Greek dry bulk shipping company Star Bulk Carriers has signed definitive agreements to purchase 18 dry bulk vessels in two all‐share transactions.

Under the deals, Star Bulk will buy 15 vessels from Songa Bulk and three Newcastlemax vessels from Oceanbulk Container Carriers (OCC).

In order to complete the deal with Songa Bulk, Star Bulk has agreed to issue a total of 13.725 million common shares and pay $145m in cash, which will be funded through proceeds of a five-year capital lease of $180m with China Merchants Bank Leasing.

Subject to the approval of customary closing conditions and other requirements, the transaction is expected to be closed by the third quarter of this year.

Following the completion of the deal, Songa Bulk shareholders are set to own around 14.9% of the outstanding common shares of Star Bulk, among other benefits.

“Star Bulk will continue to be a consolidator in the dry bulk industry and expect that the acquisitions will provide Star Bulk with further synergies and economies of scale.”

Star Bulk CEO Petros Pappas said: “The combined Songa and OCC fleet is on average two years younger than our existing fleet with a similar fleet composition.

“Star Bulk will continue to be a consolidator in the dry bulk industry and expect that the acquisitions will provide Star Bulk with further synergies and economies of scale.”

For the deal with OCC, Star Bulk will issue an aggregate of 3.39 million of its common shares to the OCC shareholders.

The deal is subject to customary closing conditions and is scheduled to be completed by the second quarter of this year.

OCC’s three Newcastlemax dry bulk vessels are currently under construction at Shanghai Waigaoqiao Shipbuilding (SWS), with delivery planned in the first quarter of next year.