Greek Star Bulk Carriers and US-based Eagle Bulk Shipping have completed the merger of their two dry bulk shipping lines, a letter said.
The merger agreement, which values Eagle Bulk at about $500 million, became known before Christmas last year. They were then collectively valued at about $2.1 billion.
In the merger, Eagle shareholders will receive 2.6211 Star Bulk shares for every Eagle share they own. Trading in Eagle Bulk Shipping's stock has ceased, and the shipping company will no longer be listed on the New York Stock Exchange.
It is the name Star Bulk Carriers will continue in the combined business.
The world's largest – hungry for more
With this merger, the two giants form the largest listed dry goods shipping line in the world, according to the industry newspaper Splash 24/7.
As of April 9, the Star Bulk Carriers fleet consists of 163 owned vessels, with a total capacity of 15.6 million tons.
The new giant's headquarters will be in Athens, under the leadership of Petros Pappas. Arne Blystad sits on the board of Star Bulk Carriers, after the Greek shipping company acquired Songa Bulk in 2018.
“This is an exciting day for Star Bulk as we bring our companies together and create a global leader in dry bulk shipping,” says Pappas regarding the completion of the merger.
When the merger was announced last December, Pappas said, according to what was reported from him Shipping monitoringthat the merger will make dry goods more attractive to large investors — and that Star Bulk has an appetite for more acquisitions.
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