STAR BULK
Expands its net income to USD 35.24m in the 3rd Q of 2008
NOV, 24.2008
The Greek Star Bulk Carriers Corp., listed on Nasdaq (Akis Tsirigakis, President and CEO), reported net income of USD 35.24m for the 3rd Q of 2008 compared to USD 0.94m for the 3rd Q of 2007. Voyage and time charter revenues were USD 65.18m, while operating income amounted to USD 37.64m and EBITDA was USD 51.64m. Earnings per share, basic and diluted were USD 0.63 and USD 0.62, respectively.
An average of 12.1 vessels were owned and operated during the 3rd Q of 2008, earning an average Time Charter Equivalent, or TCE rate of USD 62,156 per day.For 9 months ended September 30, 2008 the company reported net income of USD 83.54m compared to USD 1.80m of 2007. Voyage and time charter revenues were USD 166.1m and EBITDA was USD 123.54m. Earnings per share, basic and diluted were USD 1.63 and USD 1.54, respectively.
An average of 10.3 vessels were owned and operated during the 9 months ended September 30, 2008, earning an average TCE rate of USD 63,489 per day.
“We have contracted for 100% of our operating days in 2008, 74% in 2009 and 64% in 2010 under time charters thereby reducing our exposure to the volatility of the shipping markets”, Akis Tsirigakis, commented.
Star Bulk Carriers Corp . is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector, carrying iron ore, coal, grain, bauxite, fertilizers and steel products. Star Bulk which is incorporated in the Marshall Islands and is headquartered in Athens, has an operating fleet of 12 dry bulk carriers. The total fleet consists of 4 Capesize and 8 Supramax dry bulk vessels with a combined cargo carrying capacity of 1,106,250 dwt.
