Greek shipping: Two Star Bulk ships freed from Ukrainian port

Two of the three Star Bulk ships that were stranded after the start of the Russian attack on Ukrainian ports have been released as part of the multilateral agreement between Russia, Ukraine, Turkey and the United Nations to resume grain exports from the Black Sea region. This is stated by the Nasdaq-listed shipping company on the occasion of announcing its third quarter financial results.

The two ships that are now free are “Star Helena” and “Star Laura”, while “Star Pavlina” remains in Ukraine manned by a Ukrainian security crew and as announced by Star Bulk, it is insured for both Hull and Machinery and with increased value, insurance against loss of revenue due to detention and war.

Financial results

Star Bulk reported third-quarter revenue of $364.1 million, up from $415.6 million in Q3 2021, and profit of $109.7 million, up from $220.4 million last year.

The drop in revenue is due to the weaker charter market, the company points out.

In a statement, however, the company’s managing director, Mr. Petros Pappas, expressed his optimism for the future of the dry bulk freight market, noting, among other things, that with the order book at a historic low and with the new environmental regulations coming into force in conjunction with the expectations for the gradual opening of the Chinese economy, we remain optimistic about the long-term prospects of the dry bulk market, despite global macroeconomic uncertainties.

Mr. Pappas also referred to the company’s board of directors’ decision to distribute a dividend of $1.20 per share for the third quarter, adding that more than $900 million has been distributed to shareholders since the beginning of 2021.

Star Bulk controls a fleet of 128 dry bulk carriers with a total carrying capacity of 14.1 million dwt.