Star Bulk, 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. 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.
Below are the details of the Vessels to be acquired from E.R.:
| # | Name | Type | Yard | Country | Year built | DWT |
| 1 | E.R. Bayonne | Capesize | Hyundai Heavy Ind. | South Korea | 2010 | 180,000 |
| 2 | E.R. Borneo | Capesize | Hyundai Heavy Ind. | South Korea | 2010 | 180,000 |
| 3 | E.R. Buenos Aires | Capesize | Hyundai Heavy Ind. | South Korea | 2010 | 180,000 |
| Total | 540,000 |
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.
Source: Shipping Herald