Senator Investment Group Shows Equity Stakes in Star Bulk Carriers and Noble Corp ~ market folly

Monday, February 6, 2017

Senator Investment Group Shows Equity Stakes in Star Bulk Carriers and Noble Corp

Doug Silverman and Alex Klabin's hedge fund firm Senator Investment Group has filed two 13G's with the SEC recently.

Senator Shows Star Bulk Carrier Equity Position (SBLK)

First, Senator has filed a 13G on Star Bulk Carriers (SBLK) indicating they own 6.83% of the company with over 4.07 million shares.  This is a newly disclosed equity position for the firm and the filing was made due to activity on January 23rd.

This was part of a private placement of common shares where Oaktree Capital and Senator pruchased at $8.154 per share.  The sale netted the company $51.5 million and they've agreed to "grant shelf registration rights to the investors for the resale of their common shares"  per a press release.

Per Google Finance, Star Bulk Carriers is "an international shipping company. The Company owns and operates a fleet of dry bulk carrier vessels. The Company's segment is operating dry bulk vessels. The Company will have a fleet of approximately 76 vessels consisting primarily of Newcastlemax and Capesize, as well as Kamsarmax, Ultramax and Supramax vessels, with a carrying capacity between 45,588 dwt and 209,537 deadweight tonnage (dwt). Its fleet, which emphasizes Capesize vessels, primarily transports minerals from the Americas and Australia to East Asia, particularly China, as well as Japan, South Korea, Taiwan, Indonesia and Malaysia. The Company's Supramax vessels carry minerals, grain products and steel between the Americas, Europe, Africa, Australia and Indonesia and from these areas to China, Japan, South Korea, Taiwan, the Philippines and Malaysia. Its vessels include Maharaj, Star Poseidon, Leviathan, Peloreus, Star Borealis, Star Angie, Star Georgia, Star Nina and Mercurial Virgo."

Senator Also Shows Noble Corp (NE) Stake

Second, the hedge fund firm also has filed a 13G on Noble (NE) indicating they own 5.76% of the company with 14 million shares.  This is another newly disclosed equity position and the activity was made due to activity on January 24th.

Per Yahoo Finance, Noble "operates as an offshore drilling contractor for the oil and gas industry worldwide. It owns and operates a fleet of mobile offshore drilling units."

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