Dry CargoEurope

Star Bulk grows fleet to 128 with acquisition of kamsarmax resale pair

Greek dry bulk owner Star Bulk Carriers has entered into an agreement with an unnamed third party to acquire two kamsarmax bulkers.

The vessels are expected to be delivered in June and September 2021 from YAMIC, a joint venture between Mitsui and New Yangzijiang. VesselsValue data indicates the likely seller is Japan’s Mitsui & Co.

Star Bulk says it is in advanced discussions to finance the largest part of the purchase price at competitive financing terms.

Petros Pappas, chief executive officer of Star Bulk, commented: “In view of the changing regulatory environment with regards to carbon emissions, we believe that the acquisition of these two resale vessels further contributes to our fleet renewal efforts and initiatives. Their 3- to 6-month prompt delivery, combined with an attractive purchase price and the strong fundamentals of the Kamsarmax and dry bulk sector overall, ensure this transaction adds value to the Company and to our shareholders.”

Upon completion of this deal, and last month’s acquisition of seven ships from Scorpio Bulkers, Star Bulk will have a fleet of 128 bulkers.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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