Core Viewpoint - Star Bulk Carriers Corp. reported a significant decline in financial performance for Q2 2025 compared to Q2 2024, with voyage revenues dropping by 30% and net income decreasing to $39,000 from $106.1 million, reflecting challenging market conditions in the dry bulk shipping sector [2][20][22]. Financial Highlights - Voyage revenues for Q2 2025 were $247.4 million, down from $352.9 million in Q2 2024 [2][22]. - Net income for Q2 2025 was $39,000, compared to $106.1 million in Q2 2024 [2][20]. - Adjusted net income for Q2 2025 was $13.2 million, down from $89.1 million in Q2 2024 [2][20]. - EBITDA for Q2 2025 was $55.9 million, a decrease from $171.0 million in Q2 2024 [2][21]. - Adjusted EBITDA for Q2 2025 was $68.9 million, compared to $153.5 million in Q2 2024 [2][21]. Operational Metrics - The average number of vessels decreased to 147.6 in Q2 2025 from 155.0 in Q2 2024 [2][38]. - The Daily Time Charter Equivalent (TCE) rate fell to $13,624 in Q2 2025 from $19,268 in Q2 2024, indicating weaker market conditions [2][22][38]. - Daily operating expenses per vessel (as adjusted) were $4,928 in Q2 2025, down from $5,319 in Q2 2024 [2][24][38]. Dividend and Share Repurchase - The company declared a quarterly cash dividend of $0.05 per share, marking the 18th consecutive quarter of capital returns [9][11]. - From the start of Q2 2025, the company repurchased 3.3 million shares at an average price of $16.47, totaling $54.0 million [12][9]. Fleet and Sales Activity - The company sold nine vessels in Q2 2025, enhancing cash reserves and liquidity, which now exceeds $520 million [10][11]. - The company expects to deliver eight additional vessels to new owners by the end of 2025, with gross proceeds estimated at approximately $104 million [15][14]. Market Outlook - Despite near-term challenges due to geopolitical tensions, the company remains optimistic about the long-term dry bulk market, driven by a low order book and regulatory tailwinds [11].

Core Viewpoint - Golden Ocean Group Limited reported a significant decline in financial performance for the first quarter of 2025, attributed to a weaker market environment, lower charter rates, and increased drydocking expenses, while maintaining a positive medium-term outlook for the dry bulk shipping industry, particularly in the Capesize segment [3][5]. Financial Performance - The company recorded a net loss of $44.1 million and a loss per share of $0.22 for Q1 2025, compared to a net income of $39.0 million and earnings per share of $0.20 in Q4 2024 [5]. - Adjusted EBITDA for Q1 2025 was $12.7 million, down from $69.9 million in Q4 2024 [5]. - The adjusted net loss for Q1 2025 was $37.5 million, compared to an adjusted net income of $12.7 million in Q4 2024 [5]. - Drydocking expenses totaled $38.4 million in Q1 2025, an increase from $34.3 million in Q4 2024 [5]. Market Conditions - Reported TCE rates for Newcastlemax/Capesize and Kamsarmax/Panamax vessels were $16,827 per day and $10,424 per day, respectively, with an overall fleet TCE rate of $14,409 per day for Q1 2025 [5]. - Estimated TCE rates for Q2 2025 are approximately $19,000 per day for 69% of Newcastlemax/Capesize available days and $11,100 per day for 81% of Kamsarmax/Panamax available days [5]. - For Q3 2025, estimated TCE rates are projected at $20,900 per day for 12% of Newcastlemax/Capesize available days and $12,900 per day for 38% of Kamsarmax/Panamax available days [5]. Strategic Developments - The company is pursuing a stock-for-stock merger with CMB.TECH NV, with a term sheet already entered [5]. - Agreements were made in March and April 2025 to sell two Kamsarmax vessels for net considerations of $15.8 million and $16.8 million, respectively [5]. - A cash dividend of $0.05 per share for Q1 2025 has been announced, payable on or about June 17, 2025, to shareholders of record on June 5, 2025 [5].