Dry CargoEurope

Star Bulk snaps up four kamsarmaxes and three ultramaxes from Scorpio

Nasdaq-listed Greek dry bulk owner Star Bulk Carriers has agreed a deal with Monaco’s Scorpio Bulkers to acquire seven bulkers.

Star Bulk is assuming the outstanding $102.3m worth of lease obligations attached to the vessels, made up of four kamsarmaxes and three ultramaxes. In addition, Star Bulk will issue to Scorpio three million newly issued shares, currently valued at $10.55 each.

The vessels being sold, all Chinese-built, are 2015-built ultramax trio SBI Pegasus, SBI Ursa and SBI Subaru as well as 2015-built kamsarmaxes SBI Capoeira, SBI Carioca, SBI Lambada and 2016-built kamsarmax SBI Macarena.

The transaction is subject to the approval of the lessor, and when complete will grow the Star Bulk operating fleet to 126 vessels.

For Scorpio Bulk, the deal moves them close to finalising a fleet clear-out as the company looks to exit dry bulk in favour of the offshore wind sector. The Emanuele Lauro-led company is changing its name to Eneti, and is constructing a wind turbine installation vessel (WTIV) at South Korea’s Daewoo Shipbuilding & Marine Engineering.

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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