Members from GANADO Advocates’ shipping practice advised Star Bulk Carriers Corp. (“Star Bulk”) on the recent acquisition of 16 dry-bulk vessels from Augustea Atlantica SpA and York Capital Management, in an all-share transaction.
Star Bulk has issued 10.3 million common shares to Augustea and York, representing approximately 11.3% of Star Bulk’s common shares. Under the terms of the transaction, Star Bulk will also assume certain debt in connection with the acquired vessels, of approximately $309 million.
Star Bulk is a Nasdaq listed global shipping company, providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk’s vessels transport major bulks, which include iron ore, coal and grain, and minor bulks, which include bauxite, fertilizers and steel products.