Star Bulk Carriers (SBLK) investor relations material

Key investment highlights

• Largest US-listed dry bulk company by market capitalization, trading liquidity, and fleet size, with 145 vessels averaging ~12 years old and a strong environmental profile (80 Eco vessels, ~96% scrubber fitted).

• Vertically integrated management platform with industry-low OPEX and G&A costs, maintaining high vessel condition and RightShip ratings.

• Strong balance sheet with ~$565m cash, $1,041m borrowings, and over $620m pro forma liquidity as of June 2026; net debt per vessel at ~50.1% of scrap value.

• Consistent quarterly dividend payer with a 100% cash flow distribution policy and $100m share repurchase authorization.

• ESG leader with a modern, fuel-efficient fleet and investments in decarbonization and operational efficiency.

Company overview and management

• Operates 145 vessels with a market value of ~$4.5bn, carrying ~72m tonnes of cargo in 2025 and generating ~$499m H1 2026 TCE revenue.

• Nasdaq-listed since 2007, with a market capitalization of ~$3.4bn and a 12.4% annualized dividend yield as of August 2026.

• Management team led by founder and CEO Petros Pappas, supported by experienced executives and a majority independent board.

• Robust corporate governance framework with 9 non-executive board members and strong oversight committees.

Strategic milestones and fleet development

• Achieved industry leadership through 10 mergers since 2014, including the 2024 merger with Eagle Bulk, expanding to 151 vessels.

• Ongoing fleet renewal with new eco-design vessels and divestment of older tonnage; 3 newbuilding Kamsarmax vessels scheduled for delivery in 2026.

• Balanced fleet composition across Newcastlemax/Capesize, Kamsarmax, and Ultramax/Supramax segments, supporting diversified revenue and EBITDA.