The parallel listing of Star Bulk on Euronext Athens is not dictated, as management stressed, by a financing need but by a strategic choice. Namely, for the company to acquire a second strong stock market base, to broaden access to Greek and European investors and to contribute to the creation of a shipping ecosystem in Athens.
Chairman Spyros Capralos (left in the main photo) spoke of “major steps of progress” in the Greek economy and of the opportunities created by the market’s inclusion in Euronext. The company’s CEO and founder Petros Pappas (right in the main photo) made it clear that Star Bulk could, if it chose to do so, raise significantly larger amounts through borrowing.
The public offering provides for up to 4.4 million new shares, with a maximum price of €25.50 and maximum proceeds of €112.2 million. The company, however, is not seeking the highest possible valuation. Mr. Pappas spoke of an offering at about 20% lower than net asset value, so that there is a value margin for new investors as well.
The management team will also participate in the offering, at the same price as the investing public and without the additional 10% discount which, as mentioned, the Greek framework allows.
The three reasons pointing to Athens
Mr. Pappas set out three reasons for this specific timing choice: the positive prospects of the dry bulk market, the change in the Greek capital market after inclusion in Euronext, and geopolitical uncertainty, which makes it useful to have more than one stock market option.
The latter parameter is linked to problems that, as he said, Star Bulk faced in China because of the US-China trade tensions and its listing on Nasdaq. Thus, Athens also functions as a new “Plan B”.
Moreover, this is not the first for the company, as after the 2015 referendum, Star Bulk had moved quickly to create an alternative management structure in Cyprus, with a small office that it maintains to this day.
The bet on the shipping ecosystem
Mr. Pappas cited Oslo as an example, where a strong shipping ecosystem has been formed, while he estimated that Athens also needs a critical mass of several shipping companies in order to acquire real depth.
To build this ecosystem, management considers the cooperation of four sides necessary. Euronext, the banks and underwriters, the State, and the shipping companies themselves.
“I am a bit stingy and this is good for shareholders”
This approach is also linked to Pappas’s philosophy on investments. As he said jokingly, he is a bit “stingy” and he believes this works to the benefit of shareholders.
To explain how he acquired this mentality, he shared a personal story from September 7, 1974. As he recounted, he had to choose between two airlines in order to travel to his destination. One company was the one he took every year and the other was a company whose flight took longer, but was $150 cheaper.
He chose to travel with the cheaper of the two, while the aircraft on the other route, as he mentioned, crashed after a bomb explosion. That choice, he said, saved his life and since then strengthened his inclination to seek the most advantageous option.
He argued that Star Bulk applies the same logic today as well. Management considers current ship prices high and prefers to invest when the shipping cycle declines. Over roughly the last two years the company sold nearly 50 ships and used part of the capital for buybacks when the stock was trading at a large discount to NAV.
Since 2021, $1.6 billion in dividends have been announced, while since 2018 buybacks of about $620 million have been carried out.
Strong balance sheet
Star Bulk controls 145 ships, with an average age of about 12 years, with a fleet value of about $4.5 billion. On June 30 it had $565 million in cash and net debt of $476 million, with Net LTV at 11.3%.
In the first half of 2026, revenues amounted to $639 million, adjusted EBITDA to $299 million and adjusted net income to $198 million. The company claims that its daily operating and administrative cost is about 26% lower than the average of peers.
Nasdaq and Athens
Co-CFO Simos Spyrou noted that the dual listing does not create any substantial additional reporting obligations. The company will continue to publish on the basis of American accounting standards, with the main obligation being the simultaneous dissemination of the same information in both markets.
At the same time, he expressed positive surprise at the speed with which the Stock Exchange and the Capital Market Commission moved, noting that the procedures progressed during August in about 20-25 days.
Greek flag and shipyards
Regarding the Greek flag, Pappas appeared reserved, citing cost and a lack of seafarers. He stressed, however, that about 85% of Star Bulk’s employees are already in Greece.
By contrast, he had particularly positive words for the revival of the shipyards. As he said, the company has brought to Greece for repairs about 70-80 ships over the last three to four years, with total spending that he estimated at close to €120 million.
For the construction of large bulk carriers in Greece, he appeared cautious, considering that China, Korea and Japan currently have the advantage in scale and cost, with China having the prospects to dominate the market.
A 69-year friendship
The presentation also had a personal tone. Mr. Pappas revealed that he has known Mr. Capralos for 69 years and that, about six decades ago, they had made two promises. To one day create a fleet of ships together and to compete in the Olympic Games. They fulfilled the second in 1980.
The first, in a different way from what two children could have imagined then, continues to be written today in Athens.