Star Bulk adds kamsarmax foursome

Star Bulk adds kamsarmax foursome

Sources link the Petros Pappas-led bulker owner to four bulkers from one of Japan’s biggest sellers, Nisshin Shipping.

In a quarterly statement from a week ago, Pappas commented: “Amidst the weakest dry bulk market of the last three decades, we have taken all appropriate measures to ensure our company’s liquidity through this cycle. The proceeds from the recent $51.5m private placement of common shares bring our total cash to about $250m.” It appears a chunk of this money is being spent on ships.

The quartet of four-year-old ships are the 81,800 dwt Kapetan Trader 1, 2 and 3, and the Canon Trader II, all built at Jiangsu New Yangzijiang Shipbuilding. Brokers say the ships were sold in an en bloc deal for $60.8m deal. The sale appears a bargain as the market value for the ships is $16.2m each, according to online portal VesselsValue.com.

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.

Related Posts