Star Bulk Carrier’s string of opportunistic ship sales continues apace with another capesize deal amid rising bulker values.
Greek and US brokers report the Petros Pappas-led company as offloading the 175,100-dwt Star Audrey (built 2011) to Greece-based interests for between $27m and $27.5m.
If confirmed, it would make the Star Audrey the 18th vessel the company has sold in the secondhand market over the past 12 months.
The Star Audrey is one of the vessels that joined the Star Bulk fleet four years ago as part of a 16-ship acquisition from Augustea Atlantica and York Capital Management.
Built at China’s New Times Shipbuilding, the ship comes equipped with an open-loop scrubber and its special survey is not due for 19 months.
Star Bulk does not discuss its commercial transactions outside official public statements.
Earlier in February, Star Bulk confirmed the sale of three capesizes — the 177,700-dwt Pantagruel and 180,200-dwt Big Fish (both built 2004), as well as the 174,100-dwt Big Bang (built 2007).
When announcing these and other disposals in an earnings release, Star Bulk said it expected to collect $112m in aggregate from vessel sales in the first half of 2024.
This added to $34.5m in net ship disposal gains the company booked in the second half of 2023.
Rising asset values
Opportunistic sales are part of a careful and incremental fleet renewal policy under which Pappas orders conventionally fuelled newbuildings 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.
Star Bulk is not the only US-listed company taking advantage of rising vessel values to sell some of its older ships on the secondhand market.
On Friday, Greek peer Diana Shipping announced the sale of the 177,700-dwt Houston (built 2009) for $23.3m. Greek brokers have since linked Pacific Bulk to the deal.
As TradeWinds reported earlier this month, Genco Shipping & Trading sold the 169,000-dwt Genco Maximus (built 2009) and Genco Claudius (built 2010).
Moving to private companies, Nikolas Martinos-led Thenamaris sold the 180,100-dwt Sealink (built 2010) at a profit and Andreas Martinos-led Minerva Marine divested the 177,700-dwt Sapientza (built 2008) to Chinese buyers for between $22m and $22.6m. That was Minerva’s first bulker sale in 10 years.
