Star Bulk plans €112m Greek share sale, Athens listing
Rhea-AI Filing Summary
Star Bulk Carriers Corp. (SBLK) is launching an equity offering in Greece of up to 4,400,000 new common shares, targeting gross proceeds of up to €112.2 million, alongside the parallel listing of all its common shares on the Main Market of Euronext Athens, while its shares remain listed on Nasdaq under the ticker “SBLK”. Based on a maximum offering price of €25.50, net proceeds are estimated at about €104.9 million after roughly €7.3 million in offering and listing expenses.
The company plans to use a portion of the Greek equity offering proceeds to finance three remaining newbuilding Kamsarmax vessels, with remaining capital expenditures of about $65.8 million, and to fund additional newbuild or second‑hand vessel acquisitions. As of September 4, 2026, Star Bulk reports $951.3 million of outstanding borrowings after repaying $90.0 million since June 30, 2026, a fleet of 138 owned vessels totaling 13,750,243 dwt, and 2,841 employees, and it highlights risk factors including added complexity and cost from the dual listing, volatile dry bulk market conditions, and significant geopolitical disruptions such as conflict in the Strait of Hormuz.
Positive
- Debt reduction of $90.0 million in borrowings since June 30, 2026, bringing total outstanding debt (including leases) to $951.3 million, indicates active balance-sheet management.
- The company expects net equity offering proceeds of about €104.9 million, providing fresh capital to fund remaining $65.8 million of newbuilding capex and additional vessel investments.
Negative
- Maintaining a parallel listing on Euronext Athens and Nasdaq is expected to increase legal, accounting, investor relations and compliance costs and create complexity from dual regulatory regimes.
- Differences in settlement cycles between T+1 on Nasdaq and T+2 on Euronext Athens may enable arbitrage opportunities, potentially increasing volatility in Star Bulk’s share price.
- The company highlights that geopolitical conflicts, including disruptions in the Strait of Hormuz, could raise bunker fuel, war-risk insurance and voyage expenses and adversely affect operations and financial performance.
Key Figures
Key Terms
Regulation S regulatory
Parallel Listing financial
Baltic Dry Index financial
Kamsarmax technical
FAQ
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AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of September 2026
Commission File Number: 001-33869
STAR BULK CARRIERS CORP.
(Translation of registrant’s name into English)
Star Bulk Carriers Corp.
c/o Star Bulk Management Inc.
40 Agiou Konstantinou Street,
15124 Maroussi,
Athens, Greece
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached as Exhibit 99.1 to this Form 6-K is a copy of the press release of Star Bulk Carriers Corp. (the “Company”) relating to the equity offering of new common, registered, voting shares of the Company, par value $0.01 each (the “New Shares”) and the admission to parallel listing for trading on the Main Market of the Regulated Securities Market of Euronext Athens of all common shares currently issued by the Company and the New Shares (the “Press Release”), which was issued on September 4, 2026.
Attached as Exhibit 99.2 to this Form 6-K is a copy of the information statement (the “Information Statement”) issued by the Company, dated September 4, 2026.
The information contained in Exhibit 99.1 and Exhibit 99.2 of this Form 6-K is hereby incorporated by reference into the registrant’s Registration Statement on Form F-3 (File No. 333-286185) and Registration Statement on Form S-8 (File No. 333-176922), in each case, to the extent not superseded by information subsequently filed or furnished (to the extent we expressly state that we incorporate such furnished information by reference) by the Company under the Securities Act of 1933 or the Securities Exchange Act of 1934, in each case as amended.
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING INFORMATION
This Form 6-K, and the documents to which the Company refers in this Form 6-K, as well as information included in oral statements or other written statements made or to be made by the Company, contain “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Exchange Act, with respect to our financial condition, results of operations and business and our expectations or beliefs concerning future events. Words such as, but not limited to, “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “targets,” “projects,” “likely,” “would,” “will,” “could,” “should,” “may,” “forecasts,” “potential,” “continue,” “possible” and similar expressions or phrases may identify forward-looking statements.
