Star Bulk(US:SBLK)2025-08-07 15:00Financial Performance - The company reported a Net Income of $0.04 million and an Adjusted Net Income of $13.2 million[9] - Adjusted EBITDA reached $69 million[9] - The company declared a dividend of $0.05 per share[9] - The company's cash position is approximately $407 million[9] - Proforma Debt and lease obligations are $1,121 million[9] - Additional liquidity of $115 million is available through undrawn revolver facilities, resulting in proforma liquidity in excess of $520 million[9] - TCE per vessel was $13,624, while average daily OPEX per vessel was $4,928, and average daily net cash G&A expenses per vessel were $1,349, resulting in TCE less OPEX less G&A expenses of $7,347[8] Shareholder Value & Fleet Management - The company repurchased approximately 3.3 million SBLK shares for $54 million during Q2 2025[9] - The company sold 9 vessels with equity proceeds of approximately $82.1 million, with $50.6 million to be received in H2 2025[9] - The company renewed its Share Repurchase program of up to $100 million[9] - The company has twelve debt free vessels with an aggregate market value of $246 million[9] Eagle Bulk Integration & Cost Synergies - Over $53 million of Cumulative Cost Synergies have been achieved since closing of the Eagle Bulk transaction in April 2024[23] - Q2 2025 Synergies are around $13 million[24] Fleet & Coverage - Fleet wide coverage for Q3 2025 is 72% at a TCE of $16,326/day[59] - The company operates a fleet of 142 vessels with an average age of ~11.9 years[37] - The company expects to receive on aggregate net sale proceeds of $104 million in Q3 and Q4 2025 and make debt prepayments of approximately $18.9 million related to the sold ships[37] Dry Bulk Market - Dry bulk trade in 2025 is projected at -0.9% in tons and +0.2% ton-miles[52] - Orderbook is relatively low at ~10.8% of the fleet (~113.2 million dwt)[46] - Vessels above 15 years of age are at ~27.7% of the fleet (~291 million dwt)[46]