Star Bulk Carriers Corp. Reports Financial Results for the Third Quarter of 2025, and Declares Quarterly Dividend of $0.11 Per Share

Core Viewpoint - Star Bulk Carriers Corp. reported a significant decline in financial performance for the third quarter of 2025 compared to the same period in 2024, with lower revenues, net income, and earnings per share, while continuing to focus on fleet modernization and shareholder returns through dividends and share repurchases [1][7][10]. Financial Performance - Voyage revenues decreased to $263.9 million in Q3 2025 from $344.3 million in Q3 2024 [23]. - Net income for Q3 2025 was $18.5 million, down from $81.3 million in Q3 2024, resulting in earnings per share of $0.16 compared to $0.70 [21][22]. - Adjusted net income was $32.4 million for Q3 2025, down from $82.7 million in Q3 2024 [21]. - EBITDA for Q3 2025 was $73.6 million, a decrease from $143.4 million in Q3 2024 [22][48]. Operational Metrics - The average number of vessels in the fleet decreased to 141.4 in Q3 2025 from 155.3 in Q3 2024 [41]. - Daily Time Charter Equivalent (TCE) rate fell to $16,634 in Q3 2025 from $18,843 in Q3 2024, reflecting weaker market conditions [23][41]. - Daily operating expenses per vessel were $5,209 in Q3 2025, slightly down from $5,287 in Q3 2024 [26][41]. Shareholder Returns - The company declared a quarterly cash dividend of $0.11 per share, marking the 19th consecutive dividend payment, with cumulative dividends since 2021 totaling $13.12 per share [9][11]. - Approximately $82.1 million has been deployed for share repurchases year-to-date, with $91.4 million remaining under the current share repurchase program [9][12]. Fleet and Acquisition Strategy - The company agreed to acquire three Kamsarmax newbuilding vessels under construction, scheduled for delivery in Q3 2026, as part of its strategy to modernize the fleet [8][15]. - The average age of the operational fleet increased to 12.5 years as of Q3 2025, compared to 11.9 years in Q3 2024 [41]. Market Conditions - The dry bulk market is facing challenges due to geopolitical tensions and regulatory uncertainties, but the company believes medium-term fundamentals remain strong due to an aging fleet and restricted fleet growth [10].