Star Bulk Carriers Corp

Latest Results (26.09.2026):

Star Bulk Carriers Corp — Second quarter (Q2) 2026: the company reported its strongest quarterly results since Q2 2022, with net income of $144.9 million ($1.30 basic and diluted EPS), adjusted net income of $134.8 million ($1.21 adjusted EPS), EBITDA of $194.8 million and adjusted EBITDA of $184.2 million. Management declared a quarterly cash dividend of $0.90 per share and highlighted strong cash generation, elevated TCE rates and continued fleet renewal and efficiency measures.

Profitability

Q2 2026 net income: $144.9M ($1.30 per share); adjusted net income: $134.8M ($1.21 per share). Adjusted EBITDA was $184.2M (EBITDA $194.8M), marking Star Bulk's most profitable quarter since Q2 2022.

Revenues and TCE

Voyage revenues for Q2 2026 were $357.4M and TCE revenues were $284.6M. Daily Time Charter Equivalent (TCE) rate was $24,486 per vessel per day in Q2 2026 (up from $13,624 in Q2 2025), helped by higher charter rates and a ~$21.0M gain from sale of bunkers on delivery/redelivery.

Cash generation

Net cash provided by operating activities in Q2 2026 was $149.9M (vs. $54.5M in Q2 2025), supporting the company’s full-payout capital allocation policy.

Dividends & capital return

The Board declared a quarterly cash dividend of $0.90 per share on Aug 5, 2026 (record date Aug 21, payable ~Sep 3). Star Bulk says this distributes operating cash flow after capex and debt service and marks the 22nd consecutive dividend since 2021; total returns since 2021 exceed $2.15B (dividends + buybacks).

Costs and efficiency

Q2 2026 daily OPEX was $5,265 per vessel (adjusted daily OPEX $5,180) and daily net cash G&A was $1,362 per vessel. Interest & finance costs fell to $12.4M in Q2 2026 (from $18.9M in Q2 2025), reflecting lower outstanding indebtedness and rates.

Fleet activity and asset sales

Average fleet in Q2 2026 was 134.3 vessels (company states a fully delivered fleet of 138 vessels as of the release date). The company took delivery of three high-spec Kamsarmax newbuilds in Q2, agreed sales of several older vessels and recognized ~$60.2M of net sale proceeds in Q2 (expecting an additional ~$31.5M in Q3), with total expected net proceeds of ~ $70.3M from these sales (net of commissions and debt prepayments).

Newbuilding program & capex

Three of eight newbuilds were delivered in Q2 2026 (Star Evelina, Star Emma, Star Ellie). As of June 30, 2026, $164.9M had been paid in installments for the eight newbuilds and ~$122.0M remained payable for the five remaining vessels; two deliveries expected in Q3 and three in Q4 2026.

Financing updates

Key financings in Q2 2026: ABN revolving facility availability extended to May 2027; $52.0M drawn under ESUN $130M facility and $80.0M drawn under the Fubon $80M facility (both seven‑year maturities). BNP Paribas approved JOLCO credit for Star Kyra up to $35.2M subject to documentation. After refinancings/prepayments, ~29 unencumbered vessels expected.

Other notable items

Q2 included a $12.4M gain on sale of vessels and a small net loss on FFAs and bunker swaps of $0.9M (unrealized gain $1.7M, realized loss $2.6M). Dry docking expense in Q2 2026 was $19.6M. Management highlighted fuel-saving measures (88% of fleet fitted with Energy Saving Devices, silicone paints and hull‑cleaning robots) to lower fuel consumption and emissions.