Star Bulk passes on ER Capital capesize quartet

Star Bulk passes on ER Capital capesize quartet

Greek dry bulk giant Star Bulk Carriers has announced that it has mutually waived with Germany’s ER Capital options on four capesize dry bulk vessels.

The two companies sealed an agreement for two capesizes and a supramax in August last year, a deal which included options on four 2010-built Korean capesizes.

The capesize options were priced at $28.85m each, however since the options were taken the Baltic Capesize Index has plummeted to all-time lows and the quartet are now likely worth closer to $24m.

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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