Dry bulk carrier Star Bulk closed a record-strong dry bulk year with a solid profit of USD 300m in the fourth quarter alone.

In line with other carriers, Star Bulk has thus seen results improve in a particularly profitable year for dry bulk, which has led to profits across the sector.

Furthermore, according to Chief Executive Petros Pappas, there is cause for optimism regarding market prospects.

”Upcoming environmental regulations and continued global economic growth create a favorable picture for the future of the industry,” states Pappas in the financial report.

”Star Bulk has built a solid platform and remains well positioned to take advantage of such continued positive dynamics and reward its shareholders over the long term.”

Strong end to the year

The last months of 2021 in particular offered high rates for dry bulk carriers, also at Star Bulk, which reports Q4 TCE rates of USD 47,219 per day for the large capesize and newcastlemax vessels. The level is significantly higher than the year average of USD 32,286 for the same ships.

Star Bulk’s revenue increased to USD 499.9m in Q4 compared to USD 186m in the same period the year before. And the Q4 net profit of USD 300.2m contributed to an overall 2021 profit of USD 680.5m.

The result is Star Bulk’s best to date.

Tuesday, another major dry bulk carrier – Golden Ocean – presented a record-high net profit of USD 527m for the whole year.

At the end of 2021, Star Bulk owned 128 vessels.

English edit: Kristoffer Grønbæk

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