Star Bulk cancels newbuilding lease, sells panamax

Star Bulk cancels newbuilding lease, sells panamax

Star Bulk has confirmed that it has ended its lease of a bulk carrier newbuilding, which has been returned it to its owner, and separately has sold one of its panamaxes.

In a statement, the NASDAQ-listed carrier did not name the newbuilding in question but said that the lease was terminated after receiving a one-time payment of $5.8m. The company has 16 capesize bulkers (of which 10 are super-capes of over 200,000 dwt) and five ultramaxes under construction in China.

Star Bulk also confirmed the sale of its panamax Star Nicole (73,751 dwt, built 1997), which was delivered to its buyer on Thursday. Brokers reported the sale in late August, stating the vessel was sold to an unnamed Chinese buyer for $3.7m. Star Bulk did not confirm the sale price.

The carrier has sold four panamaxes and a supramax since 2015 began. It has sold another four panamax and two capesize bulk carriers for demolition this year to date.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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