reports
- Jørgen Lian
Yard response and dry bulk qualms
Our trip to South Korea and China revealed Chinese shipbuilders are seeking growth to take on Korea’s established yards who are facing constraints. An eagerness to add capacity is one of our takeaways, as well as a gloomy outlook for Chinese real estate, which in our view should inevitably weigh on dry bulk demand.
DHT DHT HOLDINGS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
GNK GENCO SHIPPING & TRADING LTD.
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
ODF ODFJELL ASA
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
WWI WILHELM WILHELMSEN HOLDING
SBLK STAR BULK CARRIERS CORP.
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
AMSC AMERICAN SHIPPING COMPANY ASA
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
HUNT HUNTER GROUP ASA
STNG SCORPIO TANKERS INC.
FLNG FLEX LNG LTD.
SFL SFL CORPORATION LIMITED
TNK TEEKAY TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
EGLE EAGLE BULK SHIPPING
MPCC MPC CONTAINER SHIPS AS
HAUTO HOEGH AUTOLINERS ASA
WEST WESTERN BULK CHARTERING
HAFNI HAFNIA
COOL COOL COMPANY LTD.
HSHP HIMALAYA SHIPPING LTD.
Star Bulk Carriers Corp: 1 director
A director at Star Bulk Carriers Corp sold 30,000 shares at 23.490USD and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two year...
Star Bulk Completes Merger With Eagle Bulk
Star Bulk Completes Merger With Eagle Bulk ATHENS, Greece, April 09, 2024 (GLOBE NEWSWIRE) -- Star Bulk Carriers Corp. (“Star Bulk”) (Nasdaq: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes, today announced that it has completed its merger with Eagle Bulk Shipping Inc. (“Eagle”). Under the terms of the merger agreement, each Eagle shareholder received 2.6211 shares of Star Bulk common stock for each share of Eagle common stock owned. Eagle common stock has ceased trading and will no longer be listed on the New York Stock Exchange. Petros Pappas, C...
- Jørgen Lian
A brewing challenge for the yards
Our 17th Annual Energy & Shipping Conference was well attended by investors and industry executives showcasing the still-growing interest for the sectors. Limited yard capacity is fuelling high newbuilding prices and raising freight rate expectations for the vast fleet renewal necessary in the coming decade. Long lead times underpin a bullish supply story for much of shipping in the coming years, albeit exposed to geopolitical risks affecting trade patterns. Our overall impression was general op...
DHT DHT HOLDINGS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
GNK GENCO SHIPPING & TRADING LTD.
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
ODF ODFJELL ASA
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
WWI WILHELM WILHELMSEN HOLDING
SBLK STAR BULK CARRIERS CORP.
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
AMSC AMERICAN SHIPPING COMPANY ASA
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
HUNT HUNTER GROUP ASA
STNG SCORPIO TANKERS INC.
FLNG FLEX LNG LTD.
SFL SFL CORPORATION LIMITED
TNK TEEKAY TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
EGLE EAGLE BULK SHIPPING
MPCC MPC CONTAINER SHIPS AS
HAUTO HOEGH AUTOLINERS ASA
WEST WESTERN BULK CHARTERING
HAFNI HAFNIA
COOL COOL COMPANY LTD.
HSHP HIMALAYA SHIPPING LTD.
Star Bulk Carriers Corp. Announces Change Of Transfer Agent And Regist...
Star Bulk Carriers Corp. Announces Change Of Transfer Agent And Registrar ATHENS, Greece, March 04, 2024 (GLOBE NEWSWIRE) -- Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq: SBLK) a global shipping company focusing on the transportation of dry bulk cargoes announced that, effective immediately, COMPUTERSHARE TRUST COMPANY, N.A. (“COMPUTERSHARE”) is appointed as the Company’s Sole Transfer Agent and Registrar of its shares trading under ticker symbol SBLK on NASDAQ. Shareholders need take no action in respect of the change in registrar and transfer agent services. All inqu...
