Star Bulk Carriers Corp. (Star Bulk) (Nasdaq:SBLK), a global shipping company focusing on transportation of dry bulk cargoes, announced Friday that Songa Bulk ASA (Songa) has informed the Company that 99.73% of the present shareholders of Songa, at the Annual General Meeting of shareholders of Songa held on June 5, 2018, have voted in favor of and approved the previously announced transaction, pursuant to which the Company will acquire 15 operating vessels of Songa for an aggregate of 13.725 million common shares of the Company (the “Consideration Shares”) and $145 million in cash (the “Vessel Purchase Transaction”). The approval of the shareholders of Songa was a condition to the closing of the Vessel Purchase Transaction, which has now been satisfied.
The Vessel Purchase Transaction remains subject to other customary closing conditions, and is expected to be consummated by the third quarter of 2018.
The Consideration Shares will not be registered under the Securities Act of 1933, as amended (the “Act”) and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Act.
About Star Bulk
Star Bulk is a 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 such as bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, Greece. Its common stock trades on the Nasdaq Global Market under the symbol “SBLK”.
On a fully delivered basis, including the vessels acquired in the Vessel Purchase Transaction, Star Bulk will have a fleet of 108 vessels, with an aggregate capacity of 12.26 million dwt, consisting of 17 Newcastlemax, 18 Capesize, 2 Mini Capesize, 7 Post Panamax, 35 Kamsarmax, 2 Panamax, 16 Ultramax and 11 Supramax vessels with carrying capacities between 52,055 dwt and 209,537 dwt.