Star Bulk Carriers has lost USD 147 million this year

Star Bulk Carriers postpones newbuilding deliveries and payments totaling hundreds of millions of dollars in efforts to secure the carrier's cash resources in the struggling dry bulk sector.

Photo: Star Bulk

Dry bulk player Star Bulk carriers, which is listed in New York and has equity fund Oaktree as its primary shareholder, has lost USD 147 million so far in 2015, according to the carrier's third quarter interim report, which shows a net deficit of USD 42 million.

The deficits are somewhat smaller when adjusted for one-off items, at negative USD 77 million for the first nine months of the year and negative USD 24.5 million in the third quarter, but Star Bulk's results serve to once again illustrate the extremely weak conditions in the dry bulk industry.

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