Star Bulk Carriers Corp. Reports Net Profit of $39.7 Million for the Fourth Quarter of 2023, and Declares Quarterly Dividend of $0.45 Per Share

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[{"type":"text","content":"ATHENS, Greece, Feb. 12, 2024 (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 of 2023. 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 2023Fourth quarter 2022Twelve months ended December 31, 2023Twelve months ended December 31, 2022 Voyage Revenues$263,461$294,803$949,269$1,437,156 Net income$39,707$85,796$173,556$565,999 Adjusted Net income(1)$63,538$92,461$182,247$608,801 Net cash provided by operating activities$88,604$116,336$335,777$769,898 EBITDA(2)$93,163$128,499$376,948$764,440 Adjusted EBITDA(2)$114,036$134,584$379,211$808,614 Earnings per share basic$0.46$0.84$1.76$5.54 Earnings per share diluted$0.45$0.84$1.76$5.52 Adjusted earnings per share basic(1)$0.73$0.90$1.85$5.96 Adjusted earnings per share diluted(1)$0.73$0.90$1.84$5.94 Dividend per share for the relevant period$0.45$0.60$1.42$5.10 Average Number of Vessels 117.8 128.0 123.3 128.0 TCE Revenues(3)$191,928$216,428$686,096$1,125,568 Daily Time Charter Equivalent Rate (\"TCE\")(3)$18,296$19,590$15,824$25,461 Daily OPEX per vessel(4)$4,991$4,469$4,919$4,893 Daily OPEX per vessel (as adjusted)(4)$4,977$4,205$4,822$4,598 Daily Net Cash G&A expenses per vessel (excluding one-time expenses)(5)$1,104$977$1,059$1,000 (1) Adjusted Net income and Adjusted earnings per share are non-GAAP measures. Please see EXHIBIT I at the end of this release for a reconciliation to Net income and earnings per share, which are the most directly comparable financial measures 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 liquidity 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...

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