What factors drove the changes in Star Bulk Carriers's revenue and profit?

What does Star Bulk Carriers do and what are its main business segments?

What is Star Bulk Carriers's latest dividend and current dividend yield?

What guidance did Star Bulk Carriers's management provide for the next earnings period?

What is the revenue and EPS growth rate for Star Bulk Carriers year over year?

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What were the key takeaways from Star Bulk Carriers's earnings call?

Did Star Bulk Carriers beat or miss consensus estimates last quarter?

- **Financial Strength**: Q3 net income $18.5M, EBITDA $87M. $4.4M in buybacks; dividend $0.11/share. Cash: $454M; debt: $1.028B.
- **Operational Efficiency**: TCE $16,634/day; net margin $10,213/day. 51 EST installations completed.
- **Strategic Fleet Growth**: 8 new Kamsarmax vessels on order; 2026 dry dock $47M. Sub-Cape focus due to Cape unavailability.
- **Market Outlook**: 2026 demand +2.1%, supply +2.9%. Sub-Cape rates supported by grain, coal, minor bulk recovery.
- **ESG Leadership**: 7th ESG report published; IMO Net-Zero delay. AI pilots, Starlink upgrades.

**【CFO Financial Commentary】**
- Q3 2025 net income: $18.5 million; adjusted net income: $32.4 million ($0.16 per share). Adjusted EBITDA: $87 million.
- Share buybacks: 250,000 shares ($4.4M) in Q3; 360,000 shares ($6.7M) in early Q4. Remaining buyback program: $91 million.
- Dividend: $0.11 per share, payable December 18. Total cash: $454 million; debt: $1.028 billion. Pro forma liquidity: $570 million.
- Vessel performance: TCE rate $16,634/day; OpEx + G&A: $6,421/day. Net margin: $10,213/day.

**【COO Operational Update】**
- Operating expenses: $5,096/day. Fleet: 145 vessels (average age 11.9 years). 51 EST installations completed; 9 remaining.
- Newbuildings: 5 Kamsarmax at Qingdao ($130M financed); 3 Kamsarmax at Hengli ($74M expected). 2025 dry dock: $20M; 2026: $47M. Off-hire days: 580 (2025) / 1,140 (2026).
- Vessel sales: $75.5M in Q3; $25M in October. 8 long-term charters.

**【CSO ESG & Strategy】**
- 7th annual ESG report published, aligned with GRI, SASB, and UN SDGs. IMO delays Net-Zero framework by 1 year. AI pilot projects underway. Starlink vessel upgrades.
- Decarbonization: fleet renewal, energy efficiency, R&D. CDP Climate & Water Security engagement.

**【Market Analysis】**
- Supply: 31.2M DWT delivered YTD; 3.9M DWT demolished. Order book: 10.9% of fleet. 2026-27 shipyard capacity constrained.
- Demand: 2025 dry bulk trade +1.4% (Q3 +5.1% YoY). Iron ore (+0.8%), coal (-6.2%), grain (+2%), minor bulk (+5%). 2026 outlook: +2.1% ton miles.
- Rate drivers: grain recovery, coal rebound, Red Sea normalization, Chinese steel exports.

**【Q&A Highlights】**
- **Debt & Dividends**: 2026 amortization ~$50M/quarter. Dividend policy: $2.1M/cash per vessel; current cash > threshold. Newbuildings financed via past sales proceeds.
- **Fleet Strategy**: Kamsarmax acquisition rationale: lower cost, early delivery, eco-compliance. 2 Kamsarmax = 1 Cape in EBITDA terms. Cape expansion constrained by high prices, limited availability.
- **Market Outlook**: 2026 supply growth 2.9%, demand +2.1%. Environmental regs, aging fleet, slow steaming to limit supply. Sub-Cape rates driven by grain, coal, minor bulk strength.

Star Bulk Carriers Corp. (SBLK) Q3 2025 Earnings Call Transcript

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