Greek dry bulk shipowner Star Bulk has joined the wave of Greek shipowners placing orders in China, reportedly signing a deal with a Chinese shipbuilder for up to six Kamsarmax bulk carriers.
Sources revealed that Star Bulk has reached an agreement with Hengli Heavy Industries to order 4+2 82,000 DWT Kamsarmax bulk carriers. The newbuilds will be equipped with scrubbers and are expected to be delivered between 2026 and 2027.
Shipbrokers estimate that the cost of a single Star Bulk vessel is between $36 million and $38 million, which is comparable to the price of a recent order from another Greek shipowner, Efnav.
On November 3, Hengli Group announced that its subsidiary Hengli Heavy Industries had signed contracts for 20 Kamsarmax bulk carriers within a week. It remains unclear whether this includes the 4+2 newbuilds from Star Bulk.
It is reported that this marks Star Bulk’s latest Kamsarmax bulk carrier construction project announced in over a year. Between 2023 and early 2024, the shipowner has placed orders for five Kamsarmax bulk carriers with China Merchants Industry Qingdao Shipyard (formerly Qingdao Shipyard). Two vessels are scheduled for delivery in 2025, while the remaining three are scheduled for delivery in 2026.
Currently, Star Bulk controls over 140 bulk carriers and has been primarily active in the second-hand market this year, having sold more than ten Supramax bulk carriers and two Kamsarmax bulk carriers built in 2006. The company aims to continuously restructure its fleet.