Star Bulk Carriers had $23 million in rev. in 2020 for their 115 dry bulk vessel fleet.
But in 2021, commodity demand globally rocketed and revenues were $719 million with $300 mil profit.
The day rate is now $37,000 v $7,000 in 2020. The day rate is 6x their break-even day rate.
In February, 2022, the dividend was hiked to $2/quarter or $8 per year. Yield now 26%.
Dividend coverage is 2.71x.
Star Bulk ships coal, iron ore, grain, fertlizer, steel prod
Re: Star Bulk ships coal, iron ore, grain, fertlizer, steel
I'm familiar with them, other name's in same business is GOGL , EGLE, GNK. Last fall rates were 80 k day in the dry segnment.
Risk is slowing economy in China which drives this segment
Risk is slowing economy in China which drives this segment