Capesize tonnage continues its rapid sales pace in the secondhand market, with a fresh pair of transactions added to a stream of similar deals concluded since last week.
In the most significant one, market sources are telling TradeWinds that Star Bulk Carriers clinched a deal to sell one of its oldest capesizes to Chinese buyers.
The 174,100-dwt Big Bang (built 2007), built at Shanghai Waigaoqiao Shipbuilding, is understood to be changing hands for about $20m.
According to its latest annual report, Star Bulk carried the vessel in its books with a value of $27m as of the end of 2022.
The Big Bang is the fifth-oldest unit among Star Bulk’s 40 capesizes and newcastlemaxes.
Chief executive Petros Pappas has stated in recent months that the company is incrementally renewing its fleet with a selective sale of older vessels and replacing them with conventionally fuelled newbuildings.
The New York-listed owner of more than 100 ships sold 13 vessels on the secondhand market last year.
The sale of the Big Bang shows that Pappas considers now to be a good time for a clear-out among his capesizes.
It is the first ship of that size that Star Bulk has sold since March 2023, when it divested two capesizes to Norden.
Its other four capesizes in a similar age range are the 180,200-dwt Pantagruel, 176,300-dwt Star Triumph (both built 2004), 177,900-dwt Star Angie (built 2007) and Kymopolia (built 2006).
Flying off the shelf
Market analysts concur that the secondhand market for big bulkers has accelerated significantly in recent days.
“This week we witnessed an unusually strong buying appetite activity in the newcastlemax and capesize sectors, with a total of eight … vessels having changed hands,” Athens’ Xclusiv Shipbrokers said in its weekly note on 5 February.
TradeWinds reported on Monday how US-based Foremost Maritime was linked to five different vessels.
Buying appetite seems to be underpinned by bullish views on Chinese economic growth, following stimulus measures announced by the central bank recently.
Other market participants have been more sceptical, arguing that hopes of a strong post-Covid recovery in China have proved elusive.
In another capesize deal reported by US brokers, Greece’s Phoenix Energy Navigation is said to have obtained $23.5m from “European buyers” for the 179,200-dwt Athenian Phoenix (built 2009).
Managers at Phoenix Energy did not respond to a request for comment.
If confirmed, the sale of the Hyundai Heavy Industries-built vessel would leave the company with a single ship — the Corinthian Phoenix (built 2009), a sister ship to the Athenian Phoenix.
