Star Bulk Carriers Corp. reported a net income of $0.04 million, or $0.00 earnings per share, for the second quarter of 2025, a significant decrease from $106.1 million, or $0.93 earnings per share, in Q2 2024. Adjusted net income also fell to $13.2 million, or $0.11 adjusted earnings per share, compared to $89.1 million, or $0.78 adjusted earnings per share, in the prior year. This decline was primarily driven by a decrease in the average number of vessels in the fleet and significantly decreased charter rates, with the TCE rate at $13,624 per day versus $19,268 per day in Q2 2024.
The Board of Directors declared a quarterly cash dividend of $0.05 per share, marking the 18th consecutive quarter of capital returns, totaling approximately $1.36 billion to date. The company also continued its share repurchase program, acquiring 3,276,345 common shares for $54.0 million at an average price of $16.47 per share from the start of Q2 2025 through August 6, 2025. A new $100.0 million share repurchase program was authorized, replacing the existing one.
Star Bulk maintained strong liquidity of over $520.0 million, with net debt of $761 million as of August 4, 2025, comfortably covered by the fleet's scrap value of $932 million. The company sold nine vessels in Q2 2025 and agreed to sell additional vessels, expecting gross proceeds of $104.0 million in Q3/Q4 2025. Operational efficiency was enhanced by fitting three vessels with energy-saving devices (ESDs) in Q2 2025, bringing the total to 47 installations, with 13 more planned for 2025, aiming for 10-15% fuel savings.
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