SBLK

This article first appeared on GuruFocus. Net Income: $144.9 million for Q2 2026. Adjusted Net Income: $134.8 million, or $1.21 adjusted earnings per share. Adjusted EBITDA: $184.2 million. Dividend: Declared $0.90 per share for the quarter. Cash Position: Total cash and cash equivalents of approximately $532 million. Outstanding Debt: Approximately $955 million. Time Charter Equivalent (TCE): $24,486 per day per vessel. Daily Operating Expenses: Combined daily operating expenses and net cash G&A of $6,542 per day per vessel. Daily Cash Margin: Approximately $17,944 per vessel per day before debt service and CapEx. Operating Cash Flow: $150 million generated in Q2 2026. Segment Revenue (Capesize): Contributed 35% of revenue and 39% of adjusted EBITDA. Segment Revenue (Kamsarmax): Contributed 28% of revenue and 24% of adjusted EBITDA, totaling $77.7 million in revenue and $42.4 million in adjusted EBITDA. Segment Revenue (Ultramax/Supramax): Largest contributor at 37% of revenue, generating $104.4 million in revenue and $66.5 million in adjusted EBITDA. Vessel Sales Proceeds: Collected approximately $60.2 million net of commissions in Q2 2026, with an additional $31.5 million expected in Q3 2026. Warning! GuruFocus has detected 8 Warning Signs with SBLK. Is SBLK fairly valued? Test your thesis with our free DCF calculator. Release Date: August 06, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Star Bulk Carriers Corp (NASDAQ:SBLK) reported strong Q2 2026 profitability with net income of $144.9 million and adjusted EPS of $1.21, demonstrating robust cash generation. The company maintains a strong balance sheet with $532 million in cash, low leverage (net debt at 50% of fleet demolition value), and 29 debt-free vessels, providing financial flexibility. Star Bulk Carriers Corp (NASDAQ:SBLK) continues to return significant capital to shareholders, declaring a $0.90 per share dividend and having returned approximately $14.9 per share in dividends since 2021. The company operates a cost-efficient platform with daily OpEx of $5,180 and net cash G&A of $1,362, among the lowest in its peer group, enhancing cash flow generation. Star Bulk Carriers Corp (NASDAQ:SBLK) is investing in fleet upgrades and newbuildings, with five high-specification Kamsarmax newbuilds on track for 2026 delivery, expected to generate a mark-to-market gain of approximately $56 million. The company benefits from a favorable market outlook with projected dry bulk trade growth of 2.4% in tons and 3.8% in ton-miles for 2026, supported by strong grain, coal, and iron ore demand. Star Bulk Carriers Corp (NASDAQ:SBLK) faces uncertainty from the Middle East conflict, which could impact global economic growth and dry bulk trade, with IMF projecting GDP growth to slow to 3% in 2026. The company's fleet is aging, with an average age of 12.4 years, and approximately 50% of the current fleet will be over 15 years old by the end of 2027, potentially increasing maintenance costs. Asset prices for secondhand vessels are relatively high, making cash acquisitions less attractive and limiting growth opportunities, as noted by management. The company expects increased off-hire days and dry-dock costs in Q3 and Q4 2026, with approximately 460 and 280 off-hire days respectively, which could impact operational performance. Global port congestion has rebounded due to adverse weather and war-related inefficiencies, potentially causing delays and reducing fleet efficiency. China's economic slowdown, with GDP growth at its lowest pace in over three years, could weaken demand for dry bulk commodities, despite expectations for stimulus measures. Q: Given the strong market and better stock valuation, how is Star Bulk thinking about fleet growth and potential acquisitions? Does it make sense to be more acquisitive in this environment?A: (Unidentified Company Representative, Constantinos Simantiras, Head of Market Research, Nicos Rescos, COO) Management sees better opportunities for acquisitions than a few months ago, but believes asset prices are relatively high, so conserving cash is prudent. They would consider using their better-valued equity as currency to grow the platform. However, to justify a cash acquisition at today's levels, the breakeven rate to produce a meaningful return to equity shareholders is quite high. They remain cautious and are looking for windows of arbitrage, similar to their recent Kamsarmax newbuilding order, where a good mark-to-market profit exists. Q: Given elevated second-hand prices, what are the discussions like regarding selling some of the older tonnage? Is there a bid-ask spread preventing divestments?A: (Nicos Rescos, COO, Constantinos Simantiras, Head of Market Research) The company is constantly in the market to dispose of its remaining older assets. While older vessels still command a good premium from Chinese buyers, the current earnings on these assets provide good yields, especially with the large spread between heavy fuel oil and very low sulfur fuel oil (close to $250 per ton in Singapore), which boosts their profitability. With the share price trading at a smaller discount to NAV, the incentive to sell these high-yield earning vessels is less, so they are pacing themselves and waiting for the right market window. Q: Can you provide an update on the Simandou iron ore project, its timing, and expectations for its contribution to ton-mile growth over the next 12-14 months? Are there other demand initiatives on the radar?A: (Constantinos Simantiras, Head of Market Research, Simos Spyrou, Co-CFO) Simandou is ramping up this year, running at a pace approaching $20 million tons per annum, though volumes pull back in Q3 due to the rainy season in Guinea. Expectations are for the pace to ramp to $45-50 million tons per annum by 2027, accelerate to nearly $100 million tons in 2028, and potentially reach full capacity of $120 million tons by 2029. Additionally, other volumes in West Africa could add $10-20 million tons, and expansion in Brazil could add another $10-20 million tons over the next two years, leading to an increase of as much as $150 million tons of high-quality iron ore from the Atlantic over the next three to four years. Q: A few quarters ago, you discussed the Kamsarmax class having a better ROE than Capesize. Do you still feel that way when looking at deploying capital?A: (Constantinos Simantiras, Head of Market Research, Unidentified Company Representative) The spread between the two asset classes has become more balanced compared to previous quarters, as values have increased on Kamsarmaxes. The company has demonstrated an ability to do substantially better than the index on both Kamsarmax and Ultramax vessels. Nicos Rescos added that while newbuilding windows are moving into 2029-2030 and prices are firming on larger vessels, they are looking for windows where they can combine a transaction with the commercial ability to secure part of the income going forward to reduce the breakeven. Q: How is the fleet positioned regarding the Panama Canal, given reduced transits and potential drought from El Nino? How much of the fleet goes via Cape, and what is the expectation for water conditions?A: (Constantinos Simantiras, Head of Market Research) Dry bulk vessels crossing the Panama Canal have decreased over the last few years. With water levels decreasing due to El Nino, they expect a positive effect, especially for Panamax vessels carrying during the US soybean season, which will be more pronounced during September-November. For larger vessels, the fleet currently goes through the Cape of Good Hope. Q: What is the company's capital allocation track record and current balance sheet strength?A: (Simos Spyrou, Co-CFO) Since 2021, Star Bulk has executed approximately $3.2 billion in value-enhancing actions, including returning approximately $14.9 per share in dividends (52% of the current share price) and reducing total net debt by 66%. The balance sheet remains a key strategic advantage with total cash of approximately $532 million, outstanding debt of $955 million, and 29 debt-free vessels with an aggregate market value close to $790 million. This provides substantial financial flexibility for growth opportunities and downside protection. Q: What were the key financial and operational highlights for the second quarter of 2026?A: (Simos Spyrou, Co-CFO) Net income for Q2 2026 was $144.9 million, with adjusted net income of $134.8 million or $1.21 adjusted earnings per share. Adjusted EBITDA was $184.2 million. The Board declared a $0.90 per share dividend. The fleet achieved a time charter equivalent of $24,486 per day per vessel, with combined daily OpEx and net cash G&A of $6,542 per day, resulting in a daily cash margin of approximately $17,944 per vessel before debt service and CapEx. Q: Can you provide an update on the newbuilding program and fleet investment initiatives?A: (Nicos Rescos, COO) All five of the latest generation high-specification Kamsarmax newbuildings are on track for delivery during 2026, with $122 million of CapEx remaining and financing in place. The company took delivery of three out of eight Kamsarmax newbuildings in Q2 and expects the remaining five during Q3 and Q4. On vessel upgrades, 62 ESD installations have been completed, with 88% of the fleet now fitted with ESDs. They continue investing in optimized propellers, silicon paints, and hull-cleaning robots, measuring tangible performance improvements ranging between 7% and 15%. Q: What is the outlook for dry bulk supply and demand fundamentals?A: (Constantinos Simantiras, Head of Market Research) Supply remains favorable with net fleet growth of 1.9% year-to-date and an order book at approximately 13.9% of the fleet. The fleet continues to age, with approximately 50% of the current fleet over 15 years old by end of 2027 For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 11:00 a.m. ET Co-Chief Financial Officer - Simos Spyrou Co-Chief Financial Officer - Christos Begleris President - Hamish Norton Deputy Chief Financial Officer - Constantine Nanopoulos Chief Operating Officer - Nicos Rescos Chief Strategy Officer - Charis Plakantonaki Head of Market Research - Constantinos Simantiras Operator: Thank you for standing by, ladies and gentlemen, and welcome to the Star Bulk Carriers Conference Call on the Second Quarter 2026 Financial Results. We have with us Mr. Hamish Norton, President; Mr. Simos Spyrou, Co-Chief Financial Officer; Mr. Christos Begleris, Co-Chief Financial Officer; Mr. Constantine Nanopoulos, Deputy Chief Financial Officer; Mr. Nicos Rescos, Chief Operating Officer; Mrs. Charis Plakantonaki, Chief Strategy Officer; Mr. Constantinos Simantiras, Head of Market Research. [Operator Instructions] I must advise you that this conference is being recorded today. We now pass the floor to one of your speakers today, Mr. Spyrou. Please go ahead, sir. Simos Spyrou: Thank you, operator. Good morning, ladies and gentlemen, and thank you for joining us today. I'm Simos Spyrou, Co-Chief Financial Officer of Star Bulk Carriers, and I would like to welcome you to our conference call regarding our financial results for the second quarter of 2026. Before we begin, I kindly ask you to take a moment to read the safe harbor statement on Slide #2 of the presentation. In today's presentation, we will review our second quarter 2026 company highlights, financial performance, capital allocation initiatives, cash evolution during the quarter, operational performance and cash flow potential, our continued investments in the fleet, developments on the regulatory front and our perspective on industry fundamentals. We will then open the floor for questions. Turning to Slide 3. The first quarter -- the second quarter was characterized by strong profitability, disciplined capital allocation and continued balance sheet strength. For the second quarter of 2026, net income amounted to $144.9 million, while adjusted net income reached $134.8 million or $1.21 adjusted earnings per share. Adjusted EBITDA was $184.2 million, demonstrating the robust cash generating capacity of our platform. Shareholder