Revenues :
Estimated : $230.91M
Actual : $308.92M (+ 33.78% vs Esm) 🟢
Previous Year Q4: $263.5M (+17.25% YoY) 🟢
EPS :
Estimated : $0.41
Actual : $0.34 (-17.07% vs Esm) 🔴
Previous Year Q4: $0.73 (-53.42% YoY) 🔴
CEO Comments :
Our Board of Directors has approved a dividend distribution of $0.09 per share, and we spent over $7.4 million to repurchase 500,000 shares in January.
We have repurchased approximately 900,000 shares since the renewal of our share repurchase program.
We have cumulatively reduced costs by $21.8 million since April 2024.
This quarter alone, we achieved $12.6 million in cost reductions—equivalent to an annualized run rate of over $50.0 million.
Declaration of Dividend
On February 18, 2025, our Board declared a $0.09 per share quarterly dividend (60% of Q4 2024 Cash Flow), payable on March 18, 2025, to shareholders of record as of March 4, 2025. The remaining 40% was used for share buybacks.
Share Repurchase Program & Shares Outstanding Update
On December 13, 2024, our Board authorized a new $100.0 million share repurchase program, replacing the previous $50.0 million program. Using vessel sale proceeds and 40% of Q4 2024 Cash Flow, we repurchased 393,474 shares in December 2024 and 500,000 shares in January 2025 at an average price of $15.08 per share, totaling $13.5 million. As of this release, 117,127,531 shares remain outstanding, with $86.5 million available under the repurchase program.
Fleet Update
The vessels Star Hydrus, Imperial Eagle, and Diva were delivered to their new owners on November 21, November 27, and December 27, 2024, respectively. On February 6, 2025, we agreed to sell Bittern, with delivery expected in Q2 2025.
