The big get bigger in public dry bulk shipping

dry bulk ship

The largest U.S.-listed dry bulk shipping companies are buying up ships in the secondhand market in anticipation of higher rates ahead.

During conference calls on Thursday, executives of both Golden Ocean (NASDAQ: GOGL) and Star Bulk (NYSE: SBLK) highlighted stronger fundamentals for 2021, with vaccine-fueled cargo demand growth expected to outpace vessel supply growth.

According to Star Bulk CEO Petros Pappas, “Clarksons expects the dry bulk trade to expand by 3.7% in terms of ton-miles. On the...

Eneti Closer To Clearing Off Its Entire Fleet

Monaco’s Eneti has sold two more ultramaxes as it moves close to completing its fleet selloff, says a press release published on Globenewswire.

Vessel sale details

Eneti formerly known as Scorpio Bulkers, has sold the 2015-built SBI Cronos and 2016-built SBI Achilles for around $39.75m in total. 

The vessels were financed by Ocean Yield, who says they will receive $38m from Eneti exercising its option to sell the vessels to a third party.

Delivery of the vessels is planned for the second quarter of...

Eneti Sells 5 Ultramaxes for US $88m

Eneti (formerly Scorpio Bulkers) has sold five of its dry cargo vessels for approximately US$88 million, says an article published in Baird Maritime.

About the sale

The objects of the transactions are the Ultramax vessels SBI Thalia (pictured), SBI Athena, SBI Perseus, SBI Pisces, and SBI Hercules. All five vessels were built in China between 2015 and 2016.

Delivery to the new owner is expected to take place in the second quarter of 2021.

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Star Bulk To Capitalise On Scorpio’s Dry Bulk Exit

Star Bulk is the latest company seeking to capitalize on Scorpio Bulkers’s exit from dry bulk, taking on seven of its ships, reports Ship&Bunker.

The massive buy

Star Bulk has agreed to buy the SBI Pegasus, the SBI Ursa, the SBI Subaru, the SBI Capoeira, the SBI Carioca, the SBI Lambada and the SBI Macarena, the company said in a statement on its website this week. Three of the ships are equipped with scrubbers.

Star Bulk will assume the outstanding lease obligations of the ships, currently at...

Scorpio Bulkers Announces Its $18.65m Vessel Sale

Scorpio Bulkers has sold an ultramax bulk carrier to an an unaffiliated third party, says a press release published on their website.

The Vessel value

Scorpio has sold the 2017-built ultramax SBI Libra, which has been on long-term charter from Ocean Yield, to an unnamed third party with delivery scheduled this quarter.

Scorpio says it has sold the vessel for $18.65m, while Ocean Yield says that Scorpio declared an option to sell the vessel netting the Norwegian company $20m. According to...

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