Financial Highlights
(Expressed in thousands of U.S. dollars, except for daily rates and per share data)
First quarter 2026
First quarter 2025
Voyage Revenues
$281,152
$230,650
Net income
$58,532
$462
Adjusted Net income / (loss)(1)
$63,032
($7,738)
Net cash provided by operating activities
$112,386
$48,508
EBITDA(2)
$109,738
$57,992
Adjusted EBITDA(2)
$114,339
$48,970
Earnings per share basic
$0.53
$0.00
Earnings per share diluted
$0.52
$0.00
Adjusted earnings / (loss) per share basic(1)
$0.57
($0.07)
Adjusted earnings / (loss) per share diluted(1)
$0.56
($0.07)
Dividend per share for the relevant period
$0.50
$0.05
Average Number of Vessels
135.4
150.7
TCE Revenues(3)
$214,125
$159,278
Daily Time Charter Equivalent Rate ("TCE")(3)
$18,493
$12,439
Daily OPEX per vessel(4)
$5,071
$5,008
Daily OPEX per vessel (as adjusted)(4)
$5,045
$4,898
Daily Net Cash G&A expenses per vessel(5)
$1,375
$1,319
(1) Adjusted Net income / (loss), Adjusted earnings / (loss) per share basic and diluted are non-GAAP measures. Please see EXHIBIT I at the end of this release for a reconciliation to Net income and earnings per share basic and diluted, which are the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles in the United States ("U.S. GAAP"), as well as for the definition of each measure. (2) EBITDA and Adjusted EBITDA are non-GAAP liquidity measures. Please see EXHIBIT I at the end of this release for a reconciliation of EBITDA and Adjusted EBITDA to Net Cash Provided by / (Used in) Operating Activities, which is the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, as well as for the definition of each measure. To derive Adjusted EBITDA from EBITDA, we exclude certain non-cash gains / (losses).(3) Daily Time Charter Equivalent ("TCE") Rate and TCE Revenues are non-GAAP measures. Please see EXHIBIT I at the end of this release for a reconciliation to Voyage Revenues, which is the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. The definition of each measure is provided in footnote (7) to the Summary of Selected Data table below.(4) Daily OPEX per vessel is calculated by dividing vessel operating expenses by Ownership days (defined below). Daily OPEX per vessel (as adjusted) is calculated by dividing vessel operating expenses excluding pre-delivery expenses for each vessel on acquisition or change of management, if any, by Ownership days. In future periods, we may incur expenses that are the same as or similar to those previously excluded (as described above).(5) Daily Net Cash G&A expenses per vessel is calculated by (1) adding the Management fee expense to the General and Administrative expenses, net of share-based compensation expense and other non-cash charges and (2) then dividing the result by the sum of Ownership days and Charter-in days (defined below). Please see EXHIBIT I at the end of this release for a reconciliation to General and administrative expenses, which is the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
Petros Pappas, Chief Executive Officer of Star Bulk, commented:
"The dry bulk market opened 2026 with counterseasonal strength across all vessel segments, and Star Bulk was well positioned to capture it. We generated Net Income of $58.5 million, EBITDA of $109.7 million, and TCE of $18,493 per vessel per day—a result that reflects both the quality of the market and the operating platform we have built.
Our investment proposition to shareholders is straightforward: we believe Star Bulk converts dry bulk freight rates into cash returns more efficiently than any listed peer. Under the full payout dividend policy we adopted last quarter, the Board has approved a dividend of $0.50 per share, distributing our entire operating cash flow after capex and debt service. Combined with one of the lowest cost structures in the sector, daily OPEX of $5,071 and net cash G&A of $1,375 per vessel in Q1, we aim for every dollar of rate improvement to flow through to shareholders. Since 2021, we will have returned over $2.05 billion through dividends and buybacks.
This quarter also marks the beginning of our newbuilding delivery cycle, with our latest generation high specification Kamsarmax vessels joining the fleet. These arrivals, alongside our continued disposal of older tonnage, are steadily reshaping the fleet towards greater efficiency and lower emissions, reinforcing our competitive edge for the years ahead.
Looking ahead, the supply-demand fundamentals that supported Q1 remain firmly in place, and we are optimistic about the remainder of the year. Under the current FFA curve, we are targeting to return more than $3 per share to our shareholders this year. With significant operating leverage across a diverse fleet of 141 vessels on a fully delivered basis, a full payout capital allocation policy, and one of the strongest balance sheets in the industry, we believe that Star Bulk is the most direct way for investors to access the dry bulk market. We remain committed to being the go-to dry bulk investment vehicle and to continue creating value for our shareholders."Recent Developments
Declaration of Dividend
On May 20, 2026, our Board of Directors declared a quarterly cash dividend of $0.50 per share, payable on or about June 22, 2026 to all shareholders of record as of June 12, 2026.
