The co-Founder Maria Yiassa, of Seaorama, has won the Startup Manager of the year 2023 award in a beautiful ceremony organized at Megaron, The Athens Concert Hall on Wednesday 13th December 2023!
Maria Yiassa has been part of the Maritime industry for over 25 years. Her passion and vision are to enhance the image of the maritime industry in the eyes of the world by making each person to realize the unmeasurable contribution of shipping in the everyday life. Thus, in 2021 Seaorama IKE was established, together with our other co-Founder Vera Alexandropoulou and has since expanded to various initiatives aimed to shake the way shipping industry is experienced but also to assist in changing the maritime industry in a way that embraces the environment and its contribution to society. 
The Shipping Industry impacts every aspect of our lives; however, many people struggle to grasp the significance of shipping and its vital role in our society. This is particularly true for younger generations who will be called to pave the way to several fundamental changes happening on the industry in the following years.
As the world was shaken by COVID epidemic, it became obvious that the best way to approach our vision was to utilise the expanding and impactful world of videogames, hence Seaorama: World of Shipping emerged.
SeaOrama: World of Shipping is a maritime themed video game designed to capture and present the shipping industry in an engaging and educational manner while standing out globally for its unique management and strategy simulation approach inspired by real shipping data.
This captivating game immerses players in the world of shipping companies, enabling them to develop their own managerial style through risk, logistics, finance and operations management while adjusting in macro-economic world challenges. Choose between container ships, bulk carriers, and tankers to create your own fleet, but be aware that various factors in the game may influence the expansion or investment in different types of vessels. By incorporating real shipping data, the game creates its own economy, generating diverse scenarios for players to navigate. From port congestion and piracy to extreme weather events, mechanical failures, and crew accidents, the game encompasses the challenges faced in the shipping industry.
The timing of Maria Yiassa’s award was just perfect as the following day, on the 14th of December 2023 SeaOrama: World of Shipping made a worldwide premiere, in 8 languages, and its appeal has exceeded our expectations!
The Game is available on Steam, Epic and Gog platforms and is also available in Amazon Prime, featured as one of the Prime Gaming bonus games to its members. For a Startup, gaining access to Amazon's Prime can be translated as to having access to more than 162 million Prime members. 
You can access the game through:
https://store.steampowered.com/app/2002570/SeaOrama_World_of_Shipping/ 
https://store.epicgames.com/en-US/p/seaorama-world-of-shipping-ff5abb
https://www.gog.com/game/seaorama_world_of_shipping
You can also find information in our website: https://www.seaorama.com/.
Companies from both the shipping industry and others in the maritime cluster are invited to explore the promotional opportunities offered through the video game (email: This email address is being protected from spambots. You need JavaScript enabled to view it.) Why don’t you join us in this thrilling journey!

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The co-Founder Maria Yiassa, of Seaorama, has won the Startup Manager of the year 2023 award in a beautiful ceremony organized at Megaron, The Athens Concert Hall on Wednesday 13th December 2023!
Maria Yiassa has been part of the Maritime industry for over 25 years. Her passion and vision are to enhance the image of the maritime industry in the eyes of the world by making each person to realize the unmeasurable contribution of shipping in the everyday life. Thus, in 2021 Seaorama IKE was established, together with our other co-Founder Vera Alexandropoulou and has since expanded to various initiatives aimed to shake the way shipping industry is experienced but also to assist in changing the maritime industry in a way that embraces the environment and its contribution to society. 
The Shipping Industry impacts every aspect of our lives; however, many people struggle to grasp the significance of shipping and its vital role in our society. This is particularly true for younger generations who will be called to pave the way to several fundamental changes happening on the industry in the following years.
As the world was shaken by COVID epidemic, it became obvious that the best way to approach our vision was to utilise the expanding and impactful world of videogames, hence Seaorama: World of Shipping emerged.
SeaOrama: World of Shipping is a maritime themed video game designed to capture and present the shipping industry in an engaging and educational manner while standing out globally for its unique management and strategy simulation approach inspired by real shipping data.
This captivating game immerses players in the world of shipping companies, enabling them to develop their own managerial style through risk, logistics, finance and operations management while adjusting in macro-economic world challenges. Choose between container ships, bulk carriers, and tankers to create your own fleet, but be aware that various factors in the game may influence the expansion or investment in different types of vessels. By incorporating real shipping data, the game creates its own economy, generating diverse scenarios for players to navigate. From port congestion and piracy to extreme weather events, mechanical failures, and crew accidents, the game encompasses the challenges faced in the shipping industry.
The timing of Maria Yiassa’s award was just perfect as the following day, on the 14th of December 2023 SeaOrama: World of Shipping made a worldwide premiere, in 8 languages, and its appeal has exceeded our expectations!
The Game is available on Steam, Epic and Gog platforms and is also available in Amazon Prime, featured as one of the Prime Gaming bonus games to its members. For a Startup, gaining access to Amazon's Prime can be translated as to having access to more than 162 million Prime members. 
You can access the game through:
https://store.steampowered.com/app/2002570/SeaOrama_World_of_Shipping/ 
https://store.epicgames.com/en-US/p/seaorama-world-of-shipping-ff5abb
https://www.gog.com/game/seaorama_world_of_shipping
You can also find information in our website: https://www.seaorama.com/.
Companies from both the shipping industry and others in the maritime cluster are invited to explore the promotional opportunities offered through the video game (email: This email address is being protected from spambots. You need JavaScript enabled to view it.) Why don’t you join us in this thrilling journey!

