Petros Panagiotidis has joined the race for Eagle Bulk shares after Greek containership owner Danaos took a significant slice of Gary Vogel-led bulker owner.
A filing to the United States Securities and Exchange Commission (SEC) revealed that Panagiotidis-led bulker and containership owner Castor Maritime took around 1.39m shares in Eagle Bulk, equal to a 14,99% stake.
The Nasdaq-listed firm now joins Danaos with a 16.7% stake in controlling over 30% of Eagle Bulk.
Danaos is Eagle Bulk’s largest shareholder after the US firm decided to buy Oaktree’s stake and then divest the shares but under an anti-takeover measure that sets a cap on acquiring parties at 15% of shares outstanding.
A war of words started after Eagle Bulk’s poison pill move but it didn’t stop the Cyprus-based Castor from swooping under the radar and using fresh cash from divesting vintage bulkers earlier this year to buy into the Connecticut-based owner of over 50 predominately scrubber-fitted bulkers.
Castor on a fully delivered basis has 18 bulkers and a pair of boxships. Meanwhile, Eagle has 52 ultramax/supramax vessels. Translated in vessel terms Panagiotidis’ vehicle now has a stake in almost eight Eagle ships and Danaos eight-and-a-half. Together, the duo has a combined stake enough to trigger a mandatory takeover offer.
