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Dry bulk rates surged in 2021 and early 2022, benefiting shipping companies like Star Bulk Carriers Corp. Star Bulk's earnings declined in Q4 '23, with a decrease in revenue, net income, and adjusted EPS. Star Bulk announced a merger with Eagle Bulk Shipping, aiming to create a global leader in dry bulk shipping.
Star Bulk Carriers reported Q4 financial results with adjusted EPS of $0.73 and an average time charter equivalent rate of $18,296 per day per vessel. SBLK paid a dividend of $0.45 per share, a significant increase from the previous quarter. The merger deal with Eagle Bulk is expected to be completed in April 2024, with SBLK shareholders owning about 71% of the company's common stock.
Star Bulk Carriers Corp. (SBLK) Q4 2023 Earnings Call Transcript
Star Bulk Carriers (SBLK) came out with quarterly earnings of $0.73 per share, beating the Zacks Consensus Estimate of $0.57 per share. This compares to earnings of $0.90 per share a year ago.
Star Bulk (SBLK) is seeing favorable earnings estimate revision activity and has a positive Zacks Earnings ESP heading into earnings season.
Star Bulk Carriers (SBLK) reachead $22.83 at the closing of the latest trading day, reflecting a +1.11% change compared to its last close.
Star Bulk Carriers (SBLK) concluded the recent trading session at $21.74, signifying a +0.69% move from its prior day's close.
Star Bulk is merging with Eagle Bulk Shipping, creating a company with 169 vessels, 97% of which will be equipped with scrubbers. Bulk carrier supply is constrained due to aging ships, low order books, and limited shipyard capacity. The Panama Canal plays a significant role in bulk carrier shipping, and the current drought will increase demand for longer voyages, benefiting larger ships like Star Bulk's Newcastlemax and Capesize vessels.
In the closing of the recent trading day, Star Bulk Carriers (SBLK) stood at $20.48, denoting a -0.1% change from the preceding trading day.
Danaos' strategic investment in Eagle Bulk, initially met with skepticism, has proven highly profitable. Eagle Bulk's merger with Star Bulk Carriers and a surge in dry bulk rates amid the Red Sea blockade have contributed to Danaos' share price rally. Still, significant upside prospects remain from Danaos' core investment case alone.