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Huge loss for Greek dry bulk giant

Major Greek dry bulk merger Star Bulk Carriers, which is backed by several equity funds, is fighting to secure liquidity and capital during the worst industry crisis in decades.

Photo: Star Bulk

The Greek dry bulk company Star Bulk, controlled by equity funds, lost USD 33.9 million on operations in the first quarter 2015, which shows a total net deficit of USD 40.2 million.

Star Bulk Carriers is the attempt by equity fund Oaktree Capital Management to create a large, listed, dry bulk carrier by merging three Greek-based carriers, but the company is now fighting along with other players in the industry to secure liquidity and capital during the severe dry bulk decline, which is projected to be long-lasting.

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