Star Bulk Carriers Corp. Reports Net Profit of $109.7 Million for the Third Quarter of 2022 and Declares Quarterly Dividend of $1.20 Per Share

About this update from Star Bulk Carriers Corp.

[{"type":"text","content":"ATHENS, Greece, Nov. 16, 2022 (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 of 2022. Unless otherwise indicated or unless the context requires otherwise, all references in this press release to \"we,\" \"us,\" \"our,\" or similar references, mean Star Bulk Carriers Corp. and, where applicable, its consolidated subsidiaries. Financial Highlights (Expressed in thousands of U.S. dollars, except for daily rates and per share data) Third quarter 2022Third quarter 2021Nine months ended September 30, 2022Nine months ended September 30, 2021 Voyage Revenues$364,136$415,688$1,142,353$927,566 Net income/(loss)$109,693$220,407$480,203$380,379 Adjusted Net income / (loss)(1)$136,257$224,671$516,340$389,314 Net cash provided by operating activities$184,475$251,032$653,562$470,699 EBITDA(2)$163,807$274,652$635,941$538,923 Adjusted EBITDA(2)$189,850$277,824$674,030$545,094 Earnings / (loss) per share basic$1.08$2.16$3.67$3.77 Earnings / (loss) per share diluted$1.07$2.15$3.66$3.76 Adjusted earnings / (loss) per share basic(1)$1.34$2.20$3.95$3.86 Adjusted earnings / (loss) per share diluted(1)$1.33$2.19$3.94$3.85 Average Number of Vessels 128.0 128.0 128.0 124.5 TCE Revenues(3)$266,720$349,289$909,140$760,612 Daily Time Charter Equivalent Rate (\"TCE\")(3)$24,365$30,626$27,418$23,304 Daily OPEX per vessel(4)$5,107$4,596$5,036$4,545 Daily OPEX per vessel (excl. non recurring expenses)(4)$4,769$4,304$4,730$4,288 Daily Net Cash G&A expenses per vessel(5)$950$987$1,008$1,053 (1) Adjusted Net income / (loss) and Adjusted earnings / (loss) per share basic and diluted are non-GAAP measures. Please see EXHIBIT I 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 generally accepted accounting principles in the United States (“ U.S. GAAP”), as well as for the definition of each measure. (2) EBITDA and Adjusted EBITDA are non-GAAP measures. Please see EXHIBIT I 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 compara...

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