returns. We continue to actively return capital to shareholders through our policy of distributing 100% of our operating cash flow, subject to maintaining a minimum cash balance of $2.1 million per vessel. Our Board of Directors declared a $0.90 per share dividend for the quarter payable on September 3 to all shareholders of record as of August 21. Our balance sheet remains a key strategic advantage. Total cash and cash equivalents are approximately at $532 million. Outstanding debt is approximately $955 million, undrawn revolver capacity at $110 million. Importantly, we also currently own 29 debt-free vessels with an aggregate market value close to $790 million. During the third quarter of 2026, we expect to collect net sale proceeds of approximately $31.5 million for the sold vessels. Our low leverage as well as unencumbered asset base provides substantial financial flexibility to fund growth opportunities as well as downside protection. On the top right of the slide, you can see our per vessel daily performance metrics for the quarter. Time charter equivalent of $24,486 per day per vessel, combined daily operating expenses and net cash G&A expenses of $6,542 per day per vessel. This results in a daily cash margin of approximately $17,944 per vessel per day before debt service and CapEx. These numbers highlight the operating efficiency of our platform and our ability to generate meaningful cash flow. Slide 4 summarizes our capital allocation track record since 2021. Over this period, we have executed approximately $3.2 billion in value-enhancing actions, including dividends, share repurchases and debt repayment. Namely, we have returned approximately $14.9 per share in dividends, representing approximately 52% of our current share price. We have reduced total net debt by 66%, bringing leverage to a level where net debt stands at 50% of demolition value of our fleet. We have also expanded the fleet opportunistically through accretive fleet acquisitions, issuing equity at or above NAV, thereby increasing scale while protecting per share value. The result is a larger, more efficient platform with materially lower financial risk and significantly enhanced free cash flow per share potential. Slide #5 illustrates the movement in our cash balance during the second quarter. We began the second quarter with $409 million in cash. We generated $150 million in operating cash flow. After vessel sale proceeds, debt rundowns and repayments, CapEx payments related to newbuilding installments and ESD and ballast water treatment installations and the fourth quarter dividend payment, we ended up with $565 million in cash. This sequential increase in cash underscores the strong internal cash generation of the company even after substantial shareholder returns and investments in fleet upgrades. Moving to Slide #6. In the second quarter of 2026, Starbucks delivered a well-balanced operating performance across all segments, supported by our diversified fleet of 138 vessels and over 12,200 ownership days. Newcastlemax and Capesize vessels contributed 35% of our revenue and 39% of our adjusted EBITDA, benefiting from strong market positioning and representing 41% of our fleet market value. Panamax and Kamsarmax segment continued to provide stable earnings, contributing 28% of revenue and 24% of adjusted EBITDA, namely $77.7 million and $42.4 million, respectively. Ultramax and Supramax vessels remain the largest contributor to revenue at 37%, generating $104.4 million in revenue and $66.5 million in adjusted EBITDA, reflecting the strength of our exposure in geared segment. Slide #7 highlights the inherent operating leverage embedded in our business model. With approximately 49,000 fleet available days on an annualized basis for the next 12 months and based on the current next 12 month FFA curve of approximately $22,000 per day on a fleet-wide basis, the company would generate approximately $4.1 per share of free cash flow, representing 14.3% implied cash flow yield. The slide illustrates the strength of our platform in a rising market. Every $1,500 per share fleet-wide increase in TCE equates to an EBITDA increase of $72 million. This would translate to $0.64 per share of incremental dividend to our shareholders given our existing approach to distribution. In summary, during the second quarter, we delivered solid profitability, strengthened our liquidity position, continuing to reduce leverage, return meaningful capital to shareholders and preserved significant optionality for future capital allocation. Our balance sheet resilience, operating efficiency and disciplined capital allocation framework position us well to navigate market volatility while continuing to enhance per share value. With that, I will now pass the floor to our COO, Nicos Rescos for an update on our operational performance and the continued investments we are making in our fleet. Nicos Rescos: Thank you, Simos. Turning to Slide 8, which covers our operational performance. We continue to operate one of the most cost-efficient platforms in the dry bulk sector. Daily OpEx for the second quarter came in at $5,180 per vessel and net cash G&A at $1,362, both among the lowest in our peer group as illustrated. Our sustained cost discipline reflects our scale, our integrated management platform, which translates directly into superior cash generation through the cycle. Moving to Slide 9, which outlines our fleet-wide investment program. On the newbuilding front, all 5 of our latest generation high-specification Kamsarmax newbuildings are on track for delivery during 2026 with $122 million of CapEx remaining. Financing is in place where we expect to draw down up to $129 million of debt against the 5 newbuilding vessels, leaving the program fully funded on competitive terms. In a strengthening Kamsarmax market, the prompt deliveries of these vessels remain highly attractive to our customers, combined with a mark-to-market gain of approximately $56 million for our shareholders. On vessel upgrades, during the second quarter, we continue pushing through with energy-saving devices and with high-efficiency propeller installations. Having completed 62 ESD installations across the fleet with a further 7 scheduled for the year, 88% of our fleet is now fitted with ESs. On vessel efficiency, we continue to invest in upgrades in way of optimized propellers, silicon paints and deployment of car cleaning robots where we measure tangible performance improvements ranging between 7% and 15%. This translates into improved commercial performance, lower emissions and strengthens our competitiveness. The top right of the slide illustrates our CapEx schedule, presenting both the remaining newbuilding installments and our vessel efficiency upgrade spending alongside the corresponding debt drawdowns. At the bottom, you can see our dry dock schedule for the remainder of '26 and '27. For Q3 and Q4 2026, approximately $611 million and around 460 and 280 off-hire days, respectively. For 2027, we expect to have $17 million in dry dock costs and 450 off-hire days. Turning to Slide 10 for our fleet update. We continue to actively rejuvenate the fleet through a disciplined combination of selective disposals and newbuilding deliveries, prioritizing the divestment of [indiscernible] to reduce our average age and lift overall efficiency. As previously announced, the sales of Star Scarlett and Star Mariella were completed in Q2 2026. During the second quarter, we agreed to sell communicated 2apsarmaxes, namely Star Emma, Star Moria, and Pendulum. Star Moria and Pendulum were delivered to the new owners in June and July 2026, while Star Eva is expected to be delivered during the third quarter of this year. In connection with the sales mentioned above, in the second quarter of 2026, we collected sales proceeds of approximately $60.2 million, net of commissions and made debt repayments of approximately $21.4 million, while in the third quarter, we expect to collect sales proceeds approximately $31.5 million net of commissions. Overall, a total amount of approximately $70.3 million net of commission and debt repayments will be collected from the vessel sales. Having sold 50 vessels since 2023, we have reinvested most of the net sales proceeds to fund accretive share buybacks throughout this period. This quarter also marked the start of our newbuilding delivery cycle with the latest generation Kamsarmax vessels joining the fleet. We took delivery of 3 out of the 8 Kamsarmax newbuilding vessels and expect to take delivery of the 5 remaining during Q3 and Q4 2026. We continue to maintain 7 long-term chartering contracts, which provide commercial flexibility across market cycles. Star Bulk operates one of the largest dry bulk fleet among U.S. and European listed peers with 138 vessels on a fully delivered basis and an average age of approximately 12.4 years, providing scale, modernity and operating leverage to compound shareholder value as the market cycle evolves. I will now pass the floor to our Chief Strategy Officer, Charis Plakantonaki, for an update on recent global environmental regulation developments and our ESG performance. Charis Plakantonaki: Thank you, Nico. Please turn to Slide 11, where we highlight our progress across ESG priorities. Ahead of the upcoming IMO Marine Environment Protection Committee, Star Bulk remains actively engaged through the relevant industry organizations in the discussions on the net zero framework and its alternative proposals, committed to advancing practical, realistic and effective greenhouse gas reduction regulations with consistent global. On the European front, the emissions trading system was revised across sectors, keeping maritime in the scheme at 50% of emissions on voyages, broadening its scope and creating a dedicated allowance reserve for sustainable marine fuels. Star Bulk continues to participate in the Maritime Emissions Reduction Center whose membership has expanded to include Cargill and Dubai Dry Docks. Current programs of work, spans hull and propeller coatings, hull-grooming robotics, wind-assisted propulsion, onboard carbon capture and shaft generator retrofits. On the social front, we are advancing our people agenda through the development of a new crewing campaign in Manila and the company portal to enhance corporate communication alongside extensive program talent development. 