Star Bulk Reports Q1 Revenue of $281.15M, Exceeds Expectations
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 20 2026
0mins
Reports Q1 revenue $281.15M, consensus $223.55M. Petros Pappas, CEO of Star Bulk, commented: "The dry bulk market opened 2026 with counterseasonal strength across all vessel segments, and Star Bulk was well positioned to capture it. We generated Net Income of $58.5 million, EBITDA of $109.7 million, and TCE of $18,493 per vessel per day-a result that reflects both the quality of the market and the operating platform we have built. Our investment proposition to shareholders is straightforward: we believe Star Bulk converts dry bulk freight rates into cash returns more efficiently than any listed peer. Under the full payout dividend policy we adopted last quarter, the Board has approved a dividend of $0.50 per share, distributing our entire operating cash flow after capex and debt service. Combined with one of the lowest cost structures in the sector - daily OPEX of $5,071 and net cash G&A of $1,375 per vessel in Q1 - we aim for every dollar of rate improvement to flow through to shareholders. Since 2021, we will have returned over $2.05 billion through dividends and buybacks. This quarter also marks the beginning of our newbuilding delivery cycle, with our latest generation high specification Kamsarmax vessels joining the fleet. These arrivals, alongside our continued disposal of older tonnage, are steadily reshaping the fleet towards greater efficiency and lower emissions, reinforcing our competitive edge for the years ahead. Looking ahead, the supply-demand fundamentals that supported Q1 remain firmly in place, and we are optimistic about the remainder of the year. Under the current FFA curve, we are targeting to return more than $3 per share to our shareholders this year. With significant operating leverage across a diverse fleet of 141 vessels on a fully delivered basis, a full payout capital allocation policy, and one of the strongest balance sheets in the industry, we believe that Star Bulk is the most direct way for investors to access the dry bulk market. We remain committed to being the go-to dry bulk investment vehicle and to continue creating value for our shareholders."
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Analyst Views on SBLK
About SBLK
Star Bulk Carriers Corp is a Greece-based global shipping company. The Company owns and operates a diverse fleet of dry bulk vessels that transport bulk commodities, including iron ore, minerals and grain, bauxite, fertilizers and steel products, along worldwide shipping routes. The Company has a fleet of 112 vessels, with an aggregate capacity of 12.5 million dwt, consisting of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax and Supramax vessels with carrying capacities between 53,489 dwt and 209,537 dwt. The Company maintains executive offices in Athens, Greece and in Limassol, Cyprus.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Star Bulk Carriers Reports Strong Q1 2026 Earnings with $0.50 Dividend
- Profitability Surge: Star Bulk Carriers reported a net income of $58.5 million for Q1 2026, with adjusted net income reaching $63 million or $0.52 adjusted earnings per share, indicating robust profitability in the dry bulk sector.
- Dividend Distribution Policy: The Board declared a $0.50 per share dividend payable on June 20 to shareholders of record as of June 12, reflecting the company's commitment to shareholder returns and sustained cash flow generation.
- Cash Flow Management: The company started the quarter with $502 million in cash and ended with $409 million, maintaining a minimum cash balance of $2.1 million per vessel, ensuring financial flexibility despite the cash reduction.
- Optimistic Market Outlook: Management expressed optimism about the dry bulk market, supported by favorable supply conditions and new long-distance Atlantic exports, although potential risks from rising oil prices and climate change were acknowledged.
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Star Bulk (SBLK) Q1 2026 Earnings Transcript
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- Attractive Yield: The forward yield of 7.49% not only draws investor attention but also enhances the company's competitiveness in the shipping industry, potentially driving up the stock price.
- Payment Schedule: The dividend will be payable on June 22, with a record date of June 12 and an ex-dividend date also on June 12, providing investors with a clear timeline that may enhance market liquidity.
- Strong Financial Performance: Star Bulk Carriers reported a non-GAAP EPS of $0.56, beating expectations by $0.08, with revenue of $281.15 million exceeding forecasts by $57.6 million, showcasing the company's robust growth potential in the current market environment.
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- Dividend Distribution Policy: The Board declared a $0.50 per share dividend payable on June 20 to shareholders of record as of June 12, reflecting the company's commitment to shareholder returns and sustained cash flow generation.
- Cash Flow Management: The company started the quarter with $502 million in cash and ended with $409 million, maintaining a minimum cash balance of $2.1 million per vessel, ensuring financial flexibility despite the cash reduction.
- Optimistic Market Outlook: Management expressed optimism about the dry bulk market, supported by favorable supply conditions and new long-distance Atlantic exports, although potential risks from rising oil prices and climate change were acknowledged.
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Star Bulk (SBLK) Q1 2026 Earnings Transcript
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- Dividend Increase: Star Bulk Carriers has declared a quarterly dividend of $0.50 per share, representing a 35.1% increase from the previous dividend of $0.37, reflecting the company's strong financial performance and commitment to shareholder returns.
- Attractive Yield: The forward yield of 7.49% not only draws investor attention but also enhances the company's competitiveness in the shipping industry, potentially driving up the stock price.
- Payment Schedule: The dividend will be payable on June 22, with a record date of June 12 and an ex-dividend date also on June 12, providing investors with a clear timeline that may enhance market liquidity.
- Strong Financial Performance: Star Bulk Carriers reported a non-GAAP EPS of $0.56, beating expectations by $0.08, with revenue of $281.15 million exceeding forecasts by $57.6 million, showcasing the company's robust growth potential in the current market environment.
See More
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- Intuit's Workforce Reduction: Intuit's announcement of a 17% workforce cut led to a 10.3% drop in its stock price, while its Q3 revenue of $8.56 billion fell short of the LSEG consensus of $8.61 billion, highlighting the challenges the company faces under economic pressure, which may impact its competitive position in the market.
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- Star Bulk Carriers Exceeds Earnings Expectations: Star Bulk Carriers reported earnings of 56 cents per share and revenue of $281.2 million for Q1, both exceeding FactSet analyst estimates of 47 cents and $225.9 million, resulting in a 3% increase in stock price, showcasing its strong performance and profitability in the shipping sector.
See More
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- Earnings Beat: Star Bulk Carriers reported a Q1 non-GAAP EPS of $0.56, exceeding expectations by $0.08, indicating robust performance in the shipping market that is likely to boost investor confidence.
- Significant Revenue Growth: The company achieved revenues of $281.15 million in Q1, marking a 21.9% year-over-year increase and surpassing estimates by $57.6 million, reflecting the positive impact of global trade recovery and strengthening its market position.
- Dividend Policy Update: The Board approved a dividend of $0.50 per share under the full payout policy, distributing operating cash flow after capital expenditures and debt service, demonstrating strong cash flow management and enhancing shareholder returns.
- Positive Stock Reaction: Shares rose by 3% in after-hours trading, indicating a favorable market response to the company's financial results and dividend policy, which may attract more investor interest.
See More
