Business
Star Bulk Carriers Corp. Reports Net Profit of $45.9 Million For the First Quarter of 2023, Declares Quarterly Dividend of $0.35 per Share and Renews Share Repurchase Program of up to $50.0 Million
ATHENS, Greece, May 16, 2023 (GLOBE NEWSWIRE) -- Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq: SBLK), a global shipping company focusing on
About this update from Star Bulk Carriers Corp.
[{"type":"text","content":"ATHENS, Greece, May 16, 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 first 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)First quarter 2023First quarter 2022Voyage Revenues$224,035$360,883Net income$45,875$170,364Adjusted Net income (1)$37,077$175,562Net cash provided by operating activities$83,190$229,156EBITDA (2)$94,391$220,683Adjusted EBITDA (2)$84,802$225,881Earnings per share diluted$0.44$1.67Adjusted earnings per share diluted (1)$0.36$1.72Dividend per share for the relevant period$0.35$1.65Average Number of Vessels127.6128.0TCE Revenues (3)$156,100$304,904Daily Time Charter Equivalent Rate (\"TCE\") (3)$14,199$27,405Daily OPEX per vessel (4)$4,858$4,988Daily OPEX per vessel (excl. non recurring expenses) (4)$4,696$4,747Daily Net Cash G&A expenses per vessel (5)$1,059$1,065 (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 financial measure calculated and presented in accordance with U.S. GAAP as well as for the definition of each measure. To derive Adjusted EBITDA from EBITDA, we exclude certain non-cash gains / (losses). (3) Daily Time Charter Equivalent Rate (“TCE”) and TCE Revenues are non-GAAP measures. Please see EXHIBIT I at the end of this release for a reconciliation to Voyage Revenues, which ...