15 Star Bulk vessels take part in the "Adopt a Ship" education program, bringing the experience of life in the schools across Greece. On governance, fiscal year 2026 marks Starbucks' first sustainability reporting cycle under the Corporate Sustainability Reporting directive with disclosures aligned to the European sustainability reporting standards, reinforcing data quality, internal controls and assurance readiness. We continue to embed artificial intelligence responsibly across our operations, advancing the 4 pillars of our AI strategy, leveraging the AI capabilities of our software providers, piloting off-the-shelf AI tools, building custom AI solutions and continuously new technological developments, recognizing the cyber risks associated with have deployed CrowdStrike AI Detection & Response, conducted the second consecutive year mandatory cybersecurity awareness training for all onshore staff and performed [indiscernible]. We also introduced a new AI policy user's policy, governing the responsible user of AI by so staff in line with the AI user regulation. I will now turn the floor to our Head of Market Analysis, Constantinos Simantiras for a market update and his closing remarks. Constantinos Simantiras: Thank you, Charis. Please turn to Slide 12 for a brief update of supply. During the first half of 2026, a total of 22.2 million deadweight was delivered and 1.9 million deadweight was sent for demolition. That brings net fleet growth to 20.3 million deadweight or 1.9% year-to-date. or 3.3% growth over the last 12 months. The newbuilding order book has increased over the past 3 years and presently stands at approximately 13.9% of the fleet. Despite an increase in Capesize orders during the past few quarters, total dry bulk contracting remains under relative control, reflecting limited shipyard availability until late 2029, high shipbuilding costs and ongoing uncertainty around green propulsion technologies. At the same time, the fleet continues to age. And by the end of 2027, approximately 50% of the current fleet would be over 15 years old. Furthermore, the growing number of vessels undergoing their third special survey is estimated to reduce effective fleet capacity by more than 0.5% per annum during 2026 and 2027. The average steaming speed of the fleet remains at low levels of around 11 knots for a prolonged period despite firm freight rates as elevated bunker prices supported by tensions in the Middle East continue to encourage slow steaming. Finally, global port congestion fully normalized during 2025 and is now following seasonal patterns. Nevertheless, congestion has recently experienced a rebound due to adverse weather conditions and war-related inefficiencies. Let us now turn to Slide 13 for a brief update of demand. According to Clarkson, total dry bulk trade during 2026 is projected to expand by 2.4% in tons and 3.8% in ton miles. For 2027, trade growth is estimated at 1.1% in tons and 1.8% in ton miles. The duration and extent of the Middle East conflict remains the key uncertainty for the global macroeconomic outlook. The IMF projects global GDP growth to slow from 3.5% in 2025 to 3% in 2026 amid higher energy prices and inflationary pressures before recovering to 3.4% in 2027. So far, dry bulk trade has remained resilient as direct exposure to the Strait of Hormuz is relatively limited, while increased coal cargoes and restocking have provided strong support to the sector. During the first half of 2026, total dry bulk trade increased by 3.3% year-on-year, supported by record high grain volumes, a recovery in coal exports during the second quarter and growth in iron ore, bauxite and minor bulk trades. Ton miles expanded at a faster pace of 4.5%, driven by strong Atlantic exports and longer Pacific distances. Chinese dry bulk imports increased by 5% year-over-year in the first half against a low base last year. However, during the second quarter, the country's economy grew at its lowest pace in more than 3 years, reflecting weak domestic consumption, the prolonged downturn in the property sector and lower fixed asset investment, while higher energy prices have added further pressure. This has increased expectations for additional stimulus measures during the second half of the year. Dry bulk imports from the rest of the world continued to recover, increasing by 2.8% year-over-year despite the sharp decline in Middle East imports, supported by ongoing global restocking needs and strong commodity demand from Southeast Asia. Breaking it down by key commodities, iron ore trade is projected to expand by 2.8% in tons and by 3.1% in ton miles in 2026. China steel production declined by 3.1% year-over-year during the first half, driven by policy curves on steel supply, while production in the rest of the world increased by 0.9%. Chinese steel exports declined by 5.6% from last year's record levels amid rising protectionism but remain elevated. At the same time, domestic iron ore production fell by 6.5%, while stockpiles have declined from Q1 highs, indicating healthy demand going forward. Having said that, the iron ore market remains supply driven and ton miles are expected to receive strong support from the continued ramp-up of high-quality iron ore from Simandou and stronger Brazil exports. Coal trade is projected to grow by 1% in tons and 2.7% in ton miles during 2026, with demand forecast recently revised upwards following a strong recovery during the second quarter and the war-related dislocation in global energy markets. In China, thermal power generation rose 2.9% during the first half, while domestic production fell by 2.2%, widening the gap that seaborne cargoes must fill. India showed a similar pattern with stockpiles drawn down sharply in recent months. A developing El Nino is expected to keep Northern Hemisphere temperatures elevated through the summer, adding to cooling demand. Together, these factors should sustain coal volumes at elevated levels through the remainder of 2026. Grain trade is projected to expand by 6.5% in tons and by 9.8% in ton miles in 2026. Total grain exports increased by 10% year-over-year during the first half, driven by record shipments from Latin America and seasonally strong U.S. exports following the delayed trade throughs with China last October. Grain volumes are expected to remain elevated during the second half of the year as uncertainty over 2027 growth prospects, combined with escalating attacks on vessels in the Black Sea is encouraging importers to build inventories. Minor bulk trade is projected to expand by 1.9% in comps and by 3% in ton miles in 2026. Exports increased marginally by 0.7% in the second quarter as a 45% decline in Middle East volumes weighed on fertilizer, steel and building materials trade. Guinea, Bauxite exports by contrast rose 16% during the first half and generated strong ton miles for the Capesize fleet. As a final comment, we remain optimistic about the dry bulk market outlook, supported by a favorable supply backdrop, new long-distance Atlantic exports and tightening environmental regulations. In a period of heightened geopolitical uncertainty, we remain focused on actively managing our diversified scrubber-fitted fleet to capitalize on market opportunities and deliver value to our shareholders. Without taking any more of your time, I will now pass the floor over to the operator to answer any questions you may have. Operator: [Operator Instructions] Our first question is from Omar Nokta with Clarksons. Omar Nokta: For the update on the market and the company overall. And I guess I just wanted to dive just a little bit more into kind of the strategy at Star Bulk at the moment. You've got the cash position out to $500 million. You're about to finalize the deliveries of the newbuilding Kamsarmax over the next several months. Dividend is ramping up with the strong dry bulk market we're seeing here. And just, I guess, as we think about your footprint in the market today and given the better valuation of the stock, how are you thinking about the fleet and growth? Does it make sense to be a bit more acquisitive in this environment? Or what do you think about the fleet as it stands today? Simos Spyrou: Well, the opportunity to be more acquisitive... May -- it certainly looks better than it looked a couple of months ago. But on balance with cash, we think that probably cash is going to be better conserved for a little bit. We think the asset prices are relatively high. But with the share trading better, we'll see if there's an opportunity to use that as a currency and grow the platform. We can only do what we can do. It's been, as you know, difficult over the last couple of years to do anything with the equity. [indiscernible]. We run calculations all the time on potential acquisitions of vessels. And as Hami said, to justify a cash acquisition at today's levels, the breakeven rate to produce a meaningful return to equity shareholders is quite high. So if we could use our share accretively, we will definitely do so. Omar Nokta: Okay. And I guess just maybe touching on that a bit. I recall a few quarters ago, Petros had discussed the idea of going after the Kamsarmax versus the Capesize class because the ROE was better. Do you still feel that way? Is it still more attractive if you were to deploy capital? I guess it sounds like secondhand is it on the price side. But if you look at it, whether it's secondhand or new buildings, is the Kamsarmax still a bit more of an attractive asset class relative to Capes purely on the -- when you look at it from an ROE perspective? Constantinos Simantiras: Omar, this is Constantinos -- we have -- we definitely see a more balanced spread between the 2, I would say, compared to the previous -- the comments we made a couple of quarters ago. I mean values have increased on the Kamsarmaxes and the spread case have balanced in a way. And we demonstrated an ability to do substantially better than index on both Kamsarmaxes and Ultramaxes. Nicos Rescos: And Omar, this is Nikos. There are windows in a market where there will be an arbitrage like we did with the latest Kamsarmax at the beginning of the year, where there is a good mark-to-market profit that is sitting there. We feel that with newbuilding window moving now well into '29 and 2030 and prices still firming up on the larger vessels, opportunities are more scarce. But as I said, there are some windows where we could combine a transaction with perhaps the commercial ability to secure part of the income going forward and reduce the breakeven that Christos mentioned earlier. So we are cautious to see what -- how the market evolves in the next 12 days. Operator: Our next question is from Chris Robertson with Deutsche Christopher Robertson: Just kind of following up on Omar's questions there. We talked a lot about being an acquirer of potential looking for secondhand assets and kind of the price push in there. But you could also be a seller into this market of some of the older tonnage. Just wanting to get your comments on what are the discussions like potentially there, given that secondhand prices are elevated, is that preventing you from potentially going out and divesting some of the older assets and kind of the bid-ask spread between what you'd like to get and what potential buyers of those assets are seeking? Nicos Rescos: Thank you, Chris. This is Nicos. We are in the market every day just to see what is the opportunity to dispose the remaining older assets, less vessels. We see that the older vessels still command a good premium from the Chinese. We also see that the revenue side of these assets provides good yields for the company at the time being. So we are pacing ourselves forecasting what we think the market will be before we dispose the next batch of say, older Kamsarmaxes. I think it will happen. But at the moment, the earnings are very attractive, and we see prices perhaps firming a bit further before we make a decision to sell a few more. Simos Spyrou: And I think it's not directly relevant, but we haven't actually talked about the fact that the geopolitical situation has caused the spread between heavy fuel oil and very low sulfur fuel oil to be quite large recently. It's over $150 a ton. Nicos Rescos: $170. Constantinos Simantiras: It's close to around $250 in Singapore. And the spreads on the older vessels really boost their yield. Simos Spyrou: And I think we should also add that now that with our share trading at a smaller discount to NAV, the incentive to sell those high-yield earning vessels is less. Yes. Christopher Robertson: Makes sense. Just turning to the broader market here. As you think about voyaging cargoes from Brazil, whether it's iron ore, agricultural products and as it relates to the Panama Canal. So of course, there's a few reduced transits today. There could be risk here of drought as it relates to El Nino going forward. How much of your fleet is going via Cape, how much of the greater fleet is doing that? And I guess what's the expectation here around potential water conditions from El Nino and drought potential and how much of that could potentially impact effective capacity and increased ton-mile demand later this year? Constantinos Simantiras: Okay, this is Stantinos. So on the Panama Canal, we expect that we will see less crossing. It's worth mentioning that the dry bulk vessels crossing the Panama Canal over the last few years have decreased in any case, especially last year, where we could say that they've been priced out slightly. However, the water levels are decreasing, as you mentioned, because of El Nino. We will see -- we expect to see a positive effect, especially on the Panamax vessels carrying during the U.S. soybean season. And this is something that we should -- will be more pronounced during the September, November months. And as a fleet, we