Stellar Navigation makes its most expensive purchase

Stellar Navigation makes its most expensive purchase

Baltic shipowner Stellar Navigation has made its most expensive move to date, adding the 28,300 dwt handysize bulker Brazen from Blue Wall Shipping for $9.4m.

The deal is its first purchase in a couple of years for the six-ship strong handysize specialist, which operates a network of offices throughout the East Mediterranean and Baltic regions.

The seller of the ship, Greek handysize specialist Blue Wall, bought the ship as a resale in June 2014 for $22.6m. The sale leaves Blue Wall with two handies and one supramax. The owners of Blue Wall, George and Stathis Gourdomichalis, have reduced their fleet to just three vessels, down from eight at the beginning of the year.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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