Financial Highlights
(Expressed in thousands of U.S. dollars, except for daily rates and per share data)
Third quarter 2025
Third quarter 2024
Nine months ended September 30, 2025
Nine months ended September 30, 2024
Voyage Revenues
$263,855
$344,277
$741,913
$956,542
Net income
$18,519
$81,272
$19,020
$262,208
Adjusted Net income(1)
$32,415
$82,703
$37,856
$244,999
Net cash provided by operating activities
$91,842
$137,995
$194,843
$394,856
EBITDA(2)
$73,584
$143,448
$187,433
$440,827
Adjusted EBITDA(2)
$86,818
$144,355
$204,734
$420,784
Earnings per share basic
$0.16
$0.70
$0.16
$2.54
Earnings per share diluted
$0.16
$0.69
$0.16
$2.48
Adjusted earnings per share basic(1)
$0.29
$0.71
$0.33
$2.37
Adjusted earnings per share diluted(1)
$0.28
$0.71
$0.33
$2.32
Dividend per share for the relevant period
$0.11
$0.60
$0.21
$2.05
Average Number of Vessels
141.4
155.3
146.5
141.3
TCE Revenues(3)
$202,320
$256,945
$537,684
$714,773
Daily Time Charter Equivalent Rate ("TCE")(3)
$16,634
$18,843
$14,190
$19,209
Daily OPEX per vessel(4)
$5,209
$5,287
$5,091
$5,225
Daily OPEX per vessel (as adjusted)(4)
$5,096
$5,114
$4,972
$5,148
Daily Net Cash G&A expenses per vessel(5)
$1,325
$1,262
$1,331
$1,291
(1) Adjusted Net income, Adjusted earnings per share basic and diluted are non-GAAP measures. Please see EXHIBIT I at the end of this release for a reconciliation to Net income and earnings per share basic and diluted, which are the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles in the United States ("U.S. GAAP"), as well as for the definition of each measure. (2) EBITDA and Adjusted EBITDA are non-GAAP liquidity measures. Please see EXHIBIT I at the end of this release for a reconciliation of EBITDA and Adjusted EBITDA to Net Cash Provided by / (Used in) Operating Activities, which is the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, as well as for the definition of each measure. To derive Adjusted EBITDA from EBITDA, we exclude certain non-cash gains / (losses).(3) Daily Time Charter Equivalent ("TCE") Rate and TCE Revenues are non-GAAP measures. Please see EXHIBIT I at the end of this release for a reconciliation to Voyage Revenues, which is the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. The definition of each measure is provided in footnote (7) to the Summary of Selected Data table below.(4) Daily OPEX per vessel is calculated by dividing vessel operating expenses by Ownership days (defined below). Daily OPEX per vessel (as adjusted) is calculated by dividing vessel operating expenses excluding pre-delivery expenses for each vessel on acquisition or change of management, if any, by Ownership days. In the future we may incur expenses that are the same as or similar to certain expenses (as described above) that were previously excluded.(5) Daily Net Cash G&A expenses per vessel is calculated by (1) adding the Management fee expense to the General and Administrative expenses, net of share-based compensation expense and other non-cash charges and (2) then dividing the result by the sum of Ownership days and Charter-in days (defined below). Please see EXHIBIT I at the end of this release for a reconciliation to General and administrative expenses, which is the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.Petros Pappas, Chief Executive Officer of Star Bulk, commented:
"Star Bulk reported Net Income of $18.5 million, EBITDA of $73.6 million and a TCE per vessel per day of $16,634 for the third quarter 2025.
In October 2025, we agreed to acquire three Kamsarmax newbuilding resales under construction at a leading Chinese yard. The vessels were secured at attractive prices and deliveries scheduled for Q3 2026. These acquisitions form part of our ongoing strategy to renew and modernize our fleet on an opportunistic basis, enhancing both our overall efficiency and long-term earnings potential.
In line with our capital allocation framework, we remain committed to returning capital to shareholders. We declared a dividend of $0.11 per share - our 19th consecutive dividend payment- bringing cumulative dividends since 2021 to $13.12/share. At the same time, we continue to execute on our share repurchase program, deploying approximately $82.1 million to acquire and retire ~ 5 million shares year to date. We still have $91.4 million outstanding under our latest share repurchase program.
The dry bulk market has been impacted by geopolitical tensions, including the U.S. and Chinese port fee measures and the postponement of the decision on the IMO net Zero Framework. Despite these near-term uncertainties, we believe the medium-term fundamentals are robust. Renewal needs are increasing due to a rapidly aging fleet and fleet growth will remain restricted. Well-capitalized owners like Star Bulk are ideally placed to act and create lasting shareholder value should opportunities arise."
Recent Developments
Declaration of Dividend
On November 18, 2025, pursuant to our dividend policy, our Board of Directors declared a quarterly cash dividend of $0.11 per share, payable on or about December 18, 2025 to all shareholders of record as of December 5, 2025.
