Star Bulk Offloads 35% Stake in Two Kamsarmax Bulkers to Itochu's Hermes World Maritime

## Star Bulk Sells Down Kamsarmax Pair to Itochu-Backed Hermes Nasdaq-listed Greek dry bulk heavyweight Star Bulk Carriers has struck a deal to divest a 35% ownership stake in two recently built kamsarmax bulkers to Hermes World Maritime, the investment and asset-holding vehicle of Japanese trading conglomerate Itochu Corporation, according to Splash247. Under the terms of the agreement, Star Bulk will retain both commercial and technical management of the two vessels — a structure that allows the company to preserve operational control and management fee income while recycling capital from its balance sheet. The transaction is consistent with a broader trend among major dry bulk owners of pursuing sale-and-leaseback arrangements or partial stake disposals to institutional and strategic investors, enabling fleet renewal and balance sheet optimisation without fully relinquishing management influence over key assets. ### Strategic Context Kamsarmax bulkers — a subclass of panamax vessels designed to maximise cargo capacity within the dimensional constraints of the Port of Kamsar in Guinea — have remained in demand among operators serving major coal and grain trade routes. Newly built units command particular interest from institutional investors seeking exposure to dry bulk markets with reduced technical risk. For Star Bulk, one of the world's largest dry bulk operators by fleet capacity, the partial divestiture aligns with its ongoing strategy of fleet portfolio management. By bringing in a well-capitalised partner such as Hermes World Maritime, backed by Itochu's considerable financial resources, the company secures liquidity while maintaining its commercial footprint on the vessels. Itochu's involvement through Hermes World Maritime signals continued appetite from Japanese trading houses for maritime asset investment, a long-established pattern in the global shipping industry where Japanese conglomerates have historically played a significant role in ship financing and ownership structures. ### Management Retention Key The retention of commercial and technical management by Star Bulk is a critical element of the deal. It ensures the company continues to earn management revenues and maintains operational oversight, while the partial sale provides an injection of capital that can be redeployed across the broader fleet or used to reduce leverage. Further financial details of the transaction, including the agreed valuation of the two vessels, had not been fully disclosed at the time of reporting, according to Splash247. *Source: Splash247*