Star Bulk Carriers eyes FTSE 25 listing on Euronext Athens

A Greek shipping company that is the largest listed dry bulk operator on the New York Stock Exchange and the world’s third-largest has decided to enter the Euronext Athens.

Star Bulk Carriers, led by one of Greece’s most successful shipowners, Petros Pappas, aims to become the first Greek shipping company to join the FTSE 25 large-cap index on the Greek stock market, potentially attracting additional investment capital.

Star Bulk operates a fleet of 145 bulk carriers with a value of $4.5 billion and has a market capitalisation of $3.5 billion, liquidity of more than $500 million and borrowing capacity of between $1 billion and $1.5 billion. In recent years, it has distributed approximately $2.2 billion through dividends and share buybacks.

The company is also conducting a €100 million public offering to raise capital.

Star Bulk’s net debt amounts to approximately 10% of the value of its assets and has fallen by 72% in recent years. In the first half of 2026, net profit exceeded $200 million. The company also has the lowest operating costs in the sector, both in terms of OPEX and general and administrative expenses, as a result of economies of scale.

At the same time, it generates higher average revenues than its competitors, partly as a result of its decision to invest in scrubbers, or exhaust-gas cleaning systems. This enables the company to use cheaper fuel oil that does not require special treatment to remove sulphur dioxide.

The company is taking a longer-term view. One reason is what Pappas described as a “Plan B”, relating to geopolitical risks and, in particular, the possibility of a new trade war between the US and China. Such a “war” would also target shipping and was narrowly avoided last year.

Under such circumstances, Star Bulk’s vessels were regarded by Chinese authorities as American because the company’s shares are traded on Nasdaq, despite the fact that it is Greek-managed and has offices in Greece.

“Star Bulk is a company with global operations, international investors and Greek roots,” Pappas said.

He also stressed that the outlook for the dry bulk market remains favourable. The global orderbook remains low compared with other segments of shipping, while demand is growing at healthy rates. Geopolitical developments are also lengthening trade routes, reducing the time vessels are available in the market.

Finally, the Greek stock market has changed following its acquisition by the Euronext Group. It is now part of a network of eight European exchanges, with more than 1,800 listed companies and a single trading platform providing access to the Greek market from across Europe.

“The timing is rare and we want to be present as it evolves,” Pappas said.

Pappas, who said the public offering is being conducted to ensure that shares are available for trading in Athens as well, urged prospective new shareholders “to be careful and make their decisions following a thorough analysis of the companies and the market, to the extent possible. They should not be affected by unfounded forecasts and promises of easy profits. As long as I am at the helm of this company, I will not stop reminding our shareholders of this.”

Pappas stressed that the shares would be offered at a level approximately 20% below net asset value, leaving room for potential returns for new shareholders.

The management team will also participate in the offering, buying shares at the same price as the investment community and without the additional 10% discount permitted under Greek regulations, he said. The move is intended to demonstrate that management’s interests are aligned with those of investors.

The company plans to issue up to 4.4 million new ordinary shares, representing approximately 3.8% of the total number of shares, with the aim of raising up to €112.2 million. The offering will be 100% primary, with no pre-emptive rights for existing shareholders.

Of the new shares, 4.3 million will be made available through the public offering and 100,000 through a parallel offering to employees and associates. The maximum offer price has been set at €25.50 per share.

The bulk of the proceeds, specifically €56.8 million, will finance the remaining part of the company’s €94.7 million investment programme for its three newbuild vessels. The remaining €48.1 million will be earmarked for future investments in vessels.

However, Pappas noted that the company buys when the market is lower. On the contrary, when freight rates are at high levels, it is rewarding shareholders.

As the head of Star Bulk explained, disruptions to the transport chain, such as the closure of the Strait of Hormuz, do not benefit bulk carriers to the same extent as tankers or containerships. Analysts estimate that the “gain” for bulk carriers is around 2%, compared with 12% for other vessel types.

He added, however, that the longer routes vessels are now forced to reduce the number of ships available for charter, supporting freight rates.

Speaking informally to journalists before the press conference, Pappas expressed confidence that a shipping hub comprising five to 10 major companies could be established on Euronext Athens.

According to Star Bulk non-executive Chairman Spyros Capralos, the dual listing offers multiple benefits to Star Bulk:

• we gain a presence in the world’s two largest capital markets;
• our shares will trade for more than 12 hours a day and in two currencies;
• we enable institutional portfolios that invest exclusively in European markets or only in euro-denominated securities to invest in Star Bulk, as well as retail investors who do not wish to take on foreign-exchange risk.”

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