If content does not display, please refresh your browser.
Not a subscriber?
Find out about tailored subscription packages:
T: +44 (0) 20 3377 3792
Register for our free email digests:
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.
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.
Latest From Star Bulk
Demand seems to be picking up fairly rapidly in the dry bulk sector, with iron ore and grain movements being particularly notable
Star Bulk expects to make additional revenue of $24m in the remaining seven months of 2020
During the coronavirus pandemic, Star Bulk’s main priorities have been the health of employees, the company’s financial health and serving customers without interruption
Nasdaq-listed dry bulk owner has cited ‘limited benefits’ from secondary exchange as trading in Norway falls short of hopes
The scrubber investment was a hedge against high fuel costs and was a medium-term solution for the company, which will now focus on decarbonisation efforts
Greek shipowner wants to position his company as not only the biggest in dry bulk but also a leader in sustainability in the sector
All set! This article has been sent to email@example.com.
All fields are required. For multiple recipients, separate email addresses with a semicolon.
Please Note: Only individuals with an active subscription will be able to access the full article. All other readers will be directed to the abstract and would need to subscribe.