Star Bulk Carriers has put a sizable dent in the millions of dollars worth of shares they are looking to fold back into the company.
The New York-listed owner has taken back 600,000 shares at $8.40 each as part of a $50m share repurchase programme announced in late November.
The $5.04m in shares were bought from a non-related third party shareholder, in a private transaction.
The terms of the programme do not require Star Bulk to repurchase any common shares but allow the company to rebuy them whenever it wants.
They also allow the Greek owner to cancel the initiative at any time or continue it in perpetuity.
Star Bulk will have a fleet of 120 vessels on a fully delivered basis.
