Greece’s Star Bulk Carriers is on the prowl for acquisitions at the same time as it seeks to lower finance costs.

The US-listed company’s co-chief financial officer Christos Begleris was asked at the Marine Money Ship Finance Forum in London on Thursday what would be occupying his time in 2023.

He replied: “We might just sit back and relax, but that’s highly unlikely.”

In reality, there will be plenty to do this year, he added.

Star Bulk has used good markets over the past two years to reduce debt levels.

“We’re going to focus on further reducing our interest cost and optimising our debt structure wherever we can,” he said.

“We are always out looking for new sources of financing, so you may see us continuing our refinancing spree with a view to lowering even further our interest costs.”

In addition, the owner of 128 bulkers is “always evaluating M&A opportunities”.

Star Bulk has always grown historically by acquiring fleets and using shares as currency for those acquisitions, Begleris said.

More deals will be done “if we can find such fleets that fit with the profile of our company and that essentially renew slightly our fleet”.

Helping private equity exit

In 2017 and 2018, the owner took advantage of the fact that private equity players who had bought fleets in 2013 and 2014 needed an exit route.

“In a mediocre rate environment it is difficult to sell 15 or 20 vessels,” Begleris explained.

“We provided liquidity by issuing shares to those players.”

He also said decarbonisation is at the top of Star Bulk’s agenda this year.

It is investing in energy-saving devices for the fleet and looking at robotic hull cleaners to improve fuel efficiency.

In the medium term, it will examine carbon capture for its bulkers.

“All these will definitely occupy our time in 2023,” he said.