Star Bulk combines industry-leading costs, 97% scrubber coverage, strong dividends, and Simandou upside, but its 100% payout and spot-rate exposure make returns highly cyclical.
Overview
Star Bulk Carriers is a global dry-bulk owner operating 138 vessels on a fully delivered basis and approximately 13.8 million DWT across major and minor bulk trades. Its scale, low operating costs, technical record, and approximately 97% scrubber coverage create a narrow but meaningful competitive advantage in a fragmented, price-taking market. **Q2 2026 marked the strongest quarter since Q2 2022:** voyage revenue rose 44.46% year over year to $357.41 million despite a lower average fleet count, adjusted EBITDA reached $184.22 million, adjusted EPS was $1.21, and TCE rose to $24,486 per day. The company declared a $0.90 quarterly dividend, up 80% from $0.50, under its 100% post-capex FCF payout policy. At $30.48, valuation is 11.9x–12.2x trailing P/E, 8.20x EV/EBITDA, 1.35x–1.43x P/B, and approximately 0.85x NAV. Near-term support comes from 62% Q3 coverage at $23,547 TCE; longer-term catalysts include Simandou, fleet synergies, deleveraging, and asset-backed valuation.