Star Bulk and Eagle Bulk create giant 163 fleet after merger

Greece headquartered and Nasdaq-listed Star Bulk has completed its merger with USA-based Eagle Bulk Shipping (Eagle).

The merger will create one of the world’s largest owner-operators within the midsize dry bulk vessel segment with a fleet of 163 ships.

Under the deal, each Eagle shareholder received 2.6211 shares of Star Bulk common stock for each share of Eagle common stock owned.

Eagle common stock has ceased trading and will no longer be listed on the New York Stock Exchange.

Eagle’s Bulk director Gary Weston has joined the Star Bulk board of directors, Bo Westergaard has joined Star Bulk’s new leadership team and Costa Tsoutsoplides will serve as interim senior advisor to assist with business integration.

Petros Pappas, chief executive of Star Bulk, said: “This is an exciting day for Star Bulk as we bring together our companies and create a global leader in dry bulk shipping.

“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.”

As of April 9, 2024, Star Bulk has a fleet of 163 owned vessels, with an aggregate capacity of 15.6 million dwt, consisting of newcastlemax, capesize, post panamax, kamsarmax, panamax, ultramax and supramax vessels.

The ships have carrying capacities between 53,489 dwt and 209,537 dwt.