- Geir Hiller Holom
BerGenBio (Sell, TP: NOK0.05) - Our concerns remain
While opex fell sharply in 2023 and YOY in Q4, and management maintained the timeline for its BGBC016 study, we remain concerned about a lack of major share-price catalysts ahead of the next needed capital raise. We reiterate our SELL and NOK0.05 target price.
- Jørgen Lian
Star Bulk (Buy, TP: USD25.00) - Pricing in much of 2024e potential
We expect Star Bulk’s Q4–Q1 trading to deliver ~13% in run-rate earnings yield, which we believe underpins the current share price ahead of an expected earnings dip for the seasonally softer Q2–Q3, where we forecast an annualised earnings yield of ~4%. Hence, the risk/reward looks more balanced, but supported by the material NAV discount on strong ~15-year high vessel values. We reiterate our BUY and USD25 target price.
Star Bulk Carriers Corp. Reports Net Profit of $39.7 Million for the F...
Star Bulk Carriers Corp. Reports Net Profit of $39.7 Million for the Fourth Quarter of 2023, and Declares Quarterly Dividend of $0.45 Per Share ATHENS, Greece, Feb. 12, 2024 (GLOBE NEWSWIRE) -- Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes, today announced its unaudited financial and operating results for the fourth quarter of 2023. Unless otherwise indicated or unless the context requires otherwise, all references in this press release to "we," "us," "our," or similar references, mean S...
- Jørgen Lian
Star Bulk (Buy, TP: USD25.00) - Near-term forecasts lowered
We have cut our Q4 estimates after a modelling change to better reflect the guidance and revenue timing against the latest freight rate movements. We have lowered our 2023e adj. EBITDA by 7%, while 2024–2025e are largely unchanged. This leaves us 8% above Bloomberg consensus adj. EBITDA for Q4 and still considerably above (40%) for Q1. Our valuation is unaltered, and we reiterate our BUY and USD25 target price.
Star Bulk Announces Date for the Release of Fourth Quarter and Twelve ...
Star Bulk Announces Date for the Release of Fourth Quarter and Twelve Months Ended December 31, 2023 Results, Conference Call and Webcast ATHENS, Greece, Feb. 07, 2024 (GLOBE NEWSWIRE) -- Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq: SBLK) today announced that it will release its results for the fourth quarter and twelve months ended December 31, 2023 after the market closes in New York on Monday, February 12, 2024. Star Bulk's management team will host a conference call to discuss the Company's financial results on Tuesday, February 13, 2024 at 11:00 a.m. Eastern Time ...
- Jørgen Lian
Star Bulk (Buy, TP: USD25.00) - Creating a bulker behemoth
Star Bulk is flexing its muscles at a time when rates, fuel spreads, and vessel values are all pointing in a positive direction. Following its favourably timed and highly accretive 20m share buybacks, our NAV has risen to ~USD29/share. In our view, this leaves substantial headroom for investors to add discounted dry bulk exposure to a top-tier owner, which, on a relatively modest rate outlook, looks set to generate healthy returns from its premium-earning vessels and low cost base. We reiterate ...
- Jørgen Lian
Star Bulk (Buy, TP: USD21.00) - Set to acquire Eagle Bulk for shares
Star Bulk, together with Eagle Bulk, yesterday announced a definitive agreement to combine in an all-stock merger by issuing 2.6211 Star Bulk shares for each Eagle Bulk share. The consideration equates to a 13% premium to Eagle Bulk’s closing price, while the combined entity would eye at least USD50m in annual synergies. For Star Bulk, we believe the agreement represents an opportune move, taking advantage of better market pricing and adding even more scale to its efficient operations. We would ...
Star Bulk Successfully Completes the Second Repurchase of 10 Million o...
Star Bulk Successfully Completes the Second Repurchase of 10 Million of Its Common Shares From Oaktree ATHENS, Greece, Dec. 01, 2023 (GLOBE NEWSWIRE) -- Star Bulk Carriers Corp. (the “Company” or “Star Bulk”) (Nasdaq: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes, today announced that on December 1, 2023, they closed the previously announced repurchase of 10 million of its common shares from Oaktree Shareholders (as defined below and such transaction, the “December Share Repurchase”). As a result of the closing of the December Share Repurchase, (i) th...
