Business
Star Bulk Carriers Corp. Reports Net Profit of $58.5 Million for the First Quarter of 2026, and Declares Quarterly Dividend of $0.50 Per Share
Star Bulk Carriers Corp. Reports Net Profit of $58.5 Million for the First Quarter of 2026, and Declares Quarterly Dividend of $0.50 Per
About this update from Star Bulk Carriers Corp.
[{"type":"text","content":"ATHENS, Greece, May 20, 2026 (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 2026. 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 2026First quarter 2025Voyage Revenues$281,152$230,650Net income$58,532$462Adjusted Net income / (loss)(1)$63,032($7,738)Net cash provided by operating activities$112,386$48,508EBITDA(2)$109,738$57,992Adjusted EBITDA(2)$114,339$48,970Earnings per share basic$0.53$0.00Earnings per share diluted$0.52$0.00Adjusted earnings / (loss) per share basic(1)$0.57($0.07)Adjusted earnings / (loss) per share diluted(1)$0.56($0.07)Dividend per share for the relevant period$0.50$0.05Average Number of Vessels135.4150.7TCE Revenues(3)$214,125$159,278Daily Time Charter Equivalent Rate (\"TCE\")(3)$18,493$12,439Daily OPEX per vessel(4)$5,071$5,008Daily OPEX per vessel (as adjusted)(4)$5,045$4,898Daily Net Cash G&A expenses per vessel(5)$1,375$1,319 (1) Adjusted Net income / (loss), 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 and earnings per share basic and diluted, 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...