currently on the larger vessels, we go through the hope as we mentioned. Operator: [Operator Instructions] Our next question is from Stephanie Moore with Jefferies. Stephanie Benjamin Moore: So I just wanted to touch on the project. So obviously, in the past, you talked a lot about this being a major source of ton-mile growth. So could you just give us an update on timing, expectations that you think that project will continue to ramp over the next 12 months to 14 months when we should start to see kind of that major contribution? And then also, it's always helpful if there are any other kind of projects or demand initiatives that are on our radar even over the next couple of years? Constantinos Simantiras: Stephanie. This is Constantinos. I apologize for the technical issues we had. So -- there were a few delays at the end of last year. It is ramping up this year. It's running at a pace of approaching almost 20 million per annum capacity. I think the number will be somewhere between 15 million and 20 million by the end of the year, but the pace is ramping up. And now we're going through the seasonality in Guinea during the third quarter due to rainy season. So volumes actually pulled back during the pace -- pulled back during July, August. But the expectations are that by 2027, the pace would ramp up to about between 45 million to 50 million tons per annum and further pushing in 2028 will accelerate in 2028 closer approaching close to 100 million tons. And by 2029, we might reach the full capacity of 120 million tons. Now we will closely follow. It's difficult to make sure that this will be followed strictly followed. Simos Spyrou: Now there are other volumes around in West Africa, which could add between 10 million and 20 million tons over the next 2 years. And there's also expansion in Brazil, adding again about 10 million to 20 million tons. So over the next 3 years, 4 years, we should see an increase of high-quality iron ore volumes of as much as 150 million tons from the Atlantic combined. Operator: We have reached the end of the question-and-answer session. I would like to turn the floor back over to management for closing remarks. Petros Pappas: No closing remarks, operator. Thank you very much. Operator: Okay. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation. 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This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Star Bulk Carriers (SBLK) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Make better investment decisions with Simply Wall St's easy, visual tools that give you a competitive edge. Star Bulk Carriers (NasdaqGS:SBLK) reports its strongest quarterly results since 2022 for Q2 2026, with earnings and revenue ahead of market expectations. The company highlights robust earnings supported by high charter rates across its dry bulk fleet. Star Bulk Carriers expands its fleet with a significant number of modern, high specification vessels during the quarter. Management reiterates an aggressive payout policy alongside a constructive outlook on the company’s long term prospects. For readers tracking how shipping, logistics and related technologies may influence broader opportunities, it can be useful to look at companies tied to automation and long term efficiency trends through 36 robotics and automation stocks Star Bulk Carriers sits in the dry bulk shipping segment, which connects global flows of commodities such as iron ore, coal and grains. The stock has seen strong recent share price performance, with a 49.2% return year to date and 151.7% over five years, and now trades at US$28.9 as of 6 August 2026, according to the latest figures provided. Is Star Bulk Carriers's dividend sustainable? Check out what every dividend investor needs to know in our dividend analysis. For income focused investors, the US$0.90 quarterly dividend from Star Bulk Carriers points to strong confidence from management in near term cash generation and supports the existing catalyst of capital returns through a high payout policy. It also puts a spotlight on whether this higher level of cash distribution is sustainable, given the company already has an unstable dividend track record flagged in recent risk data. The dividend sits alongside very strong recent earnings, which helps near term coverage, but investors still need to weigh that against shipping cycle volatility and the company’s capital needs for its growing and modernizing fleet. From here, the key marker for dividend investors is the next quarterly dividend declaration around late Q4 2026 and how that compares with the current US$0.90 per share. Tracking both the absolute dividend level and the payout relative to quarterly earnings per share will help you gauge whether Star Bulk Carriers is maintaining this aggressive policy or starting to rebalance toward retaining more cash. For the full picture including more risks and rewards, check out the complete Star Bulk Carriers analysis. Alternatively, you can check out the community page for Star Bulk Carriers to see how other investors believe this latest news will impact the company's narrative. Stay updated on the most important news stories for Star Bulk Carriers by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on Star Bulk Carriers. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include SBLK. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Interested in Star Bulk Carriers Corp.? Here are five stocks we like better. Strong Q2 performance: Star Bulk reported $144.9 million in net income, $134.8 million in adjusted net income, and $184.2 million in adjusted EBITDA. The company declared a $0.09-per-share dividend and ended the quarter with approximately $565 million in cash. Capital allocation and fleet efficiency: Star Bulk continued selling vessels, repaying debt and reinvesting proceeds in share repurchases, while its five remaining Kamsarmax newbuildings are scheduled for delivery in 2026 and fully funded. Energy-saving devices now cover 88% of the fleet, supporting reported efficiency gains of 7% to 15%. Optimistic dry-bulk outlook, cautious acquisitions: Management expects supportive long-term fundamentals from growing trade, Atlantic iron ore exports and a limited order book, but is conserving cash because vessel acquisition prices remain high. The company may sell additional older ships if prices strengthen. Oil’s Rally Could Boost These 3 Shipping Stocks Star Bulk Carriers (NASDAQ:SBLK) reported second-quarter 2026 net income of $144.9 million and adjusted net income of $134.8 million, or $1.21 per adjusted share, as the dry bulk shipowner cited strong profitability, operating efficiency and continued balance-sheet flexibility. Adjusted EBITDA was $184.2 million for the quarter. Simos Spyrou, co-chief financial officer, said the company generated a time-charter-equivalent rate of $24,486 per vessel per day, while combined daily operating expenses and net cash general and administrative costs were $6,542 per vessel per day. That produced a daily cash margin of about $17,944 per vessel before debt service and capital expenditures. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth 3 Small-Cap Stocks on the Way to Bigger and Better Days The board declared a quarterly dividend of $0.09 per share, payable Sept. 3 to shareholders of record Aug. 21. Star Bulk said its capital-return policy distributes 100% of operating cash flow, subject to maintaining minimum cash of $2.1 million per vessel. Spyrou said Star Bulk had approximately $532 million in cash and cash equivalents, about $955 million of debt and $110 million of undrawn revolver capacity. The company also owned 29 debt-free vessels with an aggregate market value close to $790 million. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Spotlight on ZIM: Take Advantage of Shipping Stock Upside In its cash-flow presentation, the company said it began the second quarter with $409 million of cash and generated $150 million in operating cash flow. Following vessel-sale proceeds, debt repayments, capital spending on newbuilding installments and fleet upgrades, and the prior dividend payment, it ended the period with $565 million in cash. Since 2021, Star Bulk has undertaken about $3.2 billion of value-enhancing actions, including dividends, share repurchases and debt repayment, according to Spyrou. The company said it has returned approximately $14.90 per share in dividends over that period and reduced net debt by 66%. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling During the second quarter, Star Bulk completed the sales of the Star Scarlett and Star Mariella and agreed to sell the Mini Capesize Star Eva and Kamsarmax vessels Star Moira and Pendulum. Star Moira and Pendulum were delivered to their new owners in June and July, respectively, while Star Eva is expected to be delivered in the third quarter. The company collected approximately $60.2 million of sale proceeds, net of commissions, during the second quarter and made about $21.4 million of related debt repayments. It expects to collect another $31.5 million of net sale proceeds in the third quarter. Since 2023, Star Bulk has sold 50 vessels and said it has reinvested most net sale proceeds into share repurchases. Chief Operating Officer Nicos Rescos said all five remaining high-specification Kamsarmax newbuildings are scheduled for delivery during 2026. Star Bulk has $122 million of capital expenditures remaining for the vessels and expects to draw up to $129 million of debt financing, leaving the program fully funded, according to the company. Star Bulk has already taken delivery of three of its eight Kamsarmax newbuildings and expects the other five to arrive in the third and fourth quarters. Rescos said the newbuildings carried an estimated mark-to-market gain of approximately $56 million. The company’s fully delivered fleet comprises 138 vessels with an average age of about 12.4 years. During the quarter, daily operating expenses were $5,180 per vessel and net cash G&A was $1,362 per vessel, Rescos said. Star Bulk has completed energy-saving-device installations on 62 vessels, with another seven scheduled this year, bringing ESD coverage to 88% of the fleet. The company also cited efficiency investments including optimized propellers, silicone paints and hull-cleaning robots, which it said have yielded performance improvements ranging from 7% to 15%. During the question-and-answer session, President Hamish Norton said the environment for acquisitions looked better than it had a few months earlier, but management expects to conserve cash for now because asset prices remain relatively high. “With the share trading better, we'll see if there's an opportunity to use that as a currency and grow the platform,” Norton said. Co-CFO Christos Begleris said the company continually evaluates potential vessel acquisitions, but current prices would require high break-even rates to generate meaningful returns for equity holders in an all-cash transaction. Rescos said Star Bulk remains active in evaluating sales of its remaining older, less-efficient vessels. However, he noted that those ships continue to generate attractive earnings and command premiums from Chinese buyers. Management said it may wait for vessel prices to strengthen further before selling additional ships. Head of Market Research Constantinos Simantiras said global dry bulk trade is projected by Clarksons to grow 2.4% in tons and 3.8% in ton-miles during 2026. For 2027, Clarksons forecasts growth of 1.1% in tons and 1.8% in ton-miles. Simantiras said first-half dry bulk trade rose 3.3% year over year, while ton-miles increased 4.5%, supported by record grain volumes, a recovery in coal exports, and increased iron ore, bauxite and minor-bulk activity. He said Chinese dry bulk imports rose 5% in the first half, while imports in the rest of the world increased 2.8% despite lower Middle East volumes. The company said the dry bulk order book stands at roughly 13.9% of the fleet, while limited shipyard availability through late 2029, high newbuilding costs and uncertainty around green propulsion technologies have kept contracting relatively contained. By the end of 2027, about half of the existing fleet is expected to be more than 15 years old, according to Star Bulk. Simantiras also highlighted growing long-haul Atlantic iron ore exports. He said Guinea’s Simandou project could reach an annualized pace of 15 million to 20 million tons by year-end, potentially rising to 45 million to 50 million tons in 2027, nearing 100 million tons in 2028 and reaching its 120 million-ton capacity in 2029. Additional West African and Brazilian projects could add 150 million tons of high-quality iron ore supply from the Atlantic over the next several years, he said. “We remain optimistic about the dry bulk market outlook,” Simantiras said, citing the supply backdrop, long-distance Atlantic exports and tightening environmental regulations. Star Bulk Carriers Corp is a global shipping company engaged in the ocean transport of dry bulk commodities. The company owns and operates a diversified fleet of bulk carriers, including Handymax, Supramax, Panamax and Capesize vessels. Its ships are designed to carry a broad range of cargoes, such as iron ore, coal, grain, bauxite and phosphate, catering to industrial and agricultural customers worldwide. The company's vessels operate on major trade routes across the Atlantic, Pacific and Indian Oceans, connecting producers and consumers in Asia, Europe, North and South America. