Star Bulk Carriers is believed to have divested its 19th vessel in a string of opportunistic sales amid rising bulker values during the past year.
The New York-listed shipowner is said to have sold the 56,600-dwt Star Pyxis (built 2013) at a time when several supramax deals are emerging in the market.
There is increased buying interest in smaller bulker segments, as values have not appreciated as much as in the larger segments.
Several Greek and US brokers report Star Bulk as obtaining $17.5m for the scrubber-fitted vessel.
Pappas bides his time
That would make the Star Pyxis the 19th ship the company has sold in the secondhand market since March 2023 for total gross proceeds of about $350m, according to TradeWinds estimates.
Star Bulk, which does not discuss its commercial transactions outside official public statements, has confirmed 17 of these sales so far.
Including the Star Pyxis and the other, as yet unconfirmed sale last month of the 175,100-dwt Star Audrey (built 2011), it will have offloaded nine supramaxes, six capesizes, two kamsarmaxes and two ultramaxes with an average age of 15 years.
These sales are part of an effort to renew rather than to trim the fleet.
They go hand in hand with orders for conventionally fuelled newbuildings that chief executive Petros Pappas is booking as he bides his time before deciding which future, low-carbon fuel and ship design to pick.
Star Bulk, an owner and operator of 115 scrubber-fitted dry cargo ships on the water, has 11 owned and chartered-in newbuildings under construction.
Most of the vessels it sold over the past 12 months went to Chinese interests — the capesizes in particular.
Some of their buyers, however, were Greek. Meadway Bulkers, Equinox Maritime and Super-Eco Bulkers have already emerged as the new owners of several supramaxes and ultramaxes that Star Bulk sold. Brokers report that Hellenic interests have bought the Star Pyxis as well.
This is in line with a trend in which Greeks are increasingly looking to buy smaller bulkers, the prices of which have not appreciated as dramatically as those of capesizes and kamsarmaxes.
Star Bulk is not the only owner benefiting from such trends.
Supramax clear-out
Sophocles Zoullas-led Zenith Shipping has sold the 54,300-dwt Aspen (built 2009) to Chinese for between $8.5m and $9m. This is the last in a string of supramaxes that the US-based Greek owner flipped after buying them at the bottom of the market about eight years ago.
Market rumours also have Fafalios Shipping in a $9m deal for one of its oldest ships, the 51,000-dwt Nueva Fortuna (built 2003).
Anthony Giavridis Maritime is said to be involved in a $11.3m transaction with Vietnam’s Viet Thuan for the 56,000-dwt Gant Muse (built 2004), while Sea Tribute is said to have obtained $17.5m for the 58,000-dwt Thetis (built 2013).
