Star Bulk Carriers, a US-listed behemoth with about 160 ships on the water or under construction, is in talks to shed two older vessels as part of its fleet renewal.
Continuing its strategy of benefiting from generally firm secondhand values, it is being tied to separate deals for a pair of supramaxes from its legacy fleet.
Brokers in Greece and the US report that the Petros Pappas-led outfit is getting $14.75m for the 56,600-dwt Diva (built 2011) and $18m for the 56,000-dwt Imperial Eagle (built 2010).
As with almost all other vessels in the Star Bulk fleet, they are equipped with scrubbers.
The considerable gap between their prices is due to the nationalities of their builders: the Imperial Eagle was built in Japan, the Diva in China.
A similar price gap can be observed in two other supramaxes reported sold this week.
Hong Kong-based Courage Investment Group is said to have obtained $13.8m for the Zhejiang Zengzhou-built, 57,000-dwt Zorina (built 2011), while Greece’s Unisea Shipping has reportedly sold the Mitsui-built, 56,100-dwt Visayas (built 2010) for $16m.
Selling the Diva would be a good deal for Star Bulk, even at the lower price reserved for Chinese vessels.
Pappas bought the Jiangsu Hantong-built ship seven years ago for $10.2m, which is equivalent to about $13.1m in today’s money.
If Star Bulk confirms its sale for $14.75m, it will probably book a net financial gain.
The Imperial Eagle has a different story.
Built at IHI Marine United, it became part of the Star Bulk fleet earlier this year, when the company merged with Eagle Bulk Shipping.
A sale of the Diva and Imperial Eagle would increase to 25 the number of older ships that Star Bulk has divested to third parties since March 2023 for nearly $460m, according to TradeWinds calculations.
Including three other supramaxes sold by Eagle Bulk before the Star Bulk takeover was formally completed, the tally rises to 28 divested vessels for about $500m.
Eleven of the ships that Star Bulk sold as part of its fleet renewal have emerged with Chinese buyers.
That includes the latest sale officially confirmed by the company on 9 September, of the 176,300-dwt Star Triumph (built 2004).
The ageing capesize has emerged with Zhangjiagang Oceanicwit Shipping, a serial Chinese buyer of such vessels, and is trading as Uranus 1.
Non-Chinese buyers of Star Bulk ships include big names such as Norden, Danaos, Chartworld and Lebanon’s Blue Fleet Group.
