Star Bulk Q2 2025

Industry Discussions Shipping News
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I will preface this post with the comment that I have not been following dry bulk shipping too closely. Star Bulk Carriers (SBLK) is one of the largest dry bulk shippers out there, a pure-play dry bulk entity. The company reported Q2 2025 results recently.

  • TCE rev $13624 daily (What’s up with these shipping entities that decide to “hide” their rev numbers?)
  • EBITDA of $69M
  • Declared div of 5c/sh
  • Announced plans to sell 9 vessels in Q3 & Q4 2025. In July, sold two more vessels

Slide 3 dissects number from a TCE basis. Yes, there is a decent amount of earnings after Opex and G&A. However, there is $1.1B in debt, so a chunk of the remaining earnings goes to meet debt obligations. SBLK repurchased 3.3M shares in Q2 2025, and has capacity on buyback program. The company has $400M in cash, so I don’t think it runs into problems in the near term.

In a later slide (Slide 14), there is a breakdown of TCE by vessel type for Q3 2025. Not sure why the company did not do something similar for Q2. What I can say is $13624 is somewhat “average/below-average” for a fleet with SBLK’s category mix.

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Top and bottom line numbers from a different source - SBLK Press release

  • Rev of $247,4M (significant drop from $352M in prior year Q2)
  • $39 Net Income (Adj NI $13.1M)
  • https://www.starbulk.com/media/uploads_file/2025/08/06/p1j20g2s1rv981g6th69nki1u4v4.pdf
  • Of the 10 vessel sales mentioned in the OP, two delivered in Q2 2025, and the remaining 8 deliver in Q3 and Q4 2025. SBLK expects to generate around $104M from the sales, and make a debt payment of ~$19M in Q3.
  • Category TCE provided in the pdf. Capesize : Avg => slightly above Avg, Other two categories - meh! (Maybe that was the dry bulk market)
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