Star Bulk moves full steam ahead with Athens Stock Exchange listing

Star Bulk Carriers is entering the final phase of preparations for a dual listing on Euronext Athens, accompanied by a €100 million public offering of shares. The offering is scheduled for Sept. 9 to 11, according to stock-market sources.

The shipping company, controlled by shipowner Petros Pappas and already listed on Nasdaq, has total assets of $3.85 billion, equity of $2.51 billion and a New York market capitalization of $3.5 billion. Its fleet consists of 138 dry-bulk carriers with combined capacity of 13.8 million deadweight tons.

Over the past five years, Star Bulk has returned $2.1 billion to shareholders through dividends and share-buyback programs. Its planned move follows Safe Bulkers, controlled by Poly L. Hadjioannou, which joined Euronext Athens’ Main Market on June 2 while continuing to trade in New York.

Safe Bulkers entered through the parallel trading of existing shares, without issuing new stock or raising capital. During its first weeks, average daily trading volume in Athens reached about one-tenth of its New York volume. In July, Nasdaq-listed Seanergy Maritime Holdings, led by Stamatis Tsantanis, also entered Euronext Athens through a €100 million, five-year corporate bond. The company is simultaneously examining a parallel listing for its shares.

These moves form part of Euronext’s effort to attract shipping groups and increase liquidity and overall market capitalization after acquiring the Athens Stock Exchange. Greek-linked shipping companies historically favored New York and Oslo because of their deeper capital pools. The Athens market’s integration into Euronext, together with MSCI’s upgrade of Greece to developed-market status, has created new conditions for attracting listed companies. Shipping groups are seeking European parallel listings in part to address valuation gaps, as their shares often trade at a discount.