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Star Bulk Carriers Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Star Bulk Carriers (SBLK) came out with quarterly earnings of $1.21 per share, beating the Zacks Consensus Estimate of $0.97 per share. This compares to earnings of $0.11 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +24.74%. A quarter ago, it was expected that this shipping company would post earnings of $0.45 per share when it actually produced earnings of $0.56, delivering a surprise of +24.44%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Star Bulk Carriers, which belongs to the Zacks Transportation - Shipping industry, posted revenues of $357.41 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 5.29%. This compares to year-ago revenues of $247.41 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Star Bulk Carriers shares have added about 46.8% since the beginning of the year versus the S&P 500's gain of 13%. While Star Bulk Carriers has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Star Bulk Carriers was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.48 on $398.37 million in revenues for the coming quarter and $4.47 on $1.43 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Transportation - Shipping is currently in the top 18% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. EuroDry (EDRY), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6. This company is expected to post quarterly earnings of $1.44 per share in its upcoming report, which represents a year-over-year change of +230.9%. The consensus EPS estimate for the quarter has been revised 5.7% higher over the last 30 days to the current level. EuroDry's revenues are expected to be $17.41 million, up 54.3% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Star Bulk Carriers Corp. (SBLK) : Free Stock Analysis Report EuroDry (EDRY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

NET PROFIT OF $144.9 MILLION FOR THE SECOND QUARTER OF 2026 QUARTERLY DIVIDEND OF $0.90 PER SHARE DECLARED ATHENS, Greece, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes, today announced its unaudited financial and operating results for the second quarter of 2026. Unless otherwise indicated or unless the context requires otherwise, all references in this press release to "we," "us," "our," or similar references, mean Star Bulk Carriers Corp. and, where applicable, its consolidated subsidiaries. Financial Highlights (1)  Adjusted Net income, Adjusted earnings per share basic and diluted are non-GAAP measures. Please see EXHIBIT I at the end of this release for a reconciliation to Net income and earnings per share basic and diluted, which are the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), as well as for the definition of each measure. (2)  EBITDA and Adjusted EBITDA are non-GAAP liquidity measures. Please see EXHIBIT I at the end of this release for a reconciliation of EBITDA and Adjusted EBITDA to Net Cash Provided by / (Used in) Operating Activities, which is the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, as well as for the definition of each measure. To derive Adjusted EBITDA from EBITDA, we exclude certain non-cash gains / (losses).(3)  Daily Time Charter Equivalent (“TCE”) Rate is a non-GAAP metric, and TCE Revenues is a non-GAAP measure. Please see EXHIBIT I at the end of this release for a reconciliation to Voyage Revenues, which is the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. The definitions of TCE Rate and TCE Revenues are provided in footnote (7) to the Summary of Selected Data table below.(4)  Daily OPEX per vessel is calculated by dividing vessel operating expenses by Ownership days (defined below). Daily OPEX per vessel (as adjusted) is calculated by dividing vessel operating expenses excluding pre-delivery expenses for each vessel on acquisition or change of management, if any, by Ownership days. In future periods, we may incur expenses that are the same as or similar to those previously excluded (as described above).(5)  Daily Net Cash G&A expenses per vessel is calculated by (1) adding the Management fee expense to the General and Administrative expenses, net of share-based compensation expense and other non-cash charges and (2) then dividing the result by the sum of Ownership days and Charter-in days (defined below). Please see EXHIBIT I at the end of this release for a reconciliation to General and administrative expenses, which is the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.Petros Pappas, Chief Executive Officer of Star Bulk, commented: "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. Our cost efficiency and capital return policy remain at the center of how we create value. With a full dividend payout policy in place, the Board has approved a dividend of $0.90 per share, distributing our entire operating cash flow after capex and debt service and marking our 22nd consecutive dividend payment since 2021. Combined with one of the lowest cost structures in the sector — daily OPEX of $5,265 and net cash G&A of $1,362 per vessel in Q2 — we aim for every dollar of rate improvement to flow through to our shareholders. Since 2021, we will have returned over $2.15 billion through dividends and buybacks. During Q2, we took delivery of three previously ordered high-spec Kamsarmax newbuildings with another five scheduled through H2 2026, and sold three older vessels, capitalizing on present firm asset values. We have also fitted 88% of our vessels with Energy Saving Devices, and optimized hull performance through use of silicone paints and hull-cleaning robots. These fleet renewals and efficiency improvements reduce our fleet's fuel consumption, lower our emissions and strengthen our competitiveness. 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. With significant operating leverage across a diverse fleet of 138 vessels on a fully delivered basis, a full payout capital allocation policy, and one of the strongest balance sheets in the industry, Star Bulk remains well positioned to continue creating value for its shareholders." Recent Developments Declaration of Dividend On August 5, 2026, our Board of Directors declared a quarterly cash dividend of $0.90 per share, payable on or about September 3, 2026 to all shareholders of record as of August 21, 2026. Fleet Update Vessels’ S&P As previously announced, the sales of the vessels Star Scarlett and Star Mariella, were completed on April 21 and May 13, 2026, respectively. During the second quarter of 2026, we agreed to sell the vessels Star Eva, Star Moira and Pendulum. Star Moira and Pendulum were delivered to their new owners in June and July 2026, respectively while Star Eva is expected to be delivered during the third quarter of 2026. In connection with the sales mentioned above, in the second quarter of 2026 we collected sales proceeds of approximately $60.2 million, net of commissions and we made debt prepayments of approximately $9.9 million, while in the third quarter, we expect to collect sale proceeds of approximately $31.5 million, net of commissions. Overall, we expect to collect a total amount of approximately $70.3 million, net of commissions and debt prepayments from the aforementioned vessel sales. Newbuilding Vessel Program Update Within the second quarter of 2026, we took delivery of three out of the eight newbuilding vessels. The Star Evelina and the Star Emma were delivered in May 2026 and the Star Ellie was delivered in June 2026. As of June 30, 2026, we have paid a total amount of approximately $164.9 million in pre-delivery and delivery installments related to the eight newbuilding vessels and have a total amount of approximately $122.0 million payable for capital expenditures related to the remaining five newbuilding vessels. Based on the current delivery schedule of the vessels, we expect to take delivery of two vessels in the third quarter of 2026 and three vessels in the fourth quarter of 2026. Financing In May 2026, the previously announced extension of the ABN Revolving Facility was executed and the availability period extended until May 2027. On May 28, 2026, following the deliveries of the vessels Star Emma and Star Evelina, as discussed above, we drew an amount of $52.0 million under the ESUN $130.0 million Facility in order to finance the delivery installments. The ESUN $130.0 million Facility matures seven years after the drawdown and is secured by first-priority mortgages on the two vessels. In June 2026, we signed the Fubon $80.0 million Facility, as previously announced, and an amount of $80.0 million was drawn on June 10, 2026. The Fubon $80.0 million Facility matures seven years after the drawdown and is secured by first-priority mortgages on two vessels. In June 2026, we also received a credit approval from BNP Paribas for a Japanese Operating Lease with Call Option (“JOLCO”) for the newbuilding Star Kyra for an amount up to $35.2 million. The execution of the JOLCO transaction is subject to customary definitive documentation for similar transactions of this nature. Upon the completion of the aforementioned refinancings and prepayments, we will have 29 unencumbered vessels. Vessel Employment Overview Our TCE rate per day1 per main vessel category was as follows: Amounts shown throughout the press release and variations in period–over–period comparisons are derived from the actual unaudited numbers in our books and records. Reference to per share figures below are based on 111,585,370 and 116,086,335 weighted average diluted shares for the second quarter of 2026 and 2025, respectively. Second Quarter 2026 and 2025 Results For the second quarter of 2026, we had net income of $144.9 million, or $1.30 earnings per share, compared to net income for the second quarter of 2025 of $0.04 million, or $0.00 earnings per share. Adjusted Net income, which excludes certain non-cash items, was $134.8 million, or $1.21 earnings per share, for the second quarter of 2026, compared to an Adjusted Net income of $13.2 million, or $0.11 earnings per share for the second quarter of 2025. Net cash provided by operating activities for the second quarter of 2026 was $149.9 million, compared to $54.5 million for the second quarter of 2025. Adjusted EBITDA, which excludes certain non-cash items, was $184.2 million for the second quarter of 2026, compared to $68.9 million for the second quarter of 2025. Voyage revenues increased to $357.4 million for the second quarter of 2026, from $247.4 million for the second quarter of 2025, despite the decrease in the average number of vessels in our fleet to 134.3 from 147.6, primarily due to the higher charter rates prevailing during the recent period, as also reflected in the