Nasdaq-listed Star will boast Oaktree as its main shareholder and it will have both affiliated companies and rivals in its sights, Pappas says.

“One of the primary goals of the transaction is to create a market leader that can continue to acquire additional vessels and fleets,” Pappas said on a conference call after the deal was announced.

Shipping's largest private equity investor Oaktree will have a 61.3%