Star Bulk Carriers Corp. Reports Financial Results for the Second Quarter of 2025, and Declares Quarterly Dividend of $0.05 Per Share
Star Bulk Carriers (NASDAQ:SBLK) reported its Q2 2025 financial results with net income of $0.04 million and EBITDA of $55.9 million. The company declared a quarterly dividend of $0.05 per share, marking its 18th consecutive quarter of capital returns.
Key financial metrics showed significant year-over-year declines, with voyage revenues decreasing to $247.4 million from $352.9 million in Q2 2024, and TCE rate dropping to $13,624 from $19,268. The company continued its fleet optimization by selling nine vessels and repurchased 3.3 million shares at an average price of $16.47.
The Board authorized a new $100 million share repurchase program and secured two new revolving facilities totaling $115 million, enhancing liquidity to over $520 million. The company maintains a positive long-term outlook despite near-term market challenges.
Star Bulk Carriers (NASDAQ:SBLK) ha comunicato i risultati finanziari del secondo trimestre 2025, registrando un utile netto di 0,04 milioni di dollari e un EBITDA di 55,9 milioni di dollari. La società ha dichiarato un dividendo trimestrale di 0,05 dollari per azione, segnando il 18° trimestre consecutivo di distribuzione di capitale.
I principali indicatori finanziari hanno mostrato un calo significativo su base annua, con ricavi da spedizione scesi a 247,4 milioni di dollari rispetto ai 352,9 milioni del secondo trimestre 2024, e il tasso TCE diminuito a 13.624 dollari da 19.268 dollari. L’azienda ha proseguito nell’ottimizzazione della flotta vendendo nove navi e riacquistando 3,3 milioni di azioni a un prezzo medio di 16,47 dollari.
Il Consiglio ha autorizzato un nuovo programma di riacquisto azionario da 100 milioni di dollari e ha ottenuto due nuove linee di credito revolving per un totale di 115 milioni di dollari, portando la liquidità a oltre 520 milioni di dollari. Nonostante le sfide di mercato a breve termine, la società mantiene una prospettiva positiva a lungo termine.
Star Bulk Carriers (NASDAQ:SBLK) informó sus resultados financieros del segundo trimestre de 2025, con un ingreso neto de 0,04 millones de dólares y un EBITDA de 55,9 millones de dólares. La compañía declaró un dividendo trimestral de 0,05 dólares por acción, marcando su 18º trimestre consecutivo de retornos de capital.
Los principales indicadores financieros mostraron caídas significativas interanuales, con ingresos por viajes que disminuyeron a 247,4 millones de dólares desde 352,9 millones en el segundo trimestre de 2024, y la tasa TCE bajó a 13.624 dólares desde 19.268 dólares. La empresa continuó optimizando su flota vendiendo nueve buques y recomprando 3,3 millones de acciones a un precio promedio de 16,47 dólares.
La Junta autorizó un nuevo programa de recompra de acciones por 100 millones de dólares y aseguró dos nuevas líneas de crédito revolventes por un total de 115 millones de dólares, aumentando la liquidez a más de 520 millones de dólares. La empresa mantiene una perspectiva positiva a largo plazo a pesar de los desafíos del mercado a corto plazo.
Star Bulk Carriers (NASDAQ:SBLK)는 2025년 2분기 재무 실적을 발표하며 순이익 40,000달러와 EBITDA 5,590만 달러를 기록했습니다. 회사는 주당 0.05달러의 분기 배당금을 선언하며 18분기 연속 자본 환원 행보를 이어갔습니다.
주요 재무 지표는 전년 대비 크게 감소했으며, 운송 수익은 2억 4,740만 달러로 2024년 2분기 3억 5,290만 달러에서 감소했고, TCE율은 19,268달러에서 13,624달러로 하락했습니다. 회사는 선대 최적화를 위해 9척의 선박을 매각하고 평균 16.47달러에 330만 주를 자사주로 매입했습니다.
이사회는 1억 달러 규모의 신규 자사주 매입 프로그램을 승인하고 총 1억 1,500만 달러의 두 건의 신규 리볼빙 대출을 확보하여 유동성을 5억 2,000만 달러 이상으로 강화했습니다. 단기 시장 도전에도 불구하고 회사는 장기적으로 긍정적인 전망을 유지하고 있습니다.
Star Bulk Carriers (NASDAQ:SBLK) a publié ses résultats financiers du deuxième trimestre 2025, affichant un bénéfice net de 0,04 million de dollars et un EBITDA de 55,9 millions de dollars. La société a annoncé un dividende trimestriel de 0,05 dollar par action, marquant son 18e trimestre consécutif de retour de capital.
Les principaux indicateurs financiers ont montré des baisses significatives d’une année sur l’autre, avec des revenus de voyage en baisse à 247,4 millions de dollars contre 352,9 millions au deuxième trimestre 2024, et un taux TCE en baisse à 13 624 dollars contre 19 268 dollars. La société a poursuivi l’optimisation de sa flotte en vendant neuf navires et en rachetant 3,3 millions d’actions à un prix moyen de 16,47 dollars.
Le Conseil d’administration a autorisé un nouveau programme de rachat d’actions de 100 millions de dollars et obtenu deux nouvelles facilités de crédit renouvelables totalisant 115 millions de dollars, portant la liquidité à plus de 520 millions de dollars. Malgré les défis du marché à court terme, la société maintient une perspective positive à long terme.
