Star Bulk held its fourth-quarter 2025 financial results conference call attended by CEO Petros Pappas, President Hamish Norton, Co-CFOs Simos Spyrou and Christos Begleris, COO Nicos Rescos, Head of Marketing Analysis Constantinos Simantiras, and Chief Strategy Officer Charis Plakantonaki. Management reported Q4 net income of USD 65.2 million and adjusted EBITDA of USD 126.4 million, and said the board declared a USD 0.37 per share dividend payable on March 19. Spyrou said Star Bulk repurchased 1.2 million shares for USD 22.7 million during Q4 and authorized a new USD 100 million buyback program, alongside a policy to distribute 100% of free cash flow subject to a minimum cash balance per vessel. Rescos said eight Kamsarmax newbuildings are scheduled to deliver during 2026 with USD 206.6 million of remaining capex, and that 2026 dry-dock costs are expected to total USD 55.6 million. In Q&A, Norton said the shift toward dividends versus repurchases was driven by stronger share performance, while Pappas pointed to grains and potential Indonesian coal export cuts as commodities that could support ton-mile demand.

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