell at low levels. Currently, thousands of Songa Bulk shareholders own Star Bulk Carriers’ shares. 23-January-2019

 

Petros Pappas led Star Bulk Carriers sold 2000 Japanese built supramax dry bulk carrier 52K DWT MV Star Delta for around $7.3 million. MV Star Delta has been renamed as MV Prince M. Meanwhile, Star Bulk Carriers took delivery of 2010 built capesize dry bulk carriers 180K DWT MV ER Brandenburg and MV Star Marianne (ex MV ER Bourgogne) from ER Capital Holding. 15-January-2019

 

London-based financial research company Drewry upgraded Star Bulk Carriers’ stock to $15.50 from $14.20 due to the company’s Q4 2017 results. Star Bulk Carriers have been trying to deleverage its balance sheet. Average Daily Time Charter Equivalent (TCE) rates of Star Bulk Carriers jumped to $13,860 in 2017 from $9,619 in 2016. Thus increased operating revenue to $107.7 million in Q4 2017. Petros Pappas led Star Bulk Carriers to make agreements with senior lenders in order to defer principal payments from June 2016 to June 2018. Star Bulk Carriers’ Q4 2017 performance was also positively impacted by an improving dry bulk market. 6-April-2018

 

New York-listed Star Bulk Carriers has collected $50 million from the bond market to refinance debt due in 2019. Star Bulk Carriers has a baby bond due for maturity in May 2019 which is covered by the publication of the new paper. In Q2 2017, Petros Pappas led Star Bulk Carriers reported total liabilities of $1.07 billion, and a cash of $226 million. 6-November-2017

 

Petros​ Pappas led Star Bulk Carriers bought 2004 built capesize bulker 176K DWT M/V Cape Triumph from Japanese shipowner Osaka Asahi Kaiun for $14.5 million. Currently, Star Bulk Carriers has a fleet of 70 dry bulk carriers. 27-October-2017

 

New York-listed Star Bulk Carriers’ stock was the best performer in Q1 2017 among other quoted bulk carrier shipowners. Greek Petros Pappas led Star Bulk Carriers’ stock has increased 1.5 times in Q1 2017. After Star Bulk Carriers’ stocks, Safe Bulkers and Scorpio Bulker respectively second and third position. 4-April-2017

 

New York-listed Star Bulk Carriers sold vintage handymax bulk carrier. Star Bulk Carriers sold 1998 Japanese built 45K DWT M/V Star Michele for $2.3 million. In 2014, Star Bulk Carriers paid $635 million to acquire bankrupt Excel Maritime Carriers 34 bulk carriers. Currently, Star Bulk Carriers’ oldest bulk carriers are from the 1990s M/V Star Despoina and M/V Star Vanessa. Oaktree Capital Management is holding 52.5% of the Star Bulk Carriers shares and the Pappas family is holding 5.8% of Star Bulk Carriers shares. 4-May-2016