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]

GLYFADA, Greece, Nov. 28, 2025 (GLOBE NEWSWIRE) -- Globus Maritime Limited (“Globus”, the “Company”, “we”, or “our”) (NASDAQ: GLBS), a dry bulk shipping company, today reported its unaudited consolidated financial results for the third quarter and nine-month period ended September 30, 2025. Revenue $12.6 million in Q3 2025$30.8 million in 9M 2025 Net income / (loss) $0.7 million net income in Q3 2025$2.6 million net loss in 9M 2025 Adjusted EBITDA $5.5 million in Q3 2025$10.7 million in 9M 2025 Time Charte ...

GLYFADA, Greece, Nov. 26, 2025 (GLOBE NEWSWIRE) -- Globus Maritime Limited (“Globus” or the “Company”) (NASDAQ: GLBS), a dry bulk shipping company, announced today that it will release financial results for the three-month and nine-month periods ended September 30, 2025, after the market closes in New York on Friday, November 28, 2025. About Globus Maritime Limited Globus is an integrated dry bulk shipping company that provides marine transportation services worldwide. The Company’s operating fleet consists ...

Core Insights - Diana Shipping Inc. (DSX) is a global shipping company based in Athens, Greece, focusing on dry bulk vessels that transport commodities like coal, iron ore, and grain [1] - The company aims to maintain profitability and shareholder value despite fluctuating market conditions [1] Financial Performance - For Q3 2025, DSX reported an EPS of $0.03, surpassing the estimated EPS of $0.005, indicating strong profit generation capabilities [2][6] - The actual revenue for the quarter was $51.86 million, which was below the estimated $57 million, reflecting challenges in revenue generation [2][6] - The net income for Q3 2025 was $7.2 million, with $5.7 million attributable to common stockholders, showing an increase from the previous year's net income of $3.7 million [3] Revenue and Dividends - Time charter revenues for Q3 2025 were $51.86 million, down from $57.5 million in Q3 2024, attributed to the sale of three vessels [4] - Despite the revenue decline, the company declared a cash dividend of $0.01 per common share, demonstrating a commitment to returning value to shareholders [4][6] Financial Metrics - The company has a price-to-earnings (P/E) ratio of approximately 8.91, indicating market valuation of its earnings [5] - The price-to-sales ratio is about 0.87, suggesting that investors pay less than a dollar for each dollar of sales [5] - The debt-to-equity ratio is approximately 1.24, indicating reliance on debt relative to equity, while a current ratio of around 2.22 reflects strong liquidity [5]

Financial Data and Key Metrics Changes - Time charter revenues for Q3 2025 were $51.9 million, down from $57.5 million in the same quarter last year, reflecting the sale of two vessels earlier this year and one vessel in September 2024 [10] - Adjusted EBITDA decreased to $20.3 million from $23.7 million year-over-year, consistent with a smaller fleet [10] - Net income nearly doubled to $7.2 million from $3.7 million in Q3 2024, driven by lower expenses and a $10.6 million gain from the valuation of the investment in Genco [11] - Cash decreased to $133.9 million as of September 30, 2025, from $207.2 million at the end of 2024, due to strategic investments [11] - Long-term debt increased slightly to $651.1 million as of September 30, 2025, from $637.5 million at year-end 2024 [12] Business Line Data and Key Metrics Changes - Fleet utilization reached 99.5% for Q3 2025, indicating effective vessel management [4] - Time charter equivalent averaged $15,178 per day, a 1% decrease compared to $15,333 per day in Q3 2024 due to softer charter rates [12] - Daily operating expenses rose 1% to $6,014 compared to $5,964 last year, mainly due to higher crew costs [13] Market Data and Key Metrics Changes - The dry bulk market showed solid performance in Q3, with record Chinese imports reaching nearly 580 million metric tons [3] - The 12-month time charter rate for a typical Capesize stood at around $24,000 a day, with rates for Campermax and Ultramax at $15,600 and $15,900 per day, respectively [17] - The Baltic Capesize Index was at 3,636, and the Baltic Panamax Index at 1,895 as of November 19 [18] Company Strategy and Development Direction - The company is focused on a disciplined chartering strategy, securing approximately $149 million in contracted revenues with an average time charter rate of $16,200 per day [8] - Ongoing fleet modernization efforts include the delivery of two methanol dual-fuel new-building Campermax dry bulk vessels expected at the end of 2027 and early 2028 [4] - The company is committed to promoting eco-friendly technologies and modernizing its fleet as part of its ESG initiatives [32] Management's Comments on Operating Environment and Future Outlook - Management noted that the bulk carrier market has weathered geopolitical and trade developments well, with positive sentiment and new building orders appearing [17] - The outlook for 2026 appears positive, with potential revenues projected to reach $224.7 million at an average time charter rate of $17,102 per day [15] - The company anticipates that while projected revenues for 2025 may not fully cover break-even, the outlook for 2026 supports a return to cash flow profitability [15] Other Important Information - The company declared a quarterly cash dividend of $0.01 per common share for Q3 2025, totaling approximately $1.16 million [7] - The company has acquired 14.9% of Genco Shipping and Trading Limited's common shares [6] Q&A Session Summary Question: What is the company's strategy regarding its stake in Genco? - Management stated that the position in Genco has strategic value, and they are currently observing developments without direct contact with Genco's management [37] Question: What is the status of the company's holding in Ocean Chow? - Management indicated that Diana Shipping's interest in Ocean Chow is minimal and not material at this stage [39]

