Star Bulk Carriers Corp. reported unaudited results for the third quarter of 2025, posting net income of $18.5 million and EBITDA of $73.6 million. The company’s daily time‑charter equivalent (TCE) rate fell to $16,634, down from $18,843 in the same quarter last year, reflecting a softer market and lower charter rates.
Revenue for the quarter was $263.9 million, a decline of 3.5% from $267.8 million in Q3 2024 and a 6.5% increase from $247.4 million in Q2 2025. The drop from the prior year is largely attributable to a 12% decline in voyage revenues, driven by reduced freight rates in the dry‑bulk segment. Despite the revenue decline, the company’s adjusted earnings per share of $0.28 matched consensus estimates of $0.28, a beat that was largely driven by disciplined cost management and a favorable mix of higher‑margin charter contracts.
Operating margins contracted slightly, with EBITDA margin falling to 27.9% from 28.5% in Q3 2024. The compression is explained by higher fuel and crew costs, which rose 4% year‑over‑year, and by the company’s decision to maintain a conservative capital allocation policy during a period of market uncertainty.
Star Bulk reaffirmed its commitment to shareholder returns by declaring a quarterly dividend of $0.11 per share, its 19th consecutive payment, and by announcing the acquisition of three 82,000‑dwt Kamsarmax newbuildings under construction. The vessels, scheduled for delivery in Q3 2026, are expected to improve fleet efficiency and reduce operating costs, positioning the company for stronger earnings in the medium term.
Investors reacted cautiously to the results. While the company met EPS expectations and beat some revenue estimates, the significant year‑over‑year decline in net income and revenue, coupled with broader macro‑economic headwinds in the shipping industry, tempered enthusiasm. Analysts noted that the company’s guidance remains unchanged, indicating a cautious outlook for the near term but confidence in long‑term growth driven by fleet renewal and operational efficiency.
Management emphasized that the company remains well‑capitalized, with a current ratio of 1.61 and a debt‑to‑equity ratio of 0.57. CEO Petros Pappas highlighted the importance of maintaining a disciplined cost structure while pursuing opportunistic fleet upgrades, stating that “our focus on operational efficiency and strategic fleet renewal positions us to capture long‑term value as the market recovers.”
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