Η ναυτιλιακή εταιρεία STAR BULK με επίκεντρο τη μεταφορά ξηρών φορτίων χύδην, ανακοίνωσε οικονομικά και λειτουργικά αποτελέσματα για το τέταρτο τρίμηνο του 2024 και το έτος που έληξε στις 31 Δεκεμβρίου 2024
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 2024 and the year ended December 31, 2024. 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.
Petros Pappas, Chief Executive Officer of Star Bulk, commented:
“Star Bulk reported for the fourth quarter of 2024 Net Income of $42.4 million, TCE Revenues of $216.8 million and EBITDA of $106.2 million.
Recently, we announced an amended dividend policy alongside a new $100.0 million share repurchase authorization. Under this policy, the Company may allocate up to 60% of excess cash flow towards dividends, with
the remainder reserved for opportunistic share buybacks, growth initiatives and fleet renewal. For this quarter, excess cash flow amounted to $17.6 million. Our Board of Directors has approved a dividend distribution of $0.09 per share, and we spent over $7.4 million to repurchase 500,000 shares in January. Overall, we have repurchased approximately 900,000 shares since the renewal of our share repurchase program.
On the operational front, we have made significant progress in integrating systems and processes, creating a best-in-class ship-owning and management platform that combines the strengths of both Star Bulk and ex-Eagle
Bulk. Delivering on our commitment to synergies, we have cumulatively reduced costs by $21.8 million since April 2024.
Notably, this quarter alone, we achieved $12.6 million in cost reductions—equivalent to an annualized run rate of over $50.0 million—an important milestone reached ahead of schedule.
From a financing perspective, we continue to benefit from strong interest by major financial institutions in lending to Star Bulk. We have successfully raised new debt and refinanced existing facilities on highly attractive terms, reducing costs while extending maturities.
As environmental regulations become increasingly stringent, Star Bulk continues to invest in technology, expertise and personnel both to comply with new EU environmental regulations and prepare for upcoming global mandates.
Looking ahead, while the first quarter is traditionally weaker and geopolitical uncertainties persist, we remain cautiously optimistic about the medium-term outlook for the dry bulk market. The orderbook remains low, with limited incentive for new vessel orders given current pricing and market conditions, despite an aging global fleet.
With our strong balance sheet, scale, and deep industry expertise, Star Bulk is well positioned to capitalize on future opportunities and continue delivering value to our shareholders.”
Read more: https://www.starbulk.com/media/uploads_file/2025/02/18/p1ikdf37bhc356es1jj91s8s1gte4.pdf
