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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.
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.
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