Fleet Update
Vessels' S&P
The sales of the vessels Star Scarlett and Star Mariella, as previously announced, were completed on April 21 and May 13, 2026, respectively. In connection with these sales and deliveries, we collected approximately $46.4 million.
Newbuilding Vessel Program Update
As of March 31, 2026, we have paid a total amount of $92.3 million in pre-delivery installments related to the eight newbuilding vessels under construction and have a total amount of $195.5 million remaining capital expenditures related to these vessels. Based on the current delivery schedule of the vessels, we expect to take delivery of two vessels by the end of May 2026, three vessels in the third quarter of 2026 and three vessels in the fourth quarter of 2026.
Financing
In March 2026, we signed the NBG $80.0 million Facility, as previously announced, and an amount of $80.0 million was drawn on March 30, 2026, which was used to refinance the then-existing NBG $151.1 million Facility and prepay the $49.9 million loan outstanding thereunder. The NBG $80.0 million Facility will mature four years after the drawdown and will be secured by first-priority mortgages on 14 vessels.
In April 2026, we prepaid the total outstanding amount of $48.8 million under the CEXIM $106.5 million Facility. We also signed an amendment for the Nordea $50.0 million Facility which provides for a lower margin and an extension of the final repayment date from July 2028 to January 2031.
Furthermore, in April 2026 we received credit committee approval from Taipei Fubon Commercial Bank Co., Ltd for a loan amount of up to $80.0 million (the "Fubon $80.0 million Facility"), which is expected to be drawn in the second quarter of 2026. The Fubon $80.0 million Facility will mature seven years after the drawdown and will be secured by first-priority mortgages on two vessels.
Moreover, we are in discussions with ABN to extend the availability period of the ABN Revolving Facility until May 2027.
Upon the completion of the aforementioned refinancings and prepayments, we will have 29 unencumbered vessels.
Vessel Employment Overview
Our TCE rate per day1 per main vessel category was as follows:
First quarter 2026
Capesize / Newcastlemax Vessels:
$
26,627
Post Panamax / Kamsarmax / Panamax Vessels:
$
15,849
Ultramax / Supramax Vessels:
$
16,050
Amounts shown throughout the press release and variations in period–over–period comparisons are derived from the actual unaudited numbers in our books and records. Reference to per share figures below are based on 111,810,357 and 117,431,435 weighted average diluted shares for the first quarter of 2026 and 2025, respectively.
First Quarter 2026 and 2025 Results
For the first quarter of 2026, we had net income of $58.5 million, or $0.52 earnings per share, compared to net income for the first quarter of 2025 of $0.5 million, or $0.00 earnings per share. Adjusted Net income, which excludes certain non-cash items, was $63.0 million, or $0.56 earnings per share, for the first quarter of 2026, compared to an Adjusted Net loss of $7.7 million, or $0.07 loss per share for the first quarter of 2025.
Adjusted EBITDA, which excludes certain non-cash items, was $114.3 million for the first quarter of 2026, compared to $49.0 million for the first quarter of 2025.
Net cash provided by operating activities for the first quarter of 2026 was $112.4 million, compared to $48.5 million for the first quarter of 2025.
Voyage revenues increased to $281.2 million for the first quarter of 2026, from $230.7 million for the first quarter of 2025, despite the decrease in the average number of vessels in our fleet to 135.4 from 150.7, primarily due to the higher charter rates prevailing during the recent period, as also reflected in the increase in the TCE rate1 to $18,493 for the first quarter of 2026, compared to $12,439 for the first quarter of 2025.
TCE revenues1 for the first quarters of 2026 and 2025 were $214.1 million and $159.3 million, respectively. In addition to higher charter rates mentioned above, the increase in TCE revenues was attributable to a lesser extent to lower charter-in hire expenses in the first quarter of 2026 compared to the first quarter of 2025, as discussed below.
Charter-in hire expenses for the first quarter of 2026 decreased to $14.5 million, compared with $15.9 million in the first quarter of 2025. This decrease was primarily attributable to a decrease in charter-in days to 947 in the first quarter of 2026 from 1,072 in the corresponding period in 2025, which was partially offset by the increase in weighted average charter-in hire rates.
Vessel operating expenses for the first quarters of 2026 and 2025 amounted to $61.8 million and $67.9 million, respectively. The decrease in our operating expenses was primarily driven by the decrease in the average number of vessels in our fleet. Daily operating expenses per vessel, excluding pre-delivery expenses due to change of management, amounted to $5,045 for the first quarter of 2026 compared to $4,898 for the corresponding period of 2025.
