Home Equities Score Star Bulk Carriers Corp (SBLK) facing headwinds in the pre-market on Thursday?

Star Bulk Carriers Corp (SBLK) facing headwinds in the pre-market on Thursday?

Star Bulk Carriers Corp. (SBLK) shares were falling -3.73% to trade at $21.7 in premarket on Thursday, May 20, 2021, as of this writing. SBLK’s stock gained 1.99% to close Wednesday’s session at $22.54. SBLK shares have soared 349.00% over the last 12 months, and they have moved up 5.08% in the past week. Over the past three months, the stock has gained 70.76%, while over the past six months, it has surged 210.90%.

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Let’s have a look at its recent developments

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Recent financial results announcement

On May 19, 2021, Star Bulk Carriers Corp reported its unaudited financial and operating results for the first quarter of 2021.

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Q1 2021 financial highlights

  • Star Bulk Carriers reported a net income of $35.8 million, or $0.36 earnings per share for Q1 2021 compared to net income for the of $2.8 million, or $0.03 earnings per share in Q1 2020.
  • Adjusted net income was $35.7 million, or $0.36 earnings per share for the first quarter of 2021, compared to an adjusted net loss of $22.3 million, or $0.23 loss per share in Q1 2020.
  • Total revenue for Q1 2021 was $200.5 million compared to $160.9 million in Q1 2020.
  • Adjusted EBITDA was $84.7 million for Q1 2021, compared to adjusted EBITDA of $32.6 million for Q1 2020.
  • Vessel operating expenses were $47.4 million in Q1 2021 compared to $42.7 million in Q1 2020.
  • General and administrative expenses were $7.3 million in Q1 2021 compared to $6.0 million in Q1 2020.
  • Star Bulk Carriers owned 125 vessels and our Total Cash Balance was at $206.6 million, as of March 31, 2021.

Dividend declaration

On May 19, 2021, the company’s board of directors (declared a quarterly cash dividend of $0.30 per share, payable on or about June 14th, 2021 to all shareholders of record as of May 31st, 2021.

2021 Annual Meeting of Shareholders

Star Bulk Carriers Corp’s annual meeting of shareholders was held On May 13, 2021, in Cyprus.

At the meeting, each of the following proposals was approved

  1. The re-election of Messrs. Koert Erhardt and Brian Laibow and the election of Mr. Sherman Lau, all as Class B directors
  2. The appointment of DELOITTE CERTIFIED PUBLIC ACCOUNTANTS S.A. as the Company’s independent auditors for the fiscal year ending December 31, 2021

Addition of six dry bulk vessels

On March 16, 2021, Star Bulk Carriers Corp received the delivery of six dry bulk vessels as per agreement with ENETI INC. The seventh vessel of the transaction, SBI PEGASUS, is expected to be delivered to the Company within the early second quarter of this year.

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Conclusion

The SBLK stock is losing after the company announced its financial result late in the evening yesterday which is a bit strange because the company reported a net profit of $35.8 million and improved its financial results but SBLK stock still going down.

We are not sure why it is sliding down and we hope to pick up the positive momentum later in the day.

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