Delphin Shipping has already seen a paper profit of more than $15m on its fleet sale to Star Bulk Carriers in May.
The 4.5 million shares Star Bulk handed over in partial consideration for Delphin’s 11 ships were worth nearly $49m at market close on Tuesday this week, up from $33.9m at the time of the transaction.
That is the good news for Delphin, which is backed by US private equity firm Kelso & Co.
