Star Bulk Carriers, a Greek company active in maritime transport, has sold 35% of the ownership of two Kamsarmax vessels named Star Ellie and Star Bella to Hermes World Maritime. Star Bulk, led by Petros Pappas, continues to hold the technical and commercial management of these two vessels.
Details of the Transfer and Construction of the Vessels
The vessels Star Ellie and Star Bella were built in 2026 and are part of Star Bulk's plan to purchase three Kamsarmax vessels at the Jiangsu Hantong Shipyard in China. Financial details regarding this contract and its completion date have not been disclosed. However, market sources estimate the value of similar vessels to be around $36 to $38 million each.
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Hermes' Investment Expansion
This transaction signifies the expansion of Hermes' investment in the dry bulk shipping market. Last September, Hermes agreed to acquire 49% of a company that owns two Indian-sized vessels. This deal, which was part of the fleet reduction of Taylor Maritime, was completed earlier this month, with the value of the two vessels estimated at around $33.6 million.
This new agreement allows Hermes to extend its investment beyond Indian-sized vessels and enter the modern Kamsarmax tankers. At the same time, Star Bulk is able to free up part of its ownership without losing the management of the vessels.
Star Bulk's Fleet Status
Star Bulk currently has a fleet consisting of 138 vessels with a total capacity of approximately 13.8 million deadweight tons (dwt), which includes its newbuilding commitments. The company is seeking to improve its financial situation and enhance the efficiency of its fleet, and this agreement is seen as a step towards achieving these goals.
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