World News
Star Bulk: Older, Less Fuel-Efficient Bulkers Still Have a Role
Older and less-efficient vessels have a role to play in the bulker sector along with fuel-efficient new ships, Star Bulk Carriers Corp. [NASDAQ:SBLK] (Star Bulk) Chief Executive Petros Pappas told industry news site TradeWinds.
"Our eco newbuilding vessels are ideal for employment on a voyage basis while our older vessels may be more appropriate for short or medium term charters," Pappas said.
"As we see the market sentiment improving, we aim to start picking some of these vessels on medium to long term charters."
The Greek company has acquired two other bulk shippers, OceanBulk and Excel Maritime, this summer, making it the largest bulk owner listed in the U.S.
With newbuild orders coming in, Star Bulk, which is majority-owned by private equity firm Oaktree Capital, will have a trading fleet of 97 ships by the end of 2015 and 103 in the second quarter of 2016.
Pappas said the company is looking at further growth.
"We are here to expand when we see the opportunity for aggressive acquisitions," he said.
"It is not the number of the vessels it is the organization of the company and I think we can handle more vessels … but only if it is going to be good deals."
Among Star Bulk's orders are carriers that it has said will be the most fuel-efficient ships of their kind.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 647.50 | 1.00 | 770.00 | 3.50 |
| Rotterdam | 601.50 | 2.50 | 754.00 | 2.00 |
| Houston | 619.00 | 11.50 | 795.50 | 3.00 |
| Fujairah | 651.50 | 1.00 | 895.00 | 2.00 |
| Global 20 Ports Average | 664.00 | 1.50 | 856.50 | 2.00 |
| Global 4 Ports Average | 630.00 | 3.00 | 803.50 | 2.50 |
| Global Average Bunker Price | 718.00 | 0.50 | 914.50 | 0.50 |
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