Listed dry bulk giants boost fleet renewal with surge in S&P activity

Petros Pappas-led Star Bulk Carriers disclosed the sale of nine vessels that no longer align with the company’s commercial profile. Supramaxes Puffin Bulker and Star Canary, built in 2011 and 2009 respectively, were delivered to new owners during the reporting period. Additionally, 2011-built Supramax Star Petrel was delivered in July.

The company also confirmed Riviera’s earlier report regarding the sale of Oriole, a 2011-built Supramax, and Star Georgia, a 2006-built Kamsarmax, both of which changed hands in May and July, respectively.

Between 1 April and 6 August, Star Bulk agreed to sell six additional vessels: Star Nighthawk, Star Runner, Star Danai, Star Goal, Star Sandpiper and Star Owl – a mix of Supramaxes and Kamsarmaxes built between 2006 and 2011. These transactions are expected to generate gross proceeds of approximately US$104M. The company plans to use approximately US$19M of this to make debt prepayments during Q3 2025. Following the completion of these sales, Star Bulk will operate 12 unencumbered vessels.

The company is also advancing its fleet modernisation strategy with a newbuilding programme at Qingdao Shipyard in China, where five Kamsarmax vessels are under construction and scheduled for delivery in 2026. Star Bulk currently owns a fleet of 142 vessels, with a total carrying capacity of 14.2M dwt.

Genco accelerates expansion 

Another major player, Genco Shipping and Trading, is also advancing its fleet renewal efforts. The company announced the acquisition of a 2020-Imabari built, 182,000-dwt Capesize bulk carrier. Equipped with scrubbers, the vessel is expected to be renamed Genco Courageous and delivered between September and October this year.

While Genco did not disclose the vessel’s identity, shipbrokers have linked the transaction to Bulk Ginza, sold in late June. Both the specifications and the reported sale price – US$64M – closely match Genco’s own announcement of a US$63.6M acquisition.

This marks the fourth high-specification, fuel-efficient Capesize vessel Genco has acquired since October 2023, bringing its total investment in modern tonnage to around US$200M. The purchase will be funded through a mix of cash reserves and drawdowns from the company’s new US$600M revolving credit facility.

Genco chief executive John C Wobensmith emphasised the strategy of selling older, less fuel-efficient vessels and reinvesting in eco ships, particularly at a time when strong supply-demand dynamics are expected to support the Capesize market.

Genco operates a fleet of 42 vessels, with a combined capacity of approximately 4.4M dwt.

Greeks offload ageing bulkers

Greek shipowners remain active in divesting older vessels. Safe Bulkers, led by Polys V Hajioannou, reported in its Q2 earnings that it has agreed to sell 2007-built Kamsarmax Pedhoulas Leader for around US$13M, in line with its ongoing fleet renewal strategy.

The company has been investing heavily in newbuildings over the past few years. As of 18 July, its orderbook included 18 vessels, 12 of which have already been delivered. Safe Bulkers currently operates a fleet of 47 vessels, with a total capacity of 4.7M dwt.

Stamatis Tsantanis-led United Maritime is also shedding ageing assets. The US-listed company confirmed that 2004-built Capesize Gloriuship has been delivered to new owners for a sale price of approximately US$15M. United Maritime has also agreed to sell Tradership, a 2006-built Capesize, for a net sale price of about US$18M.

Chairman and chief executive Stamatis Tsantanis noted these transactions strengthen the company’s financial position and support its ability to pursue new growth opportunities. United Maritime currently manages a fleet of seven bulkers, with a total carrying capacity of 750,758 dwt.