All major shipping companies are slowly returning to newbuilding orders, due to pressure from the International Maritime Organization’s “green” timetable.
According to “Naftemporiki”, Star Bulk Carriers, owned by Petros Pappas, listed on the US stock exchange has agreed with the Chinese shipyard Qingdao Yangfan for the construction of two medium-sized bulk carriers, of the kamsarmax type (with a capacity of 82,000 dwt each).
The two vessels are expected to be delivered by the end of 2026. Although the price was not disclosed, shipping sources said that building a kamsarmax in China currently costs around 33-35 million dollars.
Deals to build medium-sized bulkers from Greek shipowners have been increasing lately. Over the last 10-15 days, tonnage has been ordered by Diana Shipping, at the “helm” of which is Semiramis Paleou, Safe Bulkers of Poly V. Hatziioannou and Chartworld of Lou Kollakis.
Although the landscape around the technologies and “green” fuels that will prevail in the future is still unclear, most shipowners decide to talk to shipyards about orders. The majority of these discussions and the subsequent contracts concern either steamers with eco design and efficient fuel consumption or steamers with dual fuel engines, mainly LNG and methanol.
The Star Bulk profile
Over the last years, Star Bulk Carriers used to strengthen its fleet with modern second-hand bulkers, avoiding shipbuilding. This year, it has also sold seven vessels, capitalizing on the rise in market values.
Today, its fleet consists of 120 bulk carriers, with a total capacity of 13.3 million dwt. Most of them, 40 are kamsarmaxes followed by 20 capes, 20 ultramaxes, 17 newcastlemaxes, 12 supramaxes, 7 post panamaxes, 2 mini capes and 2 panamaxes.
It is the largest shipping company with a pure fleet of bulkers on the US stock market, while its capitalization, amounting to 2.05 billion dollars (according to the specialized website marketwatch), is the highest of all Greek companies listed on the Nasdaq.
