Core Viewpoint - Star Bulk Carriers Corp. estimates its time charter equivalent (TCE) rate for Q4 2025 to be approximately $19,500 per day for about 93% of its owned available days [1] TCE Rate Estimates by Segment - Newcastlemax/Capesize vessels are expected to have a TCE rate of approximately $27,600 per day for about 91% of owned available days [6] - Post Panamax/Kamsarmax/Panamax vessels are estimated to have a TCE rate of approximately $16,400 per day for about 92% of owned available days [6] - Ultramax/Supramax vessels are projected to have a TCE rate of approximately $17,400 per day for about 94% of owned available days [6] Company Overview - Star Bulk is a global shipping company specializing in dry bulk transportation, with a fleet of 145 vessels and an aggregate capacity of 14.3 million deadweight tons (dwt) [3] - The fleet includes various vessel types such as Newcastlemax, Capesize, Kamsarmax, and Ultramax, with carrying capacities ranging from 55,569 dwt to 209,537 dwt [3] - The company was incorporated in the Marshall Islands in 2006 and is listed on the Nasdaq Global Select Market under the symbol "SBLK" [3]

Financial Performance - Navios Maritime Partners reported revenue of $327.6 million for Q2 2025, a decrease of 4.3% from $342.2 million in Q2 2024 [5][23] - EBITDA for Q2 2025 was $178.2 million, down from $197.0 million in Q2 2024 [5][24] - Net income for Q2 2025 was $69.9 million, compared to $101.5 million in Q2 2024 [5][25] - Earnings per common unit were $2.34 for Q2 2025, down from $3.30 in Q2 2024 [5][47] Operational Highlights - The fleet consists of 68 dry bulk vessels, 47 containerships, and 58 tankers, including 18 newbuilding tankers expected to be delivered through the first half of 2028 [15] - The average Time Charter Equivalent (TCE) rate decreased by 1.5% to $23,040 per day in Q2 2025 [23] - Fleet utilization was 99.3% for both Q2 2025 and Q2 2024 [31] Cash Distribution and Share Repurchase - The Board declared a cash distribution of $0.05 per unit for Q2 2025, with an annualized rate of $0.20 per unit [4] - As of August 13, 2025, Navios Partners repurchased 716,575 common units in 2025 for approximately $27.8 million [3] Acquisition and Sale of Vessels - Navios Partners agreed to acquire two scrubber-fitted newbuilding aframax/LR2 tankers for $133.0 million, expected to be delivered in the first half of 2027 [6] - The company sold three vessels with an average age of 16.5 years for gross proceeds of $95.5 million [7][8] Financing Activities - In June 2025, Navios Partners entered into a new reducing revolving credit facility for up to $100.0 million, with $40.0 million drawn as of June 30, 2025 [11] - The company also secured a new credit facility for $62.5 million, fully drawn to refinance existing vessel indebtedness [12] Market Environment - The global shipping market remains healthy, influenced by changing trade patterns due to geopolitical events, including the war between Ukraine and Russia [2]