SBLK Star Bulk Carriers
Dry Bulk · Newcastlemax / Capesize / Kamsarmax / Ultramax / Supramax · 99 documents
Star Bulk Carriers' 138-vessel dry bulk fleet — 47 Ultramax, 42 Kamsarmax, 17 Newcastlemax and 32 across 3 other classes — should earn about $26,545 a day in 2026Q3 and pay $0.92 a share. That is our forecast (PATTERN payout on ASSUMED TCE), at a rate beyond the $24,486/d its dividend history covers.
Yields annualise each quarter ×4 at the last close, $27.79 (2026-10-16). Our model is not company guidance.
What will Star Bulk Carriers pay for 2026Q3?
Stated policy: “we may approve the distribution of 100% of Cash Flow for a given quarter to shareholders. For purposes of this policy, "Cash Flow" is defined as cash flow from operations less (i) debt amortization, (ii) maintenance and upgrade capital expenditures, and (iii) any cash deficit below $2.1 million per owned vessel. ... a minimum quarterly dividend of $0.05 per share”
Rates in, dividend out 2026Q3
Model Your scenarioSet a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.
Latest rates
| Class | Company earned | Booked 2026Q3 | Market now | 8 weeks |
|---|---|---|---|---|
| Newcastlemax · 17 | $24,4862026Q2 · fleet avg | —none printed | —licensed index only | |
| Capesize · 14 | $24,4862026Q2 · fleet avg | —none printed | —licensed index only | |
| Kamsarmax · 42 | $24,4862026Q2 · fleet avg | —none printed | —licensed index only | |
| Ultramax · 47 | $24,4862026Q2 · fleet avg | —none printed | —licensed index only | |
| Supramax · 11 | $24,4862026Q2 · fleet avg | —none printed | —licensed index only | |
| Post_Panamax · 7 | $24,4862026Q2 · fleet avg | —none printed | —licensed index only |
Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class — a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago. Dry-bulk class rates exist only as licensed Baltic Exchange indices, which this site does not republish.
Your rates every day is at your rate
2026Q3 P&L and cash
| Line | Model | Your scenario | Δ | ||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Vessel-days, days patternNet of off-hire and drydock: its own median utilization. |
11,835 | 11,835 | |||||||||||||||||||||||||||||
By class
| |||||||||||||||||||||||||||||||
| Fleet TCE, $/day assumed | 26,545 | 26,545 | |||||||||||||||||||||||||||||
Revenue (TCE basis), $m assumedVessel-days × fleet TCE. |
314.2 | 314.2 | |||||||||||||||||||||||||||||
Vessel opex, $m assumed2026Q2: $64.3m over 11,624 vessel-days, held per day. |
(65.5) | (65.5) | |||||||||||||||||||||||||||||
G&A, $m assumed2026Q2: $16.1m over 11,624 vessel-days, held per day. |
(16.4) | (16.4) | |||||||||||||||||||||||||||||
| EBITDA, $m assumed | 232.3 | 232.3 | |||||||||||||||||||||||||||||
Hire for chartered-in ships, $mNot on file for any quarter (not extracted, or not disclosed). |
— | — | |||||||||||||||||||||||||||||
Interest expense, $m assumed2026Q2: $9.4m over 11,624 vessel-days, held per day. |
(9.6) | (9.6) | |||||||||||||||||||||||||||||
Scheduled debt amortisation, $m stated2026Q4: $57.7m over 12,696 vessel-days, held per day (the issuer’s scheduled principal). |
(53.8) | (53.8) | |||||||||||||||||||||||||||||
Drydock cost, $mNo separate drydock cash line on file; off-hire is in the vessel-day count above. |
— | — | |||||||||||||||||||||||||||||
Cash break-even, $/day assumedΣ cash costs above ÷ vessel-days. |
12,271 | 12,271 | |||||||||||||||||||||||||||||
| Cushion vs fleet TCE, $/day | 14,274 | 14,274 | |||||||||||||||||||||||||||||
Free cash flow to equity, $m assumedRevenue − cash costs: the cash available for distribution. |
168.9 | 168.9 | |||||||||||||||||||||||||||||
Maintenance capex, $mNot disclosed as a cash line; not in the model’s cash. |
— | ||||||||||||||||||||||||||||||
Dividend policy pattern
“we may approve the distribution of 100% of Cash Flow for a given quarter to shareholders. For purposes of this policy, "Cash Flow" is defined as cash flow from operations less (i) debt amortization, (ii) maintenance and upgrade capital expenditures, and (iii) any cash deficit below $2.1 million per owned vessel. ... a minimum quarterly dividend of $0.05 per share”
The stated policy is not a percentage the model can apply. It paid 63% of the cash above break-even over 2025Q1–2026Q2 (5 quarters); that share is applied to the cash line.
