Star Bulk Carriers Corp. (SBLK): Business Model Canvas [Dec-2025 Updated]

If you're digging into the mechanics of the largest U.S.-listed dry bulk shipper, Star Bulk Carriers Corp. (SBLK), you need to see how they translate massive scale into efficiency, especially following their major integration efforts in 2025. Honestly, looking at their model, it's clear they run a tight ship: a fleet of nearly 145 owned vessels boasting 98% scrubber penetration, which helps drive their low operating expense (OPEX) of around $5,096 per vessel per day as of Q3 2025. This canvas lays out exactly how they generate revenue-like that $16,634 per day Time Charter Equivalent (TCE) rate-while managing a $457 million cash pile, so stick around to see the full blueprint of their strategy below.

Star Bulk Carriers Corp. (SBLK) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that keep Star Bulk Carriers Corp. moving commodities around the globe. These aren't just vendors; they are crucial enablers for fleet renewal, financing, and operational compliance. Honestly, in this industry, who you work with is almost as important as what you own.

Leading global financial institutions for debt financing

Star Bulk Carriers Corp. relies on strong relationships with international prominent banks and leasing companies to maintain a healthy balance sheet across shipping cycles. This partnership structure is key to funding their fleet modernization. As of the third quarter of 2025, the company had secured significant financing commitments for its newbuilding program.

Here's the quick math on their debt and liquidity position as of Q3 2025:

Financial Metric	Amount (as of Q3 2025)
Proforma Debt and Lease Obligations	$1,028 million
Total Cash	~$454 million
Undrawn Revolver Facilities (Additional Liquidity)	$115 million
Debt Secured for Five Newbuildings	$130 million
Expected Debt for Three Hengli Newbuildings	$74 million

What this estimate hides is the ongoing refinancing activity; for instance, they made debt prepayments of approximately $47.8 million in Q3 2025 connected to refinancing a term loan facility with DNB Bank ASA. So, the relationships are active and constantly being optimized.

World-class shipyards for newbuilding and maintenance

The commitment to a modern, fuel-efficient fleet means Star Bulk Carriers Corp. maintains close ties with top-tier shipyards. They ensure all Star Bulk vessels are built at world-class shipyards, which supports their high Rightship safety rating. This partnership strategy is central to their fleet renewal plan.

Their current newbuilding pipeline involves specific yards:

• Five firm shipbuilding contracts with Qingdao Shipyard for Kamsarmax newbuilding vessels, delivery expected in H1 2026.
• Agreements with Hengli Shipbuilding for three 82,000 dwt Kamsarmax newbuilding vessels, with delivery progressively scheduled within Q3 2026.

These newbuilds are part of a strategy to keep the average fleet age low, which stood at approximately 11.9 years as of late 2025. Star Bulk Carriers Corp. also manages drydock expenses, estimated at $20 million for the remainder of 2025.

Major dry bulk charterers and commodity brokers

Star Bulk Carriers Corp.'s commercial success hinges on its relationships with charterers and brokers who move the world's iron ore, minerals, coal, and grain. They use an adaptive strategy, employing a portion of the fleet on longer period charters while keeping the rest on spot or short period time charters. This flexibility is managed using their in-house market research capabilities to optimize deployment geographically and timing-wise. The Rightship vetting organization, which Star Bulk Carriers Corp. is consistently in the top 3 operators of, is owned by some of the largest drybulk charterers, showing a deep, embedded partnership structure.

Equipment suppliers for scrubber and eco-vessel technology

To meet environmental regulations and gain a cost advantage by burning cheaper high-sulfur fuel oil (HSFO), Star Bulk Carriers Corp. has heavily invested in exhaust gas cleaning systems (scrubbers) and other energy-saving technologies (ESDs). This requires strong partnerships with specialized equipment suppliers.

Here are the key compliance and technology partnership statistics as of late 2025:

• 97% of the fleet was fitted with scrubbers by May 2025.
• They completed 51 ESD installations, with 9 remaining and planned for completion in 2025.
• They planned to retrofit 21 vessels with energy-saving technologies throughout 2025.

This proactive approach helps Star Bulk Carriers Corp. manage compliance with regulations like FuelEU, which started on January 1, 2025.

Third-party technical managers being phased out for in-house crewing

A significant operational partnership shift involves bringing technical management and crewing in-house to capture synergies and control costs. Star Bulk Carriers Corp. has been actively centralizing operations, especially following the merger with Eagle Bulk Shipping Inc. The goal was to complete the phase-out of third-party managers for the former Eagle fleet by Q3 2025.

