Star Bulk linked to sale of two capesizes

Star Bulk linked to sale of two capesizes

NYSE-listed Star Bulk has a deal on subjects for the sale of two capesize vessels to South Korea’s H Line Shipping, brokers tell Splash.

The sale of Peloreus (182,500 dwt, built 2014) and Bruno Marks (180,000 dwt, built 2015) is mooted at $37.5m each, sources said today.

The first vessel was delivered last year from Japan Marine United, and the second is awaiting delivery from China’s Shanghai Waigaoqiao Shipbuilding.

Bruno Marks was originally due to be delivered in the final quarter 2015, but the vessel is thought to be among the four bulk carriers Star Bulk recently chose to delay until 2016. Shipping databases say the vessel has been “launched”.

Star Bulk said the delivery differal is “subject to execution of definitive documentation”, which means the buyer could opt to take delivery of the vessel before the end of the year, if the sale is completed.

The sale price shows the rapid depreciation in the value of capesize newbuildings. VesselsValue.com estimates the market value of a 180,000-dwt capesize being delivered today in 2015 would be around $38.3m. This figure is some 35.8% below a cape hitting the water on November 27, 2013, when VV estimates its market value would have been around $56.9m.

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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