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Star Bulk Carriers Corp. reports company developments tied to dry bulk shipping, fleet utilization and capital allocation. The company provides worldwide seaborne transportation for major bulks such as iron ore, minerals and grain, and minor bulks such as bauxite, fertilizers and steel products, using vessel classes that include Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax and Supramax.
Recurring news themes include quarterly and annual operating results, time charter equivalent rates, vessel coverage, fleet composition, dividend declarations, share repurchase programs, annual report availability, shareholder voting matters and other capital-structure updates for the Nasdaq-listed common stock.
Star Bulk Carriers Corp. (Nasdaq: SBLK) announced a definitive agreement to acquire three capesize dry bulk vessels for $39 million in cash and 2.1 million shares. The vessels, E.R. Bayonne, E.R. Borneo, and E.R. Buenos Aires, are equipped with scrubbers and will be delivered by early February 2021, pending customary conditions. The transaction enhances Star Bulk's fleet, which consists of 119 vessels with a total capacity of 13.4 million dwt. Financing for the cash portion of the deal is being discussed with a financial institution.
Star Bulk Carriers Corp. (SBLK) reported its financial results for Q3 and nine months ending September 30, 2020. The company achieved a net income of $23.3 million, compared to $5.8 million in Q3 2019, and an adjusted net income of $27.3 million. Voyage revenues decreased to $200.2 million from $248.4 million year-over-year, while Adjusted EBITDA rose to $79.7 million from $72.2 million. The daily TCE rate improved to $13,083 but faced challenges due to COVID-19 restrictions. Current liquidity stands at $225 million after refinancings contributing $113.2 million.
Star Bulk Carriers Corp. (SBLK) will announce its financial results for Q3 and the nine months ending September 30, 2020, after markets close on November 16, 2020. Management will discuss these results in a conference call on November 17, 2020, at 11:00 a.m. ET. Participants can join by dialing specific numbers provided for US, UK, and international callers. The call will also be available via live webcast on the Star Bulk website. The company operates a fleet of 116 vessels, emphasizing its role in the global dry bulk shipping sector.
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Star Bulk Carriers Corp. (SBLK) reported its unaudited financial results for Q2 2020, revealing a net loss of $44.1 million, or $0.46 per share, compared to a net loss of $40.2 million in Q2 2019. Voyage revenues fell to $146.1 million from $157.8 million year-over-year. Adjusted EBITDA increased to $35.1 million from $31.2 million. Despite challenges, the company has secured financing to boost liquidity, including $155.3 million in July and anticipates further cash inflow of $75 million. The average TCE for Q2 was $9,402/day, a decline from $10,549 in Q2 2019.
Star Bulk Carriers Corp. announced the delisting of its shares from the Oslo Børs, effective July 31, 2020. Following the delisting, shares will continue to trade on the Nasdaq under the symbol SBLK. Shareholders are encouraged to transfer their shares from the Norwegian Central Securities Depository (VPS) to a U.S. broker before the transitional period ends, approximately nine months post-delisting. Shares not transferred will be automatically removed from VPS by April 30, 2021. This move simplifies trading for U.S. investors.
Star Bulk Carriers Corp. (SBLK) announced its delisting from the Oslo Stock Exchange, effective August 3, 2020. The last trading day for the company's shares on the exchange will be July 31, 2020. This secondary listing on the OSE began on July 16, 2018. Star Bulk is a global shipping company specializing in dry bulk transportation, operating a fleet of 116 vessels with a combined capacity of 12.9 million deadweight tons. The company will provide details regarding the delisting process in the near future.
Star Bulk Carriers Corp. (SBLK) reported its Q1 2020 results, revealing voyage revenues of $160.9 million, down from $166.5 million in Q1 2019. The company achieved a net income of $2.8 million, reversing a net loss of $5.3 million a year earlier. EBITDA increased to $57.6 million, up from $46.4 million, while adjusted EBITDA fell to $32.6 million from $43.9 million year-over-year. The average Time Charter Equivalent (TCE) rate dropped to $10,949 per day, down from $11,192. The company opted not to declare a dividend for Q1 2020 to focus on liquidity amid COVID-19 impacts.
Star Bulk Carriers Corp. (Nasdaq: SBLK) held its Annual Meeting of Shareholders in Cyprus on May 12, 2020. Key proposals approved included the re-election of directors Mahesh Balakrishnan and Nikolaos Karellis, along with the election of Eleni Vrettou and Katherine Ralph as Class A directors. Notably, shareholders voted for the delisting of the Company’s common shares from the Oslo Børs. Additionally, Deloitte was appointed as the independent auditors for the fiscal year ending December 31, 2020. Nikolaos Karellis was elected as Chairman of the Audit Committee.