Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes, announced its unaudited financial and operating results for the first quarter of 2025 and the amendment of its dividend policy to pay a minimum quarterly dividend of $0.05 per share.

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.

Petros Pappas, Chief Executive Officer of Star Bulk, commented: “Despite the seasonal market weakness during the first quarter 2025, Star Bulk remained in the black with Net Income of $0.5 million, EBITDA of $58.0 million and TCE per vessel per day of $12,439.

Our disciplined capital allocation strategy continues to prioritize shareholder value by combining dividends and share buybacks. The Board declared a $0.05 per share dividend, marking our 17th consecutive quarter of capital returns, totaling ~$1.35 billion to date. Using vessel sales proceeds at net asset value, we repurchased approximately 1.3 million shares, at prices significantly below net asset value, capitalizing on recent market dislocations to enhance shareholder returns. Going forward, we plan to remain committed to this strategy.

On the S&P front, we continue to selectively dispose of older and smaller tonnage that does not fit our commercial profile, having agreed to sell an additional five Supramax vessels. Operationally, we significantly surpassed our $50.0 million cost and revenue synergy target, delivering meaningful cost savings to our shareholders.

With over $500.0 million in liquidity, net debt below scrap value and 13 unencumbered vessels, we believe we are wellpositioned to seize opportunities in the dry bulk market. Despite the global market volatility, and the uncertain effect of tariffs on global economic growth and trade, we are constructive about the medium/longer-term prospects of our industry, supported by a favorable order book and the IMO’s recent decision to implement global market-based measures to reduce GHG emissions, a decision that will effectively reduce supply of tonnage.”

Recent Developments

Declaration of Dividend

On May 14, 2025, our Board of Directors decided to amend our previously approved Dividend Policy. Under the new Dividend Policy, Star Bulk will pay a minimum quarterly dividend of $0.05 per share going forward. The policy otherwise remains unchanged. On the same date, our Board of Directors declared a quarterly cash dividend of $0.05 per share, payable on or about June 20, 2025 to all shareholders of record as of June 6, 2025.

Share Repurchase Program & Shares Outstanding Update

During the first quarter of 2025, we repurchased 1,281,558 common shares, in open market transactions at an average price of $15.24 per share for an aggregate consideration, including commissions, of $19.6 million.

As of the date of this release, we have 116,781,423 shares outstanding and $74.4 million outstanding under our share repurchase program of up to an aggregate of $100.0 million.

Fleet Update

Vessels’ S&P

The sale of the vessel Bittern, as previously announced, was completed on May 6, 2025 when the vessel was delivered to its new owners. In February 2025, we agreed to sell the vessels Star Omicron and Strange Attractor, which were delivered to their new owners in March 2025 and April 2025, respectively. In addition, in April 2025 and May 2025, we agreed to sell the vessels Puffin Bulker, Star Canary and Star Petrel, with the first two vessels expected to be delivered to their new owners within the second quarter of 2025 and the third vessel expected to be delivered in July 2025.

Financing

In February 2025, as previously announced, we prepaid the outstanding amount of $7.8 million under the SEB $39.0 million facility and we terminated the respective interest rate swap agreements with Skandinaviska Enskilda Banken AB.

In March 2025, we signed the Fubon $43.0 million facility, as previously announced, and an amount of $43.0 million was drawn on March 26, 2025.

In April 2025, we signed the loan agreement with E.SUN for a loan amount of up to $130.0 million (the “ESUN $130.0 million Facility”) for the post-delivery financing of the five Kamsarmax vessels currently under construction.

During the first quarter of 2025, in connection with the sale of the vessels Bittern and Star Omicron, we prepaid an aggregate amount of $8.6 million under their respective loan facilities. In addition, in April 2025 and in May 2025, in connection with the sale of the vessels Strange Attractor and Puffin Bulker, we prepaid an aggregate amount of $8.6 million under the vessels’ loan facilities. During the second quarter of 2025, we expect to make a debt prepayment of approximately $9.7 million under the vessels Star Canary and Star Petrel loan facilities.

Following the completion of all vessel sales described above, we will have 13 unencumbered vessels. We expect to collect total net proceeds of approximately $44.4 million and $12.5 million during the second and third quarter of 2025, respectively.

Full report: Star Bulk