Star Bulk Carriers Corp. (NASDAQ:SLBK) shares are trading higher Thursday after the company reported first-quarter earnings on Wednesday after the market closed.
- Star Bulk stock is gaining positive traction. What’s driving SBLK shares up?
Q1 Highlights
Star Bulk reported adjusted earnings per share of 56 cents, beating the consensus estimate of 44 cents. In addition, it reported revenue of $281.15 million, beating the consensus estimate of $219.74 million.
CEO Petros Pappas said the dry bulk market opened 2026 with "counterseasonal strength across all vessel segments," helping drive first-quarter net income of $58.5 million, EBITDA of $109.7 million and time charter equivalent revenue of $18,493 per vessel per day.
The company highlighted its full payout dividend policy and said the board approved a quarterly cash dividend of 50 cents per share, payable on or about June 22 to shareholders of record as of June 12.
Pappas said Star Bulk aims to convert dry bulk freight rates into shareholder returns efficiently, noting that the company has returned more than $2.05 billion through dividends and buybacks since 2021.
The company also said it continued modernizing its fleet through the addition of new high-specification Kamsarmax vessels while disposing of older vessels to improve efficiency and reduce emissions.
Star Bulk said the sales of the vessels Star Scarlett and Star Mariella were completed during the quarter, generating approximately $46.4 million in proceeds.
As of March 31, the company had paid $92.3 million in pre-delivery installments related to eight vessels under construction and expects to take delivery of all eight vessels by the end of 2026.
The company also outlined several financing updates, including the signing of a new $80 million facility with National Bank of Greece, the repayment of a $48.8 million facility with CEXIM and amendments to existing financing agreements that lowered borrowing costs and extended repayment timelines.
Upon completion of the refinancings and prepayments, Star Bulk said it will have 29 unencumbered vessels.
Star Bulk Shares Gain
SBLK Price Action: At the time of publication, Star Bulk shares are trading 4.68% higher at $27.94, according to data from Benzinga Pro.
This illustration was generated using artificial intelligence via Midjourney.
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