The US company said the move to create a company controlling 72 ships, including 36 newbuildings, was "not entirely surprising", but called it "well-timed" and "shrewd."

It added: "The strategic reasoning behind the merger is in-line with that of the Star Bulk mergers announced over the last four months: consolidate the industry (through affiliated company combinations) and add significant operating leverage at a low point in the dry bulk industry cycle with large, diverse, spot-market exposed fleets."

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