US bulk giant preparing to issue shares

Stock-listed carrier Star Bulk, controlled by equity fund Oaktree Capital has announced that the company will make a public offering of its common stock. The proceeds will be used to finance the carrier's massive newbuilding fleet at a time when the dry bulk market is struggling.

New York-listed dry bulk carrier Star Bulk will make an underwritten public offering of the company's common stock. Net proceeds from the sale will be used to finance the company's massive newbuilding fleet as well as for general corporate purposes, says the carrier in a statement.

Star Bulk has 34 newbuilding vessels currently under construction at shipyards in Japan and China. All of the newbuildings are expected to be delivered during 2015 and 2016.

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