Strong Financial Position
The company reported a net income of $18.5 million with an adjusted net income of $32.4 million. Adjusted EBITDA was $87 million for the quarter. The company's total cash stands at $454 million, with a pro forma liquidity of more than $570 million.
Shareholder Returns
Star Bulk Carriers repurchased 250,000 shares for $4.4 million in Q3 and 360,000 shares for $6.7 million in Q4, with a dividend declared of $0.11 per share. Since 2021, the company has returned $13.2 per share in dividends, totaling $2.8 billion in dividends, share buybacks, and debt repayment.
Vessel Operations and Investments
Operating expenses were $5,096 per vessel per day, and the company secured $130 million in debt for five new Qingdao newbuilding Kamsarmax vessels. Additionally, 51 EST installations were completed with four vessels completed during the quarter.
Fleet Optimization
Star Bulk has sold and delivered 6 Kamsarmax and Supramax vessels, collecting $75.5 million, and expects to deliver an additional 2 Supramaxes with $25 million in proceeds.
Positive Market Outlook
Dry bulk trade is projected to expand by 1.4% in ton-miles for 2025, with a recovery in coal and grain trade volumes. The global GDP growth is forecasted at 3.1% for 2026, supporting an optimistic medium- to long-term outlook for the dry bulk market.