| Output | Model | Your scenario | Δ |
|---|---|---|---|
| Estimated distributable cash, $m | 107.1 | ||
| Estimated DPS, $/share assumed | $0.92 | ||
| Forward yield, run-rate % | 13.3% | ||
| vs last declared ($0.90, 2026Q2) | +3% |
Yield annualises the quarter’s DPS × 4 (a run-rate, not a forecast of the year) against the $27.79 close on 2026-10-16.
Showing the model’s own figures. Setting your own rates needs JavaScript.
Dividend per share declared · model · you
Market context — rates, the dividend, and the price
Rates and dividend — realized rate and declared
Bars are the fleet TCE this issuer reported. Dashed-outline bars are the model estimate — see Dividend forecast.
The line is the declared dividend per share — dashed where it is the model's estimate. Model estimate — not issuer guidance.
Forward (our model — model quarter ×4): $3.69/yr · @ $27.79 (as of 2026-10-16) = 13.3% yield (spot-exposure scenario) · Trailing TTM $1.88/yr = 6.8%
Price and the yield it implied
Latest: 2026-Q2 declared $0.9/share on 2026-08-05, 12.9% annualised against the $27.96 close that day.
The continuous line is the daily closing price in dollars — the raw close, not a dividend-adjusted one, which would back-adjust away the very payouts being measured. The second line carries 4 declared dividends and is marked nowhere else — each annualised ×4 and divided by the close on, or last before, the day it was declared. A quarter with no dividend has no mark. The segments between the marks connect them; they are not measured. This is what the share yielded at the time, not what those dividends would yield at today's price. Prices start 2025-08-29, so anything declared before then is not plotted.
How we got the number
How to read this page
Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it →
Where SBLK departs from that
- Rate 1.1x the highest it has earned ($24,486/d).
- The forecast has not been scored against an outcome yet — there is no track record here to judge it by.
- Newcastlemax: SSY Capesize Index SPOT proxy $47,050/day (our mean of 2026Q3's monthly medians across the SSY T/C routes, 3/3 months, 48 weekly print(s); the quarter has ended, so it is priced at its own months; route values are licensed and not shown; no Gibson route for dry class).
- Newcastlemax: priced off the Capesize index — a neighbouring market (208k vs 180k dwt), ASSUMED, no premium added (owner 2026-10-19).
What drives it — fleet TCE, 2026Q3
Earnings bridge — 2026Q2 → 2026Q3
Dividend history & forecast accuracy
Upcoming
| Quarter | Ex-date (est.) | Forecast DPS | Actual DPS |
|---|---|---|---|
| 2026Q3 E | — | $0.92 | — |
| 2026Q4 E | — | $0.73 | — |
| Period | DPS | Kind | Ex-date | Pay date | Source |
|---|---|---|---|---|---|
| 2026-Q2 | $0.90/share | regular | — | 2026-09-03 | as of 2026-08-05 declaration |
| 2026-Q1 | $0.50/share | regular | — | 2026-06-22 | as of 2026-05-26 declaration |
| 2025-Q4 | $0.37/share | regular | — | 2026-03-19 | as of 2026-02-25 read by hand from the filing |
| 2025-Q3 | $0.11/share | regular | — | 2025-12-18 | as of 2025-11-26 declaration |
| 2025-Q1 | $0.05/share | regular | — | 2025-06-20 | as of 2025-05-28 declaration |
| 2024-Q4 | $0.09/share | regular | — | 2025-03-18 | as of 2025-02-18 declaration |
| 2024-Q3 | $0.60/share | regular | — | 2024-12-18 | as of 2024-11-20 declaration |
| 2024-Q2 | $0.70/share | regular | — | 2024-09-06 | as of 2024-08-07 read by hand from the filing |
Older dividends (2 more)
| Period | DPS | Kind | Ex-date | Pay date | Source |
|---|---|---|---|---|---|
| 2024-Q1 | $0.75/share | regular | — | 2024-06-20 | as of 2024-05-23 declaration |
| 2023-Q4 | $0.45/share | regular | 2024-03-11 | 2024-03-28 | as of 2024-02-13 declaration |
DPS method: payout of cash above break-even.