- Jørgen Lian
Star Bulk (Buy, TP: USD21.00) - Out with the old, in with the new
Star Bulk is disposing of five vessels and bringing two firm newbuilds into the fold as the company ‘looks towards fleet renewal’. Despite what we view as elevated asset values, Star Bulk’s renewal comes at a likely favourable point in the cycle, with constructive supply-side fundamentals providing solid support and upside potential, should demand improve. We reiterate our BUY but have cut our target price to USD21 (22).
Star Bulk Carriers Corp. Reports Net Profit of $43.7 Million for the T...
Star Bulk Carriers Corp. Reports Net Profit of $43.7 Million for the Third Quarter of 2023, and Declares Quarterly Dividend of $0.22 Per Share ATHENS, Greece, Nov. 13, 2023 (GLOBE NEWSWIRE) -- Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes, today announced its unaudited financial and operating results for the third quarter of 2023. Unless otherwise indicated or unless the context requires otherwise, all references in this press release to "we," "us," "our," or similar references, mean Sta...
Star Bulk Announces the Repurchase of an Additional 10 Million of its ...
Star Bulk Announces the Repurchase of an Additional 10 Million of its Common Shares From Oaktree ATHENS, Greece, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Star Bulk Carriers Corp. (the “Company” or “Star Bulk”) (Nasdaq: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes, announced today that it entered into a Repurchase Agreement (the “Repurchase Agreement”) with OCM XL Holdings, L.P., a limited partnership incorporated in the Cayman Islands, Oaktree OBC Container Holdings, LLC, a limited liability company organized in the Marshall Islands, and OCM FIE, LLC, a lim...
Star Bulk Announces Date for the Release of Third Quarter Ended Septem...
Star Bulk Announces Date for the Release of Third Quarter Ended September 30, 2023 Results, Conference Call and Webcast ATHENS, Greece, Oct. 11, 2023 (GLOBE NEWSWIRE) -- Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq: SBLK), today announced that it will release its results for the third quarter ended September 30, 2023, after the market closes in New York on Monday, November 13, 2023. Star Bulk's management team will host a conference call to discuss the Company's financial results on Tuesday, November 14, 2023 at 11:00 a.m. Eastern Time (ET). Conference Call details: Pa...
Star Bulk Announces Its 2022 Environmental, Social and Governance (ESG...
Star Bulk Announces Its 2022 Environmental, Social and Governance (ESG) Report ATHENS, Greece, Oct. 09, 2023 (GLOBE NEWSWIRE) -- Star Bulk Carriers Corp. (the “Company” or “Star Bulk”) (Nasdaq: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes, today announced the publication of its 2022 Environmental, Social and Governance (ESG) Report (“Report”), developed in accordance with the new Global Reporting Initiative Standards (2021) and the Sustainability Accounting Standards Board (SASB) for Marine Transportation (2018), and in consistency with the United Na...
Star Bulk Announces the Repurchase of 10 Million of Its Common Shares
Star Bulk Announces the Repurchase of 10 Million of Its Common Shares ATHENS, Greece, Sept. 22, 2023 (GLOBE NEWSWIRE) -- Star Bulk Carriers Corp. (the “Company” or “Star Bulk”) (Nasdaq: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes, announced today that it entered into a Repurchase Agreement (the “Repurchase Agreement”) with OCM XL Holdings, LP, a limited partnership incorporated in the Cayman Islands (the “Seller”), pursuant to which the Company agreed to purchase 10 million of its common shares (“Purchased Shares”) from the Seller at a price per com...
- Jørgen Lian
Burdened by a sluggish economy
We reiterate our BUYs on all our dry bulk names, but catalysts for a marked re-pricing of the stocks now appear further out. In our view, valuation and risk/reward remain attractive, but potential negative earnings revisions and an uncertain outlook should cloud the sector into 2024e. However, we see meaningful upside potential if Chinese growth accelerates and a solid supply side lends support.
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