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Oaktree Capital Management Reduces Exposure to Star Bulk Carriers Corp (SBLK)

Oaktree Capital Management, run by Howard Marks, has trimmed its holding of Star Bulk Carriers Corp. (NASDAQ:SBLK). According to a recent filing with the Securities and Exchange Commission, Oaktree currently owns 5.7 million shares, down from 6.1 million shares previously reported. The fund’s current position accounts for 19.9% of the company’s common stock.

Star Bulk Carriers

Star Bulk Carriers Corp. (NASDAQ:SBLK) is on the radar of several hedge fund gurus. Jim Simons, the manager of Renaissance Technologies, has massively increase his fund’s holding of this stock. During the third quarter of 2013,  Simons’ stake rose to 173,634 shares reportedly worth $1.75 million. Michael Weinstock is also betting big on Star Bulk Carriers, with his fund, Monarch Alternative Capital, holding 3.86 million shares valued at $39 million. This position accounts for 14% of the fund’s equity portfolio. Israel Englander and Millennium Management are also keeping tabs on Star Bulk Carriers. Englander has not made any changes to his fund’s position during Q3 of 2013, currently holding 28,338 shares valued at $287 thousand.

Star Bulk Carriers Corp. (NASDAQ:SBLK) provides seaborne transportation for dry bulks. So far in 2013, the stock has advanced 34% to a current price of $9.32 per share. The company has a market cap of $50.44 million and does not pay a dividend. Star Bulk Carriers shares are traded with a forward Price to Earnings (P/E) ratio of 30.13 and have a beta of 1.21.

For the third quarter of 2013, Star Bulk Carriers registered revenues of $17.3 million, a 5.5% year-over-year decrease, and a loss (EPS) of $0.01 per share. For the current quarter, analysts expect the company to post revenues of $17.58 million and earnings per share of $0.03.

Star Bulk Carriers has recently announced the acquisition of two new carriers that would increase their fleet to 24 vessels. Spyros Capralos, President and Chief Executive Officer, said:

The two vessels we acquired are considered among the top vessels in their class, as they are built by one of the best shipyards in the world.

Upon full delivery of our 9 newbuildings we will have a total of 24 owned vessels in the water, representing more than 100% growth on deadweight tonnage basis. We remain committed in executing our growth strategy, and we believe that this accretive acquisition will immediately enhance our cash flow generation capacity and contribute to the long – term value creation for our shareholders.

Disclosure: none

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