Star Bulk Carriers Corp. Announces a Seven Vessel Transaction With Scorpio Bulkers Inc.

Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes announced that it has entered into an agreement with SCORPIO BULKERS INC. (“Scorpio”) (NYSE: SALT) to acquire seven vessels (the “Vessels”), by assuming the outstanding lease obligations of the Vessels which are currently at $102.3 million. As consideration, the Company will issue to Scorpio three million newly issued SBLK shares. The transaction is subject to the approval of the lessor and customary documentation.

The transaction was negotiated by the Company on the basis of NAV to NAV.

Below are the details of the Vessels:

The Vessels are expected to be delivered to the Company within the first and early second quarter of this year.