Star Bulk Carriers recorded a net profit of $58.5 million for the first quarter of 2026, representing a significant increase from a net profit of $0.5 million during the same period in 2025.
Voyage revenues rose to $281.2 million from $230.7 million, driven by stronger dry bulk market charter rates despite a decrease in the average fleet size. Daily time charter equivalent rates averaged $18,493 during the quarter, rising from $12,439 in the first quarter of the previous year.
Revenue from vessel disposals reached approximately $46.4 million following the completed sales of Star Scarlett on April 21 and Star Mariella on May 13.
Regarding its newbuilding programme, Star Bulk had paid $92.3 million in pre-delivery instalments as of March 31, with $195.5 million in remaining capital expenditures for eight vessels under construction.
The company said it expects to take delivery of two vessels by the end of May, followed by three in the third quarter and three in the fourth quarter. It remarked these arrivals will steadily reshape the fleet towards greater efficiency as older vessels are sold.
To manage its debt, Star Bulk secured a $80 million credit facility on March 30, which was used to refinance an existing $151.1 million facility and prepay a $49.9 million loan.
Prepayments made in April included the remaining $48.8 million under another credit facility, alongside an agreement extending the maturity of a $50 million facility with Nordea until 2031.
Additionally, credit approval was received from Taipei Fubon Commercial Bank for a loan of up to $80 million, which the company expects to draw in the second quarter. Discussions are also underway to extend the availability of a revolving facility with ABN until 2027.
"The dry bulk market opened 2026 with counterseasonal strength across all vessel segments, and Star Bulk was well positioned to capture it," said Petros Pappas, Star Bulk Carriers’ Chief Executive Officer.