All forward-looking statements involve risks and uncertainties. The occurrence of the events described, and the achievement of the expected results, depend on many events, some or all of which are not predictable or within our control. Actual results may differ materially from expected results.
In addition, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include:
| ● | 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 new buildings 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; | |
| ● | the risk that trade disputes between U.S. and Chinese officials could result in the reimplementation of significant port fees that may impact our fleet; | |
| ● | 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, among others, “trade wars,” the ongoing conflict between Russia and Ukraine, the conflict between Israel and Hamas, the conflict between the United States, Israel and Iran and the attacks in the Strait of Hormuz, 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 United States 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 armed conflicts, 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 or secondhand vessel purchases as and when planned and upon the expected terms; | |
| ● | the impact of port or canal congestion or disruptions; and | |
| ● | the risk factors and other factors referred to in the Company’s reports filed with or furnished to the U.S. Securities and Exchange Commission (“SEC”). |
Consequently, all of the forward-looking statements we make in this document are qualified by the information contained or referred to herein, including, but not limited to, (i) the information contained under this heading and (ii) the information disclosed in the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2025, filed with the SEC on March 19, 2026.
You should carefully consider the cautionary statements contained or referred to in this section in connection with any subsequent written or oral forward-looking statements that may be issued by us or persons acting on our behalf. Except as required by law, the Company undertakes no obligation to update any of these forward-looking statements, whether as a result of new information, future events, a change in the Company’s views or expectations or otherwise, except as required by applicable law. New factors emerge from time to time, and it is not possible for the Company to predict all of these factors. Further, the Company cannot assess the impact of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dated: September 4, 2026
| STAR BULK CARRIERS CORP. | ||||
| By: | /s/ Simos Spyrou | |||
| Name: | Simos Spyrou | |||
| Title: | Co-Chief Financial Officer | |||
|
Exhibit Number |
Description | ||
| 99.1 | Press Release dated September 4, 2026. | ||
| 99.2 | Information Statement dated September 4, 2026. | ||
Exhibit 99.1
IMPORTANT NOTICE – DISCLAIMER
Not for release or distribution or publication in whole or in part, directly or indirectly, in or into Australia, Canada, Japan or the Republic of South Africa. These materials do not contain or constitute an offer for sale or the solicitation of an offer to purchase securities in the United States, Australia, Canada, Japan or the Republic of South Africa.
The securities mentioned herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States or to U.S. persons absent such registration, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. No offering of securities is being made in the United States or to U.S. persons.
STAR BULK CARRIERS CORP.
ANNOUNCEMENT
ADMISSION TO PARALLEL LISTING ON EURONEXT ATHENS AND
EQUITY OFFERING IN GREECE OF UP TO €112.2 MILLION
Star Bulk Carriers Corp. (the “Company”) (Nasdaq: SBLK), an international maritime shipping company based in the Marshall Islands specializing in the transportation of dry bulk commodities, hereby announces that it is undertaking:
| (i) | the admission to parallel listing for trading (the “Admission”) on the Main Market of the Regulated Securities Market of Euronext Athens (the “Euronext Athens”) of all common shares, par value $0.01 each, issued by the Company and outstanding, including the New Shares (as defined below) (collectively, the “Common Shares”); and |
| (ii) | an offering of up to 4,400,000 new common registered voting shares of the Company, par value $0.01 each (the “New Shares” and such offering, the “Offering”). |
The Company has received the requisite regulatory approvals in Greece for the Admission and the Offering. The New Shares will trade under the same ticker symbol, “SBLK”, as the Company’s existing Common Shares listed on the Nasdaq Global Select Market (the “Nasdaq”) since December 2007. The New Shares are expected to be admitted to trading on Nasdaq on the same basis as the existing Common Shares.
