Star Bulk clears out five ageing supramaxes

Nasdaq-listed Greek dry bulk giant Star Bulk Carriers has confirmed sales of five older supramax vessels.

The Athens-based company revealed in its first-quarter earnings report it had sold the 2005-built Star Omicron and the 2006-built Strange Attractor. Both ships have already been delivered and renamed Fu Chang and Ocean Melody, respectively.

In addition, Star Bulk agreed to sell the 2011-built Puffin Bulker, the 2009-built Star Canary and the 2011-built Star Petrel, with the first two vessels expected to change hands in the second quarter and the third vessel set to exit the fleet in July.

In February, Splash reported the sale of the 2009-built supramax Bittern. The deal closed in May, and the vessel has been subsequently renamed NSG Glory.

“We continue to selectively dispose of older and smaller tonnage that does not fit our commercial profile,” said Petros Pappas, chief executive of Star Bulk Carriers.

The company, controlling a fleet of over 150 bulkers, said that following the completion of all vessel sales, it will have 13 unencumbered ships and that it expects to collect total net proceeds of about $44.4m and $12.5m during the second and third quarters, respectively.