Invitation to Star Bulk Transaction Conference Call and Webcast
ATHENS, GREECE -- (Marketwired) -- 06/16/14 -- Star Bulk Carriers
Corp. ("Star Bulk" or the "Company") (NASDAQ: SBLK) announced earlier
today that it has entered into definitive agreements with entities
affiliated with Oaktree Capital Management, L.P. (the "Oaktree
Investors") and Star Bulk's Non-Executive Chairman, Mr. Petros
Pappas, and certain of his immediate family members, including Milena
Maria Pappas, one of Star Bulk's directors (the "Pappas Investors"),
pursuant to which Oceanbulk Shipping LLC and Oceanbulk Carriers LLC
(the "Oceanbulk Companies") and entities controlled by the Pappas
Investors are expected to become indirect wholly-owned subsidiaries
of Star Bulk in consideration for the issuance to the Oaktree
Investors and the Pappas Investors of 54.104 million shares of common
stock of Star Bulk (the "Transaction"). Star Bulk invites you to a
conference call and webcast to discuss the Transaction.
Our management team will host a conference call to discuss the
Transaction on Monday, June 16, 2014 at 5 p.m. Eastern Time (ET).
Participants should dial into the call 10 minutes before the
scheduled time using the following numbers: 1(866) 819-7111 (from the
0(800) 953-0329 (from the UK) or
+ (44) (0) 1452 542 301 (from outside the US).
Please quote "Star Bulk."
A replay of the conference call will be available until June 23,
2014. The United States replay number is 1(866) 247-4222; from the UK
0(800) 953-1533; the standard international replay number is (+44)
(0) 1452 550 000 and the access code required for the replay is:
Slides and audio webcast:
There will also be a simultaneous live webcast over the Internet,
through the Star Bulk website (www.starbulk.com). Participants to the
live webcast should register on the website approximately 10 minutes
prior to the start of the webcast.
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, Greece. Its common
stock trades on the Nasdaq Global Select Market under the symbol
"SBLK". Star Bulk has an operating fleet of seventeen dry bulk
carriers, consisting of five Capesize, two Post Panamax, two Ultramax
and eight Supramax dry bulk vessels with a combined cargo carrying
capacity of 1,610,935 deadweight tons and an average age of
approximately 9.0 years. In addition, Star Bulk provides vessel
management services to fourteen third party dry bulk vessels,
including five Capesize, two Post Panamax, two Kamsarmax, two Panamax
and three Supramax vessels with a combined cargo carrying capacity of
1,569,255 deadweight tons. We have also entered into agreements for
the construction of eleven fuel efficient dry bulk vessels,
consisting of five Newcastlemax vessels, two Capesize vessels and
four Ultramax vessels, with a combined cargo carrying capacity of
1,643,000 deadweight tons. All of the newbuilding vessels are
expected to be delivered during 2015 and early 2016.
Star Bulk's common stock is listed for trading on the NASDAQ Global
Select Market under the symbol "SBLK."
About Oceanbulk Companies
The Oceanbulk Companies are international shipping companies that own
and operate a fleet of dry bulk carrier vessels. On a fully delivered
basis, the Oceanbulk Companies will have a fleet of 37 vessels
consisting primarily of Capesize as well as Kamsarmax and Ultramax
vessels with a carrying capacity between 55,000 dwt and 209,000 dwt.
The Oceanbulk Companies' fleet includes 12 vessels in the water (five
Capesize vessels, two post-Panamax vessel, three Kamsarmax vessels
and two Supramax vessels), with aggregate cargo carrying capacity of
approximately 1.5 million deadweight tons and 25 fuel-efficient
"Eco-type" vessels currently under construction at leading shipyards
in Japan and China for delivery in 2014 and 2015, with an aggregate
cargo carrying capacity of 3.5 million deadweight tons. Oceanbulk
Companies' vessels transport a broad range of major and minor bulk
commodities, including ores, coal, grains and fertilizers, along
worldwide shipping routes. In the Transaction, (i) Star Bulk will
acquire the Oceanbulk Companies through a merger of their immediate
parent companies with two Star Bulk subsidiaries, and (ii) Star Bulk
has agreed to acquire, upon successful future delivery, two 2006
built Tsuneishi (Japan) Kamsarmax vessels to be distributed to
Oceanbulk Shipping LLC from its Heron Ventures Ltd. joint venture.
The shares for this acquisition are included in the 54.104 million
shares being issued in total for the Transaction.