The New Shares have not been, and will not be, registered under the U.S. federal securities laws or the securities laws of any other jurisdiction, and the New Shares may not be offered or sold in the United States or to U.S. persons unless an exemption from the registration requirements of the Securities Act is available. The New Shares are being offered and sold to non-U.S. persons outside the United States in offshore transactions in reliance on Regulation S under the Securities Act.
Indicative Timetable
The expected indicative timetable for the Offering and the Admission of the Common Shares to trading on the Main Market of the Regulated Securities Market of Euronext Athens is set out below:
| Indicative Date | Event |
| September 8, 2026 | Announcement regarding the offering price range |
| September 9, 2026 | Commencement of the Offering |
| September 11, 2026 | Completion of the Offering |
| September 11, 2026 | Determination and publication of the final offering price of the New Shares |
| September 15, 2026 | Settlement of the Offering |
| September 16, 2026 | Commencement of trading of the Common Shares on Euronext Athens |
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Not for release or distribution or publication in whole or in part, directly or indirectly, in or into Australia, Canada, Japan or the Republic of South Africa.
Investors should note that the timetable above is indicative and subject to change, in which case the Company will duly and timely inform investors through a public announcement.
Additional Information
The net proceeds from the issuance of the New Shares—calculated as, the gross proceeds less the estimated Offering and Admission expenses of approximately €7.3 million, assuming the maximum offering price for the New Shares, as specified in the offering documentation, of €25.50 ($29.521) and subscription of the totality of the New Shares—are expected to amount to approximately €104.9 million.
The Company’s chief executive officer, Mr. Petros Pappas has informed the Company’s Board of Directors of his family’s interest in participating, through legal entities controlled by members of his family investing in shipping equities, in the Offering for a total investment amount of up to €6.0 million subject to the final terms and conditions of the Offering.
The Company also announced that on September 2, 2026, they cancelled 313,894 treasury shares, previously repurchased on the NASDAQ during the second quarter of 2026.
Friday, September 4, 2026
Star Bulk Carriers Corp.
Important Notice – Disclaimer
This announcement includes “forward-looking statements,” with respect to our expectations or beliefs concerning future events. Words such as, but not limited to, “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “targets,” “projects,” “likely,” “would,” “will,” “could,” “should,” “may,” “forecasts,” “potential,” “continue,” “possible” and similar expressions or phrases may identify forward-looking statements.
All forward-looking statements involve risks and uncertainties. The occurrence of the events described depends on many factors, some or all of which are not predictable or within our control. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to, market conditions, disruptions to the mechanics required to operate cross-border trading, disruptions to trading on Euronext Athens, and other technical impediments to the commencement of trading. All future written and verbal forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We undertake no obligation, and specifically decline any obligation, except as required by law, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
1 The figures as of September 2, 2026 have been converted into Euros based on the EUR/USD exchange rate (1 EUR = 1.1578 USD) on that date. (Source: European Central Bank)
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Exhibit 99.2
Information Statement
Star Bulk Carriers Corp. (the “Company” or “Star Bulk”) hereby provides the following updates as of September 4, 2026. Unless otherwise indicated or unless the context requires otherwise, all references in this press release to “we,” “us,” “our,” the “Group” or similar references, mean Star Bulk and, where applicable, its consolidated subsidiaries.
Recent Developments
Fleet Update
Newbuilding Vessel Program Update
During the period from July 1, 2026 to September 4, 2026, we took delivery of two more out of the eight newbuilding vessels previously announced. The Star Bella and the Star Kyra, each an 82,000 deadweight ton (“dwt”) Kamsarmax bulk carrier, were delivered in August 2026. Aggregate capital expenditures in connection with these two vessels amounted to approximately $70.2 million, which were financed through our cash reserves. We intend to replenish part of these cash reserves with new debt and/or lease financing until the end of the third quarter of 2026.
