Star Bulk confirms sale of capesize newbuilding

Star Bulk confirms sale of capesize newbuilding

Star Bulk has confirmed the sale of a capesize bulk carrier being built in Japan for $37m, but did not name the buyer.

Brokers reported the sale last week, citing the vessel as the 180,000-dwt Megalodon and the buyer as Eastern Pacific Shipping. The Singapore-based company’s website confirms a 2016-built 182,503-dwt capesize has been added to the fleet and will be renamed as Mount Hermon.

The cape is being built at the Japan Marine United shipyard and will be delivered to the buyer by the end of the month.

Part of the net proceeds from the sale will go towards the vessel’s remaining delivery installment, Star Bulk said, and the rest will be used for general corporate purposes and capital expenditures.

Star Bulk has sold eight of its capesize newbuildings during the past two months, leaving 10 more and one 200,000-dwt super-cape under construction, mostly in China.

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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