Star Bulk has made a significant investment, placing a $105 million order for three Kamsarmax vessels at Hengli Shipyards in China. Each vessel is estimated to cost around $35 million and will be equipped with advanced exhaust gas cleaning systems, also known as scrubbers, demonstrating the company’s commitment to environmentally efficient shipping practices.
Kamsarmax vessels: Fleet Expansion and Modernisation
This order is part of Star Bulk’s broader strategy to modernise its fleet, which currently comprises 137 dry bulk carriers of various sizes, ranging from Supramax to Newcastlemax. With an average fleet age of 11.9 years, the company is in a robust position to pursue energy-efficient upgrades that align with international environmental standards.
Ongoing Shipbuilding Initiatives
In addition to the new order, Star Bulk, under the leadership of CEO Petros Pappas, is also progressing with a shipbuilding programme that includes five additional Kamsarmax vessels, with deliveries set to commence in 2026. This ongoing investment illustrates the company’s determination to enhance its operational capabilities while adhering to sustainable practices.
Greek Shipping Sector Revival
The newbuilding order coincides with a resurgence in activities among Greek shipping companies within the bulk carrier segment. After a period of subdued newbuilding contracts, several firms have recently engaged with Chinese shipyards, indicating a renewed phase of fleet renewal across the industry.
Commitment to Sustainability
This investment aligns with Star Bulk’s sustainability objectives, as highlighted in its 2024 Environmental, Social, and Governance (ESG) Report, which is now in its seventh edition. The report outlines the company’s dedication to embedding best practices across all operations, guided by an ESG Committee focused on measurable progress through sustainability-driven Key Performance Indicators (KPIs).
Vision for the Future
Pappas articulated the company’s mission, stating, “Our mission remains clear: to be a reliable partner in global trade while leading the transition toward a more sustainable maritime future, together with our people, partners, and communities around the world.” This vision underscores Star Bulk’s proactive approach to both business and environmental stewardship.
