Star Bulk places $105m newbuilding order, linking fleet renewal with ESG goals 

Star Bulk Carriers, with ship management offices in Limassol, has placed an order for three Kamsarmax vessels at Hengli Shipyards in China, at an estimated construction cost of $35 million per vessel.

According to the announcement, the newbuildings will be fitted with exhaust gas cleaning systems (scrubbers), reflecting the company’s ongoing investment in environmentally efficient technologies.

The move forms part of Star Bulk’s broader strategy to upgrade and expand its fleet, which currently consists of 137 dry bulk carriers, ranging from Supramax to Newcastlemax.

With an average fleet age of 11.9 years, the company is in a strong position to pursue energy upgrades and further align with international environmental standards.

At the same time, Star Bulk, led by CEO Petros Pappas, already has a shipbuilding programme underway for five additional Kamsarmaxes, with deliveries expected from 2026 onwards.

The new order comes amid renewed activity among Greek shipping groups in the bulk carrier segment, following months of subdued newbuilding contracts.

Since mid-October, several companies have signed fresh deals with Chinese shipyards, signalling a wider phase of fleet renewal.

The investment also complements the company’s sustainability efforts, as outlined in its recently published 2024 Environmental, Social, and Governance (ESG) Report, the seventh annual edition.

Star Bulk, according to its report, continues to embed best practices across its operations, guided by its ESG Committee and a clear focus on measurable progress through sustainability-driven Key Performance Indicators (KPIs).

Pappas noted that the company’s 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.”