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Star Bulk offloads four capesizes for $148m

Star Bulk offloads four capesizes for $148m
Star Bulk Carriers has joined Scorpio Bulkers in offloading capesizes with the sale of four newbuildings under construction.

Nasdaq-listed Star Bulk said it was selling the four vessels under construction in China to an undisclosed buyer for $148m. The newbuildings are expected to be delivered to their new owner in the first and second quarters of the year.

“The company intends to use a portion of the net proceeds from the sale of the vessels to pay the remaining delivery installments related to these vessels and use the remainder for general corporate purposes, including capital expenditures,” Star Bulk said.

The move comes a week after Scorpio Bulkers exited the capesize sector selling five vessels, including two newbuildings, for $167m.

Dry bulk shipping markets are trading at close to an all time low with particular pressure on the capesize sector.