Struggling Star Bulk places vessels in major Capesize pool

In an attempt to save whatever can be saved in the collapsed dry bulk market, Greek Star Bulk is now placing nine of its Capesizes in the one year old collaboration with Golden Ocean and a series of other dry bulk players.

Photo: Star Bulk

Carriers are fighting hard to keep their head above water in the collapsed dry bulk market, and Greek-based Star Bulk Carriers is currently doing all it can to bring its share back on track on the New York Stock Exchange and thus dodge a forced de-listing. One of the carrier's latest initiatives is a deal approximately one year old collaboration on Capesize vessels - the pool Capesize Chartering Limited - to which Star Bulk will now hand over nine of its Capesizes which have till now been deployed in the spot market, informs the company in a statement.

And this seems to make sense in light of the current spot rates. According to analysts Seaport Global, the spot rate on Wednesday for a Capesize stood at just USD 2,799 per day.

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