Star Bulk revenue close to $ 1 billion

Star Bulk revenues reached $ 1 billion in the first nine months of 2021 as a result of the significant increase in fares in the bulk cargo freight market and the growth of the company’s fleet. Star Bulk Carriers announced for the period January-September 2021 revenue of $ 927.5 million compared to $ 507.2 million a year ago and profit of $ 380.3 million against losses of $ 18.1 million in the corresponding period of 2020.

In the third quarter of 2021, the company’s revenue amounted to $ 415.6 million compared to $ 200.2 million a year ago, more than doubled, while profits reached $ 220.4 million compared to $ 23.2 million in third quarter of 2020.

The results of the third quarter of 2021 concern a fleet of 128 ships compared to 116 ships in the third quarter of 2020.

Star Bulk recorded a record in the third quarter of 2021 in net profits, revenues and average daily fare, said the CEO of the company Mr. Petros Pappas and added that as a result of the existing dividend policy, the Company will pay a dividend of 1.25 USD / share for the third quarter.

Star Bulk Carriers has also published its third annual Environmental, Social and Governance Report (ESG).

Mr. Pappas estimates that despite the temporary instability of the bulk cargo freight market, the continuation will be positive for the industry as the strong global growth and increase of infrastructure expenditures is expected, which leads to a healthy increase in the demand for goods. The increased demand in combination with a historically low order book, create favorable long-term dynamics for our industry, adds Mr. Pappas.