Star Bulk Carriers (SBLK) Q4 2024 earnings summary

Executive summary

• Reported Q4 2024 net income of $42.4 million, adjusted net income of $41 million, and adjusted EBITDA of $104 million.

• Declared a $0.09 per share dividend, with pro forma cash of $452 million and pro forma total debt of $1.3 billion.

• Achieved over $22 million in synergies from the Eagle Bulk integration, with a $50 million annualized run rate ahead of schedule.

• Amended dividend policy and launched a $100 million share repurchase program, with 893,000 shares repurchased and cancelled since December 2024.

• Fleet expanded to 155 vessels (fully delivered), with five newbuildings scheduled for Q4 2025 and H1 2026.

Financial highlights

• Q4 2024 excess cash flow was $17.6 million; declared a $0.09 per share dividend payable March 18, 2025.

• Q4 2024 voyage revenues were $308.9 million, up from $263.5 million year-over-year; TCE revenues increased to $216.8 million.

• Q4 2024 EBITDA was $106.2 million; adjusted EBITDA was $103.8 million.

• Repurchased 500,000 shares for $7.4 million at an average price of $14.83 per share in Q4.

• Ended Q4 with $441 million in cash and $1.3 billion in pro forma total debt.

Outlook and guidance

• Dry bulk trade projected to grow 0.4% in tonnes and 0.9% in ton-miles in 2025; global GDP growth forecast at 3.3%.

• Fleet capacity growth expected below 3% per annum for 2025 and 2026; effective supply growth may drop below 2%.

• Q1 2025 fleet coverage at 80.1% with TCE of $12,305/day; diversified chartering across vessel segments.

• Market expected to remain volatile in 2025 due to geopolitical uncertainty and trade policy changes.

• CAPEX focused on sustainable shipping, with 14 vessels fitted with ESDs in Q4 2024 and 23 more planned for 2025.