The demand for the public offer of shares in Star Bulk Carriers amounting to EUR 100 million is impressive. Euronext Athens. The company at the helm of which Mr. Petros Pappas holds a parallel introduction to Athens, along with the NASDAQ in which she has been negotiating her share for many years, while also making a public offer, which expires tomorrow Friday, September 11.
According to Information «N o» from the market, so far the demand for share in public supply has been more than twice as high. Demand, they say, is particularly strong from both institutional (foreign and Greek) and private investors.
The reasons
The company's parallel introduction to Euronext Athens takes place, according to the founder and CEO of Petros Pappas for three main reasons:
«Firstly, because the prospects of the dry cargo market remain favourable. The fleet that is being built worldwide remains low compared to other maritime sectors while demand is rising at a healthy rate.
Secondly, because the Greek capital market has changed. Its membership of the Euronext Group places it on a network of eight European exchanges, with more than 1,800 listed companies and a single trading platform that gives access to the Greek market from across Europe.
Thirdly, because in times when they are distinguished by their instability due to geopolitical developments it is important to have beyond one option for where our company is based even stock exchange».
In this context, Mr Pappas added during the recent press conference, the parallel introduction offers multiple benefits for Star Bulk as well as through it:
«· We get a presence on the world's two biggest capital markets
· Our stock will negotiate for more than 12 hours a day in both currencies
· we allow them to invest in Star Bulk and institutional portfolios placed exclusively on European markets or only in securities in euro, but also in individuals who do not wish to assume an exchange risk».
The third largest dry cargo company worldwide
The company is the third largest dry cargo company in the world based on the number of ships, behind Chinese COSCO and Japanese NYK, while among the Greek shipping groups is ranked sixth.
Presenting the company Star Bulk's CO-CFO, Simos Spyros, focused on six key pillars: scale, fully integrated operation, economic power, disciplined capital allocation, corporate governance and sustainability.
«The important thing is not just size.», stressed that long-term value creation results from a combination of scale, operational excellence, economic power and disciplined capital management.
High degree of fragmentation
Mr Spyros has been particularly involved in the intense fragmentation of the dry cargo market, pointing out that even Star Bulk, despite its size and international presence, controls only about 1% of the world's fleet. As noted, the three largest players in the industry aggregate only about 5% of the market, which highlights the high degree of fragmentation.
Of the company's ships, 80 are ECO, while about 96% of the fleet has shrubbers, exhaust cleaning systems from sulphur. The installation of these systems allows the use of cheaper fuel with a higher sulphur content, offering, according to management, a significant operating advantage.
Star Bulk has at the same time developed presence across the market range dry Bulk, from large Newcastlemax and Capesize to Post-Panamax, Kamsarmax, Panamax, Ultramax and Supramax, limiting its dependence on a single type of cargo or ship.
Liquidity over $620 million
Special attention was given to the financial position of the company. At the end of the first semester, cash resources moved close to $565 million, against a total loan of about $1.04 billion, while pro forma liquidity exceeds $620 million.
Net borrowing per ship has, according to the administration, decreased by about 72% over the last six years and now accounts for about half of the scrapping value per ship.
«Practically this means that our balance sheet is shielded even in a strong adverse market scenario»Mr. Spyros mentioned.
Over $2.2 billion to shareholders
A central position in Star Bulk's investment proposal is held by the return policy to shareholders.
From 2021 to this day, the company has distributed about $1.6 billion in dividends, while since 2018 there have been re-purchase of approximately $620 million shares. Overall, capital refunds exceed $2.2 billion.
«Over the last six years we have returned to the shareholders about two thirds of our current capitalization», noted the company's co-CFO, pointing out that it is «proven distribution policy and not just for a proclamation».
For the second quarter of 2026 Star Bulk announced a dividend of $0.90 per share, while at the same time having an approved option to buy back US$100 million shares.
The advantage of verticalisation
An important element of the business model is the full internal management of the fleet. Both commercial and technical management are carried out by companies wholly owned by Star Bulk.
In management, this allows listed economies of scale to grow and maintain from the lowest operating costs on the market, without falling back on the quality and condition of ships.
The company also invokes its history in acquisitions and mergers, having carried out ten transactions since 2014, which has contributed decisively to the expansion of the fleet and its presence in the global dry cargo market.
At the same time, the administration emphasized corporate governance and sustainability strategy, noting that Star Bulk was one of the first dry cargo shipping vessels to voluntarily proceed with the publication of an ESG report.
preferred source on Google
To show more articles by Maritime in your searches easily and quickly, you must add the site to your preferred sources. You can do it by going Here..
