- Fredriksen Acquires 10.7% Stake in Star Bulk.
- SEC Filing Reveals $197M Investment in Star Bulk.
- Exit from Golden Ocean Marks Strategic Shift.
Shortly after exiting Golden Ocean, one of Europe’s largest dry bulk owners, shipping tycoon John Fredriksen has signalled a new move in the bulk carrier sector through an investment in Greece-based Star Bulk Carriers, reports Splash 247.
Significant Stake in Star Bulk
A US Securities and Exchange Commission (SEC) filing discloses that Fredriksen-controlled entities now own 11.8 million shares in Nasdaq-listed Star Bulk, or a 10.7% stake.
Earlier this March, Fredriksen sold his stakes in Golden Ocean, which owns more than 90 bulkers, to family-owned CMB.TECH for close to $1.2 billion, reflecting a possible divestment from the sector.
Star Bulk Worth $197 Million
The latest acquisition of shares in Star Bulk worth about $197 million has been made in the category of passive investment through a 13G filing.
Star Bulk: The Biggest US-Listed Dry Bulk Owner
Star Bulk has a diversified fleet of more than 150 bulkers, from newcastlemax to Supramax sizes, making it the largest US-listed dry bulk shipping company.
Financial Performance and Shareholder Returns
Star Bulk, under the command of CEO Petros Pappas, recorded a net income of $42.4 million for Q4 2024, or $0.36 per share. The company distributed some of its cash reserves to a dividend payment of $0.09 per share, due on March 18 to record holders as of March 4, and it also repurchased shares.
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Source: Splash 247
