Here are 1-3 brief analogies for Star Bulk Carriers (SBLK):

• Like FedEx or UPS, but for enormous global shipments of bulk raw materials (e.g., iron ore, grain) transported by giant ocean vessels.
• Similar to a global railroad company (e.g., Union Pacific, CSX), but they move bulk commodities using huge ships across the world's oceans.

• Dry Bulk Shipping Services: Provides global ocean transportation for major dry bulk commodities such as iron ore, coal, grain, and bauxite, utilizing a fleet of large vessels.

Star Bulk Carriers (SBLK) is a major global dry bulk shipping company. It transports unpackaged raw materials such as iron ore, coal, grains, and fertilizers across oceans using its fleet of vessels. As such, the company sells its services primarily to other companies, not to individuals.

While Star Bulk Carriers does not typically disclose the names of its individual major customers in its public filings (though its 10-K indicates that one customer accounted for over 10% of revenues in recent years), its customer base consists of large corporations involved in the production, trading, and consumption of bulk commodities. These customers charter SBLK's vessels to transport their cargo.

Based on the nature of the dry bulk shipping industry, Star Bulk Carriers' major customers generally fall into the following categories:

• Major Commodity Trading Houses: These global firms specialize in the buying, selling, and transportation of vast quantities of raw materials. They act as intermediaries between producers and consumers, requiring significant shipping capacity.

  • Glencore plc (LSE: GLEN)
  • Bunge Global SA (NYSE: BG)
  • Archer-Daniels-Midland Company (NYSE: ADM)
  • (Note: Cargill is a significant private commodity trading house, but does not have a public symbol.)

• Large Mining Companies: Global producers of iron ore, coal, bauxite, and other minerals that need to export their raw materials from extraction sites to processing plants or end markets worldwide.

  • Vale S.A. (NYSE: VALE)
  • Rio Tinto Group (NYSE: RIO)
  • BHP Group Limited (NYSE: BHP)

• Major Industrial End-Users: Large manufacturing companies, such as steel producers, or energy companies (for coal), which import substantial volumes of raw materials for their operations.

  • ArcelorMittal S.A. (NYSE: MT)
  • POSCO Holdings Inc. (NYSE: PKX)

These examples represent the typical profile of companies that utilize dry bulk shipping services like those provided by Star Bulk Carriers.

Petros Pappas, Chief Executive Officer

Mr. Pappas has served as Chief Executive Officer of Star Bulk Carriers Corp. since July 2014 and as a director on its board. He previously served as non-executive Chairman of the board from the company's inception until July 2014. Throughout his career in the shipping industry, Mr. Pappas has been involved in approximately 300 vessel acquisitions and disposals. In 1989, he founded Oceanbulk Maritime S.A., a dry cargo shipping company, and also founded Oceanbulk affiliated companies involved in the ownership and management sectors of the shipping industry. Oceanbulk Maritime S.A. had a joint venture with funds managed by Oaktree Capital Management.

Christos Begleris, Co-Chief Financial Officer

Mr. Begleris joined Star Bulk as Co-Chief Financial Officer in 2014. He previously served as a strategic project manager and senior finance executive at Thenamaris (Ships Management) Inc. until March 2013. From 2005 to 2006, he worked in the principal investments group of London & Regional Properties, focusing on large real estate acquisition projects. From 2002 to 2005, Mr. Begleris was with Lehman Brothers in London, involved in privatization, restructuring, securitization, acquisition financing, and principal investment projects. He also serves as an executive of Oceanbulk Maritime S.A. and Co-Chief Financial Officer of Oceanbulk's joint ventures with Oaktree Distress Opportunities Funds and Monarch Alternative Capital, indicating a pattern of managing companies backed by private equity firms.

Simos Spyrou, Co-Chief Financial Officer

Mr. Spyrou joined Star Bulk Carriers Corp. as Deputy Chief Financial Officer in 2011, later becoming Co-Chief Financial Officer. Prior to Star Bulk, he worked at the Hellenic Exchanges (HELEX) Group from 1997 to 2011, where he held the position of Director of Strategic Planning, Communication and Investor Relations from 2005 to 2011.