Dry docking expenses for the first quarter of 2026 were $19.6 million, compared to $24.7 million for the corresponding period in 2025. During the first quarter of 2026, 10 vessels completed their scheduled periodic dry docking surveys, including 3 dry dockings that commenced in the fourth quarter of 2025. During the first quarter of 2025, 14 vessels completed their scheduled periodic dry docking surveys. The decrease in dry docking expenses, apart from the lower number of vessels that underwent and completed dry docking surveys in the recent quarter, reflects the timing differences in the commencement and completion of dry dockings across quarters.
General and administrative expenses for the first quarters of 2026 and 2025 were $14.5 million and $15.3 million, respectively, which included share-based compensation of $1.9 million and $1.6 million, respectively. Vessel management fees in the first quarter of 2026 amounted to $5.5 million compared to $5.6 million for the corresponding period in 2025. Our daily net cash general and administrative expenses per vessel (including management fees and excluding share-based compensation and other non-cash charges) for the first quarter of 2026 amounted to $1,375 compared to $1,319 for the corresponding period of 2025. The increase in the daily figures was primarily attributable to a) the higher EUR/USD exchange rate prevailing during the recent quarter ($1.170 average EUR/USD rate in the first quarter of 2026 versus $1.052 average EUR/USD rate in the first quarter of 2025) and b) the fact that we had 15 fewer vessels on average during the first quarter of 2026 versus the first quarter of 2025.
Depreciation expense decreased to $39.6 million for the first quarter of 2026 compared to $43.0 million for the corresponding period in 2025. The decrease is driven by the decrease in the average number of vessels in our fleet, as discussed above.
During the first quarter of 2026, we recognized a net loss on forward freight agreements ("FFAs") and bunker swaps of $2.9 million, consisting of an unrealized loss of $3.1 million and a realized gain of $0.2 million. During the first quarter of 2025, we recognized a gain on FFAs and bunker swaps of $2.9 million, consisting of an unrealized gain of $2.1 million and a realized gain of $0.8 million.
Other operational gain for the first quarter of 2026 amounted to $0.7 million and primarily relates to various insurance claims. Other operational gain for the first quarter of 2025 amounted to $12.0 million, mainly consisting of $2.3 million in insurance proceeds pursuant to a war risk insurance policy in connection with the prolonged detainment of one of our vessels in Ukraine in 2022 and $9.3 million related to the write-off of previously recorded accruals and liabilities that were no longer expected to require settlement.
Interest and finance costs for the first quarters of 2026 and 2025 were $12.9 million and $19.3 million, respectively. The decrease was primarily driven by a reduction in loan interest expense resulting from significantly lower weighted average outstanding indebtedness and reduced weighted average interest rates during the first quarter of 2026.
Interest income and other income/(loss) for the first quarters of 2026 and 2025 amounted to $1.2 million and $4.7 million, respectively. The decrease primarily reflects a foreign exchange loss of $1.8 million incurred during the recent quarter, compared to a foreign exchange gain of $0.9 million incurred during the first quarter of 2025, along with decreased interest income earned during the first quarter of 2026 compared to the corresponding period in 2025.
__________________
1 Please see the table at the end of this release for the calculation of the Daily TCE Rate and TCE Revenues and the reconciliation to Voyage Revenues.
Unaudited Consolidated Income Statements
(Expressed in thousands of U.S. dollars except for share and per share data)
First quarter 2026
First quarter 2025
Revenues:
Voyage revenues
$
281,152
$
230,650
Total revenues
281,152
230,650
Expenses:
Voyage expenses
(52,762
)
(56,318
)
Charter-in hire expenses
(14,479
)
(15,900
)
Vessel operating expenses
(61,786
)
(67,942
)
Dry docking expenses
(19,593
)
(24,677
)
Depreciation
(39,578
)
(42,954
)
Management fees
(5,451
)
(5,600
)
General and administrative expenses
(14,481
)
(15,261
)
Gain/(Loss) on FFAs and bunker swaps, net
(2,891
)
2,930
Other operational loss
(873
)
(1,156
)
Other operational gain
711
12,037
Gain/(Loss) on sale of vessels
172
(740
)
Operating income
70,141
15,069
Interest and finance costs
(12,893
)
(19,275
)
Interest income and other income/(loss)
1,188
4,712
Gain/(Loss) on derivative financial instruments, net
184
52
Gain/(Loss) on debt extinguishment, net
(107
)
(65
)
Total other expenses, net
(11,628
)
(14,576
)
Income before equity in income/(loss) of investee
$
58,513
$
493
Equity in income/(loss) of investee
19
(31
)
