Star Bulk Carriers is intensifying its efforts to renew its fleet, adding three more new vessels to its shipbuilding program in China, while selling older assets.
More specifically, the US-listed company has agreed with the Chinese shipyard Qingdao Shipyard Co., Ltd for the construction of three more high-end eco bulk carriers, kamsarmax type, with a capacity of 82,000 dwt each, bringing the number of vessels under construction at the yard to five. Two of them will be delivered in September 2025, two in April 2026 and one in July of the same year.
At the same time, the Greek shipping company agreed to sell four more vessels, the supramax Star Dorado (built 2013), the ultramax Star Bovarius (built 2015) and the capesize bulkers Big Fish (built 2004), Big Bang (built 2007) and Pantagruel (built 2004). During the first half of this year, the listed company will earn 112 million US dollars from ship sales.
Financial results
Star Bulk’s revenue stood at 263.4 million US dollars in the fourth quarter of 2023, up from 294.8 million US dollars in the same period in 2022. Annual results fell to 949.2 million US dollars from 1.43 billion US dollars a year ago.
The shipping company recorded a profit of 39.7 million US dollars in the quarter (up from 85.8 million in 2022) and 173.5 million in the year (up from 565.9 million).
