Greece’s Star Bulk Carriers has become the latest major New York-listed dry cargo owner to announce a debt restructuring, and by now the scenario should look familiar.
Like Eagle Bulk Shipping and Genco Shipping & Trading before it, Petros Pappas-led Star Bulk is required to contribute fresh equity in order to get breaks from its banks.
And like those companies, most of the equity is coming from insiders, not third-party investors eager to take a bet on a dry bulk recovery.