As of September 4, 2026, we have three newbuilding vessels remaining under construction, the Star Irini, the Star Aline and the Star Argyro, each an 82,000 dwt Kamsarmax bulk carrier. The financing of these vessels will be carried out through a combination of our cash reserves and part of the net proceeds from the equity offering announced by the Company on September 4, 2026 (the “Greek Equity Offering”). As of September 4, 2026, our aggregate capital expenditures for the three newbuilding vessels is expected to be approximately $109.5 million, of which we had already paid $33.0 million by the six months ended June 30, 2026, and an additional $7.1 million as of September 4, 2026, while we expect to pay an amount of $3.6 million by September 15, 2026. Following these payments, we will have remaining capital expenditures of $65.8 million in respect of these vessels, which we expect to fund with part of the net proceeds from the Greek Equity Offering (with the remaining amount of the net proceeds from the Greek Equity Offering expected to be used to finance new investments relating to the acquisition of newbuild and/or second-hand vessels by our subsidiaries). Based on the current delivery schedule of the vessels, we expect to take delivery of all three remaining vessels during the fourth quarter of 2026.
On a fully delivered basis (as adjusted for the delivery of the three vessels currently under construction and the completion of the announced sale of one vessel from July 1, 2026 onwards), as of September 4, 2026, we own a fleet of 138 vessels with an aggregate carrying capacity of 13,750,243 dwt and an average fleet age of approximately 12.5 years, consisting of 17 Newcastlemax, 14 Capesize, 7 Post Panamax, 42 Kamsarmax, 47 Ultramax and 11 Supramax vessels.
Additionally, our fleet includes 7 long term chartered-in vessels, consisting of 1 Capesize, 4 Kamsarmax, and 2 Ultramax vessels, with an aggregate carrying capacity of 640,000 dwt and an average age of 2.6 years.
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Financing Update
As of September 4, 2026, our outstanding borrowings (including lease financing agreements) amount to $951.3 million, following the repayment of debt liabilities totaling $90.0 million that took place since June 30, 2026.
Corporate Update
As of September 4, 2026, we had 2,841 employees, consisting of 2,553 seafarers and 288 shore-based personnel, engaged in the day-to-day management of the fleet.
Risk Factor Update
As announced by the Company on September 4, 2026, the Company is undertaking the Greek Equity Offering, and the admission to parallel listing for trading (the “Parallel Listing”) on the Main Market of the Regulated Securities Market of Euronext Athens of all its common shares, $0.01 par value per share (“Common Shares”). The Company hereby provides additional risk factor disclosures as follows:
The Parallel Listing may increase costs, create compliance complexity and result in price volatility due to arbitrage and settlement cycle differences.
Maintaining a Parallel Listing will generate additional costs, including increased legal, accounting, investor relations, and other expenses that the Company did not incur prior to the listing of the Company’s Common Shares on Euronext Athens. In addition, the Nasdaq Global Select Market (“Nasdaq”) now settles on a T+1 basis, while settlement on the Euronext Athens remains on a T+2 basis. For any period of time during which differences in the settlement cycles between the stock exchanges exist, such differences may enable market participants to exploit timing mismatches in trade settlement, potentially leading to temporary price discrepancies and increased volatility in the trading price of the Company’s Common Shares. For example, an investor may purchase shares on Euronext Athens, where settlement occurs on a T+2 basis, and simultaneously sell the corresponding shares on Nasdaq, where settlement occurs on a T+1 basis, thereby benefiting from the earlier settlement of the sale relative to the purchase and any associated short-term price differentials between the two markets.
From time to time, this may result in uncertainty regarding compliance matters and result in higher costs necessitated by legal analysis of dual legal regimes, ongoing revisions to disclosure, and adherence to heightened governance practices.