Star Bulk Carriers (NASDAQ:SBLK) meldete seine Finanzergebnisse für das zweite Quartal 2025 mit einem Nettogewinn von 0,04 Millionen US-Dollar und einem EBITDA von 55,9 Millionen US-Dollar. Das Unternehmen erklärte eine Quartalsdividende von 0,05 US-Dollar je Aktie, was die 18. aufeinanderfolgende Ausschüttung von Kapital darstellt.
Wichtige Finanzkennzahlen zeigten im Jahresvergleich deutliche Rückgänge, wobei die Reiseerlöse auf 247,4 Millionen US-Dollar sanken von 352,9 Millionen US-Dollar im zweiten Quartal 2024, und die TCE-Rate auf 13.624 US-Dollar von 19.268 US-Dollar fiel. Das Unternehmen setzte seine Flottenoptimierung fort, indem es neun Schiffe verkaufte und 3,3 Millionen Aktien zum Durchschnittspreis von 16,47 US-Dollar zurückkaufte.
Der Vorstand genehmigte ein neues Aktienrückkaufprogramm in Höhe von 100 Millionen US-Dollar und sicherte sich zwei neue revolvierende Kreditlinien in Höhe von insgesamt 115 Millionen US-Dollar, wodurch die Liquidität auf über 520 Millionen US-Dollar erhöht wurde. Trotz kurzfristiger Marktprobleme bleibt das Unternehmen langfristig optimistisch.
- 18th consecutive profitable quarter and dividend payment
- New $115 million in revolving facilities secured, boosting liquidity to over $520 million
- Strategic fleet optimization through sale of 9 non-core vessels
- Reduced daily operating expenses to $4,928 per vessel from $5,319 year-over-year
- Strong balance sheet with 12 unencumbered vessels after debt prepayments
- Net income dropped to $0.04 million from $106.1 million year-over-year
- Voyage revenues declined 30% to $247.4 million from $352.9 million
- TCE rate decreased 29% to $13,624 from $19,268 year-over-year
- Quarterly dividend reduced to $0.05 from $0.70 year-over-year
- $8.0 million loss recorded from vessel sales
Insights
Star Bulk reports sharply lower Q2 earnings with $0.04M net income vs $106.1M last year; maintains dividend at $0.05 despite 95% profit decline.
Star Bulk Carriers reported significantly weaker Q2 2025 results with net income collapsing to just
Despite the profit collapse, management maintained its dividend streak with a quarterly payout of
Star Bulk continued its fleet optimization strategy, selling nine vessels that "no longer fit with our commercial profile" during Q2 2025. Management expects to collect gross proceeds of approximately
The company's share repurchase activity remained robust with 3.28 million shares bought back at an average price of
Operating metrics showed some improvement despite market headwinds, with daily operating expenses per vessel decreasing to
ATHENS, Greece, Aug. 06, 2025 (GLOBE NEWSWIRE) -- Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes, today announced its unaudited financial and operating results for the second quarter of 2025. Unless otherwise indicated or unless the context requires otherwise, all references in this press release to "we," "us," "our," or similar references, mean Star Bulk Carriers Corp. and, where applicable, its consolidated subsidiaries.
Financial Highlights
| (Expressed in thousands of U.S. dollars, except for daily rates and per share data) | |||||||||
| Second quarter 2025 | Second quarter 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | ||||||
| Voyage Revenues | |||||||||
| Net income | |||||||||
| Adjusted Net income (1) | |||||||||
| Net cash provided by operating activities | |||||||||
| EBITDA (2) | |||||||||
| Adjusted EBITDA (2) | |||||||||
| Earnings per share basic | |||||||||
| Earnings per share diluted | |||||||||
| Adjusted earnings per share basic (1) | |||||||||
| Adjusted earnings per share diluted (1) | |||||||||
| Dividend per share for the relevant period | |||||||||
| Average Number of Vessels | 147.6 | 155.0 | 149.2 | 134.2 | |||||
| TCE Revenues (3) | |||||||||
| Daily Time Charter Equivalent Rate ("TCE") (3) | |||||||||
| Daily OPEX per vessel (4) | |||||||||
| Daily OPEX per vessel (as adjusted) (4) | |||||||||
| Daily Net Cash G&A expenses per vessel (5) | |||||||||
(1) Adjusted Net income, Adjusted earnings per share basic and diluted are non-GAAP measures. Please see EXHIBIT I at the end of this release for a reconciliation to Net income and earnings per share basic and diluted, which are the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), as well as for the definition of each measure.
(2) EBITDA and Adjusted EBITDA are non-GAAP liquidity measures. Please see EXHIBIT I at the end of this release for a reconciliation of EBITDA and Adjusted EBITDA to Net Cash Provided by / (Used in) Operating Activities, which is the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, as well as for the definition of each measure. To derive Adjusted EBITDA from EBITDA, we exclude certain non-cash gains / (losses).
(3) Daily Time Charter Equivalent (“TCE”) Rate and TCE Revenues are non-GAAP measures. Please see EXHIBIT I at the end of this release for a reconciliation to Voyage Revenues, which is the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. The definition of each measure is provided in footnote (7) to the Summary of Selected Data table below.
