Star Bulk Q3 Profits Slide as TCE Falls, Dividend Held and $100 Million Refi Term Sheet Signed

Overview

• Star Bulk reported net income of $18.5 million on voyage revenues of $263.9 million, with EBITDA of $73.6 million and a TCE of $16,634 per day versus $18,843 a year earlier.
• The Board declared a cash dividend of $0.11 per share payable on or about December 18, 2025 to shareholders of record on December 5, 2025.
• The company entered a committed term sheet with DNB for a facility of up to $100 million secured by first mortgages on 13 vessels, targeting refinancing of existing DNB debt with five-year maturity after drawdown.
• Shareholder returns continued under the $100 million repurchase authorization with 462,476 shares bought in September–October and $91.4 million still available, leaving 113,847,448 shares outstanding.
• Fleet actions included deliveries of five sold vessels with roughly $25 million of proceeds collected in October and agreements to acquire three 82,000 dwt Kamsarmax newbuilding resales for progressive delivery in Q3 2026.