Business
Star Bulk Carriers Corp. Reports Net Profit of $27.8 Million for the Fourth Quarter and $9.7 Million for the Year Ended December 31, 2020
ATHENS, Greece, Feb. 17, 2021 (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, Feb. 17, 2021 (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 fourth quarter and year ended December 31, 2020. 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) Fourth quarter 2020Fourth quarter 2019Twelve months ended December 31, 2020Twelve months ended December 31, 2019Voyage Revenues$186,023$248,639$693,241$821,365Net income/(loss)$27,774$23,499$9,660($16,201)Adjusted Net income / (loss) (1)$29,508$34,335$16,752$24,331Net cash provided by operating activities$58,073$53,238$170,552$88,525EBITDA (2)$79,489$77,996$225,133$196,019Adjusted EBITDA (2)$81,456$88,323$229,075$237,336Earnings / (loss) per share basic$0.29$0.25$0.10($0.17)Earnings / (loss) per share diluted$0.29$0.24$0.10($0.17)Adjusted earnings / (loss) per share basic and diluted (1)$0.30$0.36$0.17$0.26Average Number of Vessels116.0117.6116.0112.1TCE Revenues (3)$140,718$148,037$475,989$476,247Daily Time Charter Equivalent Rate (\"TCE\") (3)$13,415$15,535$11,789$13,027Average daily OPEX per vessel (4)$4,320$3,899$4,205$3,912Average daily OPEX per vessel (excl. non recurring expenses) (4)$4,169$3,899$4,122$3,882Average daily Net Cash G&A expenses per vessel (5)$1,068$939$1,035$927 (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 accoun...