(4) Daily OPEX per vessel is calculated by dividing vessel operating expenses by Ownership days (defined below). Daily OPEX per vessel (as adjusted) is calculated by dividing vessel operating expenses excluding pre-delivery expenses for each vessel on acquisition or change of management, if any, by Ownership days. In the future we may incur expenses that are the same as or similar to certain expenses (as described above) that were previously excluded.
(5) Daily Net Cash G&A expenses per vessel is calculated by (1) adding the Management fee expense to the General and Administrative expenses, net of share-based compensation expense and other non-cash charges and (2) then dividing the result by the sum of Ownership days and Charter-in days (defined below). Please see EXHIBIT I at the end of this release for a reconciliation to General and administrative expenses, which is the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
Petros Pappas, Chief Executive Officer of Star Bulk, commented:
“Star Bulk reported our 20th consecutive profitable quarter with net income of
Following our stated capital allocation strategy, we declared a
We continue to refine our fleet by selling during Q2 2025 nine vessels that no longer fit with our commercial profile, thereby bolstering our cash reserves. Financially, we have continued to enhance our liquidity to over
Despite near-term challenges due to geopolitical tensions, we remain optimistic about the dry bulk market longer-term, driven by the low order book and IMO regulatory tailwinds. We believe Star Bulk is well prepared, with a versatile fleet, strong balance sheet and proactive approach to take advantage of market opportunities.”
Recent Developments
Declaration of Dividend
On August 6, 2025, pursuant to our dividend policy, our Board of Directors declared a quarterly cash dividend of
Share Repurchase Program & Shares Outstanding Update
From the start of the second quarter of 2025 through the date of this release, we have repurchased and cancelled 3,276,345 common shares in open market transactions at an average price of
On August 6, 2025, our Board of Directors cancelled the existing
As of the date of this release, we have 114,312,476 shares outstanding and
Fleet Update
Vessels’ S&P
In connection with the previously announced vessel sales, the vessels Puffin Bulker and Star Canary were delivered to their new owners during the second quarter of 2025, while the vessel Star Petrel was delivered to its new owners in July 2025. In addition, in May 2025, we agreed to sell the vessels Oriole and Star Georgia, which were delivered to their new owners in May 2025 and July 2025, respectively. Furthermore, between April 1 and August 6, 2025, we agreed to sell the vessels Star Nighthawk, Star Runner, Star Danai, Star Goal, Star Sandpiper and Star Owl, which are expected to be delivered to their new owners by the end of 2025, other than Star Owl, which was delivered to its new owners in July 2025.
In connection with the vessel sales described above, during the third and fourth quarters of 2025, we expect to deliver eight vessels to their new owners (including three that were delivered in July) and collect total gross proceeds of approximately
Financing
During the second quarter of 2025, we made debt prepayments of approximately
In May 2025, as previously announced, we signed the ABN Revolving Facility, a senior secured revolving facility for an amount of up to
In June 2025, we entered into a loan agreement with National Bank of Greece S.A. ("NBG") for a secured revolving facility in an amount of up to
Interest Rate Swaps
In July 2025, we early terminated the two existing interest rate swap agreements with ING Bank N.V., London Branch which were originally set to mature in March 2026 and July 2026, and we received an amount of
Vessel Employment Overview
Time Charter Equivalent Rate (“TCE rate”) is a non-GAAP measure. Please see EXHIBIT I at the end of this release for a reconciliation to Voyage Revenues, which is the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
Our TCE rate per day per main vessel category was as follows:
| Second quarter 2025 | Six months ended June 30, 2025 | ||||||
| Capesize / Newcastlemax Vessels: | $ | 21,462 | $ | 21,159 | |||
| Post Panamax / Kamsarmax / Panamax Vessels: | $ | 11,294 | $ | 10,658 | |||
| Ultramax / Supramax Vessels: | $ | 12,112 | $ | 11,355 | |||
Amounts shown throughout the press release and variations in period–over–period comparisons are derived from the actual unaudited numbers in our books and records. Reference to per share figures below are based on 116,086,335 and 115,256,711 weighted average diluted shares for the second quarter of 2025 and 2024, respectively.
Second Quarter 2025 and 2024 Results
For the second quarter of 2025, we had net income of
Net cash provided by operating activities for the second quarter of 2025 was
Voyage revenues for the second quarter of 2025 decreased to
Charter-in hire expenses for the second quarter of 2025 increased to
Vessel operating expenses for the second quarters of 2025 and 2024 amounted to
Dry docking expenses for the second quarters of 2025 and 2024 were
General and administrative expenses for the second quarters of 2025 and 2024 were
Depreciation expense decreased to
Our results for the second quarter of 2025 include a loss from sale of vessels of
During the second quarter of 2025, we incurred a net gain on forward freight agreements and bunker swaps of
