Star Bulk Carriers has returned to shareholders over 1 billion dollars, from 2021 to date. The company’s CEO Petros Pappas noted that the company announced a net profit of 44.3 million dollars and a daily average fare (TCE) of 15,835 dollars for the second quarter of 2023.
“Considering our liquidity position and our dividend policy, the board of directors has approved a dividend of 0.40 dollar per share,” noted Pappas.
Through continuous dividends and buybacks, the company has returned more than 1 billion dollars to shareholders by 2021.
“We continue to renew our fleet, having agreed to sell five Supramax vessels built in 2012, taking advantage of increased vessel prices on the second-hand market. In total, since the beginning of the year, we have sold seven ships,” Pappas underlined and added: “This additional cash can be used for general corporate purposes, including fleet renewal, debt prepayments and share repurchases.”
Pappas underlined that global demand for dry bulk cargo continues to be strong and given the improving macroeconomic climate and favorable supply dynamics, he expects prices to improve in the second half of the year.
“Star Bulk remains focused on actively managing its fleet to take advantage of market opportunities and continue to create value for its shareholders,” he concluded.