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STAR BULK STAR BULK CARRIERS CORP . REPORTS NET PROFIT OF $ 220.4 MILLION FOR THE THIRD QUARTER OF 2021 AND DECLARES QUARTERLY DIVIDEND OF $ 1.25 PER SHARE ATHENS , GREECE , November 16 , 2021 - 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 2021. Unless otherwise indicated or unless the context requires otherwise , all references in this press release to " we , " " us , " " our , " or similar references , mean Star Bulk Carriers Corp. and , where applicable , its consolidated subsidiaries . Financial Highlights ( Expressed in thousands of U.S. dollars , except for daily rates and per share data ) Voyage Revenues Net income / ( loss ) ( 1 ) Adjusted Net income / ( loss ) Net cash provided by operating activities ( 2 ) EBITDA Adjusted EBITDA ( 2 ) Earnings / ( loss ) per share basic Earnings / ( loss ) per sha re diluted ( 1 ) Adjusted earnings / ( loss ) per share basic Adjusted earnings / ( loss ) per share diluted ( ¹ ) Average Number of Vessels TCE Revenues ( 3 ) Daily Time Charter Equivalent Rate ( " TCE " ) ( 3 ) Daily OPEX per vessel ( 4 ) Daily OPEX per vessel ( excl . non recurring expenses ) ( 5 ) Daily Net Cash G & A expenses per vessel ( 4 ) Third quarter 2021 $ 415,688 $ 220,407 $ 224,671 $ 251,032 $ 274,652 $ 277,824 $ 2.16 $ 2.15 $ 2.20 $ 2.19 128.0 $ 349,289 $ 30,626 $ 4,596 $ 4,304 $ 987 Third quarter 2020 $ 200,222 $ 23,251 $ 27,484 $ 57,019 $ 79,175 $ 79,849 $ 0.24 $ 0.24 $ 0.29 $ 0.29 116.0 $ 137,575 $ 13,084 $ 4,425 $ 4,244 $ 972 Nine months ended Nine months ended September 30 , 2021 September 30 , 2020 $ 927,566 $ 380,379 $ 389,314 $ 470,699 $ 538,923 $ 545,094 $ 3.77 $ 3.76 $ 3.86 $ 3.85 124.5 $ 760,612 $ 23,304 $ 4,545 $ 4,288 $ 1,053 $ 507,218 ( $ 18,114 ) ( $ 12,756 ) $ 112,479 $ 145,644 $ 147,619 ( $ 0.19 ) ( $ 0.19 ) ( $ 0.13 ) ( $ 0.13 ) 116.0 $ 334,320 $ 11,166 $ 4,167 $ 4,106 $ 1,023 ( 1 ) Adjusted Net income / ( loss ) and Adjusted earnings / ( loss ) per share basic and diluted are non - GAAP measures . Please see the table at the end of this release for a reconciliation to Net income / ( loss ) , which is the most directly comparable financial measure calculated and presented in accordance with generally accepted accounting principles in the United States ( " U.S. GAAP " ) , as well as for the definition of each measure . ( 2 ) EBITDA and Adjusted EBITDA are non - GAAP measures . Please see the table at the end of this release for a reconciliation of EBITDA and Adjusted EBITDA to Net Cash Provided by / ( Used in ) Operating Activities , which is the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP as well as for the definition of each measure . To derive Adjusted EBITDA from EBITDA , we exclude non - cash gains / ( losses ) . ( 3 ) Daily Time Charter Equivalent Rate ( " TCE " ) and TCE Revenues are non - GAAP measures . Please see the table at the end of this release for a reconciliation to Voyage Revenues , which is the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP , as well as for the definition of each measure . ( 4 ) Daily OPEX per vessel is calculated by dividing vessel operating expenses by Ownership days . Daily OPEX per vessel ( which excludes non - recurring expenses ) is calculated by dividing vessel operating expenses minus any non - recurring items ( such as , increased costs due to the COVID - 19 pandemic or pre - delivery expenses for each vessel at acquisition , if any ) by Ownership days . In the future we may incur expenses that are the same as or similar to certain non - recurring expenses that were previously excluded . ( 5 ) Daily Net Cash G & A expenses per vessel is calculated by ( 1 ) deducting the Management fee Income ( if any ) , from , and ( 2 ) adding the Management fee expense to , the General and Administrative expenses ( net of stock - based compensation expense and other non - cash charges ) and ( 3 ) then dividing the result by the sum of Ownership days and Charter - in days . Please see the table at the end of this release for a reconciliation to General and administrative expenses , which is the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP .