Business
Star Bulk Carriers Corp. Reports Financial Results for the First Quarter Ended March 31, 2020
ATHENS, Greece, May 26, 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, May 26, 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 first quarter ended March 31, 2020.\n Financial Highlights (Expressed in thousands of U.S. dollars, except for daily rates and per share data) First quarter 2020First quarter 2019 Voyage Revenues$160,862 $166,490 Net income/(loss)$2,755 ($5,342) Net cash provided by operating activities$32,097 $12,408 EBITDA (1)$57,596 $46,424 Adjusted EBITDA (1)$32,642 $43,875 Adjusted Net income / (loss) (2)($22,174)($8,532) Earnings / (loss) per share basic$0.03 ($0.06) Adjusted earnings / (loss) per share basic (2)($0.23)($0.09) Average Number of Vessels 116.0 107.3 TCE Revenues (3)$100,323 $104,223 Daily Time Charter Equivalent Rate (\"TCE\") (3)$10,949 $11,192 Average daily OPEX per vessel (4)$4,047 $4,046 Average daily Net Cash G&A expenses per vessel (5)$1,057 $971 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 each measure. To derive Adjusted EBITDA from EBITDA, we exclude non-cash gains / (losses).Adjusted Net income / (loss) and Adjusted earnings / (loss) per share basic and diluted are non-GAAP measures. Please see the table at the end of this release for a reconciliation to Net income / (loss), which is the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, as well as for the definition of each measure. Daily Time Charter Equivalent Rate (“TCE”) and TCE Revenues are non-GAAP measures. Please see the table at the end of this release for a reconciliation to Voyage Revenues, which is the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, as well as for the definition of each measure. Average daily OPEX per vessel is calculated by dividing vessel operating expenses by Ownership days.Average daily Net Cash ...