Star Bulk wraps up acquisition of six Eneti bulkers

Greece-based shipping company Star Bulk Carriers Corp. has taken delivery of six dry bulk vessels purchased from Eneti Inc., formerly known as Scorpio Bulkers.

Star Bulk
Star Bulk CEO, Petros Pappas; Image credit: CapitalLink

In February this year, Star Bulk signed an agreement with Eneti to acquire a total of seven bulkers by assuming the outstanding lease obligations of the vessels which were then at $102.3 million. As consideration, the company agreed to issue to Scorpio three million newly issued SBLK shares.

Star Bulk now revealed that the seventh vessel of the transaction, SBI Pegasus, is expected to be delivered to the company within early second quarter of this year.

The company issued to the Eneti affiliates 2,649,203 common shares representing the shares consideration for the acquisition of the six vessels and assumed outstanding lease obligations of approximately $86.9 million.

Following the deliveries on 16 March 2021, the company said it has 101,888,919 common shares issued and outstanding.

All six vessels are employed in the spot market.

Earlier this month, the shipping company also bought two eco-friendly resale Kamsarmax bulkers, scheduled for delivery in June and September 2021, respectively, from the YAMIC yard.

Star Bulk operates on a fully delivered basis a fleet of 128 vessels, with an aggregate capacity of 14.1 million dwt, consisting of 17 Newcastlemax, 22 Capesize, 2 Mini Capesize, 7 Post Panamax, 41 Kamsarmax, 2 Panamax, 20 Ultramax and 17 Supramax vessels with carrying capacities between 52,425 dwt and 209,537 dwt.

The company has so far completed scrubber installations on the majority of its fleet, despite delays caused by the COVID-19 crisis.

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