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Star Bulk Carriers (SBLK) investor relations material
Star Bulk Carriers Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Q2 2025 net income was $0.04M, adjusted net income $13.2M ($0.11/share), and adjusted EBITDA $69M, reflecting ongoing cost synergies from the Eagle Bulk integration.
Declared a $0.05/share dividend and repurchased 3.3M shares for $54M; sold nine vessels, with $82.1M in proceeds, $50.6M to be received in H2 2025.
Achieved $53M in cumulative cost synergies from the Eagle acquisition since April 2024, with $13M realized in Q2 2025.
Enhanced liquidity to over $520M, supported by new revolving credit facilities totaling $115M.
Continued disposal of older, less efficient vessels to optimize fleet age and efficiency.
Financial highlights
Ended Q2 with $431M in cash, pro forma liquidity exceeds $520M, and total debt at $1.12B; 12 vessels are debt-free, valued at $246M.
Q2 2025 TCE per vessel was $13,624; daily OPEX per vessel $4,928; net cash G&A $1,349.
Net debt reduced by 46% since 2021, now at $865M, with net debt per vessel down 53% to $5.3M.
Net cash provided by operating activities was $54.5M; voyage revenues $247.4M.
Adjusted net income margin and EBITDA margin improved year-over-year.
Outlook and guidance
Q3 2025 fleet coverage is 72% at a TCE of $16,326/day; expect to complete phase-out of third-party crew margins by Q3 2025.
Drydock expenses for the remainder of 2025 estimated at $33M for 30 vessels, with ~1,000 off-hire days.
Five newbuilding vessels scheduled for 2026 delivery, with $130M debt financing secured.
Ongoing investment in energy-saving retrofits, ESD, BWTS, and compliance with IMO carbon regulations.
Management remains optimistic about long-term dry bulk market due to low order book and regulatory tailwinds.
Explain rationale for fleet refinement.
Assess impact of IMO regulatory tailwinds.
How will new facilities improve flexibility?
Eagle synergies: What's the timeline for crew manager phase out?
Fleet efficiency: What new tech is being explored?
Buybacks vs. dividends: What's the capital allocation strategy?
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Next Star Bulk Carriers earnings date
Q3 202518 Nov, 2025
Next Star Bulk Carriers earnings date
Q3 202518 Nov, 2025
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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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