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Star Bulk Carriers
Star Bulk Carriers (SBLK) investor relations material
Star Bulk Carriers Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Net income for Q4 2025 reached $65.2 million, with adjusted net income at $74.5 million and adjusted EBITDA at $126.4 million, reflecting strong profitability and operational strength.
Declared a $0.37 per share dividend for Q4 2025, marking the 20th consecutive payment since 2021, and repurchased 1.2 million shares for $22.7 million in Q4, with further buybacks in Q1 2026.
Total shareholder value creation since 2021 amounts to $3.0 billion through dividends, share buybacks, and net debt reduction.
Operational efficiency remained high, with some of the lowest daily operating and G&A expenses among peers.
Ongoing investments in fleet renewal, energy-saving devices, and digitalization to enhance competitiveness and ESG performance.
Financial highlights
Adjusted net income reached $74.5 million, or $0.16 adjusted EPS, for Q4 2025, with adjusted earnings per share (diluted) at $0.65.
Repurchased 1.2 million shares for $22.7 million in Q4; 1.9 million shares for $37.9 million year-to-date in Q1 2026; total 5.9 million shares for $98.1 million in 2025.
Declared a $0.37 per share dividend for Q4, payable March 19, 2026.
Ended Q4 with $502 million in cash, up from $457 million at the start of the quarter; proforma liquidity exceeds $570 million including undrawn revolvers.
Outstanding debt stands at approximately $1 billion, with $110 million undrawn revolving capacity and 27 debt-free vessels valued at $628–$630 million.
Outlook and guidance
Intends to distribute 100% of free cash flow, subject to a minimum cash balance per vessel and a $0.05 minimum quarterly dividend.
New $100 million share repurchase program authorized.
Based on current FFA curve, expects to generate $2.7–$4.7 per share of free cash flow in the next 12 months, implying up to an 18.7% cash flow yield at $20,000 daily TCE.
Every $1,500/day increase in TCE adds $73 million EBITDA and $0.65/share in dividends.
Fleet coverage for Q1 2026 is 84% at a TCE of $17,919/day, with diversified chartering across vessel segments.
Impact of $2.1M/vessel cash on FCF dividend
Rationale for Kamsarmax newbuilding investments
Sustain low OPEX with fleet upgrades and newbuilds
How does the new dividend policy impact cash retention
Assess fleet changes on daily G&A and TCE rates
How does fleet mix align with dry bulk market outlook
How does working capital impact FCF for dividends?
What is the strategy for fleet age reduction?
West Africa port congestion: short-term vs long-term
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Next Star Bulk Carriers earnings date
Q1 202619 May, 2026
Star Bulk Carriers
Next Star Bulk Carriers earnings date
Q1 202619 May, 2026
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Frequently asked questions
Star Bulk carriers Corp, together with its subsidiaries, engages in the seaborne transportation of drybulk cargoes through the ownership and operation of dry bulk vessels in worldwide. It transports iron ore, coal, grain, steel products, and other drybulk cargoes. The company charters its vessels to trading houses, producers, and government-owned entities under medium to long-term time charters.
Its subsidiaries include Starbulk Vessels Pool Ltd., Star Bulk Management Ltd., Star Bulk Carriers Corp. S.A., Astro Navigation Co. SA, Hydrostar Navigation Co. SA and Autostar Navigation Inc., among others.
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