Bulker market consolidator Petros Pappas has struck again with his Star Bulk Carriers picking off 11 ships by acquiring Sophocles Zoullas-fronted Delphin Shipping.
New York-listed Star Bulk is paying $139.5m for the company, backed by major investor Kelso & Co, at what is the latest low point in the strangled recovery for freight rates in the bulker space.
"We consider this another victory for the poster child of private equity consolidation in the dry bulk market," said Ben Nolan of Stifel.