Other operational gain for the second quarters of 2025 and 2024 amounted to
Interest and finance costs for the second quarters of 2025 and 2024 were
_____________________
1 Please see the table at the end of this release for the calculation of the TCE Revenues.
Unaudited Consolidated Income Statements
| (Expressed in thousands of U.S. dollars except for share and per share data) | Second quarter 2025 | Second quarter 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | |||||||||||||
| Revenues: | |||||||||||||||||
| Voyage revenues | $ | 247,408 | $ | 352,875 | $ | 478,058 | $ | 612,265 | |||||||||
| Total revenues | 247,408 | 352,875 | 478,058 | 612,265 | |||||||||||||
| Expenses: | |||||||||||||||||
| Voyage expenses | (55,846 | ) | (72,334 | ) | (112,164 | ) | (129,428 | ) | |||||||||
| Charter-in hire expenses | (17,310 | ) | (13,067 | ) | (33,210 | ) | (16,993 | ) | |||||||||
| Vessel operating expenses | (67,955 | ) | (75,527 | ) | (135,897 | ) | (126,699 | ) | |||||||||
| Dry docking expenses | (21,026 | ) | (12,348 | ) | (45,703 | ) | (22,369 | ) | |||||||||
| Depreciation | (42,608 | ) | (43,547 | ) | (85,562 | ) | (75,537 | ) | |||||||||
| Management fees | (5,894 | ) | (4,292 | ) | (11,494 | ) | (8,696 | ) | |||||||||
| General and administrative expenses | (18,236 | ) | (19,480 | ) | (33,497 | ) | (30,175 | ) | |||||||||
| Gain/(Loss) on forward freight agreements and bunker swaps, net | 1,405 | 1,605 | 4,335 | (4,316 | ) | ||||||||||||
| Other operational loss | (434 | ) | (720 | ) | (1,590 | ) | (901 | ) | |||||||||
| Other operational gain | 1,690 | 125 | 13,727 | 1,742 | |||||||||||||
| Gain/(Loss) on sale of vessels | (7,958 | ) | 14,169 | (8,698 | ) | 22,938 | |||||||||||
| Operating income | 13,236 | 127,459 | 28,305 | 221,831 | |||||||||||||
| Interest and finance costs | (18,858 | ) | (25,613 | ) | (38,133 | ) | (46,112 | ) | |||||||||
| Interest income and other income/(loss) | 5,375 | 4,820 | 10,087 | 7,346 | |||||||||||||
| Gain/(Loss) on derivative financial instruments, net | 394 | (436 | ) | 446 | (1,246 | ) | |||||||||||
| Gain/(Loss) on debt extinguishment, net | (121 | ) | (197 | ) | (186 | ) | (1,010 | ) | |||||||||
| Total other expenses, net | (13,210 | ) | (21,426 | ) | (27,786 | ) | (41,022 | ) | |||||||||
| Income before taxes and equity in income/(loss) of investee | $ | 26 | $ | 106,033 | $ | 519 | $ | 180,809 | |||||||||
| Income tax (expense)/refund | - | 10 | - | 116 | |||||||||||||
| Income before equity in income/(loss) of investee | 26 | 106,043 | 519 | 180,925 | |||||||||||||
| Equity in income/(loss) of investee | 13 | 37 | (18 | ) | 11 | ||||||||||||
| Net income | $ | 39 | $ | 106,080 | $ | 501 | $ | 180,936 | |||||||||
| Earnings per share, basic | $ | 0.00 | $ | 0.97 | $ | 0.00 | $ | 1.87 | |||||||||
| Earnings per share, diluted | $ | 0.00 | $ | 0.93 | $ | 0.00 | $ | 1.82 | |||||||||
| Weighted average number of shares outstanding, basic | 115,963,843 | 109,506,036 | 116,583,497 | 96,670,823 | |||||||||||||
| Weighted average number of shares outstanding, diluted | 116,086,335 | 115,256,711 | 116,755,442 | 99,716,982 | |||||||||||||
Unaudited Consolidated Condensed Balance Sheet Data
| (Expressed in thousands of U.S. dollars) | |||||||
| ASSETS | June 30, 2025 | December 31, 2024 | |||||
| Cash and cash equivalents and restricted cash, current | $ | 426,151 | 436,284 | ||||
| Vessel held for sale | 10,777 | - | |||||
| Other current assets (including investment in debt security of | 195,119 | 222,689 | |||||
| TOTAL CURRENT ASSETS | 632,047 | 658,973 | |||||
| Advances for vessels under construction | 29,089 | 27,526 | |||||
| Vessels and other fixed assets, net | 3,054,502 | 3,208,357 | |||||
| Restricted cash, non current | 4,615 | 4,596 | |||||
| Other non-current assets | 173,168 | 186,926 | |||||
| TOTAL ASSETS | $ | 3,893,421 | $ | 4,086,378 | |||
| Current portion of long-term bank loans and lease financing | 230,835 | 223,878 | |||||
| Other current liabilities | 162,882 | 175,934 | |||||
| TOTAL CURRENT LIABILITIES | 393,717 | 399,812 | |||||
| Long-term bank loans and lease financing non-current (net of unamortized deferred finance fees of | 954,722 | 1,047,659 | |||||
| Other non-current liabilities | 142,761 | 157,132 | |||||
| TOTAL LIABILITIES | $ | 1,491,200 | $ | 1,604,603 | |||
| SHAREHOLDERS' EQUITY | 2,402,221 | 2,481,775 | |||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 3,893,421 | $ | 4,086,378 | |||
Unaudited Consolidated Condensed Cash Flow Data
| (Expressed in thousands of U.S. dollars) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | |||||||||
| Net cash provided by / (used in) operating activities | $ | 103,001 | $ | 256,861 | |||||||
| Acquisition of other fixed assets | (163 | ) | (133 | ) | |||||||
