Star Bulk divests and plunges into deficit

New York-listed charterer Star Bulk ended the first half of the year with a significant deficit on the bottom line. The dry bulk shipping company has sold off a large part of its fleet and postponed newbuildings.

Photo: Star Bulk

Greek dry bulk charterer Star Bulk has earlier been tipped as one of the big losers in the dry bulk crisis plaguing the markets over the past year, and results from the company's second quarter interim report are not encouraging.

The company, which is listed on the New York Stock Exchange, achieved a revenue of USD 101.3 million, up from USD 44.9 million in the first half of 2014. These negative developments impacted the company's bottom line, where earnings of USD 4.5 million in the first half of 2014 turned into a deficit of USD 52.5 million in the first half of this year.

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