Star Bulk Carriers Corp. Earnings Recaps
Q2 2026
Aug 8, 2026
Star Bulk Carriers shares rose 3.4% following Q2 results that showcased better-than-expected profitability and balance sheet strength, driven by efficient operations and disciplined capital allocation.
Key takeaways
- Adjusted net income was $134.8 million, with adjusted EBITDA of $184.2 million, reflecting strong cash generation capabilities.
- Daily time charter equivalent (TCE) averaged $24,486 per vessel, with operating expenses plus cash G&A at $6,542, resulting in a cash margin of approximately $17,944 per vessel per day.
- The company maintained a robust liquidity position, ending the quarter with $565 million in cash and $110 million in undrawn revolver capacity.
- Capital returned to shareholders remains substantial, highlighted by a $0.90 dividend per share for the quarter and significant debt reduction over recent years.
- Fleet investments continue, including five new Kamsarmax vessels expected in 2026, with financing secured and a $56 million mark-to-market gain adding shareholder value.
Q1 2026
May 22, 2026
Shares declined 1.1% following the earnings report, reflecting investor caution despite steady operational and financial metrics; no major positive surprise emerged to drive the stock higher.
Key takeaways
- Net income reached $58.5 million, with adjusted net income at $63 million ($0.52 per share) and adjusted EBITDA of $114.3 million.
- The company repurchased 1.9 million shares for $37.9 million and declared a $0.50 per share dividend, continuing a capital return focus.
- Operating efficiency remains solid with time charter equivalent rates of $18,493 per vessel per day and daily cash margin of about $12,073 per vessel before debt and CapEx.
- Balance sheet remains healthy with $432 million in cash, $874 million in debt, and a low leverage profile supported by 29 debt-free vessels valued around $700 million.
- Fleet diversification supports stable revenue and adjusted EBITDA contributions across segments, but market conditions have not improved enough to push earnings or guidance above expectations.
Q3 2025
Nov 20, 2025
Star Bulk Carriers reported strong third-quarter results with a net income of $18.5 million and a commitment to shareholder returns through dividends and share buybacks.
Key takeaways
- Adjusted net income reached $32.4 million, equating to $0.16 per share, supported by an adjusted EBITDA of $87 million.
- The company repurchased 250,000 shares for $4.4 million in Q3, with an additional 360,000 shares purchased in Q4 to date.
- A dividend of $0.11 per share was declared, maintaining a focus on returning capital to shareholders.
- Total cash increased to $454 million with pro forma liquidity exceeding $570 million after factoring in undrawn revolver facilities.
- Star Bulk maintained a robust fleet modernization strategy, with ongoing investments in energy-efficient vessels and a plan for significant fleet upgrades through newbuildings.