This integration strategy means:

• The majority of Star Bulk owned vessels are now technically managed by Star Bulk's wholly owned subsidiaries.
• Centralization of technical management oversight in Athens headquarters.
• Realized cost synergies for the Eagle fleet from this process were close to $2,140 per vessel per day in Q1 2025.

This move is designed to contain operating costs and corporate overhead by leveraging economies of scale from managing a larger, integrated fleet.

Star Bulk Carriers Corp. (SBLK) - Canvas Business Model: Key Activities

Star Bulk Carriers Corp. focuses its key activities on the core business of maritime logistics for dry bulk commodities, underpinned by strong internal management and disciplined financial deployment.

Seaborne transportation of major and minor dry bulk cargoes.

Star Bulk Carriers Corp. operates as a global shipping company specializing in the seaborne transport of dry bulk cargoes, which includes both major bulks like iron ore, coal, and grain, and minor bulks such as bauxite and fertilizers. As of Q2 2025, the average number of vessels in the fleet was reported at 147.6. Voyage revenues for the second quarter of 2025 were $247.4 million, with the Time Charter Equivalent (TCE) rate reported at $13,624 per day for that quarter. The company's fleet is diversified across vessel sizes, from Newcastlemax/Capesize to Supramax/Ultramax. Projections for dry bulk demand in 2025 suggest a contraction of between 1-2% in tons. The company's Adjusted EBITDA for Q2 2025 was $68.9 million.

Fully integrated commercial and technical ship management in-house.

The operational backbone of Star Bulk Carriers Corp. is its fully integrated in-house management structure, which covers both commercial and technical aspects of ship operation. This structure allows for optimization across the fleet. Daily operating expenses per vessel were reported at $5,008 in Q1 2025. The company is also managing future maintenance costs, with drydock expenses for the remaining 38 vessels in 2025 projected to be $47 million. The merger with Eagle Bulk Shipping Inc. was intended to leverage both companies' technical and commercial fleet management capabilities.

Fleet modernization and energy efficiency upgrades (scrubbers).

Star Bulk Carriers Corp. actively pursues fleet modernization to enhance efficiency and meet environmental standards. As of Q1 2025, 97% of its fleet of 148 vessels was equipped with scrubbers, with other sources citing 98% fitted. The company completed 42 energy-saving installations in 2024, with another 21 planned for 2025. In 2024, green infrastructure investments totaled $12.4 million, of which $7.8 million was directed to Energy Saving Devices (ESDs). The company aims to reduce its fleet's carbon intensity ratio by 12% by 2026 compared to a 2019 baseline, having already achieved a 4.32% reduction by 2023. Earlier in 2020, scrubber installations on 114 vessels involved a capital expenditure of $212 million.

Realizing cost synergies from the Eagle Bulk merger (over $53 million cumulative by Q2 2025).

Star Bulk Carriers Corp. is focused on realizing financial benefits from the combination with Eagle Bulk Shipping Inc. The target for cumulative cost synergies by Q2 2025 is stated as over $53 million. For context, in Q1 2025 alone, cost synergies realized from the integration were $18.4 million, bringing the cumulative total since the April 2024 close to nearly $40 million according to some reports, against an initial expectation of $50 million in annual synergies.

Active capital allocation, including share repurchases and dividends.

The company maintains a shareholder-friendly capital allocation policy, prioritizing dividends and share repurchases when the stock trades below net asset value. The total capital returned to shareholders to date is approximately $1.36 billion. The policy allows for an allocation of up to 60% of Cash Flow towards quarterly dividends, with a minimum quarterly dividend set at $0.05 per share. A new $100 million share repurchase program was authorized in December 2024. Here's the quick math on recent capital deployment:

Activity	Period	Shares Repurchased	Amount
Share Repurchases	Q1 2025	1.28 million	$19.6 million
Share Repurchases	Since March 31, 2025	1,985,169	$32.22 million
Share Repurchases	Q2 2025	3.3 million	Data not specified
Share Repurchases	Aug 6 to Oct 31, 2025	462,476	$8.6 million
Dividend Declared	Q2 2025	N/A	$0.05 per share

The company also continued to enhance liquidity, selling nine vessels in Q2 2025 and achieving liquidity over $520 million through new credit facilities.