Financials & fleet
Latest quarter 2026Q2 2 qtrs old
14× capesize · 42× kamsarmax · 0× Mini-Capesize · 17× newcastlemax · 0× panamax · 7× Post-Panamax · 11× supramax · 47× ultramax current
Fleet model — 2026Q3
Fleet model estimate — not issuer guidance.
| Class | Ships | TC | Spot | % Fixed | Guided $/d | Spot $/d | Blended $/d | QTD rev $M | Modeled Q rev $M |
|---|---|---|---|---|---|---|---|---|---|
| Newcastlemax | 17 | — | — | — | — | — | 47,050 | — | 68.6 |
| Capesize | 14 | — | — | — | — | — | 47,050 | — | 56.5 |
| Kamsarmax | 42 | — | — | — | — | — | 21,375 | — | 77.0 |
| Ultramax | 47 | — | — | — | — | — | 19,950 | — | 80.4 |
| Supramax | 11 | — | — | — | — | — | 19,950 | — | 18.8 |
| Post_Panamax | 7 | — | — | — | — | — | 21,375 | — | 12.8 |
| Total | 138 | 26,545 | — | 314.2 | |||||
Guided rates are issuer-booked cover for 2026Q3 blended with SSY capesize assessments and the Braemar dry-FFA curve for the open days.
Bear counts booked cover only, with open days at zero; Base is the next-quarter estimate above, which prices the open days; Bull needs a recent peak index, which this fleet's classes do not have.
Model gaps & assumptions
newcastlemax: SSY Capesize Index SPOT proxy $47,050/day (our mean of 2026Q3's monthly medians across the SSY T/C routes, 3/3 months, 48 weekly print(s); the quarter has ended, so it is priced at its own months; route values are licensed and not shown; no Gibson route for dry class) · newcastlemax: priced off the Capesize index — a neighbouring market (208k vs 180k dwt), ASSUMED, no premium added (owner 2026-10-19) · index realization not applied to the cape classes: fewer than 2 closed quarters with this issuer's own cape TCE on file — the open share is priced at the full index, which this issuer has not been shown to capture · newcastlemax: no fixed-coverage guidance -> 100% spot proxy · capesize: SSY Capesize Index SPOT proxy $47,050/day (our mean of 2026Q3's monthly medians across the SSY T/C routes, 3/3 months, 48 weekly print(s); the quarter has ended, so it is priced at its own months; route values are licensed and not shown; no Gibson route for dry class) · capesize: no fixed-coverage guidance -> 100% spot proxy · kamsarmax: priced off the Panamax FFA curve — the board quotes no Kamsarmax line (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) · index realization not applied to the Panamax/Supramax/Handysize families: the Braemar curve began in 2026-09, so there is no history to measure this issuer's capture against — their open share is priced at the full curve · kamsarmax: no fixed-coverage guidance -> 100% spot proxy · ultramax: priced off the Supramax FFA curve — the board quotes no Ultramax line (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) · ultramax: no fixed-coverage guidance -> 100% spot proxy · supramax: Braemar dry-FFA FORWARD-curve proxy (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) · supramax: no fixed-coverage guidance -> 100% spot proxy · Post-Panamax: priced off the Panamax FFA curve — the board quotes no Post-Panamax line (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) · Post-Panamax: no fixed-coverage guidance -> 100% spot proxy · DPS = 63% (own history) of cash above the $12,271/day break-even (cost lines) over 11,835 vessel-days · stated policy (100% of cash flow after debt service and maintenance capex) not applied: missing cash-cost component(s): maintenance capex ($M) · one-model DPS extrapolated: TCE $26,545/day is 8% outside the $12,439-$24,486/day its dividend history covers — costs are per day, so the dividend still rises with the rate, but the payout share is untested out there
