New private equity fund-backed dry bulk giant Star Bulk, established through a merger with Oceanbulk this summer combined with the acquisition of 34 ships from Excel Maritime, suffered a net deficit of USD 2.1 million in the 3rd quarter, ending September 30th.
Star Bulk, backed by equity fund Oaktree Capital, has so far received 20 of the 34 vessels from struggling Excel Maritime, which was previously controlled by Greek shipowner Gabriel Panayotides, former majority shareholder in Torm.
Star Bulk also has a newbuilding program of 35 vessels.
"Overall, I believe that this quarter has been instrumental for Star Bulk, as we successfully completed the merger with Oceanbulk, announced the acquisition of the Excel vessels, and most importantly continued building up a ship management platform capable of effectively managing more than 100 vessels," says Star Bulk CEO Petros Pappas in the interim report on Wednesday.
Biggest US bulk carrier is a reality
Following the acquisition of the 34 ships, Star Bulk will control a total fleet of 103 vessels, thus becoming the biggest listed dry bulk carrier in the US by far. Oaktree is majority shareholder with a 57.3 percent stake, while Angelo Gordon Investors will own 7.8 percent.
Find the complete interim report here
Gabriel Panayotides was kicked out during the final stages of the protracted attempt to rescue Excel Maritime. Oaktree Capital wound up acquiring the company, investing USD 175 million in fresh capital and debt conversion.
Excel Maritime filed for bankruptcy in July 2013.
The crisis could postpone equity funds' exit from shipping
US-based equity fund could be new owner of Torm
Analyst: Star Bulk will be a leader in bulk shipping
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.
G&O Maritime Group buys maritime supplier
G&O’s acquisition is aimed at strengthening the company’s green profile and making a stronger mark internationally.
EU countries ready for CO2 quota negotiations – but without a shipping fund
After marathon negotiations, EU member countries passed a mandate late Tuesday for inclusion of shipping into the union’s emissions trading system. A proposed special fund for the industry’s transformation does, however, not appear to be on the table.
Maersk Drilling lands contract with Shell in the North Sea
The contract is expected to go into effect in the second half of the year for a duration of two months.
Belships adds two new ships to its fleet
Dry bulk operator Belships has acquired two new ships for a price of USD 15.5m.
Senior Legal Counsel with a focus on Offshore Renewables 
IT Operations & Project Lead 
Experienced Bunker Trader - Dubai 
Head of Airfreight 
Crewing officer 
Head of Vessel Operations 
Senior Sales Manager 
Safety Leadership & Transformation Manager