Star Bulk Carriers has a new director from major backer Oaktree Capital Management.
The US-listed Greek bulker company said Ryan Lee has joined as a class B director and a member of the nomination and corporate governance committee.
Lee fills the seat made vacant by Brian Laibow, who stepped down to pursue other opportunities.
Laibow was previously co-head of Oaktree in North America and managing director of its flagship global opportunities.
Earlier in August he left to found his own company Pinegrove Capital Partners, of which he is chief executive.
Lee is a senior vice president at Oaktree, which he joined in 2014.
Before that, he was at Highstar Capital, where he evaluated investments in the energy and transport sectors, and Deutsche Bank.
The shipowner has an 11-person board including chairman Spyros Capralos and CEO Petros Pappas.
Norwegian shipping investor Arne Blystad also has a seat, as does Attica Bank CEO Eleni Vrettou.
In addition, Oaktree is represented by Katherine Ralph, a managing director in Oaktree Capital’s opportunities funds based in London, and Sherman Lau, part of its distressed opportunities team in Los Angeles.
Profit slipped in second quarter
Star Bulk, one of the world’s largest shipowners, saw profit for the second quarter drop considerably due to much weaker dry bulk markets.
The New York-listed owner posted $44.3m in net income for the quarter, down from $200m for the same period last year.
Adjusted earnings came in at $48.5m for the three-month period, down from $205m a year earlier.
