Star Bulk Carriers (SBLK) investor relations material

Company profile and fleet overview

• Operates 141 vessels with an average age of ~12.1 years and 14.0 million deadweight tonnage, including 8 newbuildings expected in 2026.

• Fleet is diversified across Newcastlemax/Capesize, Kamsarmax, and Ultramax/Supramax segments, with high utilization and global reach.

• Market capitalization stands at $3.0 billion, with $768 million in TCE revenues and daily trading liquidity of $28 million.

• Over 72 million tonnes of cargo carried in 2025, with 3,277 port calls and operations in 94 countries.

Financial strength and capital allocation

• Cash position of ~$459 million and debt/lease obligations of $1,007 million as of February 2026.

• Additional $110 million liquidity available via undrawn revolver, with net debt per vessel below scrap value and reduced by ~50% since 2020.

• Committed to distributing 100% of free cash flow as dividends, subject to a minimum cash threshold, and maintaining a minimum $0.05/share quarterly dividend.

• Authorized a new $100 million share repurchase program.

• Achieved $3.0 billion in shareholder value creation since 2021 through dividends, buybacks, and debt reduction.

Operational excellence and efficiency

• Maintains one of the lowest average daily OPEX among peers at $5,045 per vessel per day in Q4 2025.

• Net cash G&A expenses per vessel per day were $1,399 for Q4 2025.

• Consistently ranks in the top 3 for Rightship safety ratings among dry bulk operators.

• Balanced fleet mix reduces exposure to single-segment volatility, with Capesize segment delivering outsized EBITDA and revenue contributions.