Business
Star Bulk Carriers Corp. Reports $23.5 Million Net Profit for the Fourth Quarter 2019 and Declares Quarterly Dividend of $0.05 Per Share
ATHENS, Greece, Feb. 19, 2020 (GLOBE NEWSWIRE) -- Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq and Oslo: SBLK), a global shipping company
About this update from Star Bulk Carriers Corp.
[{"type":"text","content":"ATHENS, Greece, Feb. 19, 2020 (GLOBE NEWSWIRE) -- Star Bulk Carriers Corp. (the \"Company\" or \"Star Bulk\") (Nasdaq and Oslo: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes, today announced its unaudited financial and operating results for the fourth quarter and the year ended December 31, 2019.\n Financial Highlights (Expressed in thousands of U.S. dollars, except for daily rates and per share data) Fourth quarter 2019Fourth quarter 2018Twelve months ended December 31, 2019Twelve months ended December 31, 2018 Voyage Revenues$248,639 $209,433 $821,365 $651,561 Net income/(loss)$23,499 $11,715 ($16,201)$58,397 Net cash provided by operating activities$53,238 $59,836 $88,525 $169,009 EBITDA (1)$77,996 $63,575 $196,019 $233,015 Adjusted EBITDA (1)$88,488 $82,379 $237,234 $260,887 Adjusted Net income / (loss) (2)$34,500 $30,316 $24,229 $86,098 Earnings / (loss) per share basic$0.25 $0.13 ($0.17)$0.76 Adjusted earnings / (loss) per share basic (2)$0.36 $0.33 $0.26 $1.12 Average Number of Vessels 117.6 106.4 112.1 87.7 TCE Revenues (3)$148,037 $136,795 $476,247 $437,961 Daily Time Charter Equivalent Rate (\"TCE\") (3)$15,535 $14,036 $13,027 $13,796 Average daily OPEX per vessel (4)$3,899 $3,938 $3,912 $4,027 Average daily OPEX per vessel (excl. pre-delivery expenses) (4)$3,899 $3,938 $3,882 $3,994 Average daily Net Cash G&A expenses per vessel (excluding one-time expenses) (5)$925 $969 $929 $1,004 EBITDA and Adjusted EBITDA are non-GAAP measures. Please see the table at the end of this release for a reconciliation of EBITDA and Adjusted EBITDA to Net Cash Provided by / (Used in) Operating Activities, which is the most directly comparable financial measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) as well as for the definition of the respective measures. To derive Adjusted EBITDA from EBITDA, we exclude non-cash gain / (loss). In addition, we installed scrubbers on the majority of our vessels in 2019. Some of these vessels were scheduled to undergo their dry docking surveys due in 2020. In order to avoid any further off-hire days for these vessels in 2020, we decided to complete the dry docking survey for these vessels concurrently with the installation of scrubbers in 2019. As a result, in 2019, we incurred fees and ex...