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Stam shipping sold their last cargo ship for recycling

Stam shipping sold their last cargo ship for recycling

It seems that Greece’s Stam Shipping has sold its last remaining large cargo ship for recycling. The ship in question is the Alba I, which was built in 2001. A company called Best Oasis, known for buying ships for cash, has announced that they’ve purchased the Alba I and it’s on its way to Bangladesh. The exact amount it was sold for hasn’t been revealed.

Stam Shipping had acquired the Alba I, initially named Fortune Trader, in October of the previous year for a reported price of $9.3 million. However, the ship’s value as scrap metal is estimated to be around $7.15 million, according to the online pricing platform VesselsValue. Interestingly, this ship was the only one Stam Shipping owned.

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Aside from the Alba I, Stam Shipping also had another ship in its fleet listed in the ship registry Equasis. This ship is called Nodus and was built in 2010, categorized as a general cargo ship.

The company Stam Shipping, led by Stamatis Sarris, entered the Greek shipping industry in 2009. They spent more than $60 million on three smaller bulk carriers initially, and later on added five more ships to their fleet. However, all of these ships have been sold since then.

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In another recent transaction, Stam Shipping sold a ship named MV Barra, which was a handysize bulk carrier with a capacity of 42,000 deadweight tons (DWT). The buyer was a shipowner in Iraq, and the sale was for $2.6 million. MV Barra had undergone a Special Survey (SS) recently and had been stationary in Greece since January. Notably, Stam Shipping had purchased MV Barra in 2010 for a significantly higher price of $22 million. This shows the change in its value over the years.

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