Share Repurchase Program & Shares Outstanding Update
As previously announced, on August 6, 2025, our Board of Directors approved a new share repurchase program (the "New Share Repurchase Program") authorizing up to an aggregate of $100.0 million in repurchases. In September and October 2025, we repurchased and cancelled 462,476 common shares in open market transactions at an average price of $18.47 per share for an aggregate consideration, including commissions, of $8.6 million pursuant to the New Share Repurchase Program.
As of the date of this release, we have 113,847,448 shares outstanding and $91.4 million outstanding under our New Share Repurchase Program.
Fleet Update
Vessels' S&P
In connection with the previously announced vessel sales, the vessels Star Nighthawk, Star Danai and Star Goal were delivered to their new owners in the third quarter of 2025, while Star Runner and Star Sandpiper were delivered in October 2025.
The Company collected approximately $25.0 million in vessel sale proceeds, net of address commissions, in October 2025 in connection with the aforementioned vessel deliveries.
On October 31, 2025, we entered into three novation and amendment agreements with Hengli Shipbuilding (Singapore) Pte. Ltd. and Hengli Shipbuilding (Dalian) Co. Ltd. for the acquisition of three 82,000 dwt Kamsarmax newbuilding vessels, currently under construction. Delivery of these vessels is scheduled progressively within the third quarter of 2026.
Financing
During the third quarter of 2025, we made debt prepayments of approximately $47.8 million in connection with the refinancing of our $107.5 million term loan facility (the "DNB $107.5 million Facility") with DNB Bank ASA ("DNB"), as further described below, as well as with the previously announced vessel sales. In October 2025, we made an additional prepayment of $6.9 million in connection with the vessel Star Wave as described below.
In November 2025, we entered into a committed term sheet with DNB for a loan facility of up to $100.0 million (the "New DNB $100.0 million Facility"). The facility amount will be used to refinance the outstanding amount under the existing $100.0 million loan facility with DNB, as well as to replenish cash used to prepay the DNB $107.5 million Facility and the outstanding loan amount of the vessel Star Wave. The New DNB $100.0 million Facility will mature 5 years after the drawdown and will be secured by first priority mortgages on 13 vessels.
Upon the completion of the aforementioned refinancings, we will have 15 unencumbered vessels.
Vessel Employment Overview
Our TCE rate per day1 per main vessel category was as follows:
Third quarter 2025
Nine months ended September 30, 2025
Capesize / Newcastlemax Vessels:
$
24,646
$
22,314
Post Panamax / Kamsarmax / Panamax Vessels:
$
13,602
$
11,612
Ultramax / Supramax Vessels:
$
13,982
$
12,180
Amounts shown throughout the press release and variations in period–over–period comparisons are derived from the actual unaudited numbers in our books and records. Reference to per share figures below are based on 114,247,725 and 117,086,980 weighted average diluted shares for the third quarter of 2025 and 2024, respectively.
Third Quarter 2025 and 2024 Results
For the third quarter of 2025, we had net income of $18.5 million, or $0.16 earnings per share, compared to net income for the third quarter of 2024 of $81.3 million, or $0.69 earnings per share. Adjusted net income, which excludes certain non-cash items, was $32.4 million, or $0.28 earnings per share, for the third quarter of 2025, compared to an adjusted net income of $82.7 million for the third quarter of 2024, or $0.71 earnings per share.
Net cash provided by operating activities for the third quarter of 2025 was $91.8 million, compared to $138.0 million for the third quarter of 2024. Adjusted EBITDA, which excludes certain non-cash items, was $86.8 million for the third quarter of 2025, compared to $144.4 million for the third quarter of 2024.
Voyage revenues for the third quarter of 2025 decreased to $263.9 million from $344.3 million in the third quarter of 2024 and Time charter equivalent revenues ("TCE Revenues")1 decreased to $202.3 million for the third quarter of 2025, compared to $256.9 million for the third quarter of 2024, mainly driven by the decrease in the average number of vessels in our fleet to 141.4 from 155.3 during the relevant periods and the decreased charter rates. TCE rate for the third quarter of 2025 was $16,634 compared to $18,843 for the third quarter of 2024, which is indicative of the weaker market conditions prevailing during the recent quarter.
Charter-in hire expenses for the third quarter of 2025 increased to $15.4 million from $14.8 million in the third quarter of 2024. This increase is mainly attributable to the increase in charter-in days to 899 in the third quarter of 2025 from 870 in the corresponding period in 2024.
Vessel operating expenses for the third quarters of 2025 and 2024 amounted to $67.8 million and $75.5 million, respectively. The decrease in our operating expenses was primarily driven by the decrease in the average number of vessels in our fleet. Daily operating expenses per vessel, excluding pre-delivery expenses due to change of management, amounted to $5,096 for the third quarter of 2025 compared to $5,114 for the corresponding period of 2024.
Dry docking expenses for the third quarter of 2025 were $28.1 million, compared to $20.1 million for the corresponding period in 2024. A total of 14 vessels completed their scheduled periodic dry docking surveys during the third quarter of 2025, including two dry dockings that commenced in the second quarter of 2025, while a total of 14 vessels completed their scheduled periodic dry docking surveys during the third quarter of 2024, including five dry dockings that commenced in the second quarter of 2024. The higher expenses in the recent quarter primarily reflect the dry docking of larger vessels, which resulted in increased costs per vessel. In addition, the dry docking for nine of our vessels was in progress as of quarter end, further contributing to the overall increase.
