Business
Star Bulk Carriers Corp. Reports Financial Results for the Second Quarter and First Half of 2020
ATHENS, Greece, Aug. 05, 2020 (GLOBE NEWSWIRE) -- Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq: SBLK), a global shipping company focusing
About this update from Star Bulk Carriers Corp.
[{"type":"text","content":"ATHENS, Greece, Aug. 05, 2020 (GLOBE NEWSWIRE) -- Star Bulk Carriers Corp. (the \"Company\" or \"Star Bulk\") (Nasdaq: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes, today announced its unaudited financial and operating results for the second quarter and the first half of 2020.\n Financial Highlights (Expressed in thousands of U.S. dollars, except for daily rates and per share data) Second quarter 2020Second quarter 2019Six months ended June 30, 2020Six months ended June 30, 2019 Voyage Revenues$146,134 $157,792 $306,996 $324,282 Net income/(loss) ($44,120) ($40,173) ($41,365) ($45,515) Net cash provided by operating activities$23,363 ($4,781)$55,460 $7,627 EBITDA (1)$8,872 $11,064 $66,468 $57,488 Adjusted EBITDA (1)$35,063 $31,157 $67,705 $77,161 Adjusted Net income / (loss) (2) ($18,131) ($20,520) ($40,305) ($26,923) Earnings / (loss) per share basic ($0.46) ($0.44) ($0.43) ($0.49) Adjusted earnings / (loss) per share basic (2) ($0.19) ($0.22) ($0.42) ($0.29) Average Number of Vessels 116.0 107.2 116.0 107.2 TCE Revenues (3)$97,140 $92,658 $197,463 $196,881 Daily Time Charter Equivalent Rate (\"TCE\") (3)$9,402 $10,549 $10,128 $10,880 Average daily OPEX per vessel (4)$4,027 $4,004 $4,037 $4,025 Average daily Net Cash G&A expenses per vessel (5)$1,048 $1,009 $1,052 $990 (1) 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).(2) 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.(3) 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...