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- **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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