ShippingWatch

Funds build bulk giant on the remains of bankrupt carrier

Oaktree Capital acquires the dry bulk fleet of Excel Maritime through Star Bulk Carriers. Excel Maritime was until recently controlled by Greek Gabriel Panayotides, who has in the past acted as majority shareholder in carriers such as Torm.

Photo: LARS KRABBE

With financial backing from private equity funds Oaktree Capital Management and investors linked to Angelo Gordon & Co., Star Bulk Carriers will acquire 34 vessels from collapsed Excel Maritime, which was until recently controlled by Greek shipowner Gabriel Panayotides, former majority shareholder in Torm, among other carriers.

The transaction is worth a total of USD 635 million.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

CBS launches board program for the shipping industry

Supported by a number of high-profile names from the global shipping industry, CBS’s new Blue Board Leadership Programme’s first module is already half full. The faculty team includes BW Group Chairman Andreas Sohmen-Pao.

Further reading

Related articles

Latest news

See all jobs