Greek-based Star Bulk Carriers, which is backed by private equity player Oaktree Capital, is hitting one problem after another. In the past week, the carrier was one of several carriers in the sector opting to divest Capesize newbuildings - four vessels for a total of USD 148 million. One day after the sale, the carrier received a letter from the Nasdaq exchange in New York on which Star Bulk is listed, informs the carrier in a statement.
For 30 trading days, Star Bulk Carriers has failed to meet the requirements for trading its shares, warns the exchange. In this period the share has traded at less than one dollar, and the company has thus failed to comply with the one dollar minimum trading price.
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