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 - 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].