Hamish Norton, President

Mr. Norton is the President of Star Bulk Carriers Corp. He joined Oceanbulk Maritime in December 2012 in connection with a joint venture with funds managed by Oaktree Capital Management. Before this, he was Managing Director and Global Head of the Maritime group at Jefferies & Co. Inc. until 2012, and ran the shipping practice at Bear Stearns from 2000 to 2007. From 1995 to 1999, he was a general partner and head of shipping at Lazard Frères & Co. Mr. Norton is known for creating Nordic American Tanker Shipping and Knightsbridge Tankers. He advised Arlington Tankers in its merger with General Maritime, advised U.S. Shipping Partners, and advised New Mountain Capital (a private equity firm) on its investment in Intermarine, demonstrating a pattern of managing companies backed by private equity firms. In the 1990s, he advised Frontline on an acquisition and arranged the sale of Pacific Basin Bulk Shipping.

Nicos Rescos, Chief Operating Officer

Mr. Rescos has served as Chief Operating Officer of Star Bulk Carriers Corp. since July 2014. Prior to joining Star Bulk, he was COO and Commercial Director of Oceanbulk Maritime S.A. and Oceanbulk Shipping, which was a joint venture with Oaktree Capital, indicating experience with private equity-backed entities. With 30 years of experience in the shipping industry, he has held various senior commercial management positions and has been involved in over 200 vessel acquisitions and numerous joint ventures in the dry bulk and tanker sectors. From 2000 to 2007, he served as Commercial Manager of Goldenport Holdings Inc., where he was responsible for acquiring 35 vessels and initiating the company's entry into product tankers through a joint venture.

The rapid emergence of a distinct, highly-efficient "green" shipping fleet could render a significant portion of the current global fleet, including some of Star Bulk Carriers' existing assets, economically uncompetitive due to increasingly stringent environmental regulations and charterer preferences for lower-emission vessels.

Star Bulk Carriers Corp. (SBLK) is a global shipping company primarily engaged in the seaborne transportation of dry bulk commodities. Its main services involve operating a diversified fleet of dry bulk vessels, including Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax, and Supramax, to transport cargoes such as iron ore, coal, grain, bauxite, fertilizers, and steel products worldwide.

The addressable markets for Star Bulk Carriers' main products and services are as follows:

• Global Dry Bulk Shipping Market:

  • The global dry bulk shipping market size was valued at approximately USD 4.06 billion in 2024 and is projected to reach USD 5.78 billion by 2032, with a Compound Annual Growth Rate (CAGR) of 4.5%.
  • Other estimates place the global dry bulk shipping market at USD 11.36 billion in 2024, expected to grow to USD 15.26 billion in 2029 at a CAGR of 6.2%.
  • Another valuation estimates the market at USD 162.6 billion in 2023, with an anticipated CAGR of over 4% between 2024 and 2032.
  • A reasonable estimate for the 2025 global bulk carrier market size is around USD 50 billion.

• Capesize Bulk Carrier Market (Global):

  • The Capesize Bulk Carrier market size was valued at USD 14.4 billion in 2024 and is expected to grow to USD 25 billion by 2035, with a CAGR of 5.1%.
  • Another assessment indicates the Capesize Bulk Carrier market was valued at USD 73.2 billion in 2023 and is projected to reach USD 112.27 billion by 2031, growing at a CAGR of 6.57%.
  • The Capesize segment held over 32% of the dry bulk shipping market share in 2023.
  • The Capesize segment is anticipated to hold a prominent market share of 34.1% in the overall dry bulk shipping market.

• Panamax Bulk Carrier Market (Global):

  • The Panamax bulk carrier market is valued at approximately USD 10.2 billion in 2024 and is anticipated to reach around USD 15.8 billion by 2033, reflecting a CAGR of 5.1% from 2025 to 2033.
  • This segment contributes approximately USD 7 billion annually to the market.

• Supramax and Ultramax Bulk Carrier Market (Global):

  • The annual market value for Supramax and Ultramax vessels is estimated to be around USD 8 billion.

1. Fleet