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INTERCARGO condemns the attacks on merchant vessels transiting the Red Sea and is calling for an immediate stop to these actions and the release of ships and their crew being held.
The Red Sea is a vital waterway, linking Europe and Asia, with 12% of global trade passing through it and these missile, drone or pirate attacks, which have been escalating over the past month, are completely unjustified with innocent seafarers becoming pawns in land-based aggression.
The safety of our seafarers remains INTERCARGO’s paramount concern and we urge our members to remain vigilant and take note of the guidance being issued by the industry.
Not only are these attacks putting crew members and vessels at risk but East African nations and regions relying on the transit of dry bulk cargoes such as food and vital raw materials through the Red Sea will face severe consequences due to trade disruptions.
Whilst INTERCARGO welcomes the international coalition which has been set up to help combat the attacks, concerned states and the international community need to work together to ensure unhindered safe navigation and the well-being of innocent seafarers world-wide.
INTERCARGO will continue to monitor the situation closely and offer guidance and support to members, as the industry collaborates with all stakeholders to address the threat posed and safeguard international shipping.

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The Board of Directors has appointed Carlo Luzzatto as CEO and General Manager and Ugo Salerno as Executive Chairman

The incorporation of Fondo Italiano d'Investimento SGR into the shareholder structure of RINA S.p.A. has been successfully completed. The agreement includes a capital investment of up to 180 million euros, structured as equity. As part of the share distribution, Registro Italiano Navale will maintain a majority stake, while Fondo Italiano d'Investimento and other co-investors led by it will acquire a minority interest up to 33%. Additionally, the company's management will hold about 3.5% stake in the capital.
Concurrently, the new Board of Directors of RINA S.p.A. was established, which appointed Carlo Luzzatto as the CEO and General Manager of the company. Ugo Salerno remains in his role as the Executive Chairman, with responsibilities for communication and institutional relations.
These changes are part of the company's ongoing growth trajectory, focusing on evolving towards business models and services increasingly based on innovation and sustainability and on accessing the stock market within a timeframe of 3 to 5 years.
Davide Bertone, CEO of Fondo Italiano d’Investimento, said: “We are particularly happy and proud to be able to actively contribute to a phase of further growth and evolution of RINA. The company will increasingly play an international leading role in engineering and the certification of many sectors that are central to the technological transition”.
Ugo Salerno, Executive Chairman of RINA S.p.A., stated: "RINA is a company that, throughout its history, especially in recent times, has continually evolved, diversifying its business lines and reaching international markets. In doing so, the company has broadened its horizons and, in just over twenty years, has experienced exponential growth both in terms of employees and revenue. I am confident that the phase we have just embarked on will open us up to new challenges, allowing us to achieve even higher levels of excellence. I believe that Carlo Luzzatto is the right person to carry forward this plan. Today, we complete an operation that we began with Davide Bertone and Fondo Italiano d’Investimento, with whom we have been in complete harmony from the start".
Carlo Luzzatto, CEO and General Manager of RINA S.p.A., commented: "I am thrilled and excited to become part of this company with its fascinating history, which also brings me back to my hometown. I extend my gratitude to Registro Italiano Navale, Fondo Italiano d’Investimento, and the company management - particularly to Ugo Salerno - for the trust they have placed in me and to all my colleagues with whom we are already hard at work. In these first few weeks, I have confirmed that the skills and value of the people are the true wealth of the company. The pursuit of innovation, combined with a drive for digitalization, will be the cornerstone of RINA's future success".
