Star Bulk sells 35% stake in two kamsarmaxes to Hermes

Nasdaq-listed Star Bulk Carriers has entered into an agreement to divest a 35% stake in two modern kamsarmax bulk carriers to Hermes World Maritime, an investment vehicle operated by Itochu. According to Asia Shipping Media, the Greek owner will continue to perform both commercial and technical management duties for the vessels. The ships involved in the transaction are the 2026-built Star Ellie and Star Bella. Financial details regarding the partial sale and the anticipated date for completion remain undisclosed by the parties involved in the agreement.

The two kamsarmax vessels were constructed at the Hengli Heavy Industries shipyard in China. They represent a portion of a three-vessel acquisition programme that Star Bulk confirmed in November of last year. The owner originally secured these assets through novation and amendment agreements involving the Singapore and Dalian entities of the shipbuilder. While the company did not reveal its specific acquisition costs for the pair, industry observers have previously estimated the market value for comparable tonnage at between $36m and $38m per vessel.

This transaction marks a further expansion of Hermes World Maritime’s presence within the dry bulk sector. The company recently finalised an agreement to acquire a 49% interest in a vehicle holding two handysize bulkers from Taylor Maritime, a deal completed earlier this month. By shifting its focus to include modern kamsarmax tonnage, Hermes is diversifying its maritime portfolio. For Star Bulk, the arrangement provides a mechanism to reduce its ownership exposure in specific assets while maintaining operational control over the vessels through its existing management infrastructure.

Star Bulk continues to maintain a significant presence in the global dry bulk market. The company reports that its total fleet currently consists of 138 bulk carriers. This figure, which accounts for the firm's remaining newbuilding commitments, represents a total capacity of approximately 13.8m dwt on a fully delivered basis. The ongoing management of the Star Ellie and Star Bella remains consistent with the company’s broader strategy of overseeing its extensive fleet operations while managing capital allocation across its portfolio of modern, high-capacity vessels.

The strategic move highlights the ongoing trend of asset-holding vehicles increasing their involvement in the dry bulk market through minority stakes. By partnering with established operators like Star Bulk, investment entities can gain exposure to modern tonnage while leveraging the technical expertise of experienced shipowners. This structure allows the Greek owner to optimise its fleet composition and capital structure without relinquishing the commercial oversight of its vessels. As the dry bulk sector continues to evolve, such collaborative ownership models provide flexibility for both shipowners and institutional investors seeking to manage their maritime asset exposure effectively.