Star Bulk introduced a dual-track strategy, committing to distribute 100% of free cash flow, maintain at least $2.1 million in cash per vessel and a minimum $0.05 quarterly dividend. The board also authorized a new $100 million share repurchase program to be funded by vessel sales and opportunistic buybacks based on market conditions.

In the fourth quarter, Star Bulk reported net income of $65.2 million and adjusted net income of $74.5 million, or $0.16 per share, alongside adjusted EBITDA of $126.4 million. Time charter equivalent revenues averaged $19,012 per vessel per day, total operating expenses were $6,444 per day, yielding a daily cash margin of $12,570 before debt service and capital expenditures.

The company ended Q4 with $502 million in cash and equivalents against approximately $1 billion of debt and $110 million of undrawn credit capacity. Operating cash flow totaled $101 million, and 27 debt-free vessels valued at $630 million provide strategic flexibility. At an assumed fleet-wide TCE of $18,500, Star Bulk forecasts $2.70 of free cash flow per share over the next 12 months, an 11% implied yield.

All eight Kamsarmax newbuilds remain on track for 2026 delivery with $206.6 million of remaining capex, supported by $130 million in secured debt and $74 million in financing. The company completed 55 of 80 planned energy-saving device installations and is set for $55.6 million in drydock work and 1,585 off-hire days in 2026, while selectively disposing of older non-ECO tonnage.