Star Bulk Carriers has agreed to sell a 35% ownership interest in two 2026-built kamsarmaxes to Hermes World Maritime, Itochu's investment and asset-holding vehicle, while retaining commercial and technical management of both ships.

The Petros Pappas-led, Nasdaq-listed owner identified the vessels as the Star Ellie and Star Bella. Financial terms and the expected completion date remain undisclosed.

Where do the ships come from?

Both vessels emerged from China's Hengli Heavy Industries and form part of Star Bulk's three-vessel kamsarmax acquisition programme at the yard, confirmed in November last year. The company secured the ships through novation and amendment agreements with Hengli's Singapore and Dalian entities.

Market sources previously valued similar vessels at approximately $36m to $38m apiece, although Star Bulk has not disclosed what it paid for the pair.

What does the deal signal about Hermes' strategy?

The transaction extends Hermes' dry bulk exposure beyond handysize tonnage into modern kamsarmaxes. Hermes has been building its position in the sector steadily.

In September, the company agreed to acquire a 49% stake in a vehicle holding two handysize bulkers being sold by London-listed Taylor Maritime. The remaining 51% went to chief executive Ed Buttery's private investment vehicle, T3 Holding.

That deal — part of Taylor Maritime's fleet wind-down — completed earlier this month. The two-vessel package was valued at approximately $33.6m, with Hermes paying around $16.4m for its minority stake.

What are the commercial consequences?

For Star Bulk, the structure allows the owner to release part of its ownership exposure on recently delivered tonnage without surrendering operational control. The company keeps the ships under its own commercial and technical management, preserving earning capacity on the water while recycling equity into balance-sheet flexibility.

For Hermes and its Japanese parent Itochu, the move adds modern, fuel-efficient kamsarmax tonnage — the workhorse size segment for grain, bauxite and coal trades — to a portfolio that until now centred on smaller handysize units. Japanese trading houses have repeatedly used sale-and-leaseback and minority-stake structures to gain asset exposure while leaving specialist operators to run the ships.

For the wider market, the deal offers another data point on how secondhand values for modern dry bulk tonnage are being underwritten by institutional capital. If Hermes is paying market-clearing prices near the $36m-to-$38m range indicated by brokers for comparable kamsarmaxes, a 35% interest in two vessels would imply a total consideration in the region of $25m to $27m — though neither party has confirmed the price.

How big is Star Bulk's fleet?

Star Bulk puts its fleet at 138 bulkers totalling approximately 13.8m dwt on a fully delivered basis, including its remaining newbuilding commitments. That scale makes it one of the largest listed dry bulk owners, and its willingness to monetise stakes in new deliveries — rather than sell ships outright — suggests management sees more value in keeping operational control than in exiting positions entirely.

The kamsarmax segment has attracted steady ordering at Chinese yards including Hengli, with owners favouring the 82,000-dwt class for its flexibility across major bulk and grain trades.

Star Bulk has not indicated whether further stake sales to Hermes or other investors are planned, but the template now exists: partial monetisation of newbuild deliveries with management retained. Expect more Greek owners to test whether Japanese trading capital will fund similar structures as the 2025-2026 delivery cycle peaks.