increase in the TCE rate1 to $24,486 for the second quarter of 2026, compared to $13,624 for the second quarter of 2025. TCE revenues1 for the second quarters of 2026 and 2025 were $284.6 million and $176.1 million, respectively. In addition to the higher charter rates mentioned above, the TCE Revenues for the second quarter of 2026 were significantly positively impacted by a gain of approximately $21.0 million resulting from the sale of bunkers upon the delivery/redelivery of our vessels to charterers. The gain reflects the significant increase in bunker prices during the quarter, following the escalation of the geopolitical conflicts in the Middle East. Charter-in hire expenses for the second quarter of 2026 decreased to $12.6 million, compared with $17.3 million in the second quarter of 2025. This decrease was primarily attributable to a decrease in charter-in days to 726 in the second quarter of 2026 from 957 in the corresponding period in 2025. Vessel operating expenses for the second quarters of 2026 and 2025 amounted to $64.3 million and $68.0 million, respectively. The decrease in our operating expenses was primarily driven by the decrease in the average number of vessels in our fleet. Daily operating expenses per vessel, excluding pre-delivery expenses due to change of management and delivery of our newbuilding vessels, amounted to $5,180 for the second quarter of 2026 compared to $4,928 for the corresponding period of 2025. Dry docking expenses for the second quarter of 2026 were $19.6 million, compared to $21.0 million for the corresponding period in 2025. During the second quarter of 2026, 10 vessels completed their scheduled periodic dry docking surveys, including 3 dry dockings that commenced in the first quarter of 2026. During the second quarter of 2025, 11 vessels completed their scheduled periodic dry docking surveys. The decrease in dry docking expenses, apart from the lower number of vessels that underwent and completed dry docking surveys in the recent quarter, reflects the timing differences in the commencement and completion of dry dockings across quarters. General and administrative expenses for the second quarters of 2026 and 2025 were $16.1 million and $18.2 million, respectively, which included share-based compensation of $4.0 million and $4.8 million, respectively. Vessel management fees in the second quarter of 2026 amounted to $5.6 million compared to $5.9 million for the corresponding period in 2025. Our daily net cash general and administrative expenses per vessel (including management fees and excluding share-based compensation and other non-cash charges) for the second quarter of 2026 and 2025 remained at similar levels of $1,362 and $1,349, respectively. Depreciation expense decreased to $39.8 million for the second quarter of 2026 compared to $42.6 million for the corresponding period in 2025. The decrease is driven by the decrease in the average number of vessels in our fleet, as discussed above. During the second quarter of 2026, we recognized a net loss on forward freight agreements (“FFAs”) and bunker swaps of $0.9 million, consisting of an unrealized gain of $1.7 million and a realized loss of $2.6 million. During the second quarter of 2025, we recognized a gain on FFAs and bunker swaps of $1.4 million, consisting of an unrealized loss of $0.4 million and a realized gain of $1.8 million. Other operational gain for the second quarter of 2026 amounted to $2.5 million and primarily relates to insurance proceeds from loss of hire of $1.5 million and write-off of previously recorded accruals and liabilities that were no longer expected to require settlement equal to $0.8 million. Other operational gain for the second quarter of 2025 of $1.7 million, mainly related to settlement of various insurance claims. During the second quarter of 2026, we recognized a gain on sale of vessels of $12.4 million in connection with the delivery of the Star Scarlett, Star Mariella and Star Moira to their new owners. During the second quarter of 2025, we recognized a loss on sale of vessels of $8.0 million in connection with the completion of the sales of certain vessels. Interest and finance costs for the second quarters of 2026 and 2025 were $12.4 million and $18.9 million, respectively. The decrease was primarily driven by a reduction in loan interest expense resulting from significantly lower weighted average outstanding indebtedness and reduced weighted average interest rates during the second quarter of 2026. Interest income and other income/(loss) for the second quarters of 2026 and 2025 amounted to a gain of $3.0 million and $5.4 million, respectively. The decrease primarily reflects a foreign exchange loss of $0.7 million incurred during the recent quarter, compared to a foreign exchange gain of $1.4 million incurred during the second quarter of 2025. _________________________1 Please see the table at the end of this release for the calculation of the Daily TCE Rate and TCE Revenues and the reconciliation to Voyage Revenues. Unaudited Consolidated Income Statements Unaudited Consolidated Condensed Balance Sheet Data Unaudited Consolidated Condensed Cash Flow Data Summary of Selected Data (1) Average number of vessels is the number of vessels that constituted our owned fleet for the relevant period, as measured by the sum of the number of days each operating vessel was a part of our owned fleet during the period divided by the number of calendar days in that period. (2) As of the last day of each period reported.(3) Average age of our operational fleet is calculated as of the end of each period.(4) Ownership days are the total calendar days each vessel in the fleet was owned by us for the relevant period, including vessels subject to sale and leaseback transactions and finance leases. (5) Available days for the fleet are the Ownership days after subtracting off-hire days for major repairs, dry docking or special or intermediate surveys, change of management and vessels’ improvements and upgrades. Our method of computing Available Days may not necessarily be comparable to Available Days of other companies. (6) Charter-in days are the total days that we charter-in third party vessels.(7) Time charter equivalent (“TCE”) rate represents the weighted average daily TCE rates of our operating fleet (including owned fleet and charter-in vessels). TCE rate is a metric of the average daily net revenue performance of our operating fleet. Our method of calculating TCE rate is determined by dividing (a) TCE Revenues, which consists of Voyage Revenues net of voyage expenses, charter-in hire expenses, amortization of fair value of above/below market acquired time charter agreements, if any, as well as adjusted for the impact of realized gain/(loss) on FFAs and bunker swaps by (b) Available days for the relevant time period. Available days do not include the Charter-in days as per the relevant definitions provided above. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well as commissions. In the calculation of TCE Revenues, we also include the realized gain/(loss) on FFAs and bunker swaps as we believe that this method better reflects the chartering result of our fleet and is more comparable to the method used by some of our peers. TCE Revenues which is a non-GAAP measure and TCE rate, which is a non-GAAP metric, provide additional meaningful information in conjunction with Voyage Revenues, the most directly comparable GAAP measure, because they assist our management in making decisions regarding the deployment and use of our vessels and because we believe that they provide useful information to investors regarding our financial performance. TCE rate is a standard shipping industry performance metric used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., voyage charters, time charters, and pool arrangements) under which its vessels may be employed between the periods. Our method of computing TCE Revenues and TCE rate may not necessarily be comparable to those of other companies. For a detailed calculation, please see EXHIBIT I at the end of this release with the reconciliation of Voyage Revenues to TCE rate. (8) We exclude certain expenses that may occur occasionally from our Daily OPEX per vessel, as these are not expected to arise as part of our normal operations on a regular basis. We believe that Daily OPEX per vessel (as adjusted) is a useful metric for our management and investors for period-to-period comparison of our operating cost performance, as it eliminates the impact of expenses, which may vary from period to period, are not part of our daily business and are unrelated to overall operating performance. In future periods, we may incur expenses that are the same as or similar to those previously excluded. Vessel operating expenses for the second quarter of 2026 included pre-delivery expenses due to change of management and delivery of the newbuilding vessels of $1.0 million, compared to $1.8 million of pre-delivery expenses incurred in the second quarter of 2025 due to change of management. Vessel operating expenses for the six months ended June 30, 2026, included pre-delivery expenses due to change of management and delivery of the newbuilding vessels of $1.4 million, compared to $3.3 million of pre-delivery expenses incurred in the six months ended June 30, 2025 due to change of management.(9) Please see EXHIBIT I at the end of this release for the reconciliation to General and administrative expenses, the most directly comparable GAAP measure. We believe that Daily Net Cash G&A expenses per vessel is a useful metric for our management and investors for period-to-period comparison of our financial performance, as such metric eliminates the effects of non-cash items which may vary from period to period, are not part of our daily business and are unrelated to overall operating performance. In future periods, we may incur expenses that are the same as or similar to those previously excluded. EXHIBIT I: Non-GAAP Financial Measures and metrics EBITDA and Adjusted EBITDA Reconciliation We include EBITDA (earnings before interest, taxes, depreciation and amortization) herein since it is a basis upon which we assess our liquidity position, and we believe that it presents useful information to investors regarding our ability to service and/or incur indebtedness. To derive Adjusted EBITDA from EBITDA, we exclude non-cash gains/(losses) such as those related to sale of assets, share-based compensation, impairment loss, loss from bad debt, unrealized gain/(loss) on FFAs and bunker swaps, net, equity in income/(loss) of investee, write-off of accruals and current liabilities and other non-cash charges, if any, as such items do not reflect the operational cash inflows and outflows of our fleet and may vary between periods and across companies. EBITDA and Adjusted EBITDA do not represent and should not be considered as alternatives to cash flow from operating activities or Net income, as determined by United States generally accepted accounting principles, or U.S. GAAP. Our method of computing EBITDA and Adjusted EBITDA may not necessarily be comparable to similarly titled measures used by other companies. The following table reconciles Net cash provided by/(used in) operating activities to EBITDA and Adjusted EBITDA: Net Income and Adjusted Net Income Reconciliation and Calculation of Adjusted Earnings Per Share To derive Adjusted Net income and Adjusted earnings per share from Net income, we exclude non-cash items, as provided in the table below. We believe that Adjusted Net income and Adjusted earnings per share assist our management and investors by increasing the comparability of our performance from period to period since each such measure eliminates the effects of non-cash items, such as share-based compensation, gain/(loss) on sale of assets and debt extinguishment, unrealized gain/(loss) on derivatives, impairment loss, loss from bad debt, write-off of accruals and current liabilities, equity in income/(loss) of investee and other non-cash charges, if any, which may vary from period to period and are unrelated to overall operating performance. In addition, we believe that the presentation of these measures provides investors with supplemental data relating to our results of operations, and therefore, with a more complete understanding of the factors affecting our business than with GAAP measures alone. Our method of computing Adjusted Net income and Adjusted earnings per share may not necessarily be comparable to similarly titled measures used by other companies. In future periods, we may incur expenses that are the same as or similar to those previously excluded, as described above. Voyage Revenues to Daily TCE Reconciliation Daily Net Cash G&A expenses per vessel Reconciliation Conference Call details: Our management team will host a conference call to discuss our financial results on Thursday, August 6, 2026, at 11:00 a.m. Eastern Time (ET). Participants should dial into the call 10 minutes before the scheduled time using the following numbers: +1 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In), or +0 800 756 3429 (UK Toll Free Dial In). Please quote “Star Bulk Carriers” to the operator and/or conference ID 13761537. Click here for additional participant International Toll-Free access numbers. Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option. Slides and audio webcast: There will also be a live, and then archived, webcast of the conference call and accompanying slides, available through the Company’s website. To listen to the archived audio file, visit our website www.starbulk.com and click on Events & Presentations. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. About Star BulkStar Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk’s vessels transport major bulks, which include iron ore, minerals and grain, and minor bulks, which include bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, New York, Stamford and Singapore. Its common stock trades on the Nasdaq Global Select Market under the symbol “SBLK”. As of the date of this release on a fully delivered basis and as adjusted for the delivery of the five firm Kamsarmax vessels currently under construction and the completion of the announced sale of one vessel, we own a fleet of 138 vessels, with an aggregate capacity of 13.8 million dwt consisting of 17 Newcastlemax, 14 Capesize, 7 Post Panamax, 42 Kamsarmax, 47 Ultramax and 11 Supramax vessels with carrying capacities between 55,569 dwt and 209,537 dwt. In addition, in November 2021, we took delivery of the Capesize vessel Star Shibumi, under a seven-year charter-in arrangement and in 2024, we took delivery of the vessels Star Voyager, Star Explorer, Stargazer, Star Earendel, Star Illusion and Star Thetis, each subject to a seven-year charter-in arrangement. Forward-Looking StatementsMatters discussed in this press release may constitute forward looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, shareholder return targets and underlying assumptions and other statements, which are other than statements of historical facts. We desire to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are including this cautionary statement in connection with this safe harbor legislation. Words such as, but not limited to, “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “targets,” “projects,” “likely,” “will,” “would,” “could,” “should,” “may,” “forecasts,” “potential,” “continue,” “possible” and similar expressions or phrases may identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, examination by our management of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. In addition, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include general dry bulk shipping market conditions, including fluctuations in charter rates and vessel values; the strength of world economies; the stability of Europe and the Euro; fluctuations in currencies, interest rates and foreign exchange rates; business disruptions due to natural and other disasters or otherwise, such as the impact of any future epidemics; the length and severity of epidemics and pandemics and their impact on the demand for seaborne transportation in the dry bulk sector; changes in supply and demand in the dry bulk shipping industry, including the market for our vessels and the number of newbuildings under construction; the potential for technological innovation in the sector in which we operate and any corresponding reduction in the value of our vessels or the charter income derived therefrom; changes in our expenses, including bunker prices, dry docking, crewing and insurance costs; changes in governmental rules and regulations or actions taken by regulatory authorities; the impact of current and potential additional trade tariffs on global trade and demand for dry bulk shipping; the risk that trade disputes between U.S. and Chinese officials could result in the reimplementation of significant port fees that may impact our fleet; potential liability from pending or future litigation and potential costs due to environmental damage and vessel collisions; the impact of increasing scrutiny and changing expectations from investors, lenders, charterers and other market participants with respect to our Environmental, Social and Governance (“ESG”) practices; our ability to carry out our ESG initiatives and thereby meet our ESG goals and targets; new environmental regulations and restrictions, whether at a global level stipulated by the International Maritime Organization, and/or regional/national imposed by regional authorities such as the European Union or individual countries; potential cyber-attacks which may disrupt our business operations; general domestic and international political conditions or events, including, among others, “trade wars”, the ongoing conflict between Russia and Ukraine, the conflict between Israel and Hamas, the conflict between the United States, Israel and Iran and the attacks in the Strait of Hormuz, the Red Sea and the Gulf of Aden; the impact on our common shares and reputation if our vessels were to call on ports located in countries that are subject to restrictions imposed by the U.S. or other governments; our ability to successfully compete for, enter into and deliver our vessels under time charters or other employment arrangements for our existing vessels after our current charters expire and our ability to earn income in the spot market; potential physical disruption of shipping routes due to accidents, climate-related reasons (acute and chronic), political events, public health threats, international hostilities and armed conflicts, piracy or acts by terrorists; the availability of financing and refinancing; the failure of our contract counterparties to meet their obligations; our ability to meet requirements for additional capital and financing to complete our newbuilding program and grow our business; the impact of our indebtedness and the compliance with the covenants included in our debt agreements; vessel breakdowns and instances of off‐hire; potential exposure or loss from investment in derivative instruments; potential conflicts of interest involving our Chief Executive Officer, his family and other members of our senior management; our ability to complete acquisition transactions or secondhand vessel purchases as and when planned and upon the expected terms; and the impact of port or canal congestion or disruptions. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward‐looking statements as a result of developments occurring after the date of this communication. Contacts

The market expects Star Bulk Carriers (SBLK) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The earnings report, which is expected to be released on August 5, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower. While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise. This shipping company is expected to post quarterly earnings of $0.97 per share in its upcoming report, which represents a year-over-year change of +781.8%. Revenues are expected to be $339.47 million, up 37.2% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 45% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction). The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For Star Bulk Carriers, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%. On the other hand, the stock currently carries a Zacks Rank of #2. So, this combination makes it difficult to conclusively predict that Star Bulk Carriers will beat the consensus EPS estimate. Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that Star Bulk Carriers would post earnings of $0.45 per share when it actually produced earnings of $0.56, delivering a surprise of +24.44%. Over the last four quarters, the company has beaten consensus EPS estimates three times. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. Star Bulk Carriers doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Among the stocks in the Zacks Transportation - Shipping industry, Navigator Holdings (NVGS), is soon expected to post earnings of $0.52 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of +271.4%. This quarter's revenue is expected to be $130.42 million, up 14% from the year-ago quarter. Over the last 30 days, the consensus EPS estimate for Navigator Holdings has been revised 10.2% up to the current level. Nevertheless, the company now has an Earnings ESP of 0.00%, reflecting an equal Most Accurate Estimate. When combined with a Zacks Rank of #1 (Strong Buy), this Earnings ESP makes it difficult to conclusively predict that Navigator Holdings will beat the consensus EPS estimate. Over the last four quarters, the company surpassed EPS estimates just once. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Star Bulk Carriers Corp. (SBLK) : Free Stock Analysis Report Navigator Holdings Ltd. (NVGS) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

ATHENS, Greece, July 23, 2026 (GLOBE NEWSWIRE) -- Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq: SBLK) today announced that it will release its results for the second quarter ended June 30, 2026, after the market closes in New York on Wednesday, August 5, 2026. Star Bulk's management team will host a conference call to discuss the Company's financial results on Thursday, August 6, 2026, at 11:00 a.m. Eastern Time (ET). Conference Call details: Participants should dial into the call 10 minutes before the scheduled time using the following numbers: +1 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In), or +0 800 756 3429 (UK Toll Free Dial In). Please quote “Star Bulk Carriers” to the operator and/or conference ID 13761537. Click here for additional participant International Toll-Free access numbers. Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option. Slides and audio webcast: There will also be a live, and then archived, webcast of the conference call and accompanying slides, available through the Company’s website. To listen to the archived audio file, visit our website www.starbulk.com and click on Events & Presentations. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. About Star BulkStar Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk’s vessels transport major bulks, which include iron ore, minerals and grain, and minor bulks, which include bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, New York, Stamford and Singapore. Its common stock trades on the Nasdaq Global Select Market under the symbol “SBLK”. As of the date of this release on a fully delivered basis and as adjusted for the delivery of a) the vessel agreed to be sold and b) of the five firm Kamsarmax vessels currently under construction, we own a fleet of 138 vessels, with an aggregate capacity of 13.8 million dwt consisting of 17 Newcastlemax, 14 Capesize, 7 Post Panamax, 42 Kamsarmax, 46 Ultramax and 12 Supramax vessels with carrying capacities between 55,569 dwt and 209,537 dwt. In addition, in November 2021, we took delivery of the Capesize vessel Star Shibumi, under a seven-year charter-in arrangement and in 2024, we took delivery of the vessels Star Voyager, Star Explorer, Stargazer, Star Earendel, Star Illusion and Star Thetis, each subject to a seven-year charter-in arrangement.

