Star Bulk Carriers Corp.
- Open
- 30.99
- Day high
- 31.32
- Day low
- 30.86
- Prev close
- 30.87
- Volume
- 175K
- Mkt cap
- $3.5B
- P/E (TTM)
- 12.2
- EPS (TTM)
- $2.56
- P/B
- 1.4
- P/S
- 2.9
- Yield
- 6.02%
- Per share
- $1.88
- ▼Insiders net selling -$4.6M over the last 3 months (1 open-market buy, 7 sales)
- 🏛Institutions accumulating (13F)
Star Bulk Carriers Corp. (SBLK) is a Industrials company listed on NASDAQ. The stock is up 64% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 7 sales (SEC Form 4).
Star Bulk Carriers Corp. (SBLK) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SBLK earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $0.95 | $1.21 | +27.0% | $285M | +0.1% |
| May 21, 2026 | $0.47 | $0.56 | +17.9% | $214M | -5.2% |
| Feb 26, 2026 | $0.59 | $0.65 | +10.2% | $231M | -7.7% |
| Nov 18, 2025 | $0.33 | $0.28 | -15.3% | $264M | +14.6% |
| Aug 6, 2025 | $0.03 | $0.11 | +266.7% | $247M | +7.5% |
| May 14, 2025 | $-0.23 | $-0.07 | +69.6% | $231M | +22.4% |
| Feb 18, 2025 | $0.42 | $0.34 | -19.0% | $309M | +90.0% |
| Nov 19, 2024 | $0.98 | $0.71 | -27.6% | $344M | +20.9% |
| May 22, 2024 | $0.81 | $0.87 | +7.4% | $259M | +27.0% |
| Nov 13, 2023 | $0.27 | $0.34 | +24.1% | $223M | +34.4% |
| Aug 3, 2023 | $0.66 | $0.47 | -28.8% | $239M | +23.8% |
| May 16, 2023 | $0.28 | $0.36 | +28.6% | $224M | +2.4% |
SBLK insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 26, 2026 | Zagari Raffaeledirector | Sell | 50,000 | $31.20 |
| Aug 25, 2026 | Zagari Raffaeledirector | Sell | 50,000 | $30.70 |
| Aug 19, 2026 | Plakantonaki Charisofficer: Chief Strategy Officer | Sell | 10,825 | $29.82 |
| Aug 18, 2026 | Plakantonaki Charisofficer: Chief Strategy Officer | Sell | 10,825 | $28.95 |
| Aug 7, 2026 | Reskos Nikolaosofficer: Chief Operating Officer | Sell | 5,000 | $29.50 |
| Aug 3, 2026 | Blystad Arnedirector | Buy | 7,580 | — |
| Aug 3, 2026 | Reskos Nikolaosofficer: Chief Operating Officer | Sell | 5,000 | $28.99 |
| Jun 17, 2026 | Plakantonaki Charisofficer: Chief Strategy Officer | Grant | 17,200 | — |
| Jun 16, 2026 | Pappa Milena Mariadirector | Grant | 7,580 | — |
| Jun 16, 2026 | Norton Hamishofficer: President | Grant | 35,800 | — |
| Jun 16, 2026 | Erhardt Koertdirector | Grant | 7,580 | — |
| Jun 16, 2026 | Capralos Spyridondirector | Grant | 19,500 | — |
| Jun 16, 2026 | Begleris Christosofficer: co CFO | Grant | 26,200 | — |
| Jun 16, 2026 | Weum Mikkel Stormdirector | Grant | 1,760 | — |
| Jun 16, 2026 | Zagari Raffaeledirector | Grant | 7,580 | — |
Source: SBLK SEC Form 4 filings, latest Aug 26, 2026. For informational purposes only — not investment advice.
See the full SBLK insider & 13F page →Star Bulk Carriers Corp. company profile
Overview
Star Bulk Carriers Corp. (NASDAQ:SBLK) is a Greece-based dry bulk shipping company founded in 2006 and publicly traded since 2007. The company operates one of the world's largest dry bulk fleets, transporting essential commodities like iron ore, coal, grains, and other bulk materials across global trade routes. In April 2024, Star Bulk completed a transformative merger with Eagle Bulk Shipping, significantly expanding its fleet size and market position. The combined entity now operates over 155 vessels with a total carrying capacity exceeding 14 million deadweight tons, making it a major player in the global dry bulk shipping industry.
