Star Bulk Carriers is eyeing further acquisitions following its merger with Oceanbulk and buy out of Excel Maritime, and plans to sell some older vessels.

Star Bulk reported a marginal net profit of $221,000 for the third quarter reversing a loss of $168,000 in the same period in 2013. The company noted that it was profitable despite the soft freight market.

Star Bulk has completed its merger with Oceanbulk and has so far taken delivery of 20 out of 34 ships coming from Excel Maritime. Once all the vessels are delivered the company will have 68 dry bulk vessels on the water and 35 newbuildings on order

Star Bulk believes it scale gives it advantage in terms of operating costs and is looking to expand further.

In its third quarter earnings call Star Bulk ceo Petro Pappas said: “We will keep on monitoring the market for further acquisition opportunities aiming to further consolidate the industry.

“We intend to continue to opportunistically acquire high quality fleets at attractive prices as long as such transactions are accretive to our shareholders.”

He added the company may sell some of its older vessels, to maintain a low average fleet age. The acquisition of the Excel Maritime fleet included 11 vessels built in the 1990’s.