Star Bulk Carriers (SBLK) Q3 2024 earnings summary

Executive summary

• Q3 2024 net income was $81.3 million, with adjusted net income of $83 million and adjusted EPS of $0.71; adjusted EBITDA reached $144.4 million.

• Declared a $0.60 per share dividend, payable December 18, 2024.

• Eagle Bulk integration achieved over $9 million in synergies to date, with further cost savings targeted.

• Sold 13 vessels in 2024 for $233 million gross proceeds, reducing fleet age and improving efficiency.

• Fleet expanded to 156 vessels, 98% scrubber-fitted, with an average age of 11.9 years.

Financial highlights

• Adjusted EBITDA for Q3 2024 was $144.4 million; TCE rate was $18,843 per vessel per day.

• OPEX was $5,114–$5,287 and net cash G&A $1,262 per vessel per day in Q3.

• Cash balance at quarter-end was $472.5–$473 million after operating cash flow of $138 million.

• Total liquidity stands at $433 million; total debt at $1.3 billion.

• TCE less OPEX and G&A was $12,647 per vessel per day.

Outlook and guidance

• Expects further OPEX and dry dock cost savings from Eagle Bulk integration in 2025.

• Dry dock expenses for the remainder of 2024 estimated at $18.3 million (15 vessels, 420 off-hire days); 2025 dry dock cost expected at $53.8 million (47 vessels, 1,200 off-hire days).

• Newbuilding deliveries scheduled for Q4 2025 and H1 2026; $130 million debt facility secured for five eco Kamsarmax newbuilds.

• Plans to retrofit 26 vessels with energy-saving devices in 2025 and invest in BWTS and telemetry upgrades.

• Management remains optimistic for medium-term dry bulk prospects, citing supply discipline and regulatory trends.