Profit statement highlights
| Line | 2026Q2 | 2026Q1 | YoY Δ |
|---|---|---|---|
| Revenue | $357.4M | $281.2M | +44.5% |
| Opex | $64.3M | $61.8M | -5.4% |
| Net income | $144.9M | $58.5M | > +500% |
Full P&L grid — 6 quarters
| Line item | 2026Q2 | 2026Q1 | 2025Q4 | 2025Q3 | 2025Q2 | 2025Q1 |
|---|---|---|---|---|---|---|
| Revenue $M | 357.4 | 281.2 | 300.6 | 263.9 | 247.4 | 230.7 |
| Voyage expenses $M | 57.6 | 52.8 | — | 46.7 | 55.8 | 56.3 |
| Vessel opex $M | 64.3 | 61.8 | 65.5 | 67.8 | 68.0 | 67.9 |
| G&A $M | 16.1 | 14.5 | 17.3 | 19.7 | 18.2 | 15.3 |
| Depreciation $M | 39.8 | 39.6 | — | 41.8 | 42.6 | 43.0 |
| Interest expense, gross $M | — | — | — | — | — | 14.6 |
| Net income $M | 144.9 | 58.5 | 65.2 | 18.5 | 0.0 | 0.5 |
| Declared DPS | 0.90 | 0.50 | 0.37 | 0.11 | 0.05 | 0.05 |
Profit statement – highlights SEC EDGAR company facts
| Line | FY2009 | FY2010 | H1 2011 | FY2011 | H1 2012 | FY2012 | H1 2013 | FY2013 | H1 2014 | FY2014 | H1 2015 | FY2015 | H1 2016 | FY2016 | H1 2017 | FY2017 | H1 2018 | FY2018 | H1 2019 | FY2019 | H1 2020 | FY2020 | H1 2021 | FY2021 | H1 2022 | FY2022 | H1 2023 | FY2023 | H1 2024 | FY2024 | H1 2025 | FY2025 | H1 2026 | YoY Δ |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 142.4 | 121.0 | 52.2 | 107.1 | 49.8 | 86.2 | 35.8 | 69.9 | 44.9 | 147.4 | 101.3 | 234.3 | 99.0 | 222.1 | 143.5 | 332.0 | 253.7 | 651.6 | 324.3 | 821.4 | 307.0 | 693.2 | 511.9 | 1427.4 | 778.2 | 1437.2 | 462.7 | 949.3 | 612.3 | 1265.5 | 478.1 | 1042.5 | 638.6 | +33.6% |
| EBITDA / operating income | -49.3 | 0.3 | 5.1 | -64.8 | -0.5 | -307.0 | 5.2 | 8.3 | 0.0 | -1.4 | -90.7 | -425.6 | -55.7 | -109.3 | -3.3 | 38.8 | 50.5 | 131.9 | -1.2 | 73.7 | -2.8 | 84.0 | 190.1 | 739.4 | 394.7 | 607.6 | 116.8 | 238.5 | 221.8 | 383.0 | 28.3 | 136.9 | 225.2 | > +500% |
| Operating expenses | 191.7 | 120.8 | 47.1 | 171.8 | 50.3 | 393.1 | 30.6 | 61.6 | 44.9 | 148.8 | 192.0 | 659.9 | 154.7 | 331.4 | 146.8 | 293.1 | 203.1 | 519.6 | 325.4 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Net result | -58.4 | -5.1 | 3.4 | -69.6 | -4.5 | -314.5 | 2.0 | 1.9 | -3.9 | -11.8 | -105.4 | -458.4 | -81.8 | -154.2 | -26.2 | -9.8 | 20.6 | 58.4 | -45.5 | -16.2 | -41.4 | 9.7 | 160.0 | 680.5 | 370.5 | 566.0 | 90.2 | 173.6 | 180.9 | 304.7 | 0.5 | 84.2 | 203.5 | > +500% |
| Declared DPS | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Full P&L grid — 4 lines × 33 quarters
| Line item | FY2009 | FY2010 | H1 2011 | FY2011 | H1 2012 | FY2012 | H1 2013 | FY2013 | H1 2014 | FY2014 | H1 2015 | FY2015 | H1 2016 | FY2016 | H1 2017 | FY2017 | H1 2018 | FY2018 | H1 2019 | FY2019 | H1 2020 | FY2020 | H1 2021 | FY2021 | H1 2022 | FY2022 | H1 2023 | FY2023 | H1 2024 | FY2024 | H1 2025 | FY2025 | H1 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating revenues | 142.4 | 121.0 | 52.2 | 107.1 | 49.8 | 86.2 | 35.8 | 69.9 | 44.9 | 147.4 | 101.3 | 234.3 | 99.0 | 222.1 | 143.5 | 332.0 | 253.7 | 651.6 | 324.3 | 821.4 | 307.0 | 693.2 | 511.9 | 1427.4 | 778.2 | 1437.2 | 462.7 | 949.3 | 612.3 | 1265.5 | 478.1 | 1042.5 | 638.6 |
