Star Bulk recorded revenues of 685.8 million dollars from the operation of its fleet in its nine-month period. The US-listed holding company of Petros Pappas reported a net profit of 133.8 million dollars.
In the third quarter, the company’s revenue reached 223 million dollars, while profits amounted to 43.7 million dollars.
As the company’s CEO Petros Pappas pointed out, Star Bulk announced a net profit of 43.7 million dollars, while the average daily freight was 15,068 dollars per ship, exceeding the average by 28.6% term of the Baltic Exchange indices.
Fleet coverage for the fourth quarter of the year stands at 65% of available vessel days, with average daily fares reaching 17,200 dollars per day per vessel.
He also underlined that the Board of Directors of the company approved the distribution of a dividend of 0.22 dollars per share, in line with Star Bulk’s stated capital allocation strategy.
Commenting on the agreement to repurchase a total of 20 million shares of the company from Oaktree at an average price of 19 dollars per share, Pappas underlined that it is a significant milestone for Star Bulk. “We believe we have used a variety of tools to create value and expect these transactions to be accretive to net value per share, as well as earnings per share.”