Paolo d’Amico, Chairman of Registro Italiano Navale, added: “We stand alongside the management and the Board of Directors, confident that the skills and experience acquired by the appointment of Carlo Luzzatto represent significant added value for the Group. The important results achieved so far are merely a milestone in RINA's journey, a path guided by the values that have always characterised the company and the actions of its people: competence, passion, and curiosity".
Educated at some of the world's top business schools, Luzzatto boasts over thirty years of experience in the energy, aerospace and infrastructure sectors. Throughout his distinguished career, he has held senior leadership positions - both in Italy and internationally - at public and private companies, including General Electric Oil & Gas, Ansaldo Energia, Chromalloy, and Impresa Pizzarotti.
The Board of Directors of RINA S.p.A. is now composed as follows: Nazareno Cerni, Aldo Di Bernardo, Gianpaolo Di Dio, Simonetta Di Pippo, Emanuele Grimaldi, Carlo Luzzatto, Roberto Martinoli, Paolo Pierantoni and Ugo Salerno.
RINA S.p.A. was supported in this agreement by Lazard as a financial advisor, by Banca Akros as a co-financial advisor, by PwC (financial due diligence) and by Linklaters and Studio Legale Gattai, Minoli, Partners as legal advisors.
Fondo Italiano d’Investimento was supported in this agreement by Legance, as legal advisor, and BCG (business due diligence), New Deal Advisors (financial due diligence), Kpmg (tax due diligence), ERM (ESG due diligence), Marsh (Insurance due diligence) ed E&Y Parthenon (tech due diligence).
RINA, leading certification company and engineering company in Italy, provides a wide range of services across the Energy, Marine, Certification, Infrastructure & Mobility, Real Estate and Industry sectors. With revenues in 2022 of 725 million euros, 5,300 employees and 200 offices in 70 countries worldwide, RINA is a member of key international organizations and an important contributor to the development of new legislative standards. www.rina.org      
The Registro Italiano Navale, majority shareholder of RINA S.p.A., is a private non-profit body, whose social purpose is to contribute, in the interest of the community, to the protection of human life, property and the environment. The main categories interested in the activities of the organization and its subsidiaries are represented on the Board of Directors.
Fondo Italiano d’Investimento SGR was established in 2010 with the initiative of the Italian Ministry of Economy and Finance (MEF) and is participated by CDP Equity, Intesa Sanpaolo, UniCredit, Fondazione ENPAM, Fondazione ENPAIA, ABI, Banco BPM, and BPER Banca. The fund's main objective is to manage closed-end investment funds dedicated to channelling capital to excellent Italian companies, combining return on investment goals in line with international benchmarks and supporting the development of the Italian production system. Fondo Italiano manages 16 closed-end investment funds reserved for qualified investors, with assets of over 3 billion euros, and operates through both direct and indirect investments (fund of funds). The fund considers sustainability as a fundamental value and is committed to integrating environmental, social, and governance (ESG) criteria into its investment activities.

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Island Oil has established a Hong Kong trading office. With more than 30 years of experience since its inception in Cyprus, the company continues its latest expansion into the Chinese and Far Eastern markets. The office becomes the group’s 6th trading desk alongside offices in Cyprus, Greece, Singapore, UK and Shanghai (rep. office).
Island Oil Ltd is the international marine fuels and lubricants trading arm of the Island Oil Holdings group which includes Island Petroleum, physical suppliers of marine fuels in Cyprus, Israel and Romania.
Mr. Vangelis Marinakis, COO of Island Oil, stated that “our company continues on its growth trajectory and expects the new trading office to be a significant contribution in the fulfillment of its vision to be among the most reliable energy and shipping services providers.”
The Hong Kong office will be led by Michell Kamphorst, Head of International Trading Asia, who established the Singapore desk in 2014. Marshall Chan has joined as a trader, while the Hong Kong office intends to add additional headcount in the forthcoming months. “We aim to continue growing in a sustainable and ethical manner, always on the basis of mutuality, respect, and fairness.”, concluded Mr. Marinakis.

