0000950157-26-000397
SEC filingStar Bulk Carriers Corp. (SBLK) reported FY 2025 voyage revenues of $1.04B, down 17.6% YoY from $1.265B in FY 2024, driven by lower charter rates amid a softening dry bulk market. Operating income fell sharply to $136.9M from $383.0M, reflecting higher drydocking expenses ($92.2M vs $62.7M) and vessel operating costs, partially offset by gains on FFAs/bunker swaps ($4.9M). Net income declined to $84.2M ($0.73 basic EPS) from $304.7M ($2.85 EPS), with interest costs stable at $71.2M. Balance sheet remains solid: cash $488.5M, total assets $3.81B, debt $1.06B (net leverage ~30%). Fleet of 136 vessels (13.7M dwt, avg age 12.7 yrs), 8 newbuildings under construction. Cash from ops $295.9M supports liquidity; dividends $0.30/share declared. Forward-looking, scrubber-equipped fleet (97%) positions for fuel efficiency gains; 27 unencumbered vessels enable refinancing. Management emphasizes disciplined capex, share repurchases ($98.1M in 2025), and growth via opportunistic M&A amid balanced supply-demand.
Star Bulk Carriers Corp. delivered FY2025 voyage revenues of $1.04B, a 17.6% YoY decline from $1.265B in FY2024, amid lower spot rates (TCE $15,360/day vs $18,392). Operating income dropped to $136.9M (-64.2% YoY) due to elevated drydocking ($92.2M vs $62.7M) and vessel ops ($269.2M). Net income fell to $84.2M (-72.4% YoY), with EPS at $0.73 (basic). Cash from operations was robust at $295.9M, supporting $34.4M dividends and $98.1M repurchases. Balance sheet strengthened: cash $488.5M (up from $425.1M), equity $2.45B. Fleet stable at 144.3 avg vessels; 136 owned end-2025 (13.7M dwt).
Voyage revenues: $1.04B total, with time charters $700.3M, voyage $340.4M, pools $1.8M. YoY drop from $1.265B reflects market softening; TCE fell 16.5%. Scrubber premium revenues $32.8M (down from $50.4M). Charter-in revenues $86.1M (up YoY). No geographic breakdown disclosed; global dry bulk ops. Ownership days 52,654 (stable YoY); available days 50,031.
Op margin ~13.1% (down from ~30.3%). Vessel ops $5,112/day (stable). Drydocking up 47% YoY. G&A $70.5M stable; mgmt fees $23.2M up. Gain on FFAs/swaps $4.9M vs loss $4.0M. Loss on vessel sales $18.3M vs gain $43.3M. Interest $71.2M stable. ROE ~3.4% (down sharply).
Op CF $295.9M (down from $471.2M). Invest CF $101.2M (vessel sales $174.4M offset advances $84.0M). Fin CF -$336.0M (debt paydown $201.6M, repurchases $98.1M, div $34.4M). Liquidity: cash $488.5M + restricted $13.4M; 27 unencumbered vessels. Debt $1.06B (current $226.1M); net leverage 30%. Equity $2.45B; shares outstanding 113.4M (down from 117.6M post-repurchases).
8 Kamsarmax newbuildings (656k dwt) due 2026; $206.6M remaining capex. Scrubbers on 97% fleet; ESD on 61 vessels. Conditional Diana acquisition (16 vessels, $470.5M). Share repurchases ongoing ($100M program). Dividends $0.30/share FY2025; policy: 100% CF above min $0.05/qtr. Risks: rates, geopolitics, regs (EU ETS, FuelEU).