New York-listed Star Bulk Carriers appears to be circulating a modern ultramax for sale less than four months after acquiring it, market sources say.
The 63,000-dwt Star Anna (built 2015) was named Vela when it was bought from Delphin Shipping in November by Oceanbulk Maritime, an affiliate of Star Bulk.
Brokers reported the price then at $20.3m.
Star Bulk is understood to have taken delivery of the vessel and, by December, had renamed it Star Anna.
But sources were surprised to see the bulker back on the sales market several weeks ago, with brokers suggesting offers in the range of $18.5m to $19m.
Messages to a Star Bulk executive were not returned before TradeWinds went to press.
Petros Pappas-led Star Bulk is among shipping’s fastest-growing companies thanks to a series of large-scale fleet acquisitions.
Successive acquisitions of Oceanbulk, Excel Maritime and then — within 2018 — Songa Bulk, Augustea and ER Capital Holding have created shipping's largest public dry bulk fleet with nearly 100 vessels.
In recent months, Star Bulk has been removing older vessels from its fleet. Last month, it sold its oldest capesize — the 171,000-dwt Star Aurora (built 2000) — for scrap just days after committing to offload the 52,100-dwt Star Kappa (built 2001) to Asian buyers for $6.2m to $6.3m.
Scratching of heads
In January, Star Bulk confirmed the disposal of the 52,400-dwt Star Delta (built 2000) for an undisclosed price.
Sales of its oldest vessels have gone hand-in-glove with a programme to repurchase common shares, which are trading below net asset value. Star Bulk's current buy-back programme has reserved $50m for the purpose.
However, since the Star Anna is less than four years old and has been trading in the fleet for just a few months, it does not fit that pattern and has had some people in the market scratching their heads over management's intentions.
Ship database Equasis shows that the vessel traded in the fleet of previous owner Delphin until November last year. The private New York-based shipowner is led by former Eagle Bulk Shipping chief executive Sophocles Zoullas.
Delphin, backed by private equity firm Kelso & Co, had 11 bulkers at the time of the sale to Star Bulk, nine of which were supramaxes.
The Star Anna was ordered in 2010 from China’s Jiangsu Hantong Ship Heavy Industry for between $24m and $25m.
