Working Conditions Aboard the Star-Electra

Star Bulk Carriers, a prominent shipowner listed in the US, has successfully completed the acquisition of Oslo-listed Songa Bulk. The acquisition involves a fleet of 15 state-of-the-art bulk carriers, including 3 Capesize bulkers, 10 Kamsarmax bulkers, 1 Ultramax bulker, and 1 Supramax bulker. To finalize this significant deal, Star Bulk will issue 13.7 million new shares and allocate USD 145 million in cash. China Merchants Bank Leasing is set to finance the cash aspect of this major transaction. Additionally, Star Bulk has committed to acquiring 3 Newcastlemax bulkers currently under construction at the Shanghai Waigaoqiao Shipbuilding Company (SWS), with anticipated delivery slated for Q4 2018 and Q1 2019. These bulkers are being purchased from OceanBulk Container Carriers, with Star Bulk planning to issue 3.39 million new shares and securing USD 104.4 million in funding from CSSC Shipping Company to facilitate this purchase.