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ATHENS - Star Bulk Carriers Corp. (NASDAQ:SBLK), a global dry bulk shipping company with a market capitalization of $1.92 billion, announced the successful re-election of its Class C Directors and the appointment of its independent auditors at its Annual Meeting of Shareholders held today in Cyprus. The shareholders voted in favor of retaining Petros Pappas, Arne Blystad, and Raffaele Zagari on the company’s Board of Directors. Additionally, DELOITTE CERTIFIED PUBLIC ACCOUNTANTS S.A. has been appointed to audit the company for the fiscal year ending December 31, 2025.
Star Bulk operates a fleet of 150 vessels with a combined carrying capacity of 14.7 million dwt, including various sizes ranging from Newcastlemax to Supramax. These vessels are instrumental in the transportation of major bulks such as iron ore, minerals, and grain, as well as minor bulks including bauxite, fertilizers, and steel products. The company maintains strong operational efficiency with a healthy current ratio of 1.65 and generated revenues of $1.27 billion in the last twelve months. According to InvestingPro analysis, the company’s financial health score is rated as "GREAT," with 10+ additional insights available to subscribers.
The company, which was founded on December 13, 2006, and is incorporated in the Marshall Islands, runs executive offices located in Athens, New York, Stamford, and Singapore. Star Bulk’s common stock is publicly traded on the Nasdaq Global Select Market.
The announcements made at the Annual Meeting of Shareholders underscore the company’s ongoing corporate governance and financial oversight as it continues to serve the seaborne transportation needs in the dry bulk sector.
This news article is based on a press release statement from Star Bulk Carriers Corp. and contains no promotional content. It is intended to provide shareholders and the investing public with factual information regarding the company’s board and auditor appointments.
In other recent news, Star Bulk Carriers has announced its financial results and strategic decisions in response to current market conditions. Jefferies analyst Omar Nokta adjusted the price target for Star Bulk Carriers, lowering it to $21 from $22, while maintaining a Buy rating. This adjustment reflects the company’s fourth-quarter performance, which was affected by decreased dry bulk spot rates. Despite these lower earnings, Star Bulk Carriers declared a dividend of $0.09 per share, following its policy of distributing up to 60% of its quarterly excess cash flow. The remaining funds are allocated for stock buybacks, potential acquisitions, and fleet renewal initiatives. The decision to maintain a Buy rating suggests confidence in the company’s long-term prospects despite recent challenges. The firm’s approach to managing excess cash flow highlights a commitment to balancing shareholder returns with strategic reinvestment. Investors will continue to monitor the company’s performance and market dynamics as they assess the impact of these developments on the dry bulk shipping industry.
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