Trends Update
Our results primarily depend on the charter rates we can secure for our vessels. The most widely accepted benchmark for the performance of the overall dry bulk market is the Baltic Dry Index (“BDI”). Historically and up to September 4, 2026, the BDI, an index published by the Baltic Exchange of shipping charter rates for key dry bulk routes, has been characterized by high volatility, reaching a historic low of 290 on February 10, 2016 and a historical high of 11,793 on May 20, 2008. For 2026, the BDI reached its lowest level of 1,532 points on January 15, before peaking at 3,226 points on May 28, while in 2025 the index recorded its low of 715 points on January 30 and its high of 2,845 points on December 3. This cyclicality is mainly attributed to constant changes in the supply and demand of dry bulk vessels, as well as the cyclical nature of the dry bulk shipping industry where periods of increased demand and high freight rates can be followed by periods of capacity oversupply and pressure on freight rates.
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Assuming that the conflicts taking place in the Middle East remain limited in duration and scope, global growth is projected to slow to 3.0% in 2026 and 3.4% in 2027 as compared to its recent pace of about 3.4% in 2024 and 2025, according to recent forecasts from the IMF in July 2026 World Economic Outlook (“IMF July 2026 WEO”). Global economic prospects for 2026 and 2027, as per the IMF July 2026 WEO latest projections, estimate a modest rise in global headline inflation in 2026 to 4.7% from its estimated 4.1% in 2025 (annual average), before continuing its gradual normalization of interest in 2027 to 3.9% from an estimated 6.8% in 2023 (annual average) and 5.8% in 2024. As of June 30, 2026, the BDI stood at 2,501, as a result of the continuing effects of the geopolitical conditions and the common seasonality that the dry bulk market experiences during the second quarter of each year, while on August 27, 2026, the BDI stood at 3,107, reflecting a continued upward trend in the third quarter of 2026.
International dry bulk trade is highly correlated to global economic activity. Economic growth, industrial production, infrastructure investment, energy demand, agricultural output and the development of new mining projects in these regions are key drivers of seaborne dry bulk trade. In particular, China remains the dominant force in the dry bulk market, accounting for approximately 43% of global dry bulk imports. The Chinese economy is expected to maintain a solid growth trajectory, with GDP growth projected at approximately 4.6% in 2026 and strengthening to 4.1% in 2027, supporting continued demand for dry bulk commodities and underpinning global trade flows. At the same time, geopolitical developments, trade policies, environmental regulations and energy prices may influence commodity flows, freight rates and vessel operating costs, thereby affecting our financial performance.
According to a Clarksons Research Dry Bulk Trade Outlook report from August 2026 (“August 2026 Dry Bulk Trade Outlook”), the dry bulk shipping market has remained relatively firm so far in 2026, supported by robust demand and longer average voyage distances. Weighted bulk carrier sector earnings during the year to mid-August 2026 were reported at approximately $18,000 per day, representing an increase of approximately 53% compared to the corresponding period of 2025, while average earnings remained above $20,000 per day by mid-August 2026. The Capesize segment has outperformed the smaller vessel classes, supported by comparatively lower fleet growth and stronger demand fundamentals, with average earnings fluctuating in the $35,000 to $45,000 per day range in August 2026. Nevertheless, notwithstanding the favorable market conditions observed in 2026 up to mid-August, the outlook for the dry bulk shipping market remains subject to considerable uncertainty, including developments in global trade, geopolitical tensions, vessel supply growth, commodity demand, environmental regulations and other macroeconomic factors, and accordingly there can be no assurance that these market conditions will continue.
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Additionally, according to the August 2026 Dry Bulk Trade Outlook, global seaborne dry bulk trade is projected to increase by approximately 2.6% in DWT during 2026, compared to an expected increase of approximately 3.5% to 4% in the total size of the global dry bulk fleet. While slower operating speeds and scheduled off-hire periods are expected to provide some support to market balance, forecasts currently indicate that fleet growth may exceed demand growth during 2027. Nevertheless, in the backdrop of the constantly changing geopolitical environment and the general cyclicality of the international dry bulk shipping industry, this data cannot be taken as an indication for the industry’s trends or for the future performance of the index or for the demand and supply for our dry bulk fleet, but solely as a depiction of the current market performance of the dry bulk shipping industry.
