Benzinga | Feb 2, 2021 08:49AM EST

Star Bulk Carriers Reports 7-Vessel Transaction With Scorpio Bulkers

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:

# Vessel Type Yard Country Year DWT Scrubber Built Fitted1 SBI Pegasus Ultramax Chengxi China 2015 64,000 No2 SBI Ursa Ultramax DACKS China 2015 61,600 No3 SBI Subaru Ultramax DACKS China 2015 61,000 Yes4 SBI Capoeira Kamsarmax Hudong China 2015 82,000 No5 SBI Carioca Kamsarmax Hudong China 2015 81,300 Yes6 SBI Lambada Kamsarmax Hudong China 2016 81,300 No7 SBI Macarena Kamsarmax Hudong China 2016 81,600 Yes

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