Star Bulk Announces Vessel Sale and Repurchase of Common Shares
Star Bulk Carriers Corp. (Nasdaq: SBLK) has announced two significant developments:
1. The sale of its oldest vessel, the Capesize m/v Star Triumph (built in 2004), for a gross price of $20.0 million. This sale is expected to generate net proceeds of $13.0 million and result in a gain of approximately $7.7 million in Q3 2024.
2. The repurchase of 791,015 common shares at an average price of $20.58 per share, totaling about $16.3 million. These shares will be withdrawn and cancelled.
Management believes that the vessel sale price implies a per-share value significantly higher than the repurchase price, potentially creating value for shareholders.
Star Bulk Carriers Corp. (Nasdaq: SBLK) ha annunciato due sviluppi significativi:
1. La vendita della sua nave più vecchia, il Capesize m/v Star Triumph (costruita nel 2004), per un prezzo lordo di 20,0 milioni di dollari. Si prevede che questa vendita genererà proventi netti di 13,0 milioni di dollari e comporterà un guadagno di circa 7,7 milioni di dollari nel terzo trimestre del 2024.
2. Il riacquisto di 791.015 azioni ordinarie a un prezzo medio di 20,58 dollari per azione, per un totale di circa 16,3 milioni di dollari. Queste azioni saranno ritirate e annullate.
La direzione ritiene che il prezzo di vendita della nave implichi un valore per azione significativamente più alto rispetto al prezzo di riacquisto, creando potenzialmente valore per gli azionisti.
Star Bulk Carriers Corp. (Nasdaq: SBLK) ha anunciado dos desarrollos significativos:
1. La venta de su barco más antiguo, el Capesize m/v Star Triumph (construido en 2004), por un precio bruto de 20.0 millones de dólares. Se espera que esta venta genere ingresos netos de 13.0 millones de dólares y resulte en una ganancia de aproximadamente 7.7 millones de dólares en el tercer trimestre de 2024.
2. La recompra de 791,015 acciones comunes a un precio promedio de 20.58 dólares por acción, totalizando aproximadamente 16.3 millones de dólares. Estas acciones serán retiradas y canceladas.
La dirección cree que el precio de venta del barco implica un valor por acción significativamente más alto que el precio de recompra, lo que potencialmente crea valor para los accionistas.
스타 벌크 캐리어스 주식회사 (Nasdaq: SBLK)는 두 가지 주요 개발을 발표했습니다:
1. 2004년에 건조된 켑사이즈 m/v 스타 트라이엄프의 가장 오래된 선박을 2천만 달러의 총 가격으로 판매합니다. 이 판매는 1300만 달러의 순수익을 창출할 것으로 예상되며 2024년 3분기에 약 770만 달러의 이익을 발생시킬 것으로 보입니다.
2. 791,015주의 보통주를 주당 평균 가격 20.58 달러에 재구매하여 총 1630만 달러에 달하는 금액입니다. 이 주식은 취소되어 철회될 것입니다.
경영진은 선박 판매 가격이 재구매 가격보다 주당 가치가 상당히 높다고 믿고 있으며, 이는 주주들에게 가치를 창출할 수 있습니다.
Star Bulk Carriers Corp. (Nasdaq: SBLK) a annoncé deux développements significatifs :
1. La vente de son ancien navire, le Capesize m/v Star Triumph (construit en 2004), pour un prix brut de 20,0 millions de dollars. Cette vente devrait générer des produits nets de 13,0 millions de dollars et entraîner un gain d'environ 7,7 millions de dollars au troisième trimestre 2024.
2. Le rachat de 791 015 actions ordinaires à un prix moyen de 20,58 dollars par action, totalisant environ 16,3 millions de dollars. Ces actions seront retirées et annulées.
La direction estime que le prix de vente du navire implique une valeur par action significativement plus élevée que le prix de rachat, ce qui pourrait potentiellement créer de la valeur pour les actionnaires.
Star Bulk Carriers Corp. (Nasdaq: SBLK) hat zwei bedeutende Entwicklungen angekündigt:
1. Der Verkauf seines ältesten Schiffes, des Capesize m/v Star Triumph (gebaut 2004), zu einem Bruttopreis von 20,0 Millionen Dollar. Dieser Verkauf wird voraussichtlich Nettoerträge von 13,0 Millionen Dollar generieren und zu einem Gewinn von etwa 7,7 Millionen Dollar im dritten Quartal 2024 führen.
2. Der Rückkauf von 791.015 Stammaktien zu einem Durchschnittspreis von 20,58 Dollar pro Aktie, was insgesamt etwa 16,3 Millionen Dollar ausmacht. Diese Aktien werden zurückgezogen und annulliert.
Die Geschäftsführung ist der Ansicht, dass der Verkaufspreis des Schiffs einen pro-Aktien-Wert darstellt, der deutlich höher ist als der Rückkaufpreis, was potenziell Wert für die Aktionäre schaffen könnte.
- Sale of oldest vessel (m/v Star Triumph) for $20.0 million gross price
- Expected gain of $7.7 million from vessel sale in Q3 2024
- Repurchase of 791,015 common shares at $20.58 average price
- Management believes vessel sale price implies higher per-share value than repurchase price
- None.
Insights
Star Bulk's strategic moves demonstrate a focus on fleet optimization and shareholder value. The sale of m/v Star Triumph at
Simultaneously, the repurchase of 791,015 shares at
Star Bulk's decision to sell its oldest Capesize vessel, the 2004-built Star Triumph, is a prudent move in the current dry bulk market. By divesting older assets, the company can potentially reduce operational costs and improve fleet efficiency. The
The concurrent share repurchase program signals management's confidence in the company's prospects and perceived undervaluation. This strategy of balancing fleet renewal with shareholder returns is increasingly common among well-capitalized shipping firms. It's worth noting that the timing of these actions suggests Star Bulk is positioning itself for potential market improvements while maintaining financial flexibility.
ATHENS, Greece, Sept. 09, 2024 (GLOBE NEWSWIRE) -- Star Bulk Carriers Corp. (the “Company” or “Star Bulk”) (Nasdaq: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes, announced today the sale of the Capesize m/v Star Triumph, the oldest vessel of its fleet (2004 built), at a gross price of
Additionally, pursuant to the Company’s previously announced “share repurchase” program, 791,015 common shares were repurchased last week (“the Repurchased Shares”) in open market transactions at an average price of
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, minerals 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, New York, Limassol, Singapore, Germany and Denmark. Its common stock trades on the Nasdaq Global Select Market under the symbol “SBLK”. Upon the delivery to its new owners, Star Bulk will have a fleet of 153 owned vessels, with an aggregate capacity of 15.0 million dwt, consisting of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax and Supramax vessels with carrying capacities between 53,489 dwt and 209,537 dwt.
| Contacts | |
| Company: Simos Spyrou, Christos Begleris Co ‐ Chief Financial Officers Star Bulk Carriers Corp. c/o Star Bulk Management Inc. 40 Ag. Konstantinou Av. Maroussi 15124 Athens, Greece Email: info@starbulk.com www.starbulk.com | Investor Relations / Financial Media: Nicolas Bornozis President Capital Link, Inc. 230 Park Avenue, Suite 1540 New York, NY 10169 Tel. (212) 661‐7566 E‐mail: starbulk@capitallink.com www.capitallink.com |
FAQ
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