| Capital expenditures for acquisitions/vessel modifications/upgrades and advances for vessels under construction | (14,930 | ) | (35,352 | ) | |||||||
| Cash proceeds from vessel sales | 65,672 | 221,251 | |||||||||
| Investment in debt security | (914 | ) | - | ||||||||
| Cash received from Eagle Merger | - | 104,325 | |||||||||
| Hull and machinery insurance proceeds | 10,088 | 2,391 | |||||||||
| Net cash provided by / (used in) investing activities | 59,753 | 292,482 | |||||||||
| Proceeds from new debt | 248,000 | 388,120 | |||||||||
| Scheduled debt repayment | (105,906 | ) | (91,751 | ) | |||||||
| Debt prepayment due to refinancing and vessel sales | (229,176 | ) | (119,873 | ) | |||||||
| Prepayment of Eagle assumed debt | - | (375,500 | ) | ||||||||
| Financing and debt extinguishment fees paid | (816 | ) | (3,626 | ) | |||||||
| Offering expenses | - | (96 | ) | ||||||||
| Repurchase of common shares and treasury stock | (68,889 | ) | - | ||||||||
| Dividends paid | (16,081 | ) | (122,833 | ) | |||||||
| Net cash provided by / (used in) financing activities | (172,868 | ) | (325,559 | ) | |||||||
Summary of Selected Data
| Second quarter 2025 | Second quarter 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | |||||||||
| Average number of vessels (1) | 147.6 | 155.0 | 149.2 | 134.2 | ||||||||
| Number of vessels (2) | 145 | 156 | 145 | 156 | ||||||||
| Average age of operational fleet (in years) (3) | 12.4 | 11.7 | 12.4 | 11.7 | ||||||||
| Ownership days (4) | 13,433 | 14,106 | 26,998 | 24,420 | ||||||||
| Available days (5) | 12,925 | 13,606 | 25,730 | 23,575 | ||||||||
| Charter-in days (6) | 957 | 651 | 2,029 | 922 | ||||||||
| Daily Time Charter Equivalent Rate (7) | ||||||||||||
| Daily OPEX per vessel (8) | ||||||||||||
| Daily OPEX per vessel (as adjusted) (8) | ||||||||||||
| Daily Net Cash G&A expenses per vessel (9) | ||||||||||||
(1) Average number of vessels is the number of vessels that constituted our owned fleet for the relevant period, as measured by the sum of the number of days each operating vessel was a part of our owned fleet during the period divided by the number of calendar days in that period.
(2) As of the last day of each period presented.
(3) Average age of our operational fleet is calculated as of the end of each period.
(4) Ownership days are the total calendar days each vessel in the fleet was owned by us for the relevant period, including vessels subject to sale and leaseback transactions and finance leases.
(5) Available days are the Ownership days after subtracting off-hire days for major repairs, dry docking or special or intermediate surveys, change of management and vessels’ improvements and upgrades. Our method of computing Available Days may not necessarily be comparable to Available Days of other companies.
(6) Charter-in days are the total days that we charter-in third party vessels.
(7) Time charter equivalent (“TCE”) rate represents the weighted average daily TCE rates of our operating fleet (including owned fleet and charter-in vessels). TCE rate is a measure of the average daily net revenue performance of our operating fleet. Our method of calculating TCE rate is determined by dividing (a) TCE Revenues, which consists of Voyage Revenues net of voyage expenses, charter-in hire expense, amortization of fair value of above/below market acquired time charter agreements, if any, as well as adjusted for the impact of realized gain/(loss) on forward freight agreements (“FFAs”) and bunker swaps by (b) Available days for the relevant time period. Available days do not include the Charter-in days as per the relevant definitions provided above. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well as commissions. In the calculation of TCE Revenues, we also include the realized gain/(loss) on FFAs and bunker swaps as we believe that this method better reflects the chartering result of our fleet and is more comparable to the method used by some of our peers. TCE Revenues and TCE rate, which are non-GAAP measures, provide additional meaningful information in conjunction with Voyage Revenues, the most directly comparable GAAP measure, because they assist our management in making decisions regarding the deployment and use of our vessels and because we believe that they provide useful information to investors regarding our financial performance. TCE rate is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., voyage charters, time charters, bareboat charters and pool arrangements) under which its vessels may be employed between the periods. Our method of computing TCE Revenues and TCE rate may not necessarily be comparable to those of other companies. For a detailed calculation, please see EXHIBIT I at the end of this release with the reconciliation of Voyage Revenues to TCE rate.
