We recently compiled a list of the 10 Cheap Stocks to Buy Now for Long Term. Star Bulk Carriers Corp. is among the cheap stocks to invest in.
TheFly reported on March 20 that Deutsche Bank increased its price target for SBLK from $27 to $30 while retaining a Buy rating on the stock, following an updated review of the company’s performance after its fourth-quarter report.
Separately, earlier on March 6, Star Bulk Carriers Corp. (NASDAQ:SBLK) announced it entered a conditional Sale and Purchase Agreement to acquire sixteen vessels from Diana Shipping Inc., contingent on Diana completing its acquisition of all outstanding Genco Shipping & Trading Ltd. shares. The transaction’s total cash consideration is $470.5 million and is subject to the successful completion of the Diana-Genco agreement and standard sale and purchase conditions.
The fleet being acquired includes one Newcastlemax, six Capesize, seven Ultramax, and two Supramax vessels, totaling 1.8 million dwt with an average age of 11.4 years. If finalized, Star Bulk’s fleet would expand to 157 ships, with 15.9 million dwt and an average age of 12 years. Funding for the acquisition will combine existing cash, proceeds from prior vessel sales, and new debt facilities. The deal is expected to enhance earnings, cash flow, and shareholder returns while maintaining balance sheet strength.
Star Bulk Carriers Corp. (NASDAQ:SBLK) is a global shipping company that owns and operates a diversified fleet of dry bulk vessels, transporting commodities worldwide for industrial and trading customers.
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