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ATHENS - Star Bulk Carriers Corp. (NASDAQ:SBLK) has repurchased 1,985,169 of its own shares since March 31, 2025, for a total of $32.22 million, the dry bulk shipping company announced Monday. The company’s strong financial health score of "GOOD" on InvestingPro and substantial free cash flow yield of 18% support this capital return initiative.
The company paid an average price of $16.21 per share in the buyback program. Following the cancellation of the repurchased shares, Star Bulk now has 115,603,652 shares outstanding.
Star Bulk Carriers, incorporated in the Marshall Islands in 2006, provides global seaborne transportation solutions in the dry bulk sector. The company’s vessels transport major bulks such as iron ore, minerals, and grain, as well as minor bulks including bauxite, fertilizers, and steel products.
According to the press release statement, Star Bulk currently owns a fleet of 146 vessels on a fully delivered basis, adjusted for planned vessel sales and five Kamsarmax vessels under construction. The fleet has an aggregate capacity of 14.4 million deadweight tons (dwt) and includes various vessel types ranging from Supramax to Newcastlemax, with carrying capacities between 55,569 dwt and 209,537 dwt.
The company maintains executive offices in Athens, New York, Stamford, and Singapore, with its common stock trading on the Nasdaq Global Select Market.
In other recent news, Star Bulk Carriers Corp. reported financial results that exceeded expectations for the first quarter, despite challenging market conditions. The company achieved an average Time Charter Equivalent rate of $14,655 per day, allowing it to maintain profitability even as spot rates fell below the break-even point. Jefferies analyst Omar Nokta reaffirmed a Buy rating for the company with a price target of $5, citing confidence in Star Bulk Carriers’ financial strategy and resilience. The company also completed a 3 million share buyback program, initially announced in February, accounting for 5.4% of its shares. Additionally, Star Bulk Carriers declared a regular dividend of $0.05 per share for the quarter.
Further developments include the successful re-election of its Class C Directors and the appointment of DELOITTE CERTIFIED PUBLIC ACCOUNTANTS S.A. as the independent auditor for the fiscal year ending December 31, 2025. These corporate governance decisions were made during the company’s Annual Meeting of Shareholders held in Cyprus. The announcements highlight Star Bulk Carriers’ commitment to maintaining strong corporate governance and financial oversight. These actions, combined with strategic financial maneuvers, position the company favorably in the current market environment.
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