Houlihan Lokey Advises Eagle Bulk

Houlihan Lokey is pleased to announce the combination of Eagle Bulk and Star Bulk, two leading U.S.-listed dry bulk shipping companies, in an all-stock merger with a pro forma market capitalization of approximately $2.7 billion. ⁽¹⁾ The combined company will be the largest U.S.-listed dry bulk shipping company with 163 owned vessels and an aggregate capacity of 15.6 million dwt.

Eagle Bulk is a leading U.S.-based, fully integrated shipowner-operator, focusing exclusively on the versatile midsized dry bulk vessel segment, and owns one of the largest fleets of Supramax/Ultramax vessels in the world. The company provides global transportation solutions to a diverse group of customers, including miners, producers, traders, and end users. Eagle Bulk has an established tenure in dry bulk and successfully transitioned to an active management business model while increasing its scale over the past decade through opportunistic fleet renewal.

Houlihan Lokey negotiated and structured the transaction on behalf of Eagle Bulk, leveraging its prior transaction experience in dry bulk shipping. Eagle Bulk shareholders approved the transaction by a significant margin, and the transaction closed on April 9, 2024.

The transaction reinforces Houlihan Lokey’s expertise and continued success advising stakeholders in the maritime transportation and offshore services sectors.

⁽¹⁾ As of April 8, 2024.