(8) Daily OPEX per vessel is calculated by dividing vessel operating expenses by Ownership days. Daily OPEX per vessel (as adjusted) is calculated by dividing vessel operating expenses excluding pre-delivery expenses for each vessel on acquisition or change of management, if any, by Ownership days. We exclude the abovementioned expenses that may occur occasionally from our Daily OPEX per vessel, since these generally represent items that we would not anticipate occurring as part of our normal business on a regular basis. We believe that Daily OPEX per vessel (as adjusted) is a useful measure for our management and investors for period to period comparison with respect to our operating cost performance since such measure eliminates the effects of the items described above, which may vary from period to period, are not part of our daily business and derive from reasons unrelated to overall operating performance. In the future we may incur expenses that are the same as or similar to certain expenses (as described above) that were previously excluded. Vessel operating expenses for the second quarter of 2025 included pre-delivery expenses due to change of management of
(9) Please see EXHIBIT I at the end of this release for the reconciliation to General and administrative expenses, the most directly comparable GAAP measure. We believe that Daily Net Cash G&A expenses per vessel is a useful measure for our management and investors for period to period comparison with respect to our financial performance since such measure eliminates the effects of non-cash items which may vary from period to period, are not part of our daily business and derive from reasons unrelated to overall operating performance. In the future we may incur expenses that are the same as or similar to certain expenses (as described above) that were previously excluded.
EXHIBIT I: Non-GAAP Financial Measures
EBITDA and Adjusted EBITDA Reconciliation
We include EBITDA (earnings before interest, taxes, depreciation and amortization) herein since it is a basis upon which we assess our liquidity position, and we believe that it presents useful information to investors regarding our ability to service and/or incur indebtedness.
To derive Adjusted EBITDA from EBITDA, we exclude non-cash gains/(losses) such as those related to sale of vessels, share-based compensation expense, impairment loss, loss from bad debt, unrealized gain/(loss) on derivatives and the equity in income/(loss) of investee, write-off of accruals and current liabilities and other non-cash charges, if any, which may vary from period to period and for different companies and because these items do not reflect operational cash inflows and outflows of our fleet.
EBITDA and Adjusted EBITDA do not represent and should not be considered as alternatives to cash flow from operating activities or Net income, as determined by United States generally accepted accounting principles, or U.S. GAAP. Our method of computing EBITDA and Adjusted EBITDA may not necessarily be comparable to other similarly titled captions of other companies.
The following table reconciles Net cash provided by/(used in) operating activities to EBITDA and Adjusted EBITDA:
| (Expressed in thousands of U.S. dollars) | Second quarter 2025 | Second quarter 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | ||||||||||||||
| Net cash provided by/(used in) operating activities | $ | 54,493 | $ | 142,599 | $ | 103,001 | $ | 256,861 | ||||||||||
| Net decrease/(increase) in operating assets | (11,003 | ) | (18,141 | ) | (18,192 | ) | (15,758 | ) | ||||||||||
| Net increase/(decrease) in operating liabilities, excluding operating lease liability and including other non-cash charges | 13,223 | 9,094 | 7,076 | (1,975 | ) | |||||||||||||
| Gain/(Loss) on debt extinguishment, net | (121 | ) | (197 | ) | (186 | ) | (1,010 | ) | ||||||||||
| Share – based compensation | (4,812 | ) | (3,556 | ) | (6,431 | ) | (5,717 | ) | ||||||||||
| Amortization of debt (loans & leases) issuance costs | (809 | ) | (912 | ) | (1,633 | ) | (1,691 | ) | ||||||||||
| Unrealized gain/(loss) on forward freight agreements and bunker swaps, net | (429 | ) | 6,915 | 1,655 | 3,700 | |||||||||||||
| Unrealized gain/(loss) on interest rate swaps, net | 46 | (381 | ) | 46 | (1,356 | ) | ||||||||||||
| Total other expenses, net | 13,210 | 21,426 | 27,786 | 41,022 | ||||||||||||||
| Write-off of accruals and current liabilities | - | - | 9,266 | - | ||||||||||||||
| Income tax expense/(refund) | - | (10 | ) | - | (116 | ) | ||||||||||||
| Gain/(Loss) on sale of vessels | (7,958 | ) | 14,169 | (8,698 | ) | 22,938 | ||||||||||||
| Gain from Hull & Machinery claim | 4 | - | 177 | 470 | ||||||||||||||
| Equity in income/(loss) of investee | 13 | 37 | (18 | ) | 11 | |||||||||||||
| EBITDA | $ | 55,857 | $ | 171,043 | $ | 113,849 | $ | 297,379 | ||||||||||
| Equity in (income)/loss of investee | (13 | ) | (37 | ) | 18 | (11 | ) | |||||||||||
| Unrealized (gain)/loss on forward freight agreements and bunker swaps, net | 429 | (6,915 | ) | (1,655 | ) | (3,700 | ) | |||||||||||
| (Gain)/Loss on sale of vessels | 7,958 | (14,169 | ) | 8,698 | (22,938 | ) | ||||||||||||
| Write-off of accruals and current liabilities | - | - | (9,266 | ) | - | |||||||||||||
| Share-based compensation | 4,812 | 3,556 | 6,431 | 5,717 | ||||||||||||||
| Other non-cash charges | (97 | ) | (14 | ) | (159 | ) | (18 | ) | ||||||||||
| Adjusted EBITDA | $ | 68,946 | $ | 153,464 | $ | 117,916 | $ | 276,429 | ||||||||||
Net Income and Adjusted Net Income Reconciliation and Calculation of Adjusted Earnings Per Share
To derive Adjusted Net income and Adjusted earnings per share from Net income, we exclude non-cash items, as provided in the table below. We believe that Adjusted Net income and Adjusted earnings per share assist our management and investors by increasing the comparability of our performance from period to period since each such measure eliminates the effects of non-cash items such as gain/(loss) on sale of assets, unrealized gain/(loss) on derivatives, impairment loss, write-off of accruals and current liabilities, if any, which may vary from period to period for reasons unrelated to overall operating performance. In addition, we believe that the presentation of the respective measure provides investors with supplemental data relating to our results of operations, and therefore, with a more complete understanding of factors affecting our business than with GAAP measures alone. Our method of computing Adjusted Net income and Adjusted earnings per share may not necessarily be comparable to other similarly titled captions of other companies. In the future we may incur expenses that are the same as or similar to certain expenses, as described above, that were previously excluded.