The significant geopolitical developments that have taken place and continue to take place in 2026, including the wars in Ukraine and the Middle East, combined with the escalation of tariff disputes for international trade, have disturbed the maritime trade of dry bulk commodities, global shipping routes, charter rates and shipping insurance. Aside from their direct impact on maritime trade itself, these events have indirectly impacted the flow of trade through their effects on the global economic development and inflation. This development may lead to increased operating expenses for us, including bunkering costs, crew wages, spare parts, vessel repairs and improvements, insurance costs and other expenses for vessel support services.
The conflict between the United States and Iran, which commenced in March 2026, has resulted in severe and ongoing maritime trade disruption through the Strait of Hormuz, one of the world's most strategically significant maritime chokepoints, through which a substantial portion of global oil, fertilizers and liquified natural gas exports transit, and has triggered a dramatic and immediate spike, globally, in oil and bunker fuel prices. Shipping companies, which use marine bunker fuels, have been directly affected by these rapid market movements. Iranian forces have taken steps towards restricting access to the Strait and have threatened and carried out attacks on commercial vessels attempting to transit the waterway, causing severe congestion and instability across the Persian Gulf's shipping lanes and a significant reduction in daily transit traffic. There can be no assurance that the disruption to global shipping lanes will not be prolonged. Moreover, there is no assurance that commercial shipping through the Persian Gulf will resume at pre-conflict levels in the near term as uncertainty remains regarding the duration, geographic scope, and ultimate resolution of the conflict, and it is possible that a prolonged closure of the Strait of Hormuz or a broader regional escalation involving Gulf states could increase our operating costs, war-risk insurance premiums, bunker fuel and voyage expenses, and could adversely affect our operations or financial performance. support to market balance, forecasts currently indicate that fleet growth may exceed demand growth during 2027. Nevertheless, in the backdrop of the constantly changing geopolitical environment and the general cyclicality of the international dry bulk shipping industry, this data cannot be taken as an indication for the industry’s trends or for the future performance of the index or for the demand and supply for our dry bulk fleet, but solely as a depiction of the current market performance of the dry bulk shipping industry.
The significant geopolitical developments that have taken place and continue to take place in 2026, including the wars in Ukraine and the Middle East, combined with the escalation of tariff disputes for international trade, have disturbed the maritime trade of dry bulk commodities, global shipping routes, charter rates and shipping insurance. Aside from their direct impact on maritime trade itself, these events have indirectly impacted the flow of trade through their effects on the global economic development and inflation. This development may lead to increased operating expenses for us, including bunkering costs, crew wages, spare parts, vessel repairs and improvements, insurance costs and other expenses for vessel support services.
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The conflict between the United States and Iran, which commenced in March 2026, has resulted in severe and ongoing maritime trade disruption through the Strait of Hormuz, one of the world's most strategically significant maritime chokepoints, through which a substantial portion of global oil, fertilizers and liquified natural gas exports transit, and has triggered a dramatic and immediate spike, globally, in oil and bunker fuel prices. Shipping companies, which use marine bunker fuels, have been directly affected by these rapid market movements. Iranian forces have taken steps towards restricting access to the Strait and have threatened and carried out attacks on commercial vessels attempting to transit the waterway, causing severe congestion and instability across the Persian Gulf's shipping lanes and a significant reduction in daily transit traffic. There can be no assurance that the disruption to global shipping lanes will not be prolonged. Moreover, there is no assurance that commercial shipping through the Persian Gulf will resume at pre-conflict levels in the near term as uncertainty remains regarding the duration, geographic scope, and ultimate resolution of the conflict, and it is possible that a prolonged closure of the Strait of Hormuz or a broader regional escalation involving Gulf states could increase our operating costs, war-risk insurance premiums, bunker fuel and voyage expenses, and could adversely affect our operations or financial performance.
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