Q2 FY2026
Filed Aug 5, 2026STAR BULK CARRIERS CORP. REPORTS ITS STRONGEST QUARTERLY RESULTS SINCE THE SECOND QUARTER OF 2022 NET PROFIT OF $144.9 MILLION FOR THE SECOND QUARTER OF 2026 QUARTERLY DIVIDEND OF $0.90 PER SHARE DECLARED
Second-quarter voyage revenues, net income, operating cash flow, EBITDA, adjusted EBITDA and TCE rate were all substantially above the second quarter of 2025. The company also declared a $0.90 per share dividend while adding three newbuildings, selling older vessels and reducing debt through scheduled repayments and prepayments.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Voyage revenuesGAAP | $357,412 | – | – |
| Total revenuesGAAP | 357,412 | – | – |
| Operating incomeGAAP | 155,032 | – | – |
| Net incomeGAAP | $144,949 | – | – |
| Earnings per share, basicGAAP | $1.30 | – | – |
| Earnings per share, dilutedGAAP | $1.30 | – | – |
| Adjusted Net incomenon-GAAP | $134,751 | – | – |
| Adjusted earnings per share basicnon-GAAP | $1.21 | – | – |
| Adjusted earnings per share dilutednon-GAAP | $1.21 | – | – |
| Net cash provided by operating activitiesGAAP | $149,889 | – | – |
| EBITDAnon-GAAP | $194,829 | – | – |
| Adjusted EBITDAnon-GAAP | $184,219 | – | – |
| TCE Revenuesnon-GAAP | $284,600 | – | – |
| Daily Time Charter Equivalent Ratenon-GAAP | $24,486 | – | – |
| Daily OPEX per vesselother | $5,265 | – | – |
| Daily OPEX per vessel (as adjusted)other | $5,180 | – | – |
| Daily Net Cash G&A expenses per vesselother | $1,362 | – | – |
| Voyage expensesGAAP | (57,611) | – | – |
| Charter-in hire expensesGAAP | (12,624) | – | – |
| Vessel operating expensesGAAP | (64,326) | – | – |
| Dry docking expensesGAAP | (19,553) | – | – |
| DepreciationGAAP | (39,783) | – | – |
| Management feesGAAP | (5,633) | – | – |
| General and administrative expensesGAAP | (16,065) | – | – |
| Gain/(Loss) on FFAs and bunker swaps, netGAAP | (943) | – | – |
| Other operational gainGAAP | 2,450 | – | – |
| Gain/(Loss) on sale of vesselsGAAP | 12,354 | – | – |
| Interest and finance costsGAAP | (12,446) | – | – |
| Interest income and other income/(loss)GAAP | 3,035 | – | – |
| Weighted average number of shares outstanding, dilutedGAAP | 111,585,370 | – | – |
| Dividend per share for the relevant periodother | $0.90 | – | – |
| Average Number of Vesselsother | 134.3 | – | – |
| Number of vesselsother | 135 | – | – |
| Average age of operational fleet (in years)other | 12.8 | – | – |
| Ownership daysother | 12,218 | – | – |
| Available daysother | 11,623 | – | – |
| Charter-in daysother | 726 | – | – |
| Six months ended June 30, 2026 Voyage revenuesGAAP | $638,564 | – | – |
| Six months ended June 30, 2026 Net incomeGAAP | $203,481 | – | – |
| Six months ended June 30, 2026 Adjusted Net incomenon-GAAP | $197,783 | – | – |
| Six months ended June 30, 2026 Net cash provided by operating activitiesGAAP | $262,275 | – | – |
| Six months ended June 30, 2026 EBITDAnon-GAAP | $304,567 | – | – |
| Six months ended June 30, 2026 Adjusted EBITDAnon-GAAP | $298,558 | – | – |
Second half of 2026 outlook
- NoteThe Company expects to collect sale proceeds of approximately $31.5 million, net of commissions, in the third quarter of 2026.
- NoteThe Company expects to collect a total amount of approximately $70.3 million, net of commissions and debt prepayments from the aforementioned vessel sales.
- NoteA total amount of approximately $122.0 million is payable for capital expenditures related to the remaining five newbuilding vessels.
- NoteThe Company expects to take delivery of two vessels in the third quarter of 2026 and three vessels in the fourth quarter of 2026.
- NoteThe ABN Revolving Facility availability period was extended until May 2027.
- NoteThe ESUN $130.0 million Facility matures seven years after the drawdown.
- NoteThe Fubon $80.0 million Facility matures seven years after the drawdown.
