Star Bulk Q3 2023 report

Reported Q3 results after-hours

  • Voyage revenue of $223.1M
  • Net income of $43.7M (adjusted net income of $33.1M)
  • TCE avg of $15068 daily
  • Declared div of 22c/sh
  • Ordered 2 + 2 newbuilds

Per other SBLK-related threads, it is a known fact that SBLK have agreed to repurchase their shares from Oaktree Capital in two 10M share tranches. The devil is in the funding details. I identified “Star Theta” last week. But there are four additional vessels - “Star Athena”, “Star Zeta”, “Star Jennifer” & “Star Glory” that have been sold. SBLK also utilized its ATM program to raise additional capital for the share repurchase.

Per the link, repurchase of first 10M tranche is complete. The second tranche is still in progress. But additional data on financing is included. It does seem like SBLK can wrap up financing the second 10M tranche in Q4 2023.

Well managed company. Obviously, if SBLK offered $19.50/sh, the management team believe the shares are worth more. However, for now, I think I will stay out of SBLK and wait for the haziness to clear.