Star Bulk Carriers Corp. announced robust financial and operating results for the third quarter of 2024. The company reported a net income of $81.3 million, or $0.69 earnings per share, a significant increase from $43.7 million, or $0.45 earnings per share, in the third quarter of 2023. Adjusted net income also rose to $82.7 million, or $0.71 earnings per share, compared to $33.1 million, or $0.34 earnings per share, in the prior year.
Voyage revenues for the quarter increased to $344.3 million from $223.1 million in Q3 2023, with Time Charter Equivalent (TCE) Revenues reaching $256.9 million, up from $162.5 million. The TCE rate for Q3 2024 stood at $18,843 per day, reflecting stronger market conditions compared to $15,068 per day in Q3 2023. This performance was supported by an increase in the average number of vessels in the fleet to 155.3 from 121.5.
In line with its capital allocation policy, Star Bulk's Board of Directors declared a quarterly cash dividend of $0.60 per share, payable on or about December 18, 2024. The company also repurchased 933,004 common shares in September 2024 for $19.23 million at an average price of $20.61 per share. Furthermore, Star Bulk secured a new $130 million debt facility for five Kamsarmax newbuilding vessels and repaid a tranche of an ABN facility, freeing six vessels from encumbrances.
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