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Star Bulk Announces Sale of Vessel and Repurchase of Common Shares

Posted on by angelo
Star Bulk Announces Sale of Vessel and Repurchase of Common Shares




















Posted by David Bizley, Editor


Dry bulk,





Star Bulk Carriers Corp., an international shipping company specializing in the transportation of dry bulk cargo, today announced the sale of the Capesize m/v Star Triumph, the oldest vessel in its fleet (built in 2004), for a gross price of US$20.0 million, with net proceeds (after repayment of associated debt) of approximately US$13.0 million.

The company expects to record a gain on the sale of the vessel of approximately US$7.7 million in the third quarter of 2024.

In addition, pursuant to the Company’s previously announced share repurchase program, 791,015 common shares were repurchased last week in open market transactions at an average price of US$20.58 per share for total consideration of approximately US$16.3 million. The repurchased shares will be retired and cancelled. Management believes that the price at which the mv Star Triumph was sold implies a value per share significantly higher than the price at which the repurchased shares were acquired by the Company, thereby creating value for the Company’s shareholders.

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Read the article online at: https://www.drybulkmagazine.com/dry-bulk/16092024/star-bulk-announces-vessel-sale-and-repurchase-of-common-shares/