The wave of old Greek capesize sales continues at a brisk pace with US-listed shipping behemoth Star Bulk Carriers announcing the sale of its oldest vessel on Monday.
The scrubber-fitted, 176,300-dwt Star Triumph (built 2004) fetched a gross of $20m, the Petros Pappas-led company said in a statement.
After debt repayment on the vessel, Star Bulk expects to book a net gain of $7.7m from the transaction in the third quarter.
The Japanese-built ship fetched more than the $14m to $14.5m that Star Bulk bought it for nearly seven years ago — even when the values are adjusted to take inflation into account.
The $20m price also implies a per-share value that is “substantially in excess” of the $16.3m that Star Bulk spent last week to buy back 791,015 of its common shares at $20.58 apiece, the company said.
Star Bulk, which owns 160 ships on the water or under construction, has taken advantage of high secondhand values to offload a string of bulkers while selectively renewing its fleet with conventionally fuelled newbuildings.
The Star Triumph becomes the 23rd ship, including eight capesizes, that Star Bulk has sold to third parties since March for more than $420m in total, according to estimates.
If another three supramaxes sold by Eagle Bulk Shipping before its merger with Star Bulk in April are included, the tally rises to 26 divested vessels for almost $470m.
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.
Star Bulk’s sales campaign is underpinned by consistently high secondhand values that have also spurred several other Greek capesize owners to sell some of their oldest ships in recent weeks.
TradeWinds reported on Monday that Alpha Bulkers has shed its second-oldest capesize, the 178,000-dwt Alpha Prudence (built 2008), for $24.75m.