- NoteThe Japanese Operating Lease with Call Option for the newbuilding Star Kyra is for an amount up to $35.2 million, subject to customary definitive documentation.
- NoteUpon completion of the aforementioned refinancings and prepayments, the Company will have 29 unencumbered vessels.
Capital returns
- On August 5, 2026, the Board of Directors declared a quarterly cash dividend of $0.90 per share, payable on or about September 3, 2026 to shareholders of record as of August 21, 2026.
- Repurchase of common shares for the six months ended June 30, 2026 was $(46,326).
- Dividends paid for the six months ended June 30, 2026 were $(97,580).
- Since 2021, the Company will have returned over $2.15 billion through dividends and buybacks.
- The Company stated that the $0.90 per share dividend distributes its entire operating cash flow after capex and debt service and marks its 22nd consecutive dividend payment since 2021.
What drove it
- Voyage revenues increased despite a decline in the average number of vessels to 134.3 from 147.6, primarily due to higher charter rates.
- Daily TCE Rate increased to $24,486 from $13,624.
- TCE Revenues benefited from a gain of approximately $21.0 million on the sale of bunkers upon vessel delivery/redelivery to charterers, reflecting higher bunker prices following escalation of geopolitical conflicts in the Middle East.
- Charter-in hire expenses decreased as charter-in days fell to 726 from 957.
- Vessel operating expenses declined primarily because of the lower average number of vessels.
- The Company recognized a gain on sale of vessels of $12.4 million, compared with a loss on sale of vessels of $8.0 million in the second quarter of 2025.
- Interest and finance costs declined due to lower weighted average outstanding indebtedness and reduced weighted average interest rates.
- Three previously ordered high-spec Kamsarmax newbuildings were delivered during the second quarter of 2026, while three older vessels were sold.
Concerns
- Daily OPEX per vessel (as adjusted) was $5,180, compared with $4,928 in the second quarter of 2025.
- The second-quarter TCE Revenues included a gain of approximately $21.0 million from bunker sales upon vessel delivery/redelivery to charterers.
- The Company recognized a net loss on FFAs and bunker swaps of $0.9 million, compared with a gain of $1.4 million in the second quarter of 2025.
- The Company incurred a foreign exchange loss of $0.7 million in the second quarter of 2026, compared with a foreign exchange gain of $1.4 million in the second quarter of 2025.
- The Company has a total amount of approximately $122.0 million payable for capital expenditures related to the remaining five newbuilding vessels.
What to watch
- Collection of approximately $31.5 million in net sale proceeds expected in the third quarter of 2026 from vessel sales.
- Delivery of two newbuilding vessels expected in the third quarter of 2026 and three expected in the fourth quarter of 2026.
- Completion of the Japanese Operating Lease with Call Option for the newbuilding Star Kyra, which remains subject to customary definitive documentation.
- The dry bulk supply-and-demand balance and charter-rate environment described by management as constructive.
- Completion of vessel sales, including expected third-quarter delivery of Star Eva.
- The impact of bunker prices, FFAs and bunker swaps on TCE Revenues and earnings.
Balance sheet and cash flow
- Cash and cash equivalents and restricted cash, current as of June 30, 2026 was $563,667, compared with $500,319 as of December 31, 2025.
- Restricted cash, non current as of June 30, 2026 was $1,615, compared with $1,615 as of December 31, 2025.
- Total assets as of June 30, 2026 were $3,854,163, compared with $3,805,385 as of December 31, 2025.
- Current portion of long-term bank loans, revolving facilities and lease financing as of June 30, 2026 was $233,581, compared with $228,868 as of December 31, 2025.
- Long-term bank loans, revolving facilities and lease financing non-current, net of unamortized deferred finance fees, as of June 30, 2026 was $802,997, compared with $843,360 as of December 31, 2025.
- Total liabilities as of June 30, 2026 were $1,339,683, compared with $1,356,122 as of December 31, 2025.
- Shareholders’ equity as of June 30, 2026 was 2,514,480, compared with 2,449,263 as of December 31, 2025.
- Capital expenditures for acquisitions/vessel modifications/upgrades and advances for vessels under construction for the six months ended June 30, 2026 were $(97,467).
- Cash proceeds from vessel sales for the six months ended June 30, 2026 were $80,137.
- Net cash used in investing activities for the six months ended June 30, 2026 was $(17,317).
- Proceeds from new debt for the six months ended June 30, 2026 were $272,000.
