Star Bulk Carriers (SBLK) Q1 2026 earnings summary

Executive summary

• Net income for Q1 2026 reached $58.5 million, with adjusted net income of $63 million and adjusted EBITDA of $114.3 million, reflecting strong profitability and operational efficiency.

• Declared a $0.50 per share dividend and executed $37.9 million in share buybacks, continuing disciplined capital returns.

• Maintained robust liquidity with $432 million in cash and equivalents, $110 million undrawn revolver, and 29 debt-free vessels.

• Ongoing investments in fleet renewal, efficiency upgrades, and ESG initiatives, with eight Kamsarmax newbuildings scheduled for 2026 delivery.

• Fleet size averaged 135.4–141 vessels, generating over 12,000 ownership days.

Financial highlights

• Voyage revenues increased to $281.2 million, with TCE revenues at $214.1 million and a daily TCE rate of $18,493.

• Adjusted EBITDA totaled $114.3 million; net cash from operating activities was $112.4 million.

• Cash and cash equivalents were $432 million, with debt and lease obligations at $874 million.

• Declared a $0.50 per share dividend, payable June 20–22, 2026.

• Repurchased 1.9 million shares for $37.9 million.

Outlook and guidance

• Management remains bullish for 2026 and into 2027, targeting over $3 per share in dividends for 2026 under the current FFA curve.

• Q2 2026 fleet coverage is 82% at a TCE of $22,166/day, with segment rates from $18,741 to $32,802/day.

• Positive market outlook supported by robust ton-mile growth, tightening environmental regulations, and ongoing geopolitical factors.

• Risks include potential order book growth, oil price increases, and integration challenges from the Eagle Merger.