Star Bulk Carriers (SBLK) Q3 2025 earnings summary

Executive summary

• Net income for Q3 2025 was $18.5 million, with adjusted net income of $32.4 million and adjusted EBITDA of $87 million.

• Declared a dividend of $0.11 per share for Q3, payable December 18, 2025, and continued share repurchases totaling 250,000 shares in Q3 and 360,000 in Q4 to date.

• Maintained strong liquidity with $454 million in cash and pro forma liquidity exceeding $570 million.

• Ongoing fleet renewal and upgrades, including newbuild contracts and sustainability-focused CAPEX.

• Continued operational excellence with low average daily OPEX and high safety ratings.

Financial highlights

• Q3 2025 TCE per vessel was $16,634; average daily OPEX per vessel was $5,096; net cash G&A expenses per vessel were $1,325.

• $2.8 billion returned to shareholders since 2021 via dividends, buybacks, and debt repayment.

• Net debt reduced by 50% since 2021, now covered by fleet scrap value.

• Q3 operating cash flow was $92 million; quarter-end cash balance was $457 million.

• Proforma debt and lease obligations stood at $1,028 million.

Capital allocation and financing

• 15 debt-free vessels valued at $336 million.

• $91 million remains in the share repurchase program.

• Secured up to $130 million debt for five newbuild Kamsarmax vessels; $74 million expected for three more.

• Amortization to remain around $50–$52 million per quarter in 2026.

• Dividend policy requires $2.1 million cash per vessel; current cash far exceeds requirement.