Star Bulk Carriers Corp. Reports Net Profit of $81.3 Million for the Third Quarter of 2024, and Declares Quarterly Dividend of $0.60 per Share

Core Viewpoint - Star Bulk Carriers Corp. reported strong financial results for the third quarter of 2024, with significant increases in revenues, net income, and operational cash flow, reflecting improved market conditions and effective fleet management strategies [1][4][22]. Financial Performance - Voyage revenues for Q3 2024 reached $344.3 million, up from $223.1 million in Q3 2023, marking a 54.4% increase [24]. - Net income for Q3 2024 was $81.3 million, compared to $43.7 million in Q3 2023, representing an 86.1% increase [22]. - Adjusted net income for Q3 2024 was $82.7 million, up from $33.1 million in Q3 2023, indicating a 149.5% increase [22]. - EBITDA for Q3 2024 was $143.4 million, compared to $96.9 million in Q3 2023, reflecting a 48.0% increase [23]. - Earnings per share (EPS) for Q3 2024 were $0.69 diluted, compared to $0.45 diluted in Q3 2023, a 53.3% increase [36]. Operational Highlights - The average number of vessels increased to 155.3 in Q3 2024 from 121.5 in Q3 2023, contributing to higher revenues [24]. - The Time Charter Equivalent (TCE) rate for Q3 2024 was $18,843 per day, up from $15,068 per day in Q3 2023, indicating stronger market conditions [24]. - Daily operating expenses per vessel increased to $5,287 in Q3 2024 from $4,914 in Q3 2023, primarily due to the acquisition of the Eagle fleet [26]. Dividend and Share Repurchase - The Board of Directors declared a quarterly cash dividend of $0.60 per share, payable on December 18, 2024, to shareholders of record as of December 5, 2024 [8]. - In September 2024, the company repurchased 933,004 common shares at an average price of $20.61 per share, totaling $19.23 million [9]. Fleet and Market Outlook - The company remains optimistic about the medium-term prospects of the dry bulk market, citing favorable supply dynamics and recent economic stimulus measures from the Chinese government [8]. - The company has strengthened its financial position by reducing net debt per vessel by 53% since the beginning of 2021 [5]. Financing Activities - A new $130 million debt facility has been approved to finance the delivery of five new eco Kamsarmax vessels, with competitive terms secured [7][17]. - The company has made significant debt prepayments, including approximately $16.47 million related to recent vessel sales [13].