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE. Star Bulk Carriers stock has delivered a 172.4% return over the past 5 years, yet current valuation checks paint a mixed picture rather than a straightforward bargain, even as recent news highlights both attractive income potential and clear industry risks. A 172.4% 5 year return suggests Star Bulk Carriers has already rewarded long term holders, so fresh buyers need to think carefully about what is now priced in. High exposure to spot dry bulk rates can support strong cash generation and a double digit yield when markets are firm, but reliance on China related demand and concerns around coal usage and the orderbook may limit how much investors are willing to pay. On Simply Wall St's broader checks Star Bulk Carriers screens as undervalued in 3 of 6 areas, which points to a mixed valuation profile rather than a clear-cut bargain or an obvious overpricing. See the 3 out of 6 valuation score for details. The issue now is whether the current share price around US$26.56 still offers a sensible entry point relative to the risks around dry bulk markets and the valuation signals that are only partly supportive. Star Bulk Carriers delivered 54.6% returns over the last year. See how this stacks up to the rest of the Shipping industry. The P/E ratio is a useful cross check for Star Bulk Carriers because earnings remain a key focus for investors in income heavy, cycle exposed shipping stocks. On this measure, the stock trades on about 20.8x earnings, which is higher than the Shipping industry average of roughly 12.8x and also above the peer group average of about 13.9x. That premium suggests the market is already assigning a higher quality or durability to Star Bulk Carriers’ earnings than to many sector peers. However, Simply Wall St’s fair P/E, which reflects the company’s specific growth, margin and risk profile, sits materially higher at about 30.8x. Against that benchmark, the current 20.8x multiple implies Star Bulk Carriers changes hands at a discount to what this framework would typically expect. Despite recent commentary pointing out healthy rates and an income heavy profile, the market P/E still comes in below this fair ratio, which indicates some headroom if the company can sustain its earnings power. On the P/E multiple, Star Bulk Carriers stock currently appears undervalued relative to its modelled fair ratio. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives pick up where the valuation puzzle around Star Bulk Carriers' P/E leaves off by spelling out which combinations of future growth, margins and earnings would need to hold for the stock to be worth materially more or less than today's price, and they sit on the company’s Community page. Each narrative sets out a fair value as a thesis about Star Bulk Carriers' business that you can revisit and assess over time, rather than treating it as a one off snapshot. The community is split on Star Bulk Carriers, with one camp leaning into capital returns and fleet upgrades while the other worries about structural demand and an aging fleet. Bull case: 14% undervalued Read the full Bull Case to see why Star Bulk Carriers could be undervalued Bear case: roughly fairly valued Read the full Bear Case to see why Star Bulk Carriers could be overvalued Do you think there's more to the story for Star Bulk Carriers? Head over to our Community to see what others are saying! For Star Bulk Carriers, the current story is about a stock that looks undervalued on its P/E relative to a higher modelled fair ratio, but sits within broader checks that are only mixed. That combination points to a potential discount that may reflect genuine concern around dry bulk demand, environmental pressures and exposure to China related cargoes rather than a simple mispricing. The key question from here is whether Star Bulk Carriers can sustain earnings and capital returns in a way that convinces the market this discount is compensation for risk or an opportunity that has been marked down too far. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include SBLK. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

This article first appeared on GuruFocus. Net Income: $58.5 million. Adjusted Net Income: $63 million or $0.52 adjusted earnings per share. Adjusted EBITDA: $114.3 million. Share Repurchases: Approximately 1.9 million shares totaling $37.9 million. Dividend: $0.50 per share, payable on June 20, 2026. Total Cash and Cash Equivalents: Approximately $432 million. Outstanding Debt: Approximately $874 million. Undrawn Revolver Capacity: $110 million. Time Charter Equivalent (TCE): $18,493 per vessel per day. Daily OpEx and Net Cash G&A: $6,420 per vessel per day. Revenue: $212.5 million. Adjusted EBITDA by Vessel Type: Ultramax/Supramax: $39.7 million; Newcastlemax/Capesize: 36% of adjusted EBITDA; Post-Panamax and Kamsarmax: 28% of adjusted EBITDA. Operating Cash Flow: $112 million generated in the quarter. Fleet Size: 136 vessels with over 12,000 ownership days. Fleet Revenue Contribution: Ultramax/Supramax: 38%; Newcastlemax/Capesize: 33%; Post-Panamax and Kamsarmax: 29%. Cash Balance Movement: Ended the quarter with $409 million in cash. Fleet Available Days: Approximately 48,500 per year. Daily OpEx: $5,045 per vessel. Net Cash G&A: $1,375 per vessel. Newbuilding CapEx Remaining: $195 million. Vessel Sales Proceeds: Approximately $46.4 million. Fleet Size on Delivery: 141 vessels with an average age of approximately 12.2 years. Warning! GuruFocus has detected 9 Warning Signs with SBLK. Is SBLK fairly valued? Test your thesis with our free DCF calculator. Release Date: May 21, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Star Bulk Carriers Corp (NASDAQ:SBLK) reported solid profitability with a net income of $58.5 million and an adjusted EBITDA of $114.3 million for the first quarter of 2026. The company declared a $0.50 per share dividend for the quarter, demonstrating a commitment to returning capital to shareholders. Star Bulk Carriers Corp (NASDAQ:SBLK) maintains a strong balance sheet with $432 million in cash and cash equivalents and an undrawn revolver capacity of $110 million. The company operates a diversified fleet of 136 vessels, contributing to a well-balanced operating performance and strong earnings across all segments. Star Bulk Carriers Corp (NASDAQ:SBLK) continues to invest in fleet upgrades, including energy-saving devices and high-efficiency propeller installations, enhancing vessel performance and commercial attractiveness. The company faces geopolitical uncertainties, including heightened tensions in the Middle East, which could impact global trade and economic stability. Emerging markets may experience stress due to persistently high energy costs, potentially affecting demand for dry bulk commodities. The newbuilding order book remains relatively low, with limited shipyard availability and high shipbuilding costs, posing challenges for fleet expansion. The fleet continues to age, with approximately 50% expected to be over 15 years old by the end of 2027, necessitating ongoing fleet rejuvenation efforts. Potential risks from El Nino could disrupt trade flows, particularly in regions prone to drought or flooding, impacting grain and other commodity trades. Q: How does Star Bulk Carriers plan to handle capital allocation given the current market conditions and stock valuation? A: Hamish Norton, President, stated that the company plans to continue selling smaller, older, and less fuel-efficient ships, as the market is favorable for such sales. The capital generated from these sales could be used for share repurchases or saved for future opportunities. The company intends to keep paying out operating cash flow on a current basis. Q: Is the price for the agreement with Diana to acquire 16 ships fixed, and how is it determined? A: Hamish Norton confirmed that the price is fixed at $470 million, as per the agreement, and it is not dependent on what Diana ends up paying if it succeeds in acquiring Genco. Q: What is the outlook for the dry bulk market in the second half of the year, considering economic activity in China and other factors? A: Constantinos Simantiras, Deputy Chief Investment Officer and Head of Research, expressed a bullish outlook for the remainder of the year and into the next. Factors such as increased oil prices, which slow vessel speeds, and geopolitical tensions in the Persian Gulf are seen as positive for supply. The company expects strong demand and market conditions to continue. Q: How might a strong El Nino affect trade flows and market conditions? A: Constantinos Simantiras noted that El Nino could lead to higher temperatures in the Northern Hemisphere, increasing energy demand. However, it could also pose risks to grain crops due to potential droughts. The company is monitoring these developments closely. Q: How do geopolitical conflicts impact Star Bulk's outlook for the dry bulk market? A: Constantinos Simantiras indicated that while the Ukrainian war initially affected the market, its impact has lessened. The Persian Gulf situation is currently more influential. The company remains optimistic about the market, anticipating strong demand and potential reconstruction efforts if conflicts resolve. For the complete transcript of the earnings call, please refer to the full earnings call transcript.