Star Bulk Reports Third Quarter 2025 Financial Results with Net Income of $18.5 million, EBITDA of $73.6 million, and TCE per vessel per day of $16,634.

For the 19th consecutive quarter, the Company declared a dividend of $0.11 per share, bringing cumulative dividends since 2021 to $13.12/share.

Star Bulk continues to execute on its share repurchase program, deploying approximately $82.1 million to acquire and retire ~5 million shares year to date. The Company still has $91.4 million remaining under its latest repurchase program.

In October 2025, the Company agreed to acquire three Kamsarmax newbuilding resales under construction at a leading Chinese yard. The vessels were secured at attractive prices, with delivery scheduled for Q3 2026.

CEO Petros Pappas commented: “These acquisitions are part of our ongoing strategy to renew and modernize the fleet on an opportunistic basis, enhancing both our efficiency and long-term earnings potential.

The dry bulk market has been impacted by geopolitical tensions, including U.S. and Chinese port fee measures and the postponement of the decision on the IMO net Zero Framework. Despite near-term uncertainty, we believe medium-term fundamentals are robust. Renewal needs are increasing due to a rapidly aging fleet and fleet growth will remain restricted. Well-capitalized owners like Star Bulk are ideally placed to act and deliver lasting shareholder value as opportunities arise.”

Recent Developments

Declaration of Dividend

On November 18, 2025, pursuant to our dividend policy, our Board of Directors declared a quarterly cash dividend of $0.11 per share, payable on or about December 18, 2025 to all shareholders of record as of December 5, 2025.

Share Repurchase Program & Shares Outstanding Update

As previously announced, on August 6, 2025, our Board of Directors approved a new share repurchase program (the “New Share Repurchase Program”) authorizing up to an aggregate of $100.0 million in repurchases. In September and October 2025, we repurchased and cancelled 462,476 common shares in open market transactions at an average price of $18.47 per share for an aggregate consideration, including commissions, of $8.6 million pursuant to the New Share Repurchase Program.

As of the date of this release, we have 113,847,448 shares outstanding and $91.4 million outstanding under our New Share Repurchase Program.

Fleet Update

Vessels’ S&P

In connection with the previously announced vessel sales, the vessels Star Nighthawk, Star Danai and Star Goal were delivered to their new owners in the third quarter of 2025, while Star Runner and Star Sandpiper were delivered in October 2025.

The Company collected approximately $25.0 million in vessel sale proceeds, net of address commissions, in October 2025 in connection with the aforementioned vessel deliveries.

On October 31, 2025, we entered into three novation and amendment agreements with Hengli Shipbuilding (Singapore) Pte. Ltd. and Hengli Shipbuilding (Dalian) Co. Ltd. for the acquisition of three 82,000 dwt Kamsarmax newbuilding vessels, currently under construction. Delivery of these vessels is scheduled progressively within the third quarter of 2026.

Financing

During the third quarter of 2025, we made debt prepayments of approximately $47.8 million in connection with the refinancing of our $107.5 million term loan facility (the “DNB $107.5 million Facility”) with DNB Bank ASA (“DNB”), as further described below, as well as with the previously announced vessel sales. In October 2025, we made an additional prepayment of $6.9 million in connection with the vessel Star Wave as described below.

In November 2025, we entered into a committed term sheet with DNB for a loan facility of up to $100.0 million (the “New DNB $100.0 million Facility”). The facility amount will be used to refinance the outstanding amount under the existing $100.0 million loan facility with DNB, as well as to replenish cash used to prepay the DNB $107.5 million Facility and the outstanding loan amount of the vessel Star Wave. The New DNB $100.0 million Facility will mature 5 years after the drawdown and will be secured by first priority mortgages on 13 vessels.

Upon the completion of the aforementioned refinancings, we will have 15 unencumbered vessels.

Full report: Star Bulk Carriers Corp.