Star Bulk Carriers, an owner of about 160 ships in the water or under construction, has disclosed a pair of bulker sales to drive forward its fleet renewal.
The Petros Pappas-led company said in its second-quarter earnings on Wednesday that it has sold the 56,600-dwt supramax Star Hydrus (built 2013) to undisclosed buyers, who will take delivery in October.
Star Bulk also confirmed the sale of another vessel that TradeWinds reported last month — the 76,500-dwt Star Iris (built 2004).
The Star Iris, which is one of the three oldest ships in the Star Bulk fleet, will be delivered to its new owners later this month.
Brokers had reported in July that the ship was sold to Chinese interests for $13.1m.
Star Buk did not disclose the individual prices it obtained for the Star Iris and Star Hydrus but said they fetched $29.7m combined in gross proceeds. It will book a $7m gain.
The two new sales bring to 22 the number of ships divested by Star Bulk over the past 18 months for gross proceeds of about $400m.
If another three supramax divested by Eagle Bulk Shipping before its merger with Star Bulk in April are included, the number of sales rises to 25 vessels for almost $450m.
Sales continuing
Star Bulk may be continuing its sales campaign in the third quarter.
Greek brokers reported on 2 August that the company is in the process of selling the 57,800-dwt Bittern (built 2009).
However, Star Bulk did not make any announcements about the Bittern in its earnings announcement late on Wednesday.
About 10 of the ships that Star Bulk sold since March last year have emerged with Chinese companies.
Buyers also include big European names, such as Norden, Danaos and Chartworld.
The buyers of the three supramaxes formerly with Eagle Bulk have emerged as well.
The 56,000-dwt Stellar Eagle and Crested Eagle (both built 2009) are now trading with Monaco-based Sea World Management as the SW North Wind I and SW South Wind I, respectively.
The 56,000-dwt Crowned Eagle (built 2008) has gone to South Korean player Samjoo Maritime and is now trading as the SJ Busan.
Star Bulk is replacing much of the outgoing tonnage with newbuildings.
It has five conventionally fuelled, 82,000-dwt kamarmaxes under construction at Qingdao Yangfan Shipbuilding due for delivery between September 2025 and July 2026.
Star Bulk took delivery in June of another newbuilding from Japan Marine United — the 82,400-dwt Star Earendel (built 2024), which is subject to a seven-year charter-in agreement.
The company is also sitting on existing orders for another pair of chartered-in ships — a kamsarmax from Tsuneishi Shipbuilding in Japan and an ultramax from Tsuneishi Cebu in the Philippines, both due for delivery later this year.
