Star Bulk Carriers Corp. Announces a Seven Vessel Transaction With Scorpio Bulkers Inc.

Athens, Greece - February 02, 2021

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 an agreement with Scorpio Bulkers Inc. (“Scorpio”) (NYSE: SALT) to acquire seven vessels (the “Vessels”), by assuming the outstanding lease obligations of the Vessels which are currently at $102.3 million.

As consideration, the Company will issue to Scorpio three million newly issued SBLK shares. The transaction is subject to the approval of the lessor and customary documentation.

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

Below are the details of the Vessels:

The Vessels are expected to be delivered to the Company within the first and early second quarter of this year.

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, minerals 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, Limassol and Singapore. Its common stock trades on the Nasdaq Global Select Market under the symbol “SBLK”. Star Bulk will operate on a fully delivered basis a fleet of 126 vessels, with an aggregate capacity of 13.9 million dwt, consisting of 17 Newcastlemax, 22 Capesize, 2 Mini Capesize, 7 Post Panamax, 39 Kamsarmax, 2 Panamax, 20 Ultramax and 17 Supramax vessels with carrying capacities between 52,425 dwt and 209,537 dwt.

Star Bulk Carriers Corp. press release