Star bulk provides financial update

Petros Pappas, Chief Executive Officer of Star Bulk, commented: “We are pleased to report the third consecutive profitable quarter, where we achieved US$90 million in TCE Revenues, US$52 million in Adjusted EBITDA and US$13.4 million in Adjusted Net Income for 2Q18. Our average TCE for the quarter continued to increase quarter on quarter to US$13 567/day per vessel, while daily OPEX and Net Cash G&A expenses per vessel were held at US$3996/day and US$1072/day respectively. As of 7 August, we have fixed 60% of 3Q18 days at average TCE rates of US$13 882/day.

“We are happy to have closed all three of our recently announced acquisitions adding 34 high quality vessels with an average age of 5.2 years and average size of 119 105 dwt. Our Board of Directors has been enhanced with the addition of Raffaele Zagari and Arne Blystad, while Herman Billung has joined our management team.

“We are optimistic about market fundamentals of the industry given the strengthening rate and asset value environment. Dry bulk supply is presently expanding at the lowest pace of the last decade while demand is supported by healthy tonne-mile growth due to continued Chinese demand for higher quality raw materials. Our company is positioning itself to take advantage of a firming market and deliver value to its shareholders.”

Read the article online at: https://www.drybulkmagazine.com/dry-bulk/08082018/star-bulk-provides-financial-update/