Shipping broker report 11/10/23

Haven’t posted a broker report in a few weeks. So here’s the latest one from the folks at Advanced Shipping & Trading

  • Activity in the bulk shipping transaction side is in the medium and smaller categories (12 vessels)
  • “Star Theta” likely a Star Bulk vessel (If you have been following Star Bulk Carriers, the company is buying another 10M tranche of their shares from Oaktree Capital @ $19.50/share)
  • Tanker segment: 14 tankers sold, including 2 pairs of VLCC trades.
  • Naming suggests the VLCCs are from the same seller - one pair 10 years old, one pair almost 20 years old
  • 2 container vessel trades, 2 LPG vessel trades
  • Newbuild activity: 11 vessels, including 4 Newcastlemaxes by our old buddy George Economou

Torm plc (TRMD) reported their Q3 2023 results this past week. In their notes are a couple of mentions on planned transactions the next few months- sale of 3 LR1, 2 MR tankers, & purchase of 4 MR tankers, 8 LR2 vessels. The LR2’s are 10.5 - 13 years old, and TRMD is acquiring them for abt $50M each. At first glance, somewhat expensive. But, if there is a low newbuild replacement rate, those vessels can likely be fixed @ higher rates even after the vessels cross the 15 year mark.


Confirmed that “Star Theta” does indeed show up on Star Bulk’s fleet list. Assuming zero => low debt, on the vessel, most of the proceeds can go in the “war chest” to pay off Oaktree Capital. Star Bulk needs more of such deals, or other means, to get to $195M

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