General and administrative expenses for the third quarters of 2025 and 2024 were $19.7 million and $21.6 million, respectively, which included share-based compensation of $7.3 million in the third quarter of 2025 and $7.6 million in the third quarter of 2024. Vessel management fees in the third quarter of 2025 increased to $5.9 million compared to $5.0 million for the corresponding period in 2024. Our daily net cash general and administrative expenses per vessel (including management fees and excluding share-based compensation and other non-cash charges) for the third quarter of 2025 amounted to $1,325 compared to $1,262 for the corresponding period of 2024. While the absolute amount of net cash general and administrative expenses, including management fees, decreased by $0.7 million as compared to the prior period ($18.4 million in the third quarter of 2025 versus $19.1 million in the third quarter of 2024), the increase in the daily figures was primarily attributable to a) the higher EUR/USD exchange rate prevailing during the recent quarter ($1.167 average EUR/USD rate in the third quarter of 2025 versus $1.097 average EUR/USD rate in the third quarter of 2024) and b) the fact that we had 14 fewer vessels on average during the third quarter of 2025 versus the third quarter of 2024.
Depreciation expense decreased to $41.8 million for the third quarter of 2025 compared to $44.5 million for the corresponding period in 2024. The decrease is driven by the decrease in the average number of vessels in our fleet, as discussed above.
Our results for the third quarter of 2025 include a loss from sale of vessels of $5.3 million in connection with the completion of vessel sales and the delivery to their new owners during the quarter, as described above under the section "Fleet Update". During the third quarter of 2024, we recognized an aggregate gain of $9.1 million resulting from the completion of vessel sales.
A loss on write-down of inventories of $4.6 million was recognized during the third quarter of 2024 in connection with the valuation of the bunkers remaining on board our vessels as of quarter end. No such loss was incurred in the third quarter of 2025.
Interest and finance costs for the third quarters of 2025 and 2024 were $17.7 million and $24.4 million, respectively. The decrease was primarily driven by a reduction in loan interest expense resulting from the lower weighted average outstanding indebtedness and reduced weighted average interest rates during the respective periods, partially offset by the absence of interest income from hedged interest rate swaps, as we terminated our remaining swaps in early July 2025.
Interest income and other income/(loss) for the third quarters of 2025 and 2024 amounted to $4.3 million and $7.1 million, respectively. The decrease in interest income and other income/(loss) is primarily attributable to i) lower realized foreign exchange gain by $1.2 million during the recent quarter and ii) lower interest income earned during the third quarter of 2025 compared to the corresponding period in 2024.
_________________1 Please see the table at the end of this release for the calculation of the Daily TCE Rate and TCE Revenues and the reconciliation to Voyage Revenues.
Unaudited Consolidated Income Statements
(Expressed in thousands of U.S. dollars except for share and per share data)
Third quarter 2025
Third quarter 2024
Nine months ended September 30, 2025
Nine months ended September 30, 2024
Revenues:
Voyage revenues
$
263,855
$
344,277
$
741,913
$
956,542
Total revenues
263,855
344,277
741,913
956,542
Expenses:
Voyage expenses
(46,717
)
(70,512
)
(158,881
)
(199,940
)
Charter-in hire expenses
(15,396
)
(14,819
)
(48,606
)
(31,812
)
Vessel operating expenses
(67,760
)
(75,536
)
(203,657
)
(202,235
)
Dry docking expenses
(28,059
)
(20,103
)
(73,762
)
(42,472
)
Depreciation
(41,801
)
(44,483
)
(127,363
)
(120,020
)
Management fees
(5,918
)
(4,980
)
(17,412
)
(13,676
)
General and administrative expenses
(19,743
)
(21,617
)
(53,240
)
(51,792
)
Gain/(Loss) on forward freight agreements and bunker swaps, net
(129
)
77
4,206
(4,239
)
Other operational loss
(2,174
)
(491
)
(3,764
)
(1,392
)
Other operational gain
923
2,668
14,650
4,410
Gain/(Loss) on sale of vessels
(5,255
)
9,061
(13,953
)
31,999
Loss on write-down of inventory
-
(4,602
)
-
(4,602
)
Operating income
31,826
98,940
60,131
320,771
Interest and finance costs
(17,689
)
(24,399
)
(55,822
)
(70,511
)
Interest income and other income/(loss)
4,339
7,064
14,426
14,410
Gain/(Loss) on derivative financial instruments, net
305
(356
)
751
(1,602
)
Gain/(Loss) on debt extinguishment, net
(219
)
(2
)
(405
)
(1,012
)
Total other expenses, net
(13,264
)
(17,693
)
(41,050
)
(58,715
)
Income before taxes and equity in income/(loss) of investee
$
18,562
$
81,247
$
19,081
$
