Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes, listed on Nasdaq, announced that for the 2nd Q of 2017, total net voyage revenues were USD 62 million, compared to USD 34.9 million for the 2nd Q of 2016. This increase (+74%), was primarily driven by the increase in charterhire rates, which led to a TCE rate of USD 9,746 compared to a TCE rate of USD 5,609 for the 2nd Q of 2016, while the average number of vessels in its fleet of 69.5 was slightly lower compared to 70 during the 2nd Q of 2016.

• Operating income was USD 2 million, which includes depreciation of USD 20.7 million. Operating loss of USD 20.9 million includes depreciation of USD 20.3 million, a non‐cash impairment loss of USD 0.3 million and a net loss on sale of vessels of USD 0.2 million.

• Net loss was USD 10.3 million, or USD 0.16 loss per share, basic and diluted, calculated based on 63,336,657 weighted average basic and diluted shares. Net loss for the second quarter of 2016 was USD 32.9 million, or USD 0.75 loss per share, basic and diluted, calculated based on 43,938,755 weighted average basic and diluted shares.

• Adjusted net loss, which excludes all non‐cash items other than depreciation expense, was USD 7.6 million, or USD 0.12 loss per share, basic and diluted, compared to USD 30.2 million, or USD 0.69 loss per share, basic and diluted for the second quarter of 2016.

For the 1st half of 2017, total net voyage revenues were USD 111.8 million, compared to USD 61.6 million for the 1st half of 2016. The increase in net voyage revenues was driven by the increase in charter hire rates during the corresponding periods. This increase (+81%), led to a TCE rate of USD 8,977, compared to a TCE rate of USD 4,971 for same period in 2016.

• Operating loss was USD 3.3 million, which includes depreciation of USD 40.4 million and a net loss on sale of vessels of USD 0.4 million. Operating loss of USD 55.7 million for the first half of 2016 includes depreciation of USD 40.8 million and a non‐cash impairment loss of USD 6.7 million.

• Net loss for the 1st half of 2017 was USD 26.2 million, or USD 0.42 loss per share, basic and diluted, calculated based on 62,188,645 weighted average basic and diluted shares. Net loss for the first half of 2016 was USD 81.7 million, or USD 1.86 loss per share, basic and diluted, calculated based on 43,880,713 weighted average basic and diluted shares.

• Adjusted net loss, which excludes all non‐cash items, other than depreciation expense, amounted to USD 20.5 million, or USD 0.33 loss per share, basic and diluted, compared to USD 68.5 million, or USD 1.56 loss per share, basic and diluted, for the first half of 2016.

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