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Star Bulk

Star Bulk, led by Petros Pappas, is one of the largest US-listed dry bulk shipping companies. Backed by Oaktree Capital Management, the company merged with the dry bulk division of Oceanbulk—joint owned by Oaktree and Mr Pappas—and Excel Maritime Carriers in 2014. It acquired Songa Bulk in a cash-and-share deal in 2018.

When newbuilding vessels were included, its fleet was composed of 111 vessels totalling 12.7m dwt as of late August, including newcastlemaxes, capsizes, post-panamaxes, kamsarmaxes, panamaxes, ultramaxes and supramaxes. The company is incorporated in the Marshall Islands and managed from Greece.

Recent performance


Recent performance

Star Bulk posted net income of $10.7m for the second quarter of 2018, contrasting with a $10.3m loss in the same quarter last year.

Revenues rose by 69% to $132.6m, buoyed primarily by improved market conditions in the sector but also by the growth of the fleet by four vessels in comparison with the year-ago quarter.

Indicative of the turnaround in fortunes for the dry bulk owner, the Star Bulk fleet’s TCE fleet rate for the second quarter reached $13,567 per vessel per day, an uptick from the first quarter of the year and a jump of 39% from the rate in the second quarter of 2017.

For the third quarter the company had fixed about 60% of its time capacity at an average rate of $13,882 per day as of early August. This included 46% of its capesize capacity at $19,848 per day.


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