--- title: "Star Bulk Q2 2026 Earnings: Higher Charter Rates Lift Profit" type: "News" locale: "en" url: "https://longbridge.com/en/news/295019031.md" description: "Star Bulk Carriers reported Q2 2026 net income of $144.9 million, driven by a 79.7% surge in daily TCE rates to $24,486. Voyage revenue rose 44.5% to $357.4 million despite a 9% smaller fleet. Adjusted EBITDA increased 167.2% to $184.2 million. The company sold three vessels for a $12.4 million gain and declared a $0.90 quarterly dividend. Management cited constructive outlooks and improved operating leverage." datetime: "2026-08-05T21:25:53.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/295019031.md) - [en](https://longbridge.com/en/news/295019031.md) - [zh-HK](https://longbridge.com/zh-HK/news/295019031.md) --- # Star Bulk Q2 2026 Earnings: Higher Charter Rates Lift Profit Star Bulk Carriers (Nasdaq: SBLK) reported Q2 2026 voyage revenue of $357.4 million, up 44.5% from $247.4 million, while diluted EPS increased to $1.30 from $0.00. Net income reached $144.9 million and the daily TCE rate rose to $24,486 despite a smaller average fleet, making this the company’s most profitable quarter since Q2 2022. The results were released on August 5 and cover the quarter ended June 30, 2026. ## Core Earnings Data Higher charter rates were the main operating driver, with adjusted EBITDA and adjusted EPS increasing substantially from the prior-year quarter. GAAP profit also benefited from a $12.4 million gain on vessel sales, while TCE revenue included an approximately $21.0 million gain from bunker sales following higher bunker prices. Operating cash flow increased alongside earnings, while the average number of vessels declined by 9.0%. This indicates that improved revenue per available vessel more than offset the reduced fleet size. Metric Q2 2026 Q2 2025 Year-over-year change Voyage revenue $357.4 million $247.4 million +44.5% Net income $144.9 million $0.04 million Up about $144.9 million Diluted EPS $1.30 $0.00 +$1.30 Adjusted diluted EPS $1.21 $0.11 +$1.10 Adjusted EBITDA $184.2 million $68.9 million +167.2% Operating cash flow $149.9 million $54.5 million +175.1% Daily TCE rate $24,486 $13,624 +79.7% Average number of vessels 134.3 147.6 \-9.0% Adjusted EPS, adjusted EBITDA, TCE revenue, and the daily TCE rate are non-GAAP measures or metrics. The company’s calculations may not be directly comparable with similarly named measures reported by other shipping companies. ## Business and Fleet Performance Capesize and Newcastlemax vessels generated the highest daily TCE rate during the quarter. The two smaller-vessel categories produced similar rates of slightly more than $20,000 per day. Vessel category Q2 2026 daily TCE rate Capesize / Newcastlemax $36,759 Post Panamax / Kamsarmax $20,400 Ultramax / Supramax $20,270 Star Bulk took delivery of three Kamsarmax newbuildings during Q2: _Star Evelina_, _Star Emma_, and _Star Ellie_. Five additional newbuildings remain, with two scheduled for delivery in Q3 and three in Q4 2026. The company had approximately $122.0 million of remaining capital expenditures associated with those vessels as of June 30. The company also continued to sell older vessels. The Q2 deliveries of _Star Scarlett_, _Star Mariella_, and _Star Moira_ generated a $12.4 million accounting gain. _Pendulum_ was delivered to its buyer in July, while _Star Eva_ is expected to be delivered during Q3. ## Higher Charter Rates More Than Offset a Smaller Fleet Available vessel days declined to 11,623 from 12,925, or approximately 10.1%, but TCE revenue increased 61.6% to $284.6 million. The 79.7% increase in the daily TCE rate was therefore the central reason revenue and earnings rose despite fewer operating days and a smaller average fleet. The TCE increase was not entirely attributable to charter rates. TCE revenue received an approximately $21.0 million benefit from bunker sales upon the delivery or redelivery of vessels to charterers, reflecting higher bunker prices after geopolitical conflicts escalated in the Middle East. Total vessel operating expenses declined to $64.3 million from $68.0 million because the company operated fewer vessels. Unit costs moved in the opposite direction: adjusted daily operating expense per vessel increased 5.1% to $5,180, while reported daily operating expense rose to $5,265 from $5,059. The rate improvement was large enough to absorb this higher per-vessel cost base during Q2. ## Profitability, Cash Flow, and Balance Sheet Adjusted net income was $134.8 million, below GAAP net income of $144.9 million. The main reconciliation item was the exclusion of the $12.4 million vessel-sale gain, partly offset by adjustments including $4.0 million of share-based compensation. Interest and finance costs declined to $12.4 million from $18.9 million. Management attributed the decrease to lower weighted-average outstanding debt and lower weighted-average interest rates. Dry-docking expenses also declined to $19.6 million from $21.0 million, reflecting ten completed dockings versus eleven a year earlier as well as differences in project timing. Cash, cash equivalents, and current restricted cash totaled $563.7 million at June 30, up from $500.3 million at the end of 2025. Total liabilities decreased to $1.340 billion from $1.356 billion over the same period, even as the company drew new financing to fund vessel deliveries and refinancings. The board declared a quarterly dividend of $0.90 per share, compared with $0.05 for the prior-year quarter. It is payable on or about September 3, 2026, to shareholders of record as of August 21. The payout follows Star Bulk’s policy of distributing operating cash flow remaining after capital expenditures and debt service. CEO Petros Pappas said the dry bulk supply-and-demand balance that supported first-half performance remained intact and described the outlook for the rest of 2026 as constructive. Management emphasized the company’s operating leverage to charter rates, diverse fleet, and full-payout capital allocation policy. Fleet efficiency remains another focus. Star Bulk reported that 88% of its vessels had been fitted with energy-saving devices, alongside the use of silicone hull paints and hull-cleaning robots intended to reduce fuel consumption and emissions. ## Risks Investors Should Watch - **Dry bulk charter-rate volatility:** Q2 results benefited significantly from the increase in the daily TCE rate. The company’s operating leverage means a reversal in charter rates could materially affect revenue, profit, and cash flow. - **Bunker-price and geopolitical exposure:** The quarter included an approximately $21.0 million bunker-sale gain linked to higher prices following conflict escalation in the Middle East. Changes in fuel prices and shipping conditions can affect voyage economics and period-to-period comparability. - **Rising unit operating costs:** Adjusted daily operating expense per vessel increased 5.1%. Continued cost increases would create greater margin pressure if charter rates weaken. - **Newbuilding commitments:** Star Bulk had approximately $122.0 million of remaining expenditures for five newbuildings scheduled for the second half of 2026, making delivery timing, financing, and deployment important cash-flow considerations. - **Dividend variability:** The dividend is tied to cash remaining after capital expenditures and debt service rather than a fixed payout, so future distributions may fluctuate with rates, fleet investment, and financing needs. ## Summary Star Bulk’s Q2 2026 earnings were driven primarily by much higher charter rates, which more than offset a smaller fleet and higher daily vessel costs. Vessel-sale gains, lower finance expenses, and a bunker-related benefit provided additional support, while operating cash flow funded a $0.90-per-share dividend. 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