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ABS issued an approval in principle (AIP) to Lemissoler Navigation for its design of a 65K DWT methanol-fueled Ultramax bulk carrier, the first such methanol vessel for China’s shipbuilding industry.
The Lem65ePlus-SDARI Methanol design, a joint development of Lemissoler and SDARI explores the feasibility of using methanol as fuel to reduce carbon emissions to reach the IMO’s net-zero target by 2050. With the implementation of EU ETS and FuelEU regulations, the vessel, when burning green methanol will have a high potential to reduce carbon emissions-related costs. The vessel has been thoroughly optimized and its preliminary Energy Efficiency Design Index (EEDI) was reviewed and indicated that it exceeds well EEDI Phase 3 standards. ABS completed design reviews based on class and statutory requirements.
“Methanol is a promising fuel source to reduce shipping emissions, and this new design from Lemissoler is an exciting opportunity for China shipbuilding to show leadership once again in the decarbonization of our industry. ABS is proud to support these innovative projects, sharing our industry-leading guidance to assist owners and shipyards with services and solutions regarding alternative fuels,” said Vassilios Kroustallis, ABS Senior Vice President, Global Business Development.
”We at Lemissoler are once again pioneering new technological and innovative designs for our Dry Bulk fleet. The collaboration with SDARI and ABS is proof of how much can be achieved collectively. This new evolution design is another step toward Lemissoler’s target to become net zero by 2045,” said Philippos Philis, Chairman and CEO of Lemissoler Navigation.
“As the designer of this innovative methanol-fueled vessel, SDARI is always committed to tailormade and deliver practical solutions to customers’ demands, offering an optimized design to satisfy future maritime rules and regulations,” said Zhou Zhi-yong, Vice President of SDARI.

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Greek shipping is ranked 1st in the world maritime trade controlling 4.110 vessels of various categories of 350m total dwt. This achievement is strongly represented in the 2023 ranking of Lloyd’s List for the most influential 100 shipping leaders.
Fourteen Greek shipping personalities are included in this particular list with Maria Angelicoussis to be first Greek presence on 12th place. She has headed the Angelicoussis Group for the past two years, after the death of her father, John. According to Lloyd’s List, “she has already emerged as a strong leader in terms of preserving both the group’s scale and reputation as it steers towards a decarbonised future.”
George Prokopiou is in 19th place, as he has “placed orders for a total of 66 new vessels, sprawling across the three sectors to which he has been faithful for a good many years: LNG carriers, tankers and dry bulk carriers.”
Angeliki Frangou is in 21st place on the list. Lloyd’s List refers to a “diversified shipowner” with significant investments in the logistics business.
The British journal adds that since purchasing Navios in 2005, Angeliki Frangou has “been part of the conversation when considering the world’s leading shipping entrepreneurs.”
Evangelos Marinakis is in 22nd place on the list.
He is the “first Greek to order very large ammonia carriers and CO2 carriers.”
“Yet even by his standards, 2023 has felt like a year in which he put down a clear marker as one of the industry’s movers and shakers”.
Nasdaq-listed Capital Product Partners is transformed into a pure-play shipping entity through $3.1 billion worth of LNG carrier acquisitions and its renaming to Capital New Energy Carriers.
Melina Travlos, the president of the Union of Greek Shipowners (UGS) is in 25th place, representing the world’s largest shipowning nation.
“As the UGS, our mission is to safeguard the future not only of Greek shipping but also of European shipping,” she said recently.
The next Greek shipowner is George Economou, at 33rd place.
Kostis Konstantakopoulos, of Costamare, is in 37th place, described as “Container specialist continues to think outside the box.”
Peter G. Livanos, of GasLog and DryLog, is in 41st place. “Blue-chip shipowner has a focus increasingly on liquefied natural gas and green transition shipping, while keeping an active hand in the dry bulk sector”.
Petros Pappas, of Star Bulk, is in 42nd place who is “Leading dry bulk sector with commitment to sustainability.”
George Logothetis, of Libra Group, is in 62nd place, a shipowner “focused on aerospace, maritime and beyond”.
Nikolas Tsakos, of Tsakos Energy Navigation, is in 73rd place, having “built his tanker and liquefied natural gas carrier unit into a sturdy vehicle for serving blue-chip charterers.”
Semiramis Paliou, of Diana Shipping, is in 75^th place. She is an emerging leader who is unafraid to put her own stamp on organisations with a proud legacy, whether that be the bulker owner or the environmental body.”
Elpi Petraki is in 77^th place. She is the president of WISTA International, an organization committed to promoting the greater representation of women in the shipping industry.
Finally, Dorothea Ioannou, American P&I Club, is in 91st place. She is a New York attorney and the first woman to head the International Group P&I club.