Business
Star Bulk operates in the dry bulk shipping industry, which involves the ocean transportation of unpackaged bulk commodities in specialized cargo vessels. The dry bulk shipping sector is a critical component of global trade infrastructure, facilitating the movement of raw materials that fuel industrial production and economic activity worldwide. The company's core business revolves around operating a diversified fleet of dry bulk carriers - large cargo ships specifically designed to transport loose, granular materials in their cargo holds without packaging. These vessels range from smaller Supramax ships (around 50,000-60,000 deadweight tons) to massive Newcastlemax vessels (over 200,000 deadweight tons), with each size optimized for different trade routes and port capabilities. Star Bulk's fleet transports two main categories of cargo. Major bulk commodities include iron ore (the primary raw material for steel production), coal (for energy generation and steel manufacturing), and grains (wheat, corn, soybeans for food production). Minor bulk commodities encompass materials like bauxite (aluminum ore), fertilizers, steel products, and other industrial raw materials. The company's diversified cargo portfolio helps balance seasonal demand fluctuations and geographic trade patterns. The fleet composition includes several vessel categories: 1. Capesize and Newcastlemax vessels (approximately 30% of fleet) - the largest ships primarily serving iron ore and coal trades between major mining regions and industrial centers. 2. Kamsarmax and Post-Panamax vessels (approximately 35% of fleet) - mid-sized ships offering flexibility across various trade routes and commodities. 3. Supramax, Ultramax, and Panamax vessels (approximately 35% of fleet) - smaller, more versatile ships accessing a wider range of ports and handling diverse cargo types. Beyond vessel operations, Star Bulk provides vessel management services, leveraging its technical expertise and operational scale to manage ships for third-party owners, generating additional fee-based revenue streams.
Revenue model
Star Bulk generates revenue primarily through time charter equivalent (TCE) rates, which represent the daily revenue earned per vessel after deducting voyage expenses like fuel, port charges, and canal fees. The company operates vessels on both spot market voyages (short-term contracts negotiated for individual trips) and time charter contracts (longer-term agreements where vessels are hired for specific periods). This dual approach provides a balance between capturing market upside during strong rate environments and securing predictable cash flows through longer-term commitments. The primary customers are industrial companies, commodity traders, and agricultural exporters who need to transport bulk materials between production and consumption centers. Major customers include steel mills requiring iron ore and coal, grain trading companies moving agricultural products, and mining companies shipping various commodities to global markets. Several factors significantly impact Star Bulk's profitability margins. Demand-side drivers include global economic growth (particularly in China and other emerging markets), infrastructure development requiring steel and cement, seasonal agricultural export patterns, and geopolitical disruptions that create longer shipping routes. The recent Red Sea tensions, for example, have forced vessels to take longer routes around Africa, increasing ton-miles and effective demand for shipping capacity. Supply-side factors affecting margins include the global dry bulk fleet growth rate (currently around 2-3% annually), vessel scrapping rates, port congestion that reduces effective vessel supply, and environmental regulations requiring fleet upgrades. Operating cost pressures come from fuel prices (the largest variable cost), crew wages, port expenses, insurance costs, and regulatory compliance expenses for environmental standards. The company's cost structure includes daily operating expenses averaging around $5,000-6,500 per vessel (crew, maintenance, insurance, technical management) and general administrative expenses of approximately $1,200-1,300 per vessel daily. Fuel costs are typically passed through to customers in spot market operations but can impact competitiveness and charter rates. The recent Eagle Bulk merger has generated significant cost synergies, with management achieving $50 million in annual savings through operational efficiencies, consolidated procurement, and optimized crewing arrangements.