| (Expressed in thousands of U.S. dollars except for share and per share data) | |||||||||||||||||
| Second quarter 2025 | Second quarter 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | ||||||||||||||
| Net income | $ | 39 | $ | 106,080 | $ | 501 | $ | 180,936 | |||||||||
| Share – based compensation | 4,812 | 3,556 | 6,431 | 5,717 | |||||||||||||
| Other non-cash charges | (97 | ) | (14 | ) | (159 | ) | (18 | ) | |||||||||
| Unrealized (gain)/loss on forward freight agreements and bunker swaps, net | 429 | (6,915 | ) | (1,655 | ) | (3,700 | ) | ||||||||||
| Unrealized (gain)/loss on interest rate swaps, net | (46 | ) | 381 | (46 | ) | 1,356 | |||||||||||
| Gain/(Loss) on sale of vessels | 7,958 | (14,169 | ) | 8,698 | (22,938 | ) | |||||||||||
| Write-off of accruals and current liabilities | - | - | (9,266 | ) | - | ||||||||||||
| (Gain)/Loss on debt extinguishment, net (non-cash) | 97 | 175 | 919 | 954 | |||||||||||||
| Equity in (income)/loss of investee | (13 | ) | (37 | ) | 18 | (11 | ) | ||||||||||
| Adjusted Net income | $ | 13,179 | $ | 89,057 | $ | 5,441 | $ | 162,296 | |||||||||
| Weighted average number of shares outstanding, basic | 115,963,843 | 109,506,036 | 116,583,497 | 96,670,823 | |||||||||||||
| Weighted average number of shares outstanding, diluted | 116,086,335 | 115,256,711 | 116,755,442 | 99,716,982 | |||||||||||||
| Adjusted earnings per share basic | $ | 0.11 | $ | 0.81 | $ | 0.05 | $ | 1.68 | |||||||||
| Adjusted earnings per share diluted | $ | 0.11 | $ | 0.78 | $ | 0.05 | $ | 1.64 | |||||||||
Voyage Revenues to Daily Time Charter Equivalent (“TCE”) Reconciliation
| (In thousands of U.S. Dollars, except for TCE rates) | Second quarter 2025 | Second quarter 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | |||||||||||||
| Voyage revenues | $ | 247,408 | $ | 352,875 | $ | 478,058 | $ | 612,265 | |||||||||
| Less: | |||||||||||||||||
| Voyage expenses | (55,846 | ) | (72,334 | ) | (112,164 | ) | (129,428 | ) | |||||||||
| Charter-in hire expenses | (17,310 | ) | (13,067 | ) | (33,210 | ) | (16,993 | ) | |||||||||
| Realized gain/(loss) on FFAs/bunker swaps, net | 1,834 | (5,310 | ) | 2,680 | (8,016 | ) | |||||||||||
| Time Charter equivalent revenues | $ | 176,086 | $ | 262,164 | $ | 335,364 | $ | 457,828 | |||||||||
| Available days | 12,925 | 13,606 | 25,730 | 23,575 | |||||||||||||
| Daily Time Charter Equivalent Rate ("TCE") | $ | 13,624 | $ | 19,268 | $ | 13,034 | $ | 19,420 | |||||||||
Daily Net Cash G&A expenses per vessel Reconciliation
| (In thousands of U.S. Dollars, except for daily rates) | Second quarter 2025 | Second quarter 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | |||||||||||||
| General and administrative expenses | $ | 18,236 | $ | 19,480 | $ | 33,497 | $ | 30,175 | |||||||||
| Plus: | |||||||||||||||||
| Management fees | 5,894 | 4,292 | 11,494 | 8,696 | |||||||||||||
| Less: | |||||||||||||||||
| Share – based compensation | (4,812 | ) | (3,556 | ) | (6,431 | ) | (5,717 | ) | |||||||||
| Other non-cash charges | 97 | 14 | 159 | 18 | |||||||||||||
| Net Cash G&A expenses | $ | 19,415 | $ | 20,230 | $ | 38,719 | $ | 33,172 | |||||||||
| Ownership days | 13,433 | 14,106 | 26,998 | 24,420 | |||||||||||||
| Charter-in days | 957 | 651 | 2,029 | 922 | |||||||||||||
| Daily Net Cash G&A expenses per vessel | $ | 1,349 | $ | 1,371 | $ | 1,334 | $ | 1,309 | |||||||||
Conference Call details:
Our management team will host a conference call to discuss our financial results on Thursday, August 7, 2025, at 11:00 a.m. Eastern Time (ET).
