Star Bulk Carriers Corp. reported a net income of $0.5 million, or $0.00 earnings per share, for the first quarter of 2025, a substantial decrease from $74.9 million, or $0.89 earnings per share, in Q1 2024. The company recorded an adjusted net loss of $7.7 million, or $0.07 adjusted loss per share, compared to an adjusted net income of $73.2 million, or $0.87 adjusted earnings per share, in the prior year. This decline was primarily attributed to a significant decrease in charter rates, with the TCE rate falling to $12,439 per day from $19,627 per day.
Despite the challenging market, Star Bulk's Board of Directors amended its dividend policy to ensure a minimum quarterly dividend of $0.05 per share going forward, and declared a $0.05 per share dividend for Q1 2025. The company also continued its share repurchase program, buying back 1,281,558 common shares for $19.6 million at an average price of $15.24 per share during the quarter. Management stated that synergies from the Eagle merger significantly surpassed the $50.0 million cost and revenue synergy target.
Operationally, the company completed the sale of the vessel Bittern and agreed to sell five additional Supramax vessels, with expected net proceeds of $44.4 million in Q2 2025 and $12.5 million in Q3 2025. Star Bulk also secured new financing, including a $43.0 million facility from Fubon and a $130.0 million facility from E.SUN for newbuilding vessels. The company maintains over $500.0 million in liquidity and has 13 unencumbered vessels, positioning it to navigate market volatility.
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