Star Bulk Carriers Corp. Reports Net Profit of $85.8 Million for the Fourth Quarter of 2022 and Declares Quarterly Dividend of $0.60 Per Share

About this update from Star Bulk Carriers Corp.

[{"type":"text","content":"ATHENS, Greece, Feb. 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 fourth quarter of 2022. 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 2022Fourth quarter 2021Twelve months ended December 31, 2022Twelve months ended December 31, 2021Voyage Revenues$294,803$499,857$1,437,156$1,427,423Net income/(loss)$85,796$300,151$565,999$680,530Adjusted Net income / (loss) (1)$92,461$302,446$608,801$691,764Net cash provided by operating activities$116,336$296,372$769,898$767,071EBITDA (2)$128,499$353,054$764,440$891,977Adjusted EBITDA (2)$134,584$355,128$808,614$900,221Earnings / (loss) per share basic$0.84$2.94$5.54$6.73Earnings / (loss) per share diluted$0.84$2.93$5.52$6.71Adjusted earnings / (loss) per share basic (1)$0.90$2.96$5.96$6.84Adjusted earnings / (loss) per share diluted (1)$0.90$2.96$5.94$6.82Dividend per share for the relevant period$0.60$2.00$5.10$4.25Average Number of Vessels128.0128.0128.0125.4TCE Revenues (3)$216,428$428,004$1,125,568$1,188,616Daily Time Charter Equivalent Rate (\"TCE\") (3)$19,590$37,406$25,461$26,978Daily OPEX per vessel (4)$4,469$4,604$4,893$4,560Daily OPEX per vessel (excl. non recurring expenses) (4)$4,205$4,373$4,598$4,310Daily Net Cash G&A expenses per vessel (5)$977$1,042$1,000$1,050 (1)Adjusted Net income / (loss) and 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 / (loss) and earnings / (loss) 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 o...

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