Star Bulk Carriers Corp

Latest Results (06.07.2026):

Star Bulk Carriers Corp. — First quarter 2026: The company reported net income of $58.5 million for Q1 2026 and declared a quarterly cash dividend of $0.50 per share. Results were driven by stronger charter rates (daily TCE $18,493), higher voyage revenues and robust operating cash flow, with management signaling a full‑payout policy and a target to return more than $3.00 per share in 2026 under the current FFA curve.

Profit & EPS

Net income was $58.532 million in Q1 2026 (basic EPS $0.53; diluted EPS $0.52). Adjusted net income was $63.032 million (adjusted diluted EPS $0.56), versus an adjusted loss in Q1 2025.

Dividend

The Board declared a quarterly cash dividend of $0.50 per share, payable on or about June 22, 2026 to shareholders of record as of June 12, 2026, under the company’s full‑payout policy.

Revenues & Freight Rates

Voyage revenues were $281.152 million and TCE revenues $214.125 million. Daily Time Charter Equivalent (TCE) rose to $18,493 (Q1 2025: $12,439), reflecting stronger market charter rates despite a smaller average fleet.

EBITDA & Operating Cash Flow

Reported EBITDA was $109.738 million and Adjusted EBITDA $114.339 million. Net cash provided by operating activities was $112.386 million (Q1 2025: $48.508 million).

Operating Costs

Daily OPEX per vessel was $5,071 (as reported) and $5,045 (adjusted). Daily net cash G&A per vessel was $1,375. Vessel operating expenses and dry‑docking costs decreased year‑over‑year, driven largely by a smaller average fleet and timing of dry docks.

Fleet & Commercial Activity

Average fleet size in Q1 2026 was 135.4 vessels (135 at quarter end). The company is in a newbuilding delivery cycle: two Kamsarmaxes expected by end‑May 2026, three in Q3 and three in Q4 (eight total). Sales of Star Scarlett and Star Mariella closed in April/May, generating ~ $46.4 million in proceeds.

Financing & Balance Sheet

Star Bulk drew an $80.0 million NBG facility in March to refinance prior debt, prepaid the CEXIM facility, secured a Nordea amendment (lower margin, extended final maturity to Jan 2031), and received Fubon approval for up to $80.0 million. After planned refinancings/prepayments the company expects 29 unencumbered vessels. Cash and restricted cash at March 31, 2026 was $407.8 million; total assets $3.669 billion, total liabilities $1.239 billion and shareholders’ equity $2.430 billion.

Other notable items

Net loss on FFAs and bunker swaps in Q1 2026 was $2.9 million (unrealized loss $3.1M, realized gain $0.2M). Interest and finance costs fell to $12.9 million (Q1 2025: $19.3M), reflecting lower average indebtedness and rates.

Management outlook

Management said supply‑demand fundamentals supporting Q1 strength remain in place, emphasized operating leverage and low cost structure, and reiterated the intent to convert freight rates into shareholder returns under the full‑payout policy. Summarized from source with an LLMView Source