Star Bulk chairman Petros Pappas has sold on two capesizes to the Nasdaq-listed owner in a deal tipping the scales at more than $50m.
It says both of the ships are attached to long-term contracts which will pile up to $75m in revenue into the quoted company.
Star has not named the ships but they appear to tally with vessels on the books of Pappas’ Oceanbulk.
The first of the pair is a 168,000-dwt Korean built vessel which hit the water in 1996 and is fixed to a mining major until late 2015 at $25,000 daily.
Oceanbulk’s Bigfish was built at Halla Engineering & Heavy Industries and appears the most likely match.
Star says the second cape, built in Japan in 1994, is fixed at $24,500 daily until August 2014.
The 170,000-dwt Megalodon, put together at Mitsubishi Heavy Industries, is the probable candidate.
Star, now led by Spyros Capralos, says it will fund the $51.5m deal with cash and bank debt. It is not clear whether it already has a loan for the ships in the bag.
The deal would leave Oceanbulk with only one bulker in the water, according to data from Clarksons.(Copyright)
