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Erck Rickmers sells bulker fleet to Star Bulk of Greece

The Greek shipping company Star Bulk, owned by Petros Pappas, has bought seven bulkers from E R Capital Holding, an Erck Rickmers company, for US$157M

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The price of US$157M includes shares and valid charter contracts. The takeover will be completed in two steps. First, two 8-year old Capers (180, 000 dwt ), E R BURGOYNE and E R BRANDENBURG, and the 55,000dwt E R BRIGHTON, will be taken over in Q4 2018, after the ok from the charter party. Erck Rickmers will receive US$41.7M in cash and a 1.45% stake (1.34M shares) in Star Bulk. A European bank will finance the deal for Star Bulk with a credit worth US$41M.


For the remaining four bulkers, Rickmers will get US$115.4M if Star bulk declares a call option by April 1st 2019 .Should this not happen, E R Capital Holding can then draw a put option up to April 4th 2019 worth US$105.39M. The vessels should then be taken in to ownership by Star Bulk between early April and mid-July 2019.


After the transaction Star bulk will have a fleet of 115 bulkers with a total capacity of 13.4M dwt and an average age of 7.5 years. Petros Pappas said: Star Bulk will get a modern fleet from E R in a structured transaction. The prices are attractive, which gives us more flexibility. At the same time we are happy to welcome Erck Rickmers as a prominent shipowner into our shareholders’ circle.”

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