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: (+1) 416 764 8646 / (+1) 888 396 8049. Please quote “Star Bulk Carriers” to the operator and/or conference ID 13754842.
Slides and audio webcast:
There will also be a live, and then archived, webcast of the conference call and accompanying slides, available through the Company’s website. To listen to the archived audio file, visit our website www.starbulk.com and click on Events & Presentations. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
About Star Bulk
Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk’s vessels transport major bulks, which include iron ore, minerals and grain, and minor bulks, which include bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, New York, Stamford and Singapore. Its common stock trades on the Nasdaq Global Select Market under the symbol “SBLK”. As of the date of this release on a fully delivered basis and as adjusted for the delivery of a) the vessels agreed to be sold as discussed above and b) the five firm Kamsarmax vessels currently under construction, we own a fleet of 142 vessels, with an aggregate capacity of 14.2 million dwt consisting of 17 Newcastlemax, 15 Capesize, 1 Mini Capesize, 7 Post Panamax, 42 Kamsarmax, 1 Panamax, 48 Ultramax and 11 Supramax vessels with carrying capacities between 55,569 dwt and 209,537 dwt.
In addition, in November 2021, we took delivery of the Capesize vessel Star Shibumi, under a seven-year charter-in arrangement and in 2024, we took delivery of the vessels Star Voyager, Star Explorer, Stargazer, Star Earendel, Star Illusion and Star Thetis, each subject to a seven-year charter-in arrangement.
Forward-Looking Statements
Matters discussed in this press release may constitute forward looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
We desire to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. Words such as, but not limited to, “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “targets,” “projects,” “likely,” “will,” “would,” “could,” “should,” “may,” “forecasts,” “potential,” “continue,” “possible” and similar expressions or phrases may identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, examination by our management of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the possibility that the expected synergies and value creation from the Eagle Merger will not be realized, or will not be realized within the expected time period; the possibility that additional unexpected costs or difficulties related to the integration of Star Bulk and Eagle’s operations will be greater than expected; general dry bulk shipping market conditions, including fluctuations in charter rates and vessel values; the strength of world economies; the stability of Europe and the Euro; fluctuations in currencies, interest rates and foreign exchange rates; business disruptions due to natural and other disasters or otherwise, such as the impact of any future epidemics; the length and severity of epidemics and pandemics and their impact on the demand for seaborne transportation in the dry bulk sector; changes in supply and demand in the dry bulk shipping industry, including the market for our vessels and the number of newbuildings under construction; the potential for technological innovation in the sector in which we operate and any corresponding reduction in the value of our vessels or the charter income derived therefrom; changes in our expenses, including bunker prices, dry docking, crewing and insurance costs; changes in governmental rules and regulations or actions taken by regulatory authorities; the impact of current and potential additional trade tariffs on global trade and demand for dry bulk shipping; potential liability from pending or future litigation and potential costs due to environmental damage and vessel collisions; the impact of increasing scrutiny and changing expectations from investors, lenders, charterers and other market participants with respect to our Environmental, Social and Governance (“ESG”) practices; our ability to carry out our ESG initiatives and thereby meet our ESG goals and targets; new environmental regulations and restrictions, whether at a global level stipulated by the International Maritime Organization, and/or regional/national imposed by regional authorities such as the European Union or individual countries; potential cyber-attacks which may disrupt our business operations; general domestic and international political conditions or events, including “trade wars”, the ongoing conflict between Russia and Ukraine, the conflict between Israel and Hamas and related conflicts in the Middle East and the Houthi attacks in the Red Sea and the Gulf of Aden; the impact on our common shares and reputation if our vessels were to call on ports located in countries that are subject to restrictions imposed by the U.S. or other governments; our ability to successfully compete for, enter into and deliver our vessels under time charters or other employment arrangements for our existing vessels after our current charters expire and our ability to earn income in the spot market; potential physical disruption of shipping routes due to accidents, climate-related reasons (acute and chronic), political events, public health threats, international hostilities and instability, piracy or acts by terrorists; the availability of financing and refinancing; the failure of our contract counterparties to meet their obligations; our ability to meet requirements for additional capital and financing to complete our newbuilding program and grow our business; the impact of our indebtedness and the compliance with the covenants included in our debt agreements; vessel breakdowns and instances of off‐hire; potential exposure or loss from investment in derivative instruments; potential conflicts of interest involving our Chief Executive Officer, his family and other members of our senior management; our ability to complete acquisition transactions as and when planned and upon the expected terms; and the impact of port or canal congestion or disruptions. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward‐looking statements as a result of developments occurring after the date of this communication.
| Contacts | |
| Company: | Investor Relations / Financial Media: |
| Simos Spyrou, Christos Begleris | Nicolas Bornozis |
| Co ‐ Chief Financial Officers | President |
| Star Bulk Carriers Corp. | Capital Link, Inc. |
| c/o Star Bulk Management Inc. | 230 Park Avenue, Suite 1540 |
| 40 Ag. Konstantinou Av. | New York, NY 10169 |
| Maroussi 15124 | Tel. (212) 661‐7566 |
| Athens, Greece | E‐mail: starbulk@capitallink.com |
| Email: info@starbulk.com | www.capitallink.com |
| www.starbulk.com |
FAQ
What were Star Bulk Carriers (SBLK) key financial results for Q2 2025?
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