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

Rejected Livestock

Rejected Livestock

FMC Collects $1,350,000 in Penalty Payments

FMC Collects $1,350,000 in Penalty Payments

SC Ports Sees Dip in Imports, State Economic Development Remains Strong

SC Ports Sees Dip in Imports, State Economic Development Remains Strong

Tackling Port Congestion with Visibility and Flexibility

Tackling Port Congestion with Visibility and Flexibility

Subscribe for Maritime Logistics Professional E‑News

Spirit Airlines unions accept pay cuts for pilots and flight attendants
Spain's eDreams lowers its earnings guidance due to a slowdown in prime subscriber growth
Police raid Portugal's TAP Airlines in a corruption probe