| Operating expenses | 191.7 | 120.8 | 47.1 | 171.8 | 50.3 | 393.1 | 30.6 | 61.6 | 44.9 | 148.8 | 192.0 | 659.9 | 154.7 | 331.4 | 146.8 | 293.1 | 203.1 | 519.6 | 325.4 | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Operating income | -49.3 | 0.3 | 5.1 | -64.8 | -0.5 | -307.0 | 5.2 | 8.3 | -0.0 | -1.4 | -90.7 | -425.6 | -55.7 | -109.3 | -3.3 | 38.8 | 50.5 | 131.9 | -1.2 | 73.7 | -2.8 | 84.0 | 190.1 | 739.4 | 394.7 | 607.6 | 116.8 | 238.5 | 221.8 | 383.0 | 28.3 | 136.9 | 225.2 |
| Profit for the period | -58.4 | -5.1 | 3.4 | -69.6 | -4.5 | -314.5 | 2.0 | 1.9 | -3.9 | -11.8 | -105.4 | -458.4 | -81.8 | -154.2 | -26.2 | -9.8 | 20.6 | 58.4 | -45.5 | -16.2 | -41.4 | 9.7 | 160.0 | 680.5 | 370.5 | 566.0 | 90.2 | 173.6 | 180.9 | 304.7 | 0.5 | 84.2 | 203.5 |
Realized fleet TCE
Realized fleet TCE versus benchmark: 5 points, 2025-01-01 to 2026-04-01; Realized fleet TCE latest 24,486.00.
Benchmark comparison will appear once issuer-printed benchmark data is available.
Guidance & sources
Sources — press, filings & documents
Interim updates since 2026Q3
- other low 2026-10-09 Star Bulk Carriers Corp. Announces Renewal of Existing ATM Equity Offering Programs source
- other low 2026-10-09 Star Bulk Carriers Corp. (the "Company" or “Star Bulk”) (Nasdaq & Euronext Athens: SBLK) today announced the renewal of its existing At-The-… source
- other low 2026-10-09 In connection with the renewal, the Company has entered into (i) a Second Amended and Restated ATM Sales Agreement with Deutsche Bank Securi… source
- other low 2026-10-09 The amounts available for offer and sale under the Second Amended and Restated Sales Agreements, equal the unused capacity remaining under t… source
Market:
Press & filings by quarter
Recent documents
- mfn 2026-10-09T22:59:00 Star Bulk Carriers Corp. Announces Renewal of Existing ATM Equity Offering Programs (2026-10-09)
- mfn 2026-10-09T22:05:00 Star Bulk Announces Strategic Partnership with Hermes World Maritime S.A. (2026-10-09)
- edgar 2026-10-09 6-K — Current Report (2026-10-09)
- edgar 2026-10-09 6-K exhibit (2026-10-09)
- edgar 2026-09-18 REPORT OF FOREIGN PRIVATE ISSUER (2026-09-18)
- edgar 2026-09-18 REPORT OF FOREIGN PRIVATE ISSUER exhibit (2026-09-18)
- edgar 2026-09-18 REPORT OF FOREIGN PRIVATE ISSUER exhibit (2026-09-18)
- edgar 2026-09-16 REPORT OF FOREIGN PRIVATE ISSUER (2026-09-16)
- edgar 2026-09-16 REPORT OF FOREIGN PRIVATE ISSUER exhibit (2026-09-16)
- edgar 2026-09-16 REPORT OF FOREIGN PRIVATE ISSUER exhibit (2026-09-16)
- mfn 2026-09-15T23:05:00 Announcement Regarding the Opening Price of All 116,071,386 Common Shares Issued and Outstanding by Star Bulk Carriers Corp. (the “Company”) on the Main Market of the Regulated Securities Market of Euronext Athens (2026-09-15)
- mfn 2026-09-15T19:03:54 The Board of Directors of "Star Bulk Carriers Corp." (the "Company") Expresses Its Gratitude (2026-09-15)