Star Bulk Carriers Corp. (SBLK) - Canvas Business Model: Key Resources

You're looking at the core assets Star Bulk Carriers Corp. (SBLK) relies on to move the world's dry bulk commodities. These aren't just line items; they are the physical and intellectual capital that drives their operations.

The physical backbone is the fleet. Star Bulk Carriers Corp. operates a large, diversified fleet of approximately 145 owned vessels as of Q3 2025. This fleet spans from the massive Newcastlemax size down to Supramax carriers, allowing participation across nearly every dry bulk segment. The average age of this fleet is a key metric for efficiency, reported at approximately 11.9 years as of late 2025.

The quality and environmental compliance of this fleet are high-specification, with a stated scrubber penetration of 98% across the fleet, positioning them well for evolving maritime regulations. This focus on modern assets is also reflected in their balance sheet strength, which provides operational flexibility. As of the end of Q3 2025, Star Bulk Carriers Corp. reported a cash balance of $457 million. This strong liquidity is further supported by undrawn revolver facilities, leading to a pro forma liquidity in excess of $570 million.

Here's a quick look at the fleet structure and financial backing as of the Q3 2025 reporting period:

Resource Detail	Metric/Amount	Source Period
Total Owned Vessels	145	Q3 2025
Scrubber Penetration	98%	As required for this section
Total Cash Balance	$457 million	End of Q3 2025
Total Debt	$1.028 billion	Q3 2025
Debt-Free Vessels	15 vessels	Q3 2025
Average Daily OPEX per Vessel	$5,096	Q3 2025

Beyond the physical assets, the human and organizational capital is critical. Star Bulk Carriers Corp. maintains a global operational footprint to manage these assets efficiently. Their global operational offices are strategically located in Athens, New York, and Singapore.

The execution relies on specialized teams. The company utilizes experienced in-house technical and commercial management teams. This internal capability is key to maintaining operational discipline, as evidenced by their Q3 2025 daily figures:

• Time Charter Equivalent (TCE) per vessel: $16,634
• Avg. daily OPEX per vessel: $5,096
• Avg. daily net cash G&A expenses per vessel: $1,325

This combination of a large, modern fleet, high environmental compliance, strong liquidity, and centralized operational expertise forms the core resource base for Star Bulk Carriers Corp. Finance: draft 13-week cash view by Friday.

Star Bulk Carriers Corp. (SBLK) - Canvas Business Model: Value Propositions

Star Bulk Carriers Corp. offers a value proposition centered on scale, efficiency, and shareholder returns, backed by a modern, compliant fleet.

• Global scale and flexibility with the largest diversified dry bulk fleet, owning 142 vessels with an aggregate capacity of 14.2 million deadweight tonnage (dwt) as of late 2025.
• High operational efficiency leading to one of the lowest daily OPEX in the sector.
• Reliable, superior service to charterers via a modern, high-spec fleet.
• Strong capital returns to shareholders ($0.11) dividend per share for Q3 2025.
• Environmental compliance via scrubbers and Eco-vessels (80) Eco ships.

The operational cost structure demonstrates a focus on keeping daily expenses low, which directly benefits the Time Charter Equivalent (TCE) spread for charterers.

Metric	Q1 2025 Value (per vessel per day)	Q3 2025 Value (per vessel per day)
Operating Expenses (OPEX)	$4,898	$5,096
Net Cash G&A Expenses	$1,319	$1,325
Combined Daily OPEX and Net Cash G&A	$6,217	$6,421

The commitment to a modern fleet is evidenced by the environmental readiness of the assets. As of early 2025, 98% of the Star Bulk Carriers Corp. fleet was outfitted with exhaust gas cleaning systems, also known as scrubbers, allowing for the use of less expensive high-sulphur fuel oil in international waters.

Shareholder returns remain a key component of the value proposition, with the Board prioritizing capital distribution:

• The declared quarterly cash dividend for Q3 2025 was $0.11 per share, payable on or about December 18, 2025.
• Total capital returned to shareholders since 2021, through dividends, share buybacks, and debt repayment, totals $2.8 billion.

Star Bulk Carriers Corp. (SBLK) - Canvas Business Model: Customer Relationships

Star Bulk Carriers Corp. employs dedicated commercial teams to manage its chartering contracts, which is central to its customer relationship strategy.

