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Star Bulk Carriers (SBLK) investor relations material
Star Bulk Carriers Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary19 Nov, 2025
Executive summary
Net income for Q3 2025 was $18.5 million, with adjusted net income of $32.4 million and adjusted EBITDA of $87 million.
Declared a dividend of $0.11 per share for Q3, payable December 18, 2025, and continued share repurchases totaling 250,000 shares in Q3 and 360,000 in Q4 to date.
Maintained strong liquidity with $454 million in cash and pro forma liquidity exceeding $570 million.
Ongoing fleet renewal and upgrades, including newbuild contracts and sustainability-focused CAPEX.
Continued operational excellence with low average daily OPEX and high safety ratings.
Financial highlights
Q3 2025 TCE per vessel was $16,634; average daily OPEX per vessel was $5,096; net cash G&A expenses per vessel were $1,325.
$2.8 billion returned to shareholders since 2021 via dividends, buybacks, and debt repayment.
Net debt reduced by 50% since 2021, now covered by fleet scrap value.
Q3 operating cash flow was $92 million; quarter-end cash balance was $457 million.
Proforma debt and lease obligations stood at $1,028 million.
Capital allocation and financing
15 debt-free vessels valued at $336 million.
$91 million remains in the share repurchase program.
Secured up to $130 million debt for five newbuild Kamsarmax vessels; $74 million expected for three more.
Amortization to remain around $50–$52 million per quarter in 2026.
Dividend policy requires $2.1 million cash per vessel; current cash far exceeds requirement.
Newbuilds impact on fleet age/efficiency?
Capital allocation priorities given market shift?
How will fleet growth restriction impact future TCE?
Kamsarmax newbuilds: What's the financial logic?
IMO Net-Zero delay: Impact on newbuilding orders
2026 dry dock costs and off-hire days impact
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Next Star Bulk Carriers earnings date
Q4 202513 Feb, 2026
Next Star Bulk Carriers earnings date
Q4 202513 Feb, 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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