Seeking Alpha

Star Bulk to acquire 34 drybulk vessels from Excel in cash and stock deal

  • Star Bulk Carriers (SBLK +5.2%) agrees to acquire 34 drybulk vessels from Excel Maritime Carriers (NYSE:EXM) for ~29.9M shares and ~$288M in cash for total consideration of $634.9M.
  • The sale consists of six Capesize vessels, 14 sistership Kamsarmax vessels, 12 Panamax vessels and two Handymax vessels mainly built at shipyards in Japan.
  • The vessels will be acquired in a series of closings which SBLK expects to complete by the end of 2014.
  • After the deal, SBLK will have 103 vessels in its fleet, with an aggregate cargo-carrying capacity of ~11.85M deadweight tons.
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