The company maintains a mix of direct, long-term agreements and transactional spot market exposure. As of the first quarter of 2025, Star Bulk Carriers Corp. reported having a total of nine long term charter-in contracts. The fleet size as of August 2025 stood at 142 vessels, down from 150 vessels on a fully delivered basis reported in Q1 2025, reflecting vessel sales activity. The operational performance indicative of chartering results for the third quarter of 2025 showed a Time Charter Equivalent (TCE) rate of $16,634 per day per vessel. For the same quarter, the company guided an expected TCE rate of $16,320 per day for 72% of its fleet.

Transactional relationships are managed for spot market voyage charters, where revenue is highly sensitive to daily market rates. The Baltic Exchange Dry Index (BDI) reached $1,901 by October 03, 2025, more than double the $735 observed on January 31, 2025. Capesize spot rates also saw movement, reaching approximately $27K as of October 01, 2025, up from $18K in January 2025.

Star Bulk Carriers Corp. maintains a strong focus on shareholder communication and a consistent capital return policy, which forms a key relationship with its investors.

The company declared a quarterly cash dividend of $0.11 per share, with an ex-dividend date of December 5, 2025. This payout represented approximately 68% of the reported third-quarter 2025 Earnings Per Share (EPS) of $0.16. The company's commitment to shareholder returns is further evidenced by cumulative distributions since 2021, which include $1.4 billion in dividends, $876 million toward debt repayment, and $518 million in share buybacks, totaling $2.75 billion in shareholder value creation as of August 2025. More recently, from August 6 to October 31, 2025, Star Bulk Carriers Corp. completed a share repurchase of 462,476 shares for $8.6 million, which was about 0.4% of its stock.

The operational structure supports these relationships, as the company uses its own management, resulting in the lowest operating expense and General and Administrative (G&A) costs among peers while maintaining the highest RightShip ranking. RightShip is a vetting organization owned by some of the largest drybulk charterers.

Metric	Value/Amount	Period/Date
Quarterly Cash Dividend Declared	$0.11 per share	November 2025 Declaration (Dec 5 Ex-Date)
Total Shareholder Value Creation (Dividends + Debt Paydown + Buybacks)	$2.75 billion	Since 2021 (as of August 2025)
Total Dividends Paid Since 2021	$1.4 billion	As of August 2025
Total Share Buybacks Since 2021	$518 million	As of August 2025
Q3 2025 Net Income	$18.52 million	Q3 2025
Q3 2025 TCE Per Vessel Per Day	$16,634	Q3 2025
Long Term Charter-In Contracts	Nine	Q1 2025
Share Repurchase Value	$8.6 million	Aug 6 to Oct 31, 2025

• The company intends to continue paying dividends for as much as 60% of its operating cash flow.
• Q3 2025 Revenue was $263.86 million.
• Cash on hand as of August 4, 2025 was $407 million.
• Net Debt as of August 4, 2025 was $761 million.
• The company operates one of the largest dry bulk fleets amongst U.S. and European listed peers.

Finance: confirm the Q4 2025 dividend projection based on Q3 performance by next Tuesday.

Star Bulk Carriers Corp. (SBLK) - Canvas Business Model: Channels

Star Bulk Carriers Corp. uses several distinct channels to connect its fleet capacity with global dry bulk cargo demand.

Direct chartering contracts (Time Charter and Voyage Charter).

The primary channel for revenue generation is securing contracts for the seaborne transportation of dry bulk cargoes, which are categorized as Time Charter and Voyage Charter arrangements. For the third quarter of 2025, Star Bulk Carriers Corp. reported Voyage Revenues of $263,855 thousand. The Time Charter Equivalent (TCE) Revenues for the same period were $202,320 thousand, reflecting the blended income from both charter types across the fleet. The average Time Charter Equivalent Rate for the third quarter of 2025 was $16,634 per vessel per day.

The fleet size used to generate this revenue in Q3 2025 averaged 141.4 vessels. The company's strategy involves optimizing fleet utilization across these contract types to maximize earnings, as seen by the TCE rate of $13,624 per vessel per day in the second quarter of 2025.

Metric	Q3 2025 Value	Unit
Voyage Revenues	263,855	Thousands of U.S. dollars
TCE Revenues	202,320	Thousands of U.S. dollars
Average Vessels in Fleet	141.4	Vessels
TCE Rate	16,634	USD per day

Ship brokers and intermediaries for securing cargo and vessel employment.

Ship brokers and intermediaries serve as a crucial external channel for matching Star Bulk Carriers Corp.'s available vessels with charterers seeking to move major bulks, like iron ore, coal, and grain, and minor bulks. While specific brokerage fees or volume are not detailed, this network is essential for securing the employment that generates the reported voyage and TCE revenues.

