Star Bulk Rises to Two-Month High After Boosting Fleet by Half
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Star Bulk Carriers Corp. climbed to the highest in almost two months after the commodity-shipping company bought 34 vessels from Excel Maritime Carriers Ltd.
The acquisition positions the company to take advantage of improving rental rates for bulk carriers, Petros Pappas, Star Bulk’s chief executive officer, said in a statement. It boosts the company’s fleet by almost 50 percent to 103 ships, with cargo-carrying capacity of 11.85 million metric tons of commodities including coal and iron ore, according to the statement. Shares advanced in New York by as much as 88 cents, or 6.7 percent, to $14, the highest since June 23.