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Star Bulk linked to capesize sale

NYSE-listed Star Bulk has sold another capesize bulk carrier for $23m to an unnamed Greek buyer, according to brokers’ reports.

The five-year-old Obelix, which was built in Japan, was today reported sold at a price that reflects that capesize values have hit hit their lowest level in over 24 years, according to analyst estimates.

VesselsValue.com (VV) estimates a five-year-old capesize’s current market value is just $23.87m, just over 60% less than the long-term average value of $61.76m, calculated since January 1, 1992.

A five-year old cape would have been worth around $50.65m in May 2014, VV told Splash.

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.

On January 21, Star Bulk confirmed the sale of a capesize being built in Japan for $37m. Brokers named the vessel as the 180,000-dwt Megalodon and the buyer as Eastern Pacific Shipping.

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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