• Ship brokers facilitate securing cargo.
• Intermediaries help in vessel employment.
• This supports the core revenue stream.

Global commercial offices in key shipping hubs (Athens, Singapore, Stamford).

Star Bulk Carriers Corp. maintains a physical presence in key global shipping hubs to manage commercial operations and client relationships directly. The executive offices are located in Athens, Greece, and the company also maintains offices in the USA (Stamford, Connecticut, and New York) and Singapore. These locations help manage the commercial aspects of the fleet, which, as of Q2 2025, stood at 142 vessels.

Investor relations for capital markets access (NASDAQ: SBLK listing).

Access to capital markets is channeled through the listing of Star Bulk Carriers Corp.'s common stock on the Nasdaq Global Select Market under the symbol SBLK. This channel supports capital allocation strategies, including returning cash to shareholders. For instance, the company declared a dividend per share of $0.11 for the third quarter of 2025. Furthermore, from August 6 to October 31, 2025, Star Bulk Carriers Corp. completed a share repurchase of 462,476 shares for $8.6 million. The company reported Total Cash of $407 million as of Q2 2025.

Star Bulk Carriers Corp. (SBLK) - Canvas Business Model: Customer Segments

Star Bulk Carriers Corp. serves a business-to-business clientele reliant on the efficient, large-scale movement of raw materials across global maritime routes. The customer base is fundamentally segmented by the type of dry bulk commodity they require transportation for.

The company's fleet, which stood at 150 vessels with 14.7 million DWT capacity as of May 14, 2025, is deployed to serve these distinct segments, offering flexibility across vessel sizes from Newcastlemax down to Supramax.

Major bulk commodity traders (e.g., iron ore, coal, grain).

This segment represents the core demand for Star Bulk Carriers Corp.'s services, utilizing the largest vessels in the fleet, such as Newcastlemax and Capesize carriers, for high-volume, long-haul movements of foundational industrial and energy materials.

• The transportation of iron ore, coal, and grain accounted for approximately 85% of Star Bulk Carriers Corp.'s revenue in 2024.
• Star Bulk Carriers Corp. reported revenue of $263.86 million for the quarter ending September 30, 2025.
• The trailing twelve-month revenue as of September 30, 2025, was $1.05B.

Here is a breakdown of the primary cargo types that define the major bulk segment:

Commodity Type	Primary Use Case	Relative Revenue Contribution (2024)
Iron Ore	Steel Production	Substantial portion of the 85%
Coal	Power Generation, Steel Production	Substantial portion of the 85%
Grain	Food Production, Animal Feed	Substantial portion of the 85%

Global industrial companies (e.g., steel producers, power utilities).

These customers are often the end-users of the major bulks, contracting with Star Bulk Carriers Corp. directly or through their commodity trading arms to secure supply chains for their continuous operations. Their demand is tied directly to global industrial output and energy consumption trends.

• Star Bulk Carriers Corp. serves major industrial producers in sectors like steel production.
• The company's operational efficiency, with a Time Charter Equivalent (TCE) rate of $16,634 per vessel per day in Q3 2025, is critical for these cost-sensitive industrial clients.

Minor bulk commodity shippers (e.g., bauxite, fertilizers, steel products).

Star Bulk Carriers Corp. has strategically expanded its focus to include minor bulks, utilizing its diverse fleet, including Kamsarmax and Supramax vessels, to service these specialized trades. This segment offers diversification away from the core three major bulks.

• Minor bulks transported include bauxite, fertilizers, and steel products.
• Global seaborne volumes for the bauxite trade were projected to increase by 19% year-over-year for 2025.
• Dry bulk export volumes in Q1 2025 were flat year-over-year, supported by a strong increase in Minor Bulk volumes.

Agricultural commodity exporters and importers.

This group overlaps with the major bulk segment (grain) but also includes specific needs for fertilizers, which fall under minor bulks. These customers require reliable scheduling to meet planting and harvesting cycles or to manage national food reserves.

• Star Bulk Carriers Corp. moves grains as part of its major bulk focus.
• The company also transports fertilizers, which are essential for agricultural commodity production globally.
• Star Bulk Carriers Corp. operates offices in Greece, the USA, and Singapore to support its global clientele.

Star Bulk Carriers Corp. (SBLK) - Canvas Business Model: Cost Structure

The Cost Structure for Star Bulk Carriers Corp. (SBLK) is heavily weighted toward vessel-related operational costs and capital structure obligations, reflecting the asset-intensive nature of the dry bulk shipping business.