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In a rallying opening keynote of the “Shaping the Future of Shipping: Delivering a Net Zero World”, during COP28 in Dubai, Mrs. Melina Travlos, President of the Union of Greek Shipowners & Chair of the Board of Neptune Group of Companies, told attendees: “Our purpose and inspiration is our own survival, the survival of humanity. Collaboration, determination, and commitment from all of us are key to successfully bringing effective decarbonisation within our grasp”.
The Summit - organised by a coalition of leading maritime industry bodies and coordinated by the International Chamber of Shipping (ICS) in partnership with the Emirates Shipping Association – was held under the patronage of the United Arab Emirates Ministry for Energy and Infrastructure at Dubai’s iconic Museum of the Future.
Providing a platform for governments and leaders in energy, maritime, and all parts of the value chain, to discuss practical solutions for infrastructure, fuel availability, and financing, and how to prepare the maritime workforce to accelerate the transition to a low and zero carbon emission economy, Mrs Travlos was keen to emphasise that “shipping has outperformed most other industrial sectors when it comes to reducing carbon emissions, considering that it is a fossil fuel captive industry.”
She added: “Bear in mind that shipping carries around 90% of global trade and emits less than 1/15th of the top emitting single country and that during the past 20 years or so, shipping activity has almost doubled; yet emissions from shipping in terms of global CO2 output have fallen from around 2.9% to 2.2%.”
Making it clear that this is not enough and more needs to be done, Mrs Travlos continued: Therefore, we embrace the International Maritime Organisation’s more ambitious targets as agreed in its landmark 2023 Green House Gas Reduction Strategy and we are moving beyond aspirational initiatives and looking to implement pragmatic, fit-for-purpose solutions. Business and environmental sustainability must go hand in hand.”
“We are dependent on developments of the supply side for the full decarbonisation of our industry. Shipping will continue to do its utmost within its area of direct control. However, it is important to note that the IMO only regulates ships. It cannot directly regulate fuel producers, suppliers, ports, charterers, or even shipbuilders, all whose contribution to decarbonisation is indispensable.
“The activity and the investments needed to achieve the IMO strategy’s goals are intense, wide-ranging and must be executed on two fronts: Upgrading the sustainable transition of the existing fleet and investing in new buildings.
“The revised IMO strategy, with its nearer deadlines, poses additional challenges for the existing fleet, the vast majority of which will be operating during the transition period until 2050. As we speak 4,800 ships are on order, with delivery dates up to 2030.
“As a first step, the development of globally available alternative drop-in fuels for the shipping industry must be a priority.  Likewise, carbon capture can help further reduce existing ships’ emissions and compensate for the likely non-availability of clean fuel. It is indeed a fact that shipping will compete with all other sectors for new fuels. And shipping will be a minor player in their demand, given the enormous demand for energy on land. But ultimately, permanent decarbonisation necessarily entails a new generation of safe propulsion, abatement technologies and fuels. As mentioned, this effort requires contribution from, and the coordination of, a significant range of out-of-sector stakeholders. The time to act is now.”

