Star Bulk Carriers (SBLK) Q2 2026 earnings summary

Executive summary

• Achieved net income of $144.9 million and adjusted net income of $134.8 million in Q2 2026, with adjusted EBITDA of $184.2 million and robust cash generation.

• Declared a $0.90 per share dividend, maintaining a 100% payout policy and marking the 22nd consecutive dividend since 2021.

• Maintained a diversified fleet of 138 vessels, with ongoing investments in newbuilds and efficiency upgrades.

• Cash and cash equivalents stood at $563.7 million at quarter-end, with proforma liquidity exceeding $640 million.

• Continued disciplined capital allocation, including share buybacks and debt reduction.

Financial highlights

• Q2 2026 net income: $144.9 million; adjusted net income: $134.8 million ($1.21 adjusted EPS); adjusted EBITDA: $184.2 million.

• Voyage revenues rose to $357.4 million, up 44% year-over-year, driven by higher charter rates.

• TCE per vessel was $24,486; daily OPEX at $5,180 and net cash G&A at $1,362 per vessel.

• Cash and cash equivalents: $563.7 million; outstanding debt: $955 million; undrawn revolver: $110 million.

• Dividend distribution policy remains at 100% of free cash flow, subject to a minimum cash threshold.

Outlook and guidance

• Five newbuild vessels scheduled for delivery in H2 2026, supporting fleet renewal and efficiency.

• Expect to collect $31.5 million in net sale proceeds in Q3 2026.

• Projected $4.1 per share free cash flow and 14.3% implied cash flow yield over the next 12 months based on current FFA curve.

• Management remains optimistic for H2 2026, citing constructive supply-demand balance and significant operating leverage.