Star Bulk sells 35% stake in two newbuild vessels to Hermes World Maritime

Star Bulk Carriers, the shipping company owned by Petros Pappas, has agreed to sell a 35% stake in two newbuild Kamsarmax dry bulk vessels to Hermes World Maritime, an asset management and investment firm of Itochu.

The transaction involves the vessels Star Ellie and Star Bella, both scheduled for construction in 2026 at the Hengli Heavy Industries shipyard in China. While Hermes World Maritime will acquire the minority stake, Star Bulk Carriers will retain 65% ownership and continue to maintain both the commercial and technical management of both ships.

The deal is structured as a co-ownership arrangement rather than a sale of equity in the listed company itself, meaning no new shares will be issued and the company's shareholding structure remains unchanged. This move allows Star Bulk to share capital exposure while maintaining operational control. The specific financial terms and the expected completion date of the agreement have not been disclosed.