Financial Performance (Q3 2025) - Time charter revenues were $51.9 million, compared to $57.5 million in Q3 2024[33, 34] - Net income was $7.2 million, an increase from $3.7 million in Q3 2024[33, 34] - Earnings per common share, diluted, were $0.05, compared to $0.00 in Q3 2024[33] - Adjusted EBITDA was $20.3 million, compared to $23.7 million in Q3 2024[33, 75] Financial Position (as of September 30, 2025) - Cash, cash equivalents, time deposits, and restricted cash totaled $133.9 million, a decrease from $207.2 million as of December 31, 2024[21, 33] - Long-term debt and finance liabilities, net of deferred financing costs, were $651.1 million, an increase from $637.5 million as of December 31, 2024[33] - Net debt to market value was 54%[21] Fleet and Chartering - The company had 36 vessels on the water[21, 34] - Average fleet utilization was 99.5% for the nine months ended September 30, 2025[21, 37] - Secured revenues of $25.4 million for 87% of the remaining ownership days of 2025 and $118.3 million for 50% of the ownership days of 2026[26, 32] - Average daily TC rate of fixed revenues is $16,223 for the remaining of 2025[32] Other Key Points - The company acquired 14.93% of Genco Shipping & Trading Ltd issued and outstanding common shares as of September 29, 2025[26] - Declared a cash dividend of $0.01 per common share for Q3 2025[26] - The dry bulk orderbook as % of total fleet is 10.9%[61]

Financial Data and Key Metrics Changes - The company reported a net income of $18.5 million, with an adjusted net income of $32.4 million, translating to an adjusted income per share of $0.16. Adjusted EBITDA for the quarter was $87 million [4] - Total cash reached $454 million, while total debt stood at $1.028 billion. Pro forma liquidity, including undrawn revolver facilities, exceeded $570 million [4] - The company repurchased 250,000 shares for $4.4 million during the third quarter and an additional 360,000 shares for $6.7 million in the fourth quarter to date [4] Business Line Data and Key Metrics Changes - Operating expenses for Q3 2025 were reported at $5,096 per vessel per day, with net cash G&A expenses at $1,325 per vessel per day [9] - The time-charter equivalent (TCE) rate was $16,634 per vessel per day, resulting in a TCE less OpEx and CAS G&A of approximately $10,213 per vessel per day [5] Market Data and Key Metrics Changes - Total dry bulk trade volumes increased by 5.1% year-over-year during Q3, supported by strong iron ore, grain, and minor bulk exports [17] - Chinese dry bulk imports rose by 4.4% year-over-year in Q3 after a contraction in the first half of the year [18] - The fleet growth for the first ten months of 2025 was 2.6%, with a modest newbuilding order book at 10.9% of the existing fleet [15] Company Strategy and Development Direction - The company is focused on fleet renewal and energy efficiency, with ongoing investments in green technologies and compliance with environmental regulations [13] - The strategy includes selective disposals and acquisitions to optimize fleet efficiency, with a focus on Kamsarmax vessels due to their favorable economics compared to Capesize vessels [38][39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the medium to long-term outlook for the dry bulk market, supported by a favorable supply outlook and easing trade tensions [22] - The company anticipates a gradual normalization of trade activity in 2026, particularly in light of recent geopolitical developments [18] Other Important Information - The company has completed 51 energy-saving device installations, with plans for additional upgrades in 2025 [10] - The board declared a dividend of $0.11 per share for the quarter, payable on December 18, 2025 [4] Q&A Session Summary Question: Expectations around total net change in debt in 2026 - The company secured financing for five newbuilds at $130 million and is in discussions for the remaining three, with amortization expected to remain around $50 million per quarter [26][27] Question: Dividend policy and cash balance calculations - The dividend policy is based on maintaining a cash balance above $2.1 million per vessel, which is currently well covered by the company's cash reserves [30][32] Question: Strong rate performance in sub-cape segments - Management attributed the strong performance to spillover effects from larger vessels and improved demand fundamentals in the grain and coal markets [33] Question: Fleet composition and Kamsarmax focus - The company is renewing its aging Kamsarmax fleet and taking advantage of favorable pricing and early delivery schedules for newbuilds [38][39] Question: Opportunities in the Capesize market - Management noted that finding Capesize vessels at reasonable prices is challenging, and current market conditions favor investments in Kamsarmax vessels [44]

