Star Bulk ships out 17-year-old cape for $20m

Star Bulk ships out 17-year-old cape for m

Courtesy: Splash

ATHENS: Greek dry bulk giant Star Bulk Carriers has offloaded its 17-year-old capesize in what has been a very active S&P market for similar tonnage recently, with brokers reporting multiple deals concluding.

The 2007 Shanghai Waigaoqiao Shipbuilding-built Big Bang, which Star Bulk bought in July 2013 for $28.2m, is going to Chinese buyers in a deal worth about $20m.

The Petros Pappas-led Star Bulk has more than 20 capes with an average age of about 13 years, and the 174,109 dwt Big Bang, which VesselsValue estimates as worth about $18m, is one of the five oldest.

About 100 bulkers have found new owners since the year’s beginning, nearly twice as many as during the same period in 2023.

Greece’s Xclusiv Shipbrokers noted an “unusually strong buying appetite activity” in the newcastlemax and capesize sectors, with a total of eight vessels having changed hands recently out of about 13 year-to-date.

New York-based owner Foremost has been linked to five of these transactions, shipping out its oldest tonnage with two newcastlemaxes and three capes built in 2011 and 2012 reportedly finding new owners.