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ABS Chairman and Chief Executive Officer Christopher J. Wiernicki expressed the thanks of a grateful industry to IMO Secretary General Kitack Lim at the official gala dinner to mark the transition to his successor Arsenio Dominguez. 
Speaking to more than 250 assembled leaders of the shipping industry at COP28, Wiernicki detailed Secretary General Lim’s “glittering legacy of achievement” and honored their shared commitment to safety. 
“Consider the water under the bridge since January 1, 2016, when he took office. Think of the scale of change triggered by the sulphur cap, which was delivered on Kitack’s watch, altering the chemical and physical composition of ship exhaust all over the globe. It was recently hailed by NASA for its beneficial effect on the atmosphere. I worked with Kitack closely on the introduction of goal-based standards in shipbuilding, witnessing firsthand his fierce personal commitment to safety,” said Wiernicki.
“And he is finishing on an exceptional high note with the 2023 revision of the global greenhouse gas strategy adopted at MEPC 80, a historic decision to evaluate shipping emissions from the well-to-wake, and one whose impact will reverberate through the industry right up to 2050 and beyond,” he added.
Wiernicki mapped out the path ahead on shipping’s sustainability journey and the calculus for the industry to get to net zero, highlighting the challenge and opportunity ahead for Mr. Dominguez when he takes over in January 2024.
“Clearly, you will be eager to deliver further progress on our net-zero journey. If we are to make the necessary investments, industry will need you to ensure we retain a cohesive global approach to regulation to deliver clarity and consistency. You can rely on our continued support for one international regulatory framework that is driven by the IMO.
“You also have a golden opportunity to continue the good work on advancing the cause of safety – a cause very close to my heart and yours, too, I know. Together, we need to guard against the unintended consequences of the new technologies and fuels adopted in the rush to decarbonize and the time to update SOLAS is surely upon us, so it is fit for an industry transformed by the demands of the energy transition.
“On behalf of the entire industry, Arsenio, I wish you fair winds and following seas. We are all relying on you. Success in our industry’s decarbonization is a team sport and now we have a new captain!”

Image: ABS Chairman and CEO Christopher J. Wiernicki with incoming IMO Secretary General Arsenio Dominguez at COP28

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Star Bulk Carriers Corp. listed in the Nasdaq stock exchange and Eagle Bulk Shipping Inc listed in NYSE have entered into a definitive agreement to combine in an all-stock merger on a Net Asset Value to Net Asset Value (“NAV”) basis with a pro forma market capitalization of approximately $2.1 billion.
Under the terms of the agreement, which was unanimously approved by the boards of directors of both companies, Eagle shareholders will receive 2.6211 shares of Star Bulk common stock for each share of Eagle common stock owned. This represents a total consideration of approximately $52.60 per share, a 17% premium based on Eagle’s closing share price of $44.85 on December 8, 2023. Upon the close of the transaction, Star Bulk and Eagle shareholders will own approximately 71% and 29% of the combined company on a fully diluted basis, respectively.
Petros Pappas, Chief Executive Officer of Star Bulk, commented, “Bringing together Star Bulk and Eagle will create a global leader in dry bulk shipping with a large, diversified, scrubber fitted fleet. Together we will benefit from greater scale with 169 owned vessels, generating meaningful synergies and building an even stronger financial profile. We will leverage both companies’ technical and commercial fleet management capabilities to optimize performance, deliver on our health, safety, and environmental objectives and maximize earnings potential. With a well-capitalized balance sheet, we aim to continue delivering strong cash return to shareholders while investing in emission reduction technologies as we continue to pursue growth over the long term. We look forward to working with the talented Eagle team to successfully integrate the two companies.”
Gary Vogel, Eagle Chief Executive Officer, said, “We are very excited to be joining forces with Star Bulk, uniting two best-in-class companies, both commercially and operationally. We are bringing together two highly complementary organizations and are confident that this accretive merger with Star Bulk will unlock significant value for Eagle shareholders, including the opportunity to participate in the long-term upside of the combined company.”

Strategic and Financial Benefits

• • A Leading, Diversified Fleet of Scrubber-Fitted Vessels with Greater Scale. The combined company will be the largest U.S. listed dry bulk shipping company with a combined fleet of 169 owned-vessels on a fully delivered basis, 97% of which are fitted with Exhaust Gas Cleaning Systems (“scrubbers”), ranging from Newcastlemax/Capesize to Supramax/Ultramax vessels and a global market presence. • Best-in-Class Technology-Driven Operations and Management. Both companies employ fully integrated ship management operations across commercial and technical management, and Star Bulk will leverage Eagle’s expertise in the Supramax/Ultramax sector to improve upon utilization and performance.
• • Strong Financial Profile and Capital Return Framework: The combined company is expected to have combined liquidity2 of nearly $420 million, as of September 30, 2023, and net leverage of approximately 37%

Both companies expect to maintain their respective dividend policies until the transaction is completed. Following close, the combined company expects to maintain Star Bulk’s current dividend policy.

