Splash247: Apeejay Shipping swaps younger ships for larger, older units in Star Bulk deal

Sumant Ahlawat-led Apeejay Shipping has reshuffled its dry bulk fleet, opting for larger units even at the expense of raising its overall fleet age. 

Last week, Greece’s Star Bulk Carriers announced a series of vessel sales. Apeejay Shipping – one of India’s oldest shipping companies – has now been confirmed as the buyer of some of those ships, paying $22.84m for the 18-year-old, 83,000 dwt sister vessels Star Danai and Star Georgia, both built in Japan. One vessel was added in May and one in August, according to VesselsValue. 

The acquisitions are the company’s first purchases of 2025 and mark a shift towards larger capacity tonnage. However, the move has not improved the Indian owner’s fleet profile. Apeejay has quietly offloaded two younger COSCO Guangdong-built supramaxes, delivered in 2009 and 2011, for a similar combined price. 

With the transactions completed, Apeejay’s dry bulk arm now comprises nine vessels with an average age of 18 years – a slight increase from before the reshuffle.