Oaktree Capital Management a[ds_preview]nd Senator Investment Group will purchase shares of Star Bulk worth 51.5 mill. $. The Petros Pappas-led company said it will use proceeds for »general corporate purposes«.
New York-based private equity giant Oaktree Capital will become Star Bulk‘s largest shareholder and will have a 51.4% stake after the agreement. Senator, a hedge fund manager, will control 6.5% of the stock.
Oaktree has been a very familiar name in shipping, being the owner or an decisive financing source at Hansa Heavy Lift and Rickmers Group, among others. The investment management firm has app. 100 bill. $ under management.
Star Bulk manages a fleet of about 70 vessels, with an aggregate capacity of 8.2 mill. dwt, consisting of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax and Supramax vessels with carrying capacities between 52,055 dwt and 209,537 dwt.
