Star Bulk Carriers Corp. - SBLK STOCK NEWS

Star Bulk Carriers reported a net profit of $81.3 million for Q3 2024, with earnings per share of $0.69. The company declared a quarterly dividend of $0.60 per share, payable December 18, 2024. Voyage revenues increased to $344.3 million from $223.1 million in Q3 2023, while TCE rate improved to $18,843 from $15,068. The company's fleet expansion to 155.3 vessels from 121.5 contributed to the improved performance. Star Bulk continues its vessel optimization strategy, having sold 29 vessels for $563 million since 2021 and secured $130 million financing for five new Kamsarmax vessels.

Star Bulk Carriers Corp. (SBLK) has released its 2023 Environmental, Social, and Governance (ESG) Report, marking its sixth annual publication. The report adheres to Global Reporting Initiative (GRI 2021) standards, SASB Marine Transportation (2018) guidelines, and aligns with UN Sustainable Development Goals. Ernst & Young has provided assurance for specific GRI and SASB indicators.

The report presents a detailed overview of Star Bulk's sustainability strategy, performance metrics, and targets. Under ESG Committee guidance, the company implements best practices while addressing key environmental, social, and governance challenges. CEO Petros Pappas emphasized the company's commitment to human welfare and environmental well-being while expanding fleet operations.

Star Bulk Carriers (Nasdaq: SBLK) has scheduled its third quarter 2024 financial results release for Tuesday, November 19, 2024, after New York market closure. The management will host a conference call on Wednesday, November 20, 2024, at 11:00 a.m. ET to discuss the results.

Participants can join via phone using US Toll-Free (+1 877 405 1226), International (+1 201 689 7823), or UK Toll-Free (+0 800 756 3429) numbers. The conference ID is 13750102. A 'call me' option is available for faster connection. The company will also provide a live webcast with accompanying slides through their website, with registration required 10 minutes before start.

Star Bulk Carriers Corp. (Nasdaq: SBLK) has announced two significant developments:

1. The sale of its oldest vessel, the Capesize m/v Star Triumph (built in 2004), for a gross price of $20.0 million. This sale is expected to generate net proceeds of $13.0 million and result in a gain of approximately $7.7 million in Q3 2024.

2. The repurchase of 791,015 common shares at an average price of $20.58 per share, totaling about $16.3 million. These shares will be withdrawn and cancelled.

Management believes that the vessel sale price implies a per-share value significantly higher than the repurchase price, potentially creating value for shareholders.

Star Bulk Carriers Corp. (Nasdaq: SBLK), a global dry bulk shipping company, has announced changes to its Board of Directors. Mr. Sherman Lau, a Class B Director since May 2021, has resigned. The Board has appointed Ms. Milena Maria Pappas as a Class B Director to fill the vacancy. The Board now consists of ten directors. Petros Pappas, CEO of Star Bulk, expressed gratitude for the contributions of Oaktree representatives on the board over the past decade, acknowledging their invaluable role in the company's success.

Star Bulk Carriers Corp. (Nasdaq: SBLK) reported a net profit of $106.1 million for the second quarter of 2024. The company declared a quarterly dividend of $0.70 per share, payable on September 6, 2024, to shareholders of record as of August 27, 2024. Key financial highlights include:

• Voyage Revenues: $352.9 million, up from $238.7 million in Q2 2023
• Net Income: $106.1 million, compared to $44.3 million in Q2 2023
• EBITDA: $171 million, up from $92.5 million in Q2 2023
• Earnings per Share: $0.93 diluted, up from $0.43 diluted in Q2 2023
• TCE Rate: $19,268, up from $15,835 in Q2 2023
• Fleet Size: Increased to 155 vessels from 126.4 in Q2 2023

The company also completed the merger with Eagle Bulk Shipping, issuing 5.97 million shares upon conversion of Eagle's 5% Convertible Senior Notes. The expected cost and revenue synergy target remains at $50 million, to be fully realized by 2025.

Star Bulk Carriers Corp. (Nasdaq: SBLK) has announced the conversion of all 5% Convertible Senior Notes issued by its subsidiary, Eagle Bulk Shipping Inc., into 5,971,290 newly issued shares of Star Bulk common stock. The conversion ratio was 86.0801 shares per $1,000 principal amount of notes. Additionally, 1,341,584 loaned shares are expected to be returned and cancelled by August 1, 2024. Following these transactions, Star Bulk's current share count will be 118,825,307, with outstanding debt at $1,381 million. This conversion marks a significant change in the company's capital structure, potentially impacting its financial position and shareholder value.

Star Bulk Carriers Corp. (Nasdaq: SBLK) will disclose its second-quarter financial results for the period ending June 30, 2024, after the market closes in New York on August 7, 2024. The company's management team will discuss these results in a conference call scheduled for August 8, 2024, at 11:00 a.m. Eastern Time (ET).

Interested participants can join the call by dialing +1 877 405 1226 (US Toll-Free), +1 201 689 7823 (US and Standard International), or +0 800 756 3429 (UK Toll-Free), and quoting “Star Bulk Carriers” with the conference ID 13747819. There is also an option to register for a quicker connection through a

Star Bulk Carriers reported a net profit of $74.9 million for Q1 2024, a significant increase from $45.9 million in Q1 2023. The company declared a quarterly dividend of $0.75 per share. Voyage revenues rose to $259.4 million from $224.0 million, and the Time Charter Equivalent (TCE) rate increased to $19,627 from $14,199. Star Bulk completed a merger with Eagle Bulk Shipping on April 9, 2024, resulting in a combined fleet of 161 vessels. The company sold seven older vessels for gross proceeds of $129.6 million and took delivery of three new vessels. Operating expenses decreased due to a smaller fleet size. Star Bulk entered into new loan facilities totaling $388.1 million to refinance Eagle's debt, adding $12.6 million in liquidity. The company remains optimistic about the dry bulk market's medium-term prospects, driven by favorable order books and upcoming environmental regulations.