Star Bulk Carriers Corp. Reports Net Profit of $44.3 Million For the Second Quarter of 2023, and Declares Quarterly Dividend of $0.40 Per Share

About this update from Star Bulk Carriers Corp.

[{"type":"text","content":"ATHENS, Greece, Aug. 03, 2023 (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 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) Second quarter 2023Second quarter 2022Six months ended June 30, 2023Six months ended June 30, 2022 Voyage Revenues$238,686$417,334$462,721$778,217 Net income$44,319$200,146$90,194$370,510 Adjusted Net income (1)$48,491$204,521$85,568$380,083 Net cash provided by operating activities$96,880$239,931$180,070$469,087 EBITDA (2)$92,514$251,451$186,905$472,134 Adjusted EBITDA (2)$96,185$258,299$180,987$484,180 Earnings per share basic$0.43$1.96$0.88$3.63 Earnings per share diluted$0.43$1.95$0.87$3.62 Adjusted earnings per share basic (1)$0.47$2.00$0.83$3.72 Adjusted earnings per share diluted (1)$0.47$2.00$0.83$3.71 Dividend per share for the relevant period$0.40$1.65$0.75$3.30 Average Number of Vessels 126.4 128.0 127.0 128.0 TCE Revenues (3)$175,563$337,516$331,663$642,420 Daily Time Charter Equivalent Rate (\"TCE\") (3)$15,835$30,451$15,020$28,924 Daily OPEX per vessel (4)$4,915$5,012$4,887$5,000 Daily OPEX per vessel (excl. non recurring expenses) (4)$4,772$4,674$4,734$4,710 Daily Net Cash G&A expenses per vessel (5)$1,051$1,010$1,055$1,037 (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 directly comparable...

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