Revenues in line with estimates but missed last quarters earnings by 1.9%.
Star Buik Carriers owns 128 dry bulk carriers ships that transport grain, fertilizer, coal, iron ore and steel products around the world.
Day rates are up since 2021 to $30,000 per day or more.
Cost of daily operation: about $6.000
Trailing PE 4.5x
Yield : 22%
Nearly every board member of a major shareholders because a number of them merged their own fleet of dry bulk ships
into the Star Bulk fleet which averages 10.5 years in age. The Board holds $2.l million cash in reserve per ship and pays
profit above this level into distributions.
Germany uses more coal than natural gas and coal is cheaper and easy to store on the ground until needed than natural gas.
Canada is the world's largest producer of agricultural fertilizers they ship around the world. Russia and Belarus are #2 and #3 for fertilizers.
Despite earnings miss, share price has been moving up in 2023 to now $24.
NOTE: Management is looking for Chinese demand for their Supermax ships to recover in 2023. We can hope so.