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High demand sends earnings soaring at Star Bulk

Star Bulk improved its operating result nearly 50 percent in the first quarter. Economies reopening on the heels of the coronavirus pandemic have led demand in the dry bulk market to skyrocket, says the Greek carrier's CEO.

Photo: PR-FOTO

Greek dry bulk carrier Star Bulk looks set to hit the bull's eye on the current upturn in the dry bulk market, booking double-digit growth rates for both revenue and operating income for the first three months of the year.

TCE revenue grew 56 percent to USD 156 million compared to the same quarter last year. The operating result (EBITDA) also took a 46 percent hike to USD 84.5 million, while the bottom line ended at USD 35.8 million against a mere USD 2.7 million in the same period last year.

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