Star Bulk Provides Update for its Q4 2025 TCE and Coverage
Star Bulk Carriers (Nasdaq: SBLK) provided an update to its estimated time charter equivalent (TCE) rates for Q4 2025.
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Rhea-AI Summary
Star Bulk Carriers (Nasdaq: SBLK) provided an update to its estimated time charter equivalent (TCE) rates for Q4 2025. On a fleet-wide basis the company estimates a TCE of approximately $19,500 per day for about 93% of owned available days in the quarter.
By segment the company estimates: Newcastlemax/Capesize $27,600/day for ~91% of owned available days; Post Panamax/Kamsarmax/Panamax $16,400/day for ~92%; and Ultramax/Supramax $17,400/day for ~94%. The release explains its TCE calculation and notes TCE Revenues and TCE rate are non-GAAP measures used to assess fleet daily net revenue performance.
Positive
- Fleet TCE estimated at $19,500/day for ~93% owned available days
- Capesize/Newcastlemax segment estimated at $27,600/day (~91% coverage)
- High coverage across segments: coverage ranges 91%–94% of owned days
Negative
- Mid-size segments estimated below fleet TCE ($16,400–$17,400/day)
- TCE metrics are non-GAAP and may limit direct GAAP comparability
Details
News Market Reaction – SBLK
On Dec 10, the day this news came out, SBLK closed 2.41% below the previous close.
Data tracked by StockTitan Argus for the Dec 10 session.
Key Figures
- Q4 2025 fleet TCE
- $19,500 per day
- Estimated fleet-wide TCE for Q4 2025 at ~93% coverage
- Fleet coverage
- 93% of owned available days
- Q4 2025 fleet-wide TCE coverage
- Newcastlemax/Capesize TCE
- $27,600 per day
- Estimated Q4 2025 TCE at ~91% of owned available days
- Newcastlemax/Capesize coverage
- 91% of owned available days
- Q4 2025 segment coverage
- Post Panamax/Kamsarmax/Panamax TCE
- $16,400 per day
- Estimated Q4 2025 TCE at ~92% of owned available days
- Post Panamax/Kamsarmax/Panamax coverage
- 92% of owned available days
- Q4 2025 segment coverage
- Ultramax/Supramax TCE
- $17,400 per day
- Estimated Q4 2025 TCE at ~94% of owned available days
- Ultramax/Supramax coverage
- 94% of owned available days
- Q4 2025 segment coverage
Historical Context
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Weaker voyage revenues and TCE/day versus Q3 2024 with lower net income.
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Announcement of Q3 2025 results release date and investor conference call.
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Publication of 2024 ESG report with GRI and SASB alignment and EY assurance.
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Appointment of new Class B director with shipping and investment background.
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Significant year-over-year revenue and TCE declines despite ongoing capital returns.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
time charter equivalent financial
tce rate financial
voyage revenues financial
forward freight agreements financial
bunker swaps financial
non-gaap measures financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
ATHENS, Greece, Dec. 10, 2025 (GLOBE NEWSWIRE) -- Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq: SBLK), today provided an update to its estimated time charter equivalent (“TCE”) rate for the fourth quarter of 2025.
On a fleet-wide basis, the Company estimates its TCE rate for the fourth quarter of 2025 to be approximately
On a per segment basis our TCE rate per day per main vessel category is expected as follows:
- Newcastlemax/Capesize we estimate the TCE rate to be approximately
$27,600 per day for approximately91% of its owned available days for the quarter. - Post Panamax/Kamsarmax/Panamax we estimate the TCE rate to be approximately
$16,400 per day for approximately92% of its owned available days for the quarter. - Ultramax/Supramax we estimate the TCE rate to be approximately
$17,400 per day for approximately94% of its owned available days for the quarter.
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.
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 the eight firm Kamsarmax vessels currently under construction, we own a fleet of 145 vessels, with an aggregate capacity of 14.3 million dwt consisting of 17 Newcastlemax, 15 Capesize, 1 Mini Capesize, 7 Post Panamax, 45 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.
Contacts
Company:
Simos Spyrou, Christos Begleris
Co ‐ Chief Financial Officers
Star Bulk Carriers Corp.
c/o Star Bulk Management Inc.
40 Ag. Konstantinou Av.
Maroussi 15124
Athens, Greece
Email: info@starbulk.com
www.starbulk.com
Investor Relations / Financial Media:
Nicolas Bornozis
President
Capital Link, Inc.
230 Park Avenue, Suite 1540
New York, NY 10169
Tel. (212) 661‐7566
E‐mail: starbulk@capitallink.com
www.capitallink.com
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