Key daily operating costs for Q3 2025 show the following breakdown:

Cost Component	Rate per Vessel per Day	Reporting Period
Vessel Operating Expenses (OPEX)	$5,096	Q3 2025
Net cash General and Administrative (G&A) Expenses	$1,325	Q3 2025
Combined Daily OPEX and Net Cash G&A	$6,421	Q3 2025

The combined daily OPEX and net cash G&A expenses per vessel per day amounted to $6,421 in Q3 2025. This figure is slightly higher than the combined daily cost reported in Q2 2025, which was $6,277 per vessel per day. Star Bulk Carriers Corp. has been working to normalize the operating expenses of the legacy Eagle fleet following the merger.

Regarding the capital structure, debt service costs are a major consideration. The total debt was approximately $1.2 billion on a pro forma basis as of Q1 2025. More recently, as of the end of Q3 2025, the total debt stood at $1.028 billion.

Major non-recurring, yet essential, costs involve fleet maintenance and regulatory compliance:

• Dry docking and special survey costs were estimated at $47 million for the dry docking of 38 vessels in the remainder of 2025, based on Q1 2025 projections.
• The company also has ongoing capital expenditures related to fleet renewal, including secured debt financing of $130 million for five Kamsarmax newbuildings.

Another significant variable cost component is Bunker fuel costs, net of scrubber savings. Star Bulk Carriers Corp. has a high percentage of its fleet, 97% as of Q1 2025, equipped with scrubbers, which provides a financial benefit when the spread between high-sulfur and low-sulfur fuel is wide, effectively mitigating a portion of the bunker expense.

The company's liquidity position supports these costs:

• Total cash as of Q3 2025 was $454 million.
• Pro forma liquidity, including undrawn revolver facilities of $115 million in Q3 2025, exceeded $570 million.

Star Bulk Carriers Corp. (SBLK) - Canvas Business Model: Revenue Streams

You're looking at how Star Bulk Carriers Corp. (SBLK) brings in the cash, which is heavily tied to the volatile dry bulk shipping market. The core of their income comes from chartering out their fleet of Capesize, Kamsarmax, and other bulk carriers.

The primary revenue driver is the Time Charter Equivalent (TCE) revenue. This reflects the average daily earnings across the fleet, net of voyage expenses and charter-in hire costs. For the third quarter of 2025, the reported TCE rate was a solid $16,634 per day. This figure is crucial because it shows the daily earning power of the fleet in the prevailing market conditions.

To give you a clearer picture of the Q3 2025 performance that feeds into this stream, here are some key financial metrics from that period:

Metric	Q3 2025 Amount (in thousands)	Q3 2024 Amount (in thousands)
TCE Revenues	$202,320	$256,945
Voyage Revenues	$263,855	$344,277
Net Income	$18,519	$81,272
Adjusted EBITDA	$86,818	$144,355

Voyage revenues, which capture the income generated from contracts executed in the spot market, form the second major component. These are often shorter-term fixtures where Star Bulk Carriers Corp. takes on the full operational risk for a specific voyage. For the third quarter of 2025, the reported Voyage Revenues reached $263.9 million (specifically $263,855 thousand). This revenue stream is the most exposed to immediate market rate fluctuations, so you see it move sharply with the Baltic Dry Index.

Star Bulk Carriers Corp. also utilizes long-term time charter contracts to secure a baseline of revenue and provide some stability against the volatility of the spot market. These contracts lock in a fixed daily rate for an extended period, helping to cover fixed operating costs and provide predictable cash flow, even when spot rates dip. This strategy is key to managing near-term risk.

A less frequent, but still relevant, source of cash flow comes from strategic asset management, specifically the sale of older vessels that no longer fit the commercial profile. This is not a steady revenue stream, but rather a capital event. For instance, in the second quarter of 2025, Star Bulk Carriers Corp. recorded a loss from sale of vessels of $8.0 million in connection with the completion of those sales. Conversely, the company anticipated collecting aggregate gross proceeds of approximately $104.0 million from expected vessel sales during the third and fourth quarters of 2025.

The mix of these revenue sources reflects Star Bulk Carriers Corp.'s approach:

• Maximize daily earnings through spot market exposure.
• Anchor a portion of the fleet on longer-term charters for stability.
• Prune the fleet by selling assets to generate capital for modernization or shareholder returns.