About Pappas Investors
Entities controlled by the Pappas Investors, which will be acquired
by Star Bulk in the Transaction, currently own a 2014 built Kamsarmax
dry bulk carrier and a contract for the construction of a newbuilding
Capesize dry bulk carrier scheduled to be delivered in 2014.
Matters discussed in this press release
may constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to provide
prospective information about their business. Forward-looking
statements include statements concerning plans, objectives, goals,
strategies, future events or performance, and underlying assumptions
and other statements, which are other than statements of historical
The Company desires to take advantage of the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995 and is
including this cautionary statement in connection with this safe
harbor legislation. The words "believe," "anticipate," "intends,"
"estimate," "forecast," "project," "plan," "potential," "may,"
"should," "expect," "pending" and similar expressions identify
Forward-looking statements include, without limitation, statements
-- The effectuation of Star Bulk's subsidiary merger transaction;
-- The delivery to and operation of assets by Star Bulk;
-- Star Bulk's future operating or financial results;
-- Future, pending or recent acquisitions, business strategy, areas of
possible expansion, and expected capital spending or operating
-- Dry bulk market trends, including charter rates and factors affecting
vessel supply and demand.
The forward-looking statements in this press release are based upon
various assumptions, many of which are based, in turn, upon further
assumptions, including without limitation, examination by the
Company's management of historical operating trends, data contained
in its records and other data available from third parties. Although
the Company believes that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to
predict and are beyond the Company's control, the Company cannot
assure you that it will achieve or accomplish these expectations,
beliefs or projections.
In addition to these important factors, other important factors that,
in the Company's view, could cause actual results to differ
materially from those discussed in the forward-looking statements
include the strength of world economies and currencies, general
market conditions, including fluctuations in charter rates and vessel
values, changes in demand for dry bulk shipping capacity, changes in
the Company's operating expenses, including bunker prices, drydocking
and insurance costs, the market for the Company's vessels,
availability of financing and refinancing, changes in governmental
rules and regulations or actions taken by regulatory authorities,
potential liability from pending or future litigation, general
domestic and international political conditions, potential disruption
of shipping routes due to accidents or political events, vessels
breakdowns and instances of off-hires and other factors. Please see
our filings with the Securities and Exchange Commission for a more
complete discussion of these and other risks and uncertainties. The
information set forth herein speaks only as of the date hereof, and
the Company disclaims any intention or obligation to update any
forward-looking statements as a result of developments occurring
after the date of this communication.
Nothing contained in this press release constitutes a solicitation of
materials of any vote or approval in respect of the proposed merger
or the proposed transactions involving Star Bulk or otherwise
contemplated herein. In connection with the proposed merger and the
proposed transaction, a special stockholder meeting is expected to be
held on or about July 11, 2014, to obtain stockholder approval. In
connection with the merger and the proposed transactions, Star Bulk
intends to furnish relevant materials, including a proxy statement,
with the Securities and Exchange Commission (the "SEC") on Form 6-K.
Investors and security holders of Star Bulk are urged to read the
proxy statement and other relevant materials when they become
available because they will contain important information about Star
Bulk, Oceanbulk, the Merger and the proposed transactions. The proxy
statement and other relevant materials (when they become available),
and any other documents filed by Star Bulk with the SEC, may be
obtained free of charge at the SEC's website at www.sec.gov, at Star
Bulk's website at www.starbulk.com, or by sending a written request
to Star Bulk at c/o Star Bulk Management Inc. 40, Agiou Konstantinou
Str., Maroussi 15124, Athens, Greece, Attention: Investor Relations.
Star Bulk and its directors, executive officers, and certain other
members of management and employees may be deemed to be participants
in soliciting proxies from the stockholders of Star Bulk in favor of
the Merger. Information regarding the persons who may be considered
to be participants in the solicitation of Star Bulk's stockholders in
connection with the proposed transaction and their ownership of Star
Bulk's common stock will be set forth in Star Bulk's proxy statement
for its special meeting. Investors can find more information about
Star Bulk and its executive officers and directors in its Annual
Report on Form 20-F for the fiscal year ended December 31, 2013 and
in its proxy statement, when available, that will be furnished to the
SEC on Form 6-K.
Star Bulk Carriers Corp.
c/o Star Bulk Management Inc.
40 Ag. Konstantinou Av.
Investor Relations / Financial Media:
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, NY 10169
Tel. (212) 661-7566
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