- Scheduled debt repayment for the six months ended June 30, 2026 was $(92,473).
- Debt prepayment due to refinancing and vessel sales for the six months ended June 30, 2026 was $(215,798).
- Net cash used in financing activities for the six months ended June 30, 2026 was $(181,610).
- During the second quarter of 2026, the Company collected sales proceeds of approximately $60.2 million, net of commissions, and made debt prepayments of approximately $9.9 million.
- As of June 30, 2026, the Company had paid a total amount of approximately $164.9 million in pre-delivery and delivery installments related to the eight newbuilding vessels.
- On May 28, 2026, the Company drew $52.0 million under the ESUN $130.0 million Facility.
- An amount of $80.0 million was drawn under the Fubon $80.0 million Facility on June 10, 2026.
Analysis
Star Bulk reported a sharply stronger second quarter than the comparable 2025 period. Voyage revenues were $357,412 versus $247,408, net income was $144,949 versus $39, and diluted earnings per share were $1.30 versus $0.00. Adjusted Net income reached $134,751 versus $13,179, while Adjusted EBITDA was $184,219 versus $68,946. The company characterized the quarter as its most profitable since the second quarter of 2022.
The reported improvement was driven by charter rates rather than fleet growth. The average number of vessels declined to 134.3 from 147.6, but Daily TCE Rate rose to $24,486 from $13,624 and TCE Revenues increased to $284,600 from $176,086. The company also identified a gain of approximately $21.0 million from the sale of bunkers on vessel delivery and redelivery as a significant positive contributor to second-quarter TCE Revenues. Capesize and Newcastlemax vessels generated a second-quarter TCE rate of $36,759, compared with $20,400 for Post Panamax and Kamsarmax vessels and $20,270 for Ultramax and Supramax vessels.
Cost and financing trends were favorable in aggregate, although unit operating costs increased. Vessel operating expenses declined to $64.3 million from $68.0 million as the average fleet size fell, while Daily OPEX per vessel increased to $5,265 from $5,059 and adjusted Daily OPEX per vessel increased to $5,180 from $4,928. Charter-in hire expenses declined to $12.6 million from $17.3 million, and interest and finance costs declined to $12.4 million from $18.9 million. The quarter also included a $12.4 million gain on vessel sales, versus an $8.0 million loss in the prior-year quarter, and a $0.9 million net loss on FFAs and bunker swaps, versus a $1.4 million gain.
Cash generation and capital allocation remained central to the release. Net cash provided by operating activities was $149,889 for the quarter, and the Board declared a $0.90 per share dividend. For the six months ended June 30, 2026, the company reported $262,275 of operating cash flow, $(46,326) of common-share repurchases, $(97,580) of dividends paid, $(92,473) of scheduled debt repayment and $(215,798) of debt prepayments tied to refinancing and vessel sales. Cash and cash equivalents and restricted cash, current were $563,667 at June 30, 2026, while long-term bank loans, revolving facilities and lease financing non-current were $802,997.
Fleet renewal is continuing alongside older-vessel sales. The company took delivery of three of eight newbuildings in the second quarter, sold three older vessels, and expects delivery of two additional vessels in the third quarter and three in the fourth quarter. It has paid approximately $164.9 million in installments related to the eight newbuildings and has approximately $122.0 million remaining payable for the five vessels still under construction. Management stated that the supply-and-demand balance remains intact and the outlook is constructive, but no quantitative revenue, cost, margin or earnings guidance was provided.
Management, verbatim
The dry bulk market continued to be strong during the second quarter of 2026, and Star Bulk again converted that strength into compelling results. We generated Net Income of $144.9 million, EBITDA of $194.8 million, and a TCE of $24,486 per vessel per day – our most profitable quarter since the second quarter of 2022 — underscoring the earnings power of our commercial and technical platform.
Petros Pappas, Chief Executive Officer of Star Bulk
The outlook remains constructive. The supply-and-demand balance that drove first-half performance is still intact, and we are optimistic about the balance of the year.
Petros Pappas, Chief Executive Officer of Star Bulk
Not in the filing
stated, not guessed- Quantitative revenue guidance
- Quantitative gross margin guidance
- Gross margin for the second quarter of 2026 and second quarter of 2025
- Free cash flow
- Quantitative operating-expense guidance
- Quantitative tax-rate guidance
- Prior-quarter comparisons for reported second-quarter metrics
- Segment revenue disclosure
- A quantitative forward TCE-rate outlook
- A quantitative forward dividend outlook beyond the declared $0.90 per share dividend
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.