Greece’s Star Bulk Carriers has acquired Connecticut’s Eagle Bulk Shipping in an all-stock merger of two New York-listed shipowners.

Star chief executive Petros Pappas is to lead the combined company, which is to boast a fleet of 169 bulkers and a market capitalisation of around $2.1bn.

While Eagle’s exact valuation in the deal is still murky, it is estimated the Greek company is paying about $500m on a shares basis.