Dry bulk merger: Worst market in 40 years

Major Greek dry bulk merger Star Bulk, backed by equity fund Oaktree, finished 2014 with an unsurprising deficit after a year that sent the entire industry tumbling. CEO Petros Pappas points to the worst market in 40 years.

Oaktree-controlled dry bulk carrier Star Bulk left 2014 with a net deficit of USD 11.7 million for the full year, while the deficit in the final quarter came to USD 8.1 million.

In the annual report, CEO Petros Pappas describes 2014 as one of the worst years in the dry bulk industry in 40 years.

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