Star Bulk Carriers Corp. Reports Net Profit of $0.5 Million For the First Quarter of 2025, and Declares Quarterly Dividend of $0.05 Per Share

Core Viewpoint - Star Bulk Carriers Corp. reported a significant decline in financial performance for Q1 2025 compared to Q1 2024, with a net income of $0.5 million and a decrease in voyage revenues, while announcing a new minimum quarterly dividend policy of $0.05 per share [1][4][8]. Financial Performance - Voyage revenues decreased to $230.7 million in Q1 2025 from $259.4 million in Q1 2024 [20]. - Net income fell sharply to $0.5 million in Q1 2025 from $74.9 million in Q1 2024 [18]. - Adjusted net loss for Q1 2025 was $7.7 million, compared to an adjusted net income of $73.2 million in Q1 2024 [18][46]. - EBITDA decreased to $58.0 million in Q1 2025 from $126.3 million in Q1 2024 [19][42]. - Adjusted EBITDA was $49.0 million in Q1 2025, down from $123.0 million in Q1 2024 [19][42]. Operational Metrics - The average number of vessels increased to 150.7 in Q1 2025 from 113.3 in Q1 2024 [34]. - Daily Time Charter Equivalent (TCE) rate dropped to $12,439 per day in Q1 2025 from $19,627 per day in Q1 2024, reflecting weaker market conditions [20][35]. - Daily operating expenses per vessel (as adjusted) were $4,898 in Q1 2025, slightly down from $4,962 in Q1 2024 [22][35]. Dividend and Share Repurchase - The Board declared a quarterly cash dividend of $0.05 per share, marking the 17th consecutive quarter of capital returns [5][8]. - Approximately 1.3 million shares were repurchased at an average price of $15.24 per share during Q1 2025, totaling $19.6 million [9]. Fleet and Asset Management - The company agreed to sell five Supramax vessels as part of its strategy to dispose of older and smaller tonnage [6]. - Following recent vessel sales, the company will have 13 unencumbered vessels and expects to collect total net proceeds of approximately $44.4 million in Q2 2025 [14]. Financial Position - The company reported over $500 million in liquidity and net debt below scrap value [7]. - As of March 31, 2025, total assets were $4.02 billion, with total liabilities of $1.56 billion [32].