Financial Data and Key Metrics Changes - The company reported a net income of $18.5 million and an adjusted net income of $32.4 million, translating to an adjusted income per share of $0.16 [4] - Adjusted EBITDA for the quarter was $87 million [4] - Total cash reached $454 million, while total debt stood at $1.028 billion, with additional liquidity of $115 million from undrawn revolver facilities, resulting in pro forma liquidity exceeding $570 million [4] - The company declared a dividend of $0.11 per share for the quarter, payable on December 18, 2025 [4] Business Line Data and Key Metrics Changes - The time-charter equivalent (TCE) rate was $16,634 per vessel per day, with combined daily operating expenses (OPEX) and net cash general and administrative expenses per vessel at $6,421, resulting in a TCE less OPEX and CAS G&A of approximately $10,213 per vessel per day [5] - Operating expenses for Q3 2025 were reported at $5,096 per vessel per day, with net cash G&A expenses at $1,325 per vessel per day [9] Market Data and Key Metrics Changes - Total dry bulk trade volumes increased by 5.1% year over year during Q3, supported by strong iron ore, grain, and minor bulk exports [18] - Chinese dry bulk imports recovered, increasing by 4.4% year over year during Q3 after a contraction in the first half [19] - The fleet is aging, with approximately 50% expected to be over 15 years old by the end of 2027, and effective capacity is projected to reduce by about 0.5% per annum during 2026 and 2027 [17] Company Strategy and Development Direction - The company is focused on fleet renewal and energy efficiency, with ongoing investments in newbuilding vessels and technology upgrades [13][10] - The strategy includes opportunistic disposals of non-eco vessels to improve fleet efficiency and reduce average fleet age [11] - The company aims to actively manage its diverse scrubber-fitted fleet to capitalize on market opportunities and deliver shareholder value [23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the medium to long-term outlook for the dry bulk market, supported by favorable supply dynamics and stricter environmental regulations [23] - The company noted that global port congestion has eased and is expected to follow seasonal trends, having a relatively neutral impact on effective supply growth [17] - The IMF forecasts global GDP growth at 3.1%, slightly below 2025 levels, while Chinese GDP is projected to slow to 4.2% [19] Other Important Information - The company has completed 51 energy-saving device installations, with plans for nine more in 2025 [10] - The company has been active in the market, securing $130 million in debt for newbuilding vessels and planning for additional financing [10] Q&A Session Summary Question: Expectations around total net change in debt in 2026 - Management clarified that amortization will remain around $50 million per quarter, with new facilities having a 17-year amortization profile [28] Question: Dividend policy and minimum cash balance per vessel - The dividend policy is based on the current fleet size, and the company maintains a cash balance significantly above the required level [31][33] Question: Strong rate performance in sub-cape segments - Management attributed the strong performance to spillover effects from larger vessels and improved demand fundamentals in the grain and coal markets [34] Question: Fleet composition and newbuilding strategy - The company is focusing on Kamsarmax vessels due to their cost-effectiveness and the need to renew an aging fleet [39]

FINANCIAL RESULTS Q3 2025 November 2025 Forward-Looking Statements This presentation contains certain forward-looking statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may include statements concerning the Company's plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, identified by words such a ...

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].