Competitive moat
Star Bulk's competitive position relies primarily on operational scale and efficiency advantages rather than traditional economic moats. The company's large fleet size provides several benefits including diversified revenue streams across vessel types and trade routes, enhanced negotiating power with suppliers and customers, and the ability to spread fixed costs across a larger asset base. The successful integration of Eagle Bulk has strengthened these scale advantages, creating one of the world's largest independent dry bulk operators. The company has developed operational expertise and technical capabilities through decades of fleet management experience. This includes sophisticated route optimization, fuel efficiency programs, and technical management capabilities that help reduce operating costs and improve vessel performance. Star Bulk's high percentage of scrubber-fitted vessels (98% of fleet) provides cost advantages in the current regulatory environment, as these systems allow the use of cheaper high-sulfur fuel oil while meeting environmental compliance requirements. However, the dry bulk shipping industry is fundamentally commoditized with limited sustainable moats. Shipping services are largely undifferentiated, with rates determined by global supply and demand dynamics rather than company-specific advantages. Barriers to entry are moderate - while vessel acquisition requires significant capital, the secondhand ship market provides access for new entrants, and vessels can be chartered rather than purchased. Competitive threats come from other large dry bulk operators who can achieve similar scale economies, new vessel deliveries that increase industry capacity, and potential market consolidation among competitors. The industry's cyclical nature means that competitive advantages can erode quickly during market downturns when excess capacity pressures rates. Additionally, the long-term transition toward cleaner energy sources poses a structural threat to coal transportation, though this is partially offset by continued demand for iron ore, grains, and other commodities. The company's competitive position is moderately strong within a challenging industry structure, with scale and operational efficiency providing some defensive characteristics but limited pricing power or sustainable differentiation.
Risks & safety
Star Bulk demonstrates a solid financial position with moderate margin of safety, though subject to industry cyclicality and commodity price volatility. • Liquidity and Cash Position: Strong cash position of $425 million with total liquidity exceeding $450 million, providing substantial buffer for operations and capital allocation. Positive free cash flow generation of $413 million in 2024 demonstrates strong cash conversion capabilities. • Debt Management: Total debt of approximately $1.3 billion with debt-to-equity ratio of 0.59, representing manageable leverage levels for the shipping industry. The company has been steadily deleveraging, paying down approximately $250 million annually, and successfully refinanced debt following the Eagle Bulk merger at favorable terms. • Valuation Metrics: Trading at attractive valuation multiples with P/E ratio of 5.2x (2024), EV/EBITDA of 4.7x, and price-to-book ratio of 0.64x, suggesting potential undervaluation relative to asset base and earnings capacity. • Operational Cash Flow: Strong operating cash flow of $467 million in 2024 with current ratio of 1.65x indicating adequate short-term liquidity coverage. • Risk Considerations: Cyclical industry exposure creates earnings volatility, environmental regulatory compliance requires ongoing capital investment, and exposure to geopolitical disruptions affecting trade routes. However, diversified fleet and cargo mix provide some stability during market fluctuations.
Recent development
Star Bulk has undergone significant strategic transformation over the past two years, centered around the Eagle Bulk merger completed in April 2024. This transformative transaction created one of the world's largest independent dry bulk shipping companies, combining 128 Star Bulk vessels with 39 Eagle Bulk vessels for a total fleet of 167 ships. The integration has exceeded expectations, with management achieving $50 million in annual synergies twelve months ahead of schedule through operational efficiencies, consolidated procurement, integrated technical management, and optimized crewing arrangements. The company has pursued an active fleet optimization strategy, selling older, less efficient vessels while selectively adding modern tonnage. In 2024, Star Bulk sold 13 vessels for $233 million in gross proceeds, focusing on disposing of higher-maintenance ships with average ages above the fleet average. Simultaneously, the company ordered five new Kamsarmax vessels from Qingdao Shipyard for delivery in late 2025 and early 2026, representing a strategic investment in modern, fuel-efficient tonnage. Environmental compliance and sustainability initiatives have become increasingly central to Star Bulk's strategy. The company has invested heavily in scrubber technology, with 98% of its fleet now equipped with these systems, providing significant fuel cost advantages and regulatory compliance. Management has also focused on energy-saving devices and hull optimization technologies that deliver 6-10% efficiency improvements with 2-3 year payback periods. The company actively participates in environmental initiatives including the Carbon Disclosure Project and Maritime Emissions Reduction Center. Capital allocation policies have evolved to provide greater shareholder returns. Star Bulk amended its dividend policy to distribute up to 60% of excess cash flow as dividends, while implementing a $100 million share repurchase program. The company has demonstrated commitment to returning capital, having completed a $380 million share buyback from Oaktree Capital in 2023 and continuing opportunistic repurchases based on market conditions. The company has also strengthened its operational infrastructure and geographic presence through the Eagle Bulk integration, combining offices across Singapore, United States, Greece, Denmark, and Cyprus to create integrated commercial and technical management capabilities spanning global time zones and trade routes.
SBLK company profile · for informational purposes only — not investment advice.
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