Star Bulk Carriers (SBLK) Q1 2025 earnings summary

Executive summary

• Reported Q1 2025 net income of $0.5 million and adjusted net loss of $7.8 million, with adjusted EBITDA at $49 million and TCE per vessel per day of $12,439.

• Completed Eagle Bulk integration, achieving over $40 million in cumulative cost synergies since April 2024.

• Declared a $0.05 per share dividend for Q1 2025, set as a minimum going forward, and repurchased 1.3 million shares for $19.6 million.

• Maintains strong liquidity with proforma cash of $437 million and access to an undrawn $50 million revolver; proforma total debt at $1.2 billion.

• Fleet stands at 150 vessels (fully delivered), with ongoing renewal, efficiency upgrades, and vessel sales to optimize the profile.

Financial highlights

• Q1 2025 TCE per vessel was $12,439; daily OPEX per vessel was $4,898; net cash G&A per vessel was $1,319.

• Net income was $0.5 million ($0.00 EPS); adjusted net loss of $7.8 million; adjusted EBITDA of $49 million.

• 13 debt-free vessels valued at $270 million; proforma liquidity near $500 million including undrawn revolver.

• Net debt per vessel reduced by over 50% since 2021, now at $5.4 million per vessel.

• Cash at end of Q1 2025 was $436.8 million after operations, vessel sales, new loans, debt prepayments, and dividend payments.

Outlook and guidance

• Expects 1,210 off-hire days and $47 million in dry dock expenses for the remainder of 2025.

• Five Kamsarmax newbuildings scheduled for delivery in H1 2026, with $130 million debt financing secured.

• Continues to invest in energy-saving retrofits, with 42 completed and 21 more planned for 2025, plus ongoing ESD, BWTS, and telemetry upgrades.

• Q2 2025 fleet coverage at 74% with a TCE of $13,908/day; diversified chartering policy across vessel segments.

• Market outlook for 2025 is volatile but cautiously optimistic, with potential upside from geopolitical developments.