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Athens, Greece, February 25, 2026
Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes, today announced its unaudited financial and operating results for the fourth quarter of 2025 and the year ended December 31, 2025.
Unless otherwise indicated or unless the context requires otherwise, all references in this press release to "we," "us," "our," or similar references, mean Star Bulk Carriers Corp. and, where applicable, its consolidated subsidiaries.
Financial Highlights
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(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 the future we may incur expenses that are the same as or similar to certain expenses (as described above) that were previously excluded.
(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:
"Star Bulk reported a strong fourth quarter 2025, with Net Income of $65.2 million, EBITDA of $116.8 million, and a TCE per vessel per day of $19,012.
Consistent with our commitment to returning capital to shareholders, our Board of Directors has approved a dividend distribution of $0.37 per share, exceeding the amount implied by our existing dividend formula, and marking our 20th consecutive dividend payment since 2021. Looking ahead, our Board of Directors has the intention to distribute 100% of the Company's quarterly Free Cash Flow to shareholders.
During 2025, we continued to execute on our balanced capital allocation strategy, combining dividends, opportunistic share buybacks and some cash retention to take advantage of future opportunities. Over the full year, we repurchased approximately 5.9 million shares for $98.1 million at prices significantly below net asset value. Year to date, we have repurchased an additional ~1.9 million shares for approximately $37.9 million, further capitalizing on times we trade at a discount. In addition, the Board has authorized today a new $100.0 million share repurchase program, underscoring our confidence in the intrinsic value of Star Bulk. Going forward, share repurchases will continue to be funded opportunistically from the proceeds of vessel sales.
From a financing perspective, we continue to attract strong interest from major financial institutions, allowing us to raise new debt and refinance existing facilities on very competitive terms, reducing costs while extending maturities. Our strong balance sheet and ample liquidity position us well to pursue attractive opportunities as they arise.
Looking ahead, the dry bulk market has started 2026 with counter seasonal strength across all vessel segments, a constructive signal for the period ahead. Despite a growing orderbook, the aging fleet and ongoing renewal requirements, combined with structural demand supported by global infrastructure needs, underpin our optimism for the dry bulk market over the next couple of years. Star Bulk, with its scale, diverse and efficient fleet, and strong financial position, remains well placed to capitalize on this favorable backdrop and continue creating value for its shareholders."
Recent Developments
Declaration of Dividend
On February 25, 2026, our Board of Directors declared a quarterly cash dividend of $0.37 per share, payable on or about March 19, 2026 to all shareholders of record as of March 9, 2026.
Our Board of Directors has decided to distribute 100% of cash flow from operations, after debt service, maintenance/upgrade Capex and any deficit of cash below $2.1 million per owned vessel to the shareholders. A minimum dividend of $0.05 per share per quarter will remain in place.
Share Repurchase Program & Shares Outstanding Update
During the period from November 2025 through the date of this press release, we repurchased and cancelled 2,721,472 common shares in open market transactions at an average price of $19.80 per share for an aggregate consideration, including commissions, of $53.9 million.
On February 25, 2026, our Board of Directors cancelled the existing $100.0 million share repurchase program under which $37.5 million remained available for repurchases and authorized a new share repurchase program of up to an aggregate of $100.0 million (“New Share Repurchase Program”) on substantially the same terms and conditions as the previous share repurchase program.
As of the date of this release, we have 111,530,150 shares outstanding and $100.0 million outstanding under our New Share Repurchase Program.
Fleet Update
Vessels' S&P
In late November 2025, we agreed to sell the vessel Star Emily, which was delivered to her new owners in December 2025. In connection with the sale, we collected approximately $8.3 million and made a debt prepayment of $2.9 million.
In December 2025, we agreed to sell the vessel Star Stonington, which was delivered to her new owners in February 2026. In connection with the sale and delivery, we collected approximately $19.6 million and made a debt prepayment of $6.7 million.
In February 2026, we agreed to sell the vessels Star Scarlett and Star Mariella which are expected to be delivered to their new owners by April 2026. We expect to collect approximately $46.6 million upon the delivery of the two vessels to their new owners.
Newbuilding Vessel Program Update
As of December 31, 2025, we have paid a total amount of $81.2 million in pre-delivery installments related to the eight newbuilding vessels under construction and have a total amount of $206.6 million remaining capital expenditures related to these vessels.
Financing
In December 2025, we entered into a loan agreement with DNB Bank ASA (“DNB”) for a loan facility of up to $100.0 million (the “New DNB $100.0 million Facility”), as previously disclosed. The facility amount was drawn in December 2025. Proceeds from the New DNB $100.0 million Facility were used to i) refinance the then existing DNB $100.0 million facility and prepay the $65.0 million loan outstanding thereunder, ii) replenish most of the $28.4 million in cash previously used to prepay in full the DNB $107.5 million Facility in September 2025 and iii) prepay $6.9 million relating to the outstanding loan amount of the vessel Star Wave. The New DNB $100.0 million Facility matures in December 2030 and is secured by first priority mortgages on 13 vessels.
In February 2026, we entered into a committed term sheet with the National Bank of Greece S.A. (“NBG”) for a loan facility of up to $80.0 million (the “NBG $80.0 million Facility”). The proceeds of the NBG $80.0 million Facility will be 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 4 years after the drawdown and will be secured by first priority mortgages on 15 vessels.
In addition the available amount under the NBG Revolving Facility was reduced from $65.0 million to $60.0 million. Overall, during the first quarter of 2026, and in connection with the aforementioned vessel sales and debt refinancings, we expect to make debt prepayments of $127.0 million. Upon the completion of the aforementioned refinancings and prepayments, we will have 27 unencumbered vessels.
Full report
About Star Bulk
Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk's vessels transport major bulks, which include iron ore, minerals and grain, and minor bulks, which include bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, New York, Stamford and Singapore. Its common stock trades on the Nasdaq Global Select Market under the symbol "SBLK". As of the date of this release on a fully delivered basis and as adjusted for the delivery of the eight firm Kamsarmax vessels currently under construction, we own a fleet of 145 vessels, with an aggregate capacity of 14.3 million dwt consisting of 17 Newcastlemax, 15 Capesize, 1 Mini Capesize, 7 Post Panamax, 45 Kamsarmax, 1 Panamax, 48 Ultramax and 11 Supramax vessels with carrying capacities between 55,569 dwt and 209,537 dwt.
In addition, in November 2021, we took delivery of the Capesize vessel Star Shibumi, under a seven-year charter-in arrangement and in 2024, we took delivery of the vessels Star Voyager, Star Explorer, Stargazer, Star Earendel, Star Illusion and Star Thetis, each subject to a seven-year charter-in arrangement.
Star Bulk Carriers Corp. press release
