The earnings call reflects a positive outlook for Star Bulk Carriers, with strong liquidity, successful cost synergies, and an optimistic market outlook. However, challenges remain with low net income, high debt levels, and a decline in Chinese dry bulk imports. Overall, the highlights outweigh the lowlights, indicating a generally positive sentiment.

Company Guidance

During the Star Bulk Carriers conference call for the second quarter of 2025, the company reported a net income of $40,000, with an adjusted net income of $13.2 million or $0.11 per share. The adjusted EBITDA was $69 million, and a dividend of $0.05 per share was declared, payable on September 10. The company repurchased 3.3 million shares for $54 million, with total cash standing at $407 million and total debt at $1.12 billion. They have pro forma liquidity of over $0.5 billion, including undrawn revolver facilities of $115 million. The time charter equivalent rate was $13,624 per vessel per day, while combined daily operating and G&A expenses were $6,277 per vessel. Since 2021, net debt has been reduced by 46% to $5.3 million per vessel. The company has achieved over $53 million in cumulative cost synergies post-Agle acquisition, with $13 million saved in Q2 2025 alone. Total dry dock expenses for the year are estimated at $33 million for 30 vessels, with approximately 1,000 off-hire days anticipated. The company also highlighted that the global dry bulk trade is expected to contract by 0.9% in 2025, while ton-miles are projected to grow by 0.2%.

Adjusted Net Income Growth

Adjusted net income for Q2 2025 was $13.2 million, or $0.11 per share.

Strong Liquidity Position

Total cash stands at $407 million, with additional liquidity from undrawn revolver facilities totaling more than $0.5 billion.

Successful Cost Synergy Realization

Over $53 million of cumulative cost synergies have been achieved since April 2024, with $13 million of synergies realized in Q2 2025.

Significant Share Buybacks

Repurchased 3.3 million shares for a total of $54 million during the quarter.

Fleet Modernization and Sales

Continued disposal of older vessels, with expected net sales proceeds of $104 million during Q3 and Q4 2025.

Positive Market Outlook

Optimistic about medium to long-term market outlook supported by favorable supply outlook and stricter environmental regulations.

Star Bulk Carriers (SBLK) Earnings, Revenues Date & History

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SBLK Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 18, 2025	2025 (Q3)	0.47 / -	0.71	―	―	―
Aug 06, 2025	2025 (Q2)	0.05 / 0.11	0.78	-85.90% (-0.67)
May 14, 2025	2025 (Q1)	-0.27 / -0.07	0.87	-108.05% (-0.94)
Feb 18, 2025	2024 (Q4)	0.35 / 0.34	0.73	-53.42% (-0.39)
Nov 19, 2024	2024 (Q3)	0.70 / 0.71	0.34	108.82% (+0.37)
Aug 07, 2024	2024 (Q2)	0.78 / 0.78	0.47	65.96% (+0.31)
May 22, 2024	2024 (Q1)	0.79 / 0.87	0.36	141.67% (+0.51)
Feb 12, 2024	2023 (Q4)	0.73 / 0.73	0.9	-18.89% (-0.17)
Nov 13, 2023	2023 (Q3)	0.29 / 0.34	1.34	-74.63% (-1.00)
Aug 03, 2023	2023 (Q2)	0.48 / 0.47	2	-76.50% (-1.53)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

SBLK Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 06, 2025	$19.15	$18.97	-0.94%
May 14, 2025	$16.36	$16.75	+2.38%
Feb 18, 2025	$16.24	$14.83	-8.68%
Nov 19, 2024	$19.14	$18.13	-5.28%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.