Greek owner Star Bulk sheds older ships, boosts share buybacks

In an SEC filing dated 28 May, the US-listed Greek dry bulk giant disclosed two additional vessel sales that were not included in its recently released Q1 2025 earnings report. Oriole, a 2011-built Supramax, and Star Georgia, a 2006-built Kamsarmax, are the latest additions to the company’s ongoing fleet streamlining. Oriole is scheduled for delivery to its new owners by June, while Star Georgia will be handed over in July.

These follow a string of divestments, including Star Omicron (built 2005) and Strange Attractor (built 2006), both agreed for sale during Q1 2025. Between April and mid-May, the company also sold 2011-built Puffin Bulker, Star Petrel and 2009-built Star Canary – all Supramax vessels.

In an April corporate presentation, Star Bulk noted it had sold 30 vessels during 2023–2024 as part of its fleet renewal strategy aimed at disposing of older tonnage. The company is replenishing its fleet through newbuilding investments, with five Kamsarmaxes currently under construction in China and scheduled for delivery in the first half of 2026.

As of now, Star Bulk operates a fleet of 150 bulk carriers, with a combined capacity of 14.7M dwt.

Enhanced share repurchase efforts

Star Bulk has emphasised that proceeds from its vessel sales are also being allocated toward share repurchases. In May, the company bought back 1.0M shares on the open market at an average price of US$16.15 per share, totalling US$16.2M.

In Q1 2025 alone, Star Bulk repurchased 1.28M common shares for US$19.6M. As of the earnings release on 14 May, the company had 116.70M shares outstanding and US$74.4M remaining under its existing US$100.0M share repurchase programme.

The US-listed Greek bulk carrier owner reported a daily time charter equivalent (TCE) of US$12,439 in Q1 2025, down sharply from US$19,627 in the same period last year, reflecting the broader softness in the dry bulk market. Still, the company posted a net income of US$0.5M, a steep decline from US$74.8M in Q1 2024.