Star Bulk Carrier swings to profit in second quarter

A Star Bulk Carriers ship
A Star Bulk Carriers ship

Star Bulk Carriers has announced a net income of US$10.73 million for the second quarter of 2018, a significant improvement over the company’s net loss of US$10.28 million for the same period last year.

For the first half of 2018, Star Bulk made a profit of US$20.63 million, also up from its net loss of US$26.23 million for the first half of 2017.

Voyage revenues for the quarter totalled US$132.6 million, almost double the US$78.6 million generated in the second quarter of 2017.

As of today, Star Bulk has fixed 60 per cent of third quarter of 2018 days at average TCE rates of US$13,882 per day.