Wuhu Ping An Rubber Co.,Ltd.

Book three more ships! Qingdao Shipyard receives another order for Star Bulk bulk carriers


On February 13th, Greek bulk carrier Star Bulk Carriers announced the addition of three 82000 deadweight ton Kamsarmax bulk carriers to Qingdao Shipyard, with plans to deliver them in 2026.

It is reported that the company ordered 2+2 high specification Kamsarmax bulk carriers from Qingdao Shipyard last year, with the first 2 to be delivered in 2025. This time, while confirming the execution of two alternative orders, Star Bulk also ordered an additional ship of the same type, increasing the number of ships in its series to five.

Star Bulk did not disclose the specific price of these new ships. As a reference, Clarkson's data shows that the current price of a new 82000-84000 deadweight ton bulk carrier is approximately $35.75 million, an increase of 7% compared to $33.5 million in the same period last year.

It is reported that the Star Bulk series of Kamsarmax bulk carriers are equipped with energy-saving engines, shaft generators, and alternative marine power solutions that can reduce ship energy demand.

Star Bulk CEO Petros Pappas stated, "We will continue to prepare our fleet for stricter environmental regulations through investment updates. Our latest generation of high spec environmentally friendly design Kamsarmax bulk carriers has increased in order size from two to five and is expected to be delivered in 2025 and 2026.". In addition, we have started accepting 6 long-term leased Kamsarmax and Ultramax environmentally friendly bulk carriers, which will be delivered gradually in 2024

Looking ahead, Star Bulk continues to be optimistic about the prospects of the dry bulk market, due to favorable supply dynamics, low trade efficiency caused by geopolitical factors, and demand recovery supported by the significant global infrastructure investment required for green transformation. In the fourth quarter of 2023, the company's net income was $39.7 million, lower than the $85.8 million in the fourth quarter of 2022; The adjusted net income was $63.5 million, and the net cash provided by operating activities was $85.8 million. The profit for the whole year of 2023 decreased by 69% year-on-year to $173.6 million.

At the same time, in January 2024, the company received two new ships, namely the Kamsarmax bulk carrier "Star Voyager" built by Zhoushan Changshi Shipbuilding, and the Ultramax bulk carrier "Stargazer" built by Changshi Shipbuilding's Cebu Shipyard in the Philippines. Both ships were leased for a period of seven years.

In addition, the company has been selling old ships with lower efficiency in its fleet, with a total of 9 old ships sold since November 2023,. In the first half of 2024, Star Bulk is expected to generate $112 million in revenue from ship sales.

It is understood that Star Bulk was established on December 13, 2006 and is a global shipping company that provides high-quality dry bulk transportation services. Its fleet consists of 122 modern ships built in world-class shipyards, with an average age of about 10.5 years. The ship types range from ultra flexible to Newcastlemax, with a total carrying capacity of approximately 13.4 million deadweight tons. Star Bulk's ships mainly transport bulk cargo such as iron ore, minerals, and grains, as well as small bulk cargo such as bauxite, fertilizers, and steel products. Every year, they safely, efficiently, and environmentally friendly transport over 70 million tons of goods around the world.

Excluding the latest orders from Star Bulk, according to Clarkson data, Qingdao Shipyard currently holds 26 orders of 1.75 million deadweight tons, including 16 bulk carriers, 9 container ships, and 1 three purpose working ship, with a delivery date scheduled for 2026.

Read More News About Marine Rubber Fenders