Star Bulk Provides Update for its Q4 2025 TCE and Coverage

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

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

Market Reality Check

$19.94 Last Close

Volume Volume 1,128,945 is slightly below the 1,217,610 share 20-day average (relative volume 0.93). normal

Technical Price at $19.94 is trading above the $17.42 200-day moving average and about 4.46% below the 52-week high.

Peers on Argus

Marine shipping peers show mixed moves: BWLP +0.33%, MATX +1.02% versus DAC -1.56%, HAFN -0.52%, KEX -0.12%, suggesting the modest -0.5% move in SBLK is more stock-specific than a clear sector trend.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 18	Q3 2025 earnings	Negative	-1.3%	Weaker voyage revenues and TCE/day versus Q3 2024 with lower net income.
Nov 10	Earnings call date	Neutral	+2.6%	Announcement of Q3 2025 results release date and investor conference call.
Oct 29	ESG report release	Positive	+1.9%	Publication of 2024 ESG report with GRI and SASB alignment and EY assurance.
Oct 03	Board change	Neutral	+0.2%	Appointment of new Class B director with shipping and investment background.
Aug 06	Q2 2025 earnings	Negative	-0.9%	Significant year-over-year revenue and TCE declines despite ongoing capital returns.

Pattern Detected

Recent fundamentals-heavy releases (Q2 and Q3 2025 results) with weaker year-over-year metrics were followed by modest share price declines, while governance/ESG and scheduling news tended to see mild positive or flat reactions.

Recent Company History

Over the last six months, Star Bulk has focused on earnings, capital returns, and governance. Q2 2025 results on Aug 6 and Q3 2025 results on Nov 18 showed lower voyage revenues and TCE rates versus 2024, and the stock slipped modestly after both. At the same time, the company maintained dividends, authorized buybacks, and expanded liquidity. ESG reporting on Oct 29 and a board addition on Oct 3 drew small positive or neutral reactions. Today’s Q4 2025 TCE update fits into this pattern of operational transparency around fleet earnings power.

Market Pulse Summary

This announcement details Star Bulk’s estimated Q4 2025 TCE at $19,500 per day on about 93% of owned available days, with segment-level figures for major vessel classes. It updates investors on expected revenue-generating capacity following earlier quarters that showed lower year-over-year TCE and voyage revenues. Key considerations include how these estimates compare to realized TCE in upcoming earnings releases and how coverage levels evolve as market conditions change across the Newcastlemax/Capesize, Panamax, and Ultramax/Supramax segments.

Key Terms

time charter equivalent financial

"provided an update to its estimated time charter equivalent (“TCE”) rate"

Time charter equivalent (TCE) converts the money a ship earns on specific trips into a single daily rate, so different voyages and contract types can be compared on the same scale. Think of it as translating various one-off jobs into a common “daily wage,” which matters to investors because it reveals how much a vessel or fleet is earning per day, helping assess operating profitability, cash flow and valuation across companies and market conditions.

tce rate financial

"TCE rate represents the weighted average daily TCE rates of our operating fleet"

TCE rate (Time Charter Equivalent rate) measures the average daily revenue a cargo ship earns on a voyage after deducting voyage-specific costs such as fuel, port fees and canal tolls; it is reported as a dollar amount per day. Investors use it to compare operating performance and profitability across ships and contracts — like comparing cars by miles-per-gallon — and to assess revenue trends, cash flow and fleet valuation for shipping companies.

forward freight agreements financial

"realized gain/(loss) on forward freight agreements (“FFAs”) and bunker swaps"

Forward freight agreements (FFAs) are contracts that let buyers and sellers lock in the price of transporting goods by sea for future dates, similar to agreeing today on the fare for a future taxi ride. They matter to investors because they provide a way to hedge against or bet on changes in shipping costs, which can affect the profitability of shipping companies, commodity traders, and firms that rely on global transport, and they also signal market expectations about future shipping demand.

non-gaap measures financial

"TCE Revenues and TCE rate, which are non-GAAP measures, provide additional"

Financial results that companies present using formulas or adjustments different from standard accounting rules (GAAP) to highlight what management considers the business’s ongoing performance. Investors care because these figures can make trends or profitability look clearer—like showing a car’s fuel efficiency after removing unusual trips—but they can also hide one‑time costs or aggressive assumptions, so comparing them with GAAP numbers helps judge reliability.

AI-generated analysis. 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 $19,500 per day for approximately 93% of its owned available days for the quarter.

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 approximately 91% 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 approximately 92% of its owned available days for the quarter.
• Ultramax/Supramax we estimate the TCE rate to be approximately $17,400 per day for approximately 94% 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

FAQ

What TCE did Star Bulk (SBLK) estimate for Q4 2025 on a fleet-wide basis?

Star Bulk estimated a fleet-wide TCE of ~$19,500 per day for ~93% of owned available days in Q4 2025.

What Q4 2025 TCE did Star Bulk (SBLK) report for Newcastlemax/Capesize vessels?

The company estimated $27,600 per day for Newcastlemax/Capesize for ~91% of owned available days.

What are the estimated Q4 2025 TCE rates for Star Bulk's Panamax and Supramax segments (SBLK)?

Post Panamax/Kamsarmax/Panamax estimated $16,400/day; Ultramax/Supramax estimated $17,400/day.

How much of Star Bulk's fleet is covered by these Q4 2025 TCE estimates (SBLK)?

The estimates apply to approximately 91%–94% of owned available days depending on the segment, ~93% fleet-wide.

Does Star Bulk (SBLK) use GAAP measures for the reported TCE rates?

No; the release states TCE Revenues and TCE rate are non-GAAP measures and used alongside Voyage Revenues for performance assessment.