Star Bulk Carriers Corp.

Star Bulk reported second-quarter 2026 net income of $144.9 million, adjusted net income of $134.8 million, adjusted EPS of $1.21, and adjusted EBITDA of $184.2 million. TCE was $24,486 per vessel per day, while combined daily operating expenses and net cash G&A were $6,542 per vessel per day, implying a cash margin of about $17,944 per vessel per day before debt service and CapEx. The company began the quarter with $409 million in cash, generated $150 million in operating cash flow, and ended with $565 million in cash after vessel sale proceeds, debt activity, CapEx, and dividends. For the third quarter of 2026, it expects to collect about $31.5 million in net sale proceeds from sold vessels. Management did not provide formal next-quarter or full-year financial guidance, but said fleet-wide next 12-month FFA at about $22,000 per day would imply about $4.1 per share of free cash flow and a 14.3% cash flow yield, and each $1,500 increase in fleet-wide TCE would add $72 million of EBITDA and $0.64 per share of incremental dividend.

The lead message from management was that the company is balancing strong cash generation with discipline on capital deployment. Executives said the stock has improved, which could make share-based acquisitions more attractive, but they still view cash as worth conserving for now because asset prices are relatively high. The tone was opportunistic but cautious: they are open to growth, but only if it is accretive and can be done at the right economics.

Simos Spyrou emphasized balance-sheet strength and shareholder returns, pointing to approximately $532 million of cash and cash equivalents, $955 million of debt, and $110 million of undrawn revolver capacity. He said Star Bulk collected about $60.2 million of vessel-sale proceeds in Q2, made about $21.4 million of debt repayments, and ended the quarter with $565 million in cash after starting at $409 million. He also highlighted a $0.90 per share dividend, 29 debt-free vessels with an aggregate market value close to $790 million, and the company’s ability to generate cash with a $24,486 per day TCE and $17,944 per day cash margin before debt service and CapEx.

Analysts focused on growth strategy, asking whether the improved stock price and strong cash position should lead to more acquisitions. Management said cash would likely be conserved for now because asset prices are high, but they would consider using shares as currency if an accretive opportunity appears. Questions also centered on whether Kamsarmax or Capesize assets look better on an ROE basis; management said the spread has become more balanced and that they have shown they can outperform the index in both Kamsarmax and Ultramax segments. On the market side, management said Panama Canal constraints and lower water levels from El Niño could help Panamax demand in the U.S. soybean season, and they gave a multi-year ramp outlook for the Guinea bauxite project, saying volumes could rise toward 15 million to 20 million tons by year-end, 45 million to 50 million tons by 2027, close to 100 million tons in 2028, and 120 million tons by 2029.