Star Bulk Carriers Corp. reported a net income of $42.4 million, or $0.36 earnings per share, for the fourth quarter of 2024. This compares to a net income of $39.7 million, or $0.45 earnings per share, in the fourth quarter of 2023. Adjusted net income for Q4 2024 was $40.6 million, or $0.34 adjusted earnings per share, a decrease from $63.5 million, or $0.73 adjusted earnings per share, in the prior year's quarter.
Voyage revenues for the fourth quarter increased to $308.9 million from $263.5 million in Q4 2023, and Time Charter Equivalent (TCE) Revenues rose to $216.8 million from $191.9 million. However, the TCE rate for Q4 2024 was $16,129 per day, down from $18,296 per day in Q4 2023, reflecting weaker market conditions. The average number of vessels in the fleet increased to 153.1 from 117.8.
The Board of Directors declared a quarterly cash dividend of $0.09 per share, representing 60% of the 'Cash Flow' for Q4 2024, payable on or about March 18, 2025. The company also repurchased 893,474 common shares in December 2024 and January 2025 for $13.5 million. Star Bulk achieved $21.8 million in cumulative cost reductions since April 2024 from the Eagle merger, with Q4 2024 alone contributing $12.6 million, reaching an annualized run rate of over $50.0 million ahead of schedule. The company also secured new financing and expects to have 13 unencumbered vessels and $28.0 million in additional cash by the end of Q1 2025.
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