STAR BULK CARRIERS ANNOUNCES CLOSING OF ACQUISITION OF 3 DRY BULK VESSELS FROM OCEANBULK CONTAINER CARRIERS

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Star Bulk today announced that it has completed the acquisition of three newbuilding Newcastlemax dry bulk vessels in an all-share transaction from Oceanbulk Container Carriers LLC an entity affiliated with Oaktree Capital Management, L.P.

The three vessels are being constructed at Shanghai Waigaoqiao Shipbuilding, with expected delivery dates in the end of 2018 and first half of 2019.

CSSC (Hong Kong) Shipping Company Limited has agreed to provide $104.4m to finance the remaining $103.8m capital expenditure of the three vessels via a ten-year capital lease. Following the closing of the OCC Vessel Purchase, Oaktree are expected to beneficially own approximately 45.3% and the Pappas Shareholders 5.6% of the Company’s common shares.