Star Bulk Carriers Completes Acquisition of 15 Dry Bulkers from Songa Bulk

July 6, 2018

 Global shipping company Star Bulk Carriers, announced  that it has closed the previously announced acquisition of fifteen operating dry bulk vessels  from Songa Bulk  for an aggregate of 13.725 million common shares of Star Bulk  and $145.0 million in cash.

 
Following the closing of the Vessel Purchase Transaction, (i) Arne Blystad will be appointed to the Board of Directors of Star Bulk as Class C Director and Herman Billung will join the management team of Star Bulk as Senior Vice President and (ii) Songa is expected to distribute the Consideration Shares to its shareholders.
 
First trading day of the secondary listing of the Company’s common shares on Oslo Børs, a regulated stock market operated by Oslo Børs ASA of Norway, is expected to take place by mid-July. 
 
The Consideration Shares will be restricted from trading in the U.S., including through the Nasdaq Global Select Market, for a period of six months following the distribution of the Consideration Shares to the shareholders of Songa unless they are sold pursuant to a transaction exempt from, or not subject to, registration under the Securities Act of 1933, as amended.
 
The Consideration Shares will not be registered under the Act may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Act.

Logistics News

USACE Introduces System for Assessing Pre-Construction Notifications

USACE Introduces System for Assessing Pre-Construction Notifications

Project Freedom Gets Off to a Troubled Start

Project Freedom Gets Off to a Troubled Start

Former MARAD Deputy Administrator Sang Yi Appointed AAPA President, CEO

Former MARAD Deputy Administrator Sang Yi Appointed AAPA President, CEO

Fratelli Cosulich Launches Newest Methanol Vessel

Fratelli Cosulich Launches Newest Methanol Vessel

Subscribe for Maritime Logistics Professional E‑News

American Pilots Union Chief says United CEO's idea of a merger showed 'boldness'
US and Gulf Arab nations draft a new UN resolution on Strait of Hormuz
S&P 500 drops from record high due to Middle East concerns