Star Bulk Carriers (SBLK) actually reported a month ago (to the day). The time-frame was prior to my taking a week off, so the only thing I can think, is that the name fell off my radar when I closed out my SBLK last year.
Among the items in their Q2 2024 report
- Voyage rev of $352.9M
- Net Income of $106.1M (adjusted $89.1M(
- Daily TCE $19.3K
- Fleet size (avg) 155
- Declared div of 70c/sh
The company has completed the acquisition of Eagle Bulk (former EGLE) fleet. A subsequent event included issuing new equity for the Eagle Bulk convertible Notes. That’s actually a positive for SBLK since it reduces major debt build up from the acquisition.
SBLK has sold vessels, including some former Eagle Bulk vessels. There are additional minor sales planned and a charter-in joined the fleet in June 2024. SBLK did enumerate the daily TCE by vessel category
- Cape $29.4K
- Panamax $16.5K
- Supramax $16K
Per my comment on GOGL’s Cape category results -definitely more “above avg” for the Cape category than the other sizes.
In prior years, the quality of this name could be gleaned from the fact that Oaktree Capital had a major stake. The company had trimmed their SBLK stake prior to 2023. But, in 2023, Oaktree Capital sold a majority of their remaining SBLK shares, and gave up two of their three board seats (I guess, suggesting the investment was mostly monetized). SBLK shares are now back to similar levels as when SBLK agreed to buy its shares from Oaktree Capital.
The speedy elevator view - Overall dry bulk shipping market is quite hazy. A little too hazy for me, but SBLK has low leverage, and is an interesting name at these levels ( under $20).
Shares are already trading Q2 2024 ex-div. But, to be better in the SBLK loop, I subscribed for notifications