Star Bulk Carriers Corp. a global shipping company focusing on the transportation of dry bulk cargoes announced that it has entered into a definitive agreement with entities affiliated with E.R. Capital Holding GmbH & Cie. KG pursuant to which the Company will acquire three cape size dry bulk vessels , namely E.R. BAYONNE, E.R. BUENOS AIRES and E.R. BORNEO. The Vessels are retrofitted with exhaust gas cleaning systems (Scrubbers). Consideration for the acquisition is payable in the form of $39.0 million in cash and 2,100,000 common shares of Star Bulk. The transaction was negotiated by the Company on the basis of NAV.
The Company is in advanced discussions with a leading financial institution to finance the Cash Consideration through proceeds of a five-year term loan.
The Vessels are expected to be delivered to the Company by early February 2021 and delivery remains subject to the execution of customary closing conditions.