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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.

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