Star Bulk Carriers, with ship management offices in Limassol, Cyprus, has reported its 20th consecutive profitable quarter, posting second-quarter 2025 net income of US$0.04 million, EBITDA of US$55.9 million and a daily time charter equivalent (TCE) per vessel of US$13,624.

The New York-listed dry bulk owner will pay a dividend for the 18th consecutive quarter, amounting to US$0.05 per share.  

According to the company, total dividends distributed to shareholders now stand at approximately US$1.36 billion. 

CEO Petros Pappas said that, alongside dividends, Star Bulk continued its share buyback programme, acquiring 3.3 million shares “at prices significantly below net asset value” using proceeds from vessel sales. He noted that this reflects management’s confidence in the company’s intrinsic value and its commitment to shareholder returns. 

The company explained it sold nine vessels in the second quarter that no longer fit its commercial profile, strengthening its fleet composition and cash position.  

Liquidity increased to over US$520 million after securing two new revolving credit facilities totalling US$115 million, which Pappas said improves strategic flexibility for future opportunities. 

In its latest fleet renewal push, Star Bulk confirmed the sale of a mix of supramaxes and one kamsarmax, including Star Nighthawk, Star Runner, Star Danai, Star Goal, Star Sandpiper, Star Owl, Oriole and Star Georgia, the latter built in 2006 and the only kamsarmax in the group.  

Most of the supramaxes were built in 2011. The Star Owl, Oriole and Star Georgia have already been delivered to new owners, with the remainder scheduled to change hands by the end of 2025.  

The company expects to generate about US$104 million in gross proceeds from the sales in the second half of the year. 

The group, which controls over 140 bulkers with an aggregate capacity of 14.2m dwt, has sold more than 10 supramaxes so far in 2025, focusing on repositioning its fleet and maintaining financial flexibility. 

Weaker market conditions weighed on results, with voyage revenues falling to US$247.4 million from US$352.9 million a year earlier and TCE revenues down to US$176.1 million from US$262.2 million.  

The average TCE rate dropped to US$13,624 per day from US$19,268, reflecting lower charter rates and a reduced average fleet size of 147.6 vessels from 155. 

Results included a US$8.0 million loss from vessel sales, compared with a US$14.2 million gain a year earlier. Net cash from operating activities fell to US$54.5 million from US$142.6 million. 

Pappas said that, despite near-term challenges from geopolitical tensions, the group remains optimistic about the long-term dry bulk outlook, supported by a low order book and favourable IMO regulatory developments. “Star Bulk is well-positioned, with a flexible fleet, strong balance sheet and proactive approach to capitalise on market opportunities,” he said. 

Petros Alexandros Pappas, founder of Star Bulk Carriers Corp., has served as CEO and director since 2014, having established the company in 2006.  

He was previously founder and chairman of Oceanbulk Maritime SA, created in 1989, and also established the Oceanbulk Group, Combine Marine Inc., Oceanbulk Shipping & Trading SA, Interchart Shipping Inc., More Maritime Agencies Inc., Sentinel Marine Services Inc., Oceanbulk Carriers LLC, PST Tankers LLC and Oceanbulk Container Carriers LLC.  

His current roles include CEO at Star Challenger I LLC, Chairman of The UK Defence Club since 2002, Chairman of The United Kingdom Freight Demurrage and Defence Association since 2001, chairman at Solidus Securities SA and Member of The Union of Greek Shipowners.  

Former positions include director at Star Maritime Acquisition Corp. and Independent Non-Executive director at Piraeus Financial Holdings SA.