Star Bulk Completes Merger with Eagle Bulk

Formation of One of the World’s Largest Dry Bulk Shipowners Marks a Maritime Milestone

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Star Bulk, a prominent dry bulk shipping company listed on the Nasdaq, has successfully concluded its merger with Eagle Bulk, marking a significant milestone in the maritime industry. This strategic consolidation has engendered the formation of one of the largest dry bulk shipowners globally, positioning the amalgamated entity at the forefront of maritime commerce.

The completion of this merger follows the affirmative vote by Eagle Bulk’s shareholders on April 5th, thereby solidifying a pivotal transition within the maritime landscape. Under the terms of the merger, Eagle Bulk shareholders have been accorded 2.6211 shares in Star Bulk common stock for each Eagle Bulk common share, facilitating a seamless integration process.

Petros Pappas, the esteemed Chief Executive Officer of Star Bulk, heralded this merger as a catalyst for progression, emphasizing the augmentation of scale, bolstered financial prowess, and enhanced technical and commercial competencies. Pappas remarked, “We are moving forward with greater scale, a stronger financial profile and unique technical and commercial capabilities to grow our business, better serve our customers and deliver sustainable value for our shareholders.”

In alignment with the merger, Eagle Bulk’s shares have ceased trading on the New York Stock Exchange (NYSE), marking the culmination of its independent listing.

Following the integration, notable additions have been made to Star Bulk’s leadership cadre. Gary Weston has assumed a pivotal role on the Star Bulk Board of Directors, while Bo Westergaard has been appointed to the company’s new leadership team. Additionally, Costa Tsoutsoplides will serve as interim Senior Advisor, extending invaluable support towards seamless business integration.

The amalgamation of Eagle Bulk’s fleet has significantly augmented Star Bulk’s maritime prowess, propelling its fleet size to 163 owned vessels. These vessels collectively possess an aggregate capacity of 15.6 million deadweight tons (dwt), spanning across a diverse range from Supramax to Newcastemax vessels.

In essence, the completion of the merger between Star Bulk and Eagle Bulk heralds a new era of dynamism and resilience within the dry bulk shipping sector, poised to deliver enhanced value to stakeholders while fortifying its position as an industry leader.

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