Star Bulk Carriers reported a net income of $18.5 million, or $0.16 per share, for the third quarter of 2025, a significant decrease from the $81.3 million net income in the same period last year. Adjusted net income for the quarter was $32.4 million, or $0.28 per diluted share.
Voyage revenues for the third quarter fell to $263.9 million from $344.3 million in Q3 2024, driven by a decrease in the average number of vessels and lower charter rates.
The daily time charter equivalent (TCE) rate for the quarter was $16,634, down from $18,843 in the prior-year period. Adjusted EBITDA was $86.8 million, compared to $144.4 million in Q3 2024.
Petros Pappas, CEO of Star Bulk, stated, “The dry bulk market has been impacted by geopolitical tensions, including the US and Chinese port fee measures and the postponement of the decision on the IMO ‘net zero’ framework. Despite these near-term uncertainties, we believe the medium-term fundamentals are robust.”
The company declared a quarterly dividend of $0.11 per share, marking its 19th consecutive dividend payment. Star Bulk also continued its share repurchase program, buying back approximately $8.6 million worth of shares in September and October.
In terms of fleet renewal, Star Bulk agreed to acquire three Kamsarmax newbuilding resales for delivery in Q3 2026 and sold five older vessels during the third quarter and October. The company also entered into a new $100 million loan facility with DNB to refinance existing debt.