Business
Star Bulk Carriers Corp. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2020
ATHENS, Greece, Nov. 16, 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, Nov. 16, 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 third quarter and the nine months ended September 30, 2020.\n Financial Highlights (Expressed in thousands of U.S. dollars, except for daily rates and per share data) Third quarter2020Third quarter2019Nine months ended September 30, 2020Nine months ended September 30, 2019Voyage Revenues$200,222$248,444$507,218$572,726Net income/(loss)$23,251$5,815($18,114)($39,700)Adjusted Net income / (loss) (1)$27,339$17,266($12,965)($9,657)Net cash provided by operating activities$57,019$27,659$112,479$35,286EBITDA (2)$79,175$60,535$145,644$118,023Adjusted EBITDA (2)$79,704$72,199$147,410$149,360Earnings / (loss) per share basic$0.24$0.06($0.19)($0.43)Adjusted earnings / (loss) per share basic (1)$0.28$0.18($0.14)($0.10)Average Number of Vessels116.0116.1116.0110.2TCE Revenues (3)$137,808$131,329$335,271$328,210Daily Time Charter Equivalent Rate (\"TCE\") (3)$13,083$14,688$11,166$12,143Average daily OPEX per vessel (4)$4,425$3,719$4,167$3,917Average daily OPEX per vessel (excl. non recurring expenses) (4)$4,244$3,693$4,106$3,876Average daily Net Cash G&A expenses per vessel (5)$985$828$1,030$931 (1)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.(2)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).(3)Daily Time Charter Equivalent Rate (“TCE”) and TCE Revenues are non-GAAP measures. Please see the table at the end of th...