• • Significant Cost and Revenue Synergies. The transaction is expected to generate at least $50 million in annual cost and revenue synergies within 12-18 months following close through commercial operations integration and economies of scale, including reductions in general and administrative expenses.
• • More Attractive Investment Proposition: The combined company will have significantly increased pro forma market capitalization and expected trading liquidity in the dry bulk sector.

With increased size and liquidity, the combined company expects to reduce its cost of capital.

Leadership, Governance and Headquarters
The combined company will be led by the current management team of Star Bulk and will be joined by certain senior executives of Eagle. Upon close, Mr. Pappas will serve as CEO of the combined company and Spyros Capralos, current Chairman of Star Bulk, will serve as Chairman of the combined company’s Board. One member of the Eagle Board will join the Star Bulk Board at closing.
The combined company will operate as Star Bulk Carriers Corp. and will be headquartered in Athens, Greece, while maintaining offices in Stamford, Connecticut; Singapore; Copenhagen; and Limassol.
2Combined liquidity, which is a non-GAAP financial measure, is calculated by adding the amount of Star Bulk's and Eagle's cash and cash equivalents and undrawn revolver availability, in each case, as of September 30, 2023, as adjusted for cash expenditures by Star Bulk in connection with its repurchase of shares held by Oaktree, debt repayments, dividends, draw downs under bridge facilities and proceeds from vessel sales and equity raises, in each case, during the period between September 30, 2023 and December 8, 2023, as applicable.
3 Combined net leverage is calculated by dividing (a) the sum of Star Bulk's and Eagle's net debt by (b) the sum of Star Bulk's and Eagle's gross asset value. Net debt, which is a non-GAAP financial measure, is calculated as debt less cash and cash equivalents, in each case, as of September 30, 2023. Gross asset value, which is a non-GAAP financial measure, is fleet valuation as per VesselValues on October 29, 2023.
Timing and Approvals
The transaction is expected to close in the first half of 2024, subject to approval by Eagle shareholders, receipt of applicable regulatory approvals and satisfaction of other customary closing conditions.
Advisors
Cravath, Swaine & Moore LLP is serving as its legal counsel to Star Bulk. Houlihan Lokey is serving as financial advisor to Eagle and Akin Gump Strauss Hauer & Feld LLP is serving as legal counsel to Eagle and Hogan Lovells US LLP is serving as legal counsel to the Board of Directors of Eagle.
About Star Bulk: Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk’s vessels transport major bulks, which include iron ore, minerals and grain, and minor bulks, which include bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, New York, Limassol, Singapore and Germany. Its common stock trades on the Nasdaq Global Select Market under the symbol “SBLK”. As of December 8, 2023 and as adjusted for the delivery of a) one agreed to be sold vessels to their new owner and b) the two firm Kamsarmax vessels currently under construction, Star Bulk operates a fleet of 117 vessels, with an aggregate capacity of 13.2 million dwt, consisting of 17 Newcastlemax, 20 Capesize, 2 Mini Capesize, 7 Post Panamax, 41 Kamsarmax, 2 Panamax, 19 Ultramax and 9 Supramax vessels with carrying capacities between 53,489 dwt and 209,529 dwt.
In addition, as of the date of this release, Star Bulk has entered into long-term charter-in arrangements with respect to four Kamsarmax newbuildings and two Ultramax newbuildings which are expected to be delivered during 2024 with an approximate duration of seven years per vessel plus optional years. In addition, in November 2021 Star Bulk took delivery of the Capesize vessel Star Shibumi, under a longterm charter-in contract for a period up to November 2028.
About Eagle Bulk Shipping Inc.: Eagle is a U.S.-based, fully integrated shipowner-operator, providing global transportation solutions to a diverse group of customers including miners, producers, traders and end users. Headquartered in Stamford, Connecticut, with offices in Singapore and Copenhagen, Eagle focuses exclusively on the versatile midsize dry bulk vessel segment and owns one of the largest fleets of Supramax/Ultramax vessels in the world. Eagle performs all management services in-house (strategic, commercial, operational, technical, and administrative) and employs an active management approach to fleet trading with the objective of optimizing revenue performance and maximizing earnings on a risk-managed basis.For further information, please visit Eagle’s website: www.eagleships.com.

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