Star Bulk Agrees to Acquire Three Dry Bulk Vessels From E.R. Capital Holding

Athens, Greece - Dec. 17, 2020

Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq: SBLK) a global shipping company focusing on the transportation of dry bulk cargoes announced today that it has entered into a definitive agreement with entities affiliated with E.R. Capital Holding GmbH & Cie. KG (“E.R.” or “Sellers”) pursuant to which the Company will acquire three (3) cape size dry bulk vessels, namely E.R. BAYONNE, E.R. BUENOS AIRES and E.R. BORNEO (the “Vessels”).

The Vessels are retrofitted with exhaust gas cleaning systems (Scrubbers).

Consideration for the acquisition is payable in the form of $39.0 million in cash (“Cash Consideration”) and 2,100,000 common shares of Star Bulk (“Share Consideration”).

The transaction was negotiated by the Company on the basis of NAV.

The Company is in advanced discussions with a leading financial institution to finance the Cash Consideration through proceeds of a five-year term loan.

Below are the details of the Vessels to be acquired from E.R.:

The Vessels are expected to be delivered to the Company by early February 2021 and delivery remains subject to the execution of customary closing conditions.

About Star Bulk
Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk’s vessels transport major bulks, which include iron ore, coal and grain, and minor bulks, which include bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, Oslo, New York, Cyprus and Singapore.

Its common stock trades on the Nasdaq Global Select Market under the symbol “SBLK”. Star Bulk operates a fleet of 119 vessels, with an aggregate capacity of 13.4 million dwt, consisting of 17 Newcastlemax, 22 Capesize, 2 Mini Capesize, 7 Post Panamax, 35 Kamsarmax, 2 Panamax, 17 Ultramax and 17 Supramax vessels with carrying capacities between 52,425 dwt and 209,537 dwt.

Star Bulk Carriers Corp. press release