💹Revenues : $230.65M ( Est. $164.34M) 🟢 BEAT
💵 Earning Per Share : -$0.07 (Est. -$0.28) 🟢 BEAT
💰Dividend : $0.05 / shr on June 20th for shareholder as of June 6th
💬CEO Comments : Despite the seasonal market weakness during the first quarter 2025, Star Bulk remained in the black with Net Income of $0.5 million, EBITDA of $58.0 million and TCE per vessel per day of $12,439.
Our disciplined capital allocation strategy continues to prioritize shareholder value by combining dividends and share buybacks. The Board declared a $0.05 per share dividend, marking our 17th consecutive quarter of capital returns, totaling ~$1.35 billion to date. Using vessel sales proceeds at net asset value, we repurchased approximately 1.3 million shares, at prices significantly below net asset value, capitalizing on recent market dislocations to enhance shareholder returns. Going forward, we plan to remain committed to this strategy.
On the S&P front, we continue to selectively dispose of older and smaller tonnage that does not fit our commercial profile, having agreed to sell an additional five Supramax vessels.
Operationally, we significantly surpassed our $50.0 million cost and revenue synergy target, delivering meaningful cost savings to our shareholders.
With over $500.0 million in liquidity, net debt below scrap value and 13 unencumbered vessels, we believe we are well-positioned to seize opportunities in the dry bulk market.
Despite the global market volatility, and the uncertain effect of tariffs on global economic growth and trade, we are constructive about the medium/longer-term prospects of our industry, supported by a favorable order book and the IMO’s recent decision to implement global market-based measures to reduce GHG emissions, a decision that will effectively reduce supply of tonnage.