Strong demand for €100 million Euronext Athens share offering

Star Bulk Carriers’ €100 million share offering on Euronext Athens was met with strong demand. The company, led by Petros Pappas, is carrying out a parallel listing in Athens alongside Nasdaq, where its shares have traded for many years, while also conducting a public offering until September 11.

According to Naftemporiki market sources, demand for the shares in the public offering has so far exceeded twice the amount on offer. Demand, the same sources said, is particularly strong from both institutional investors, foreign and Greek, and retail investors.

The company’s parallel listing on Euronext Athens is being carried out, according to founder and Chief Executive Petros Pappas, for three main reasons:

“First, because the outlook for the dry bulk market remains favourable. The global orderbook remains at low levels compared with other shipping sectors, while demand is growing at healthy rates.

Second, because the Greek capital market has changed. Its inclusion in the Euronext group places it within a network of eight European stock exchanges, with more than 1,800 listed companies and a single trading platform providing access to the Greek market from across Europe.

Third, because in times marked by instability stemming from geopolitical developments, it is important to have more than one option as to where our company is based, including from a stock market perspective.”

Pappas added during the recent press conference, the parallel listing offers multiple benefits for Star Bulk, as it:

· gives a presence in the two largest capital markets in the world

· shares will trade for more than 12 hours a day and in two currencies

· enables 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.

The world’s third-largest dry bulk shipping company

The company is the world’s third-largest dry bulk shipping company by fleet size, behind China’s COSCO and Japan’s NYK, while ranking sixth among Greek shipping groups.

Presenting the company, Star Bulk Co-CFO Simos Spyrou focused on six key pillars: scale, fully integrated operations, financial strength, disciplined capital allocation, corporate governance and sustainability.

“The important thing is not simply size,” he stressed, pointing out that long-term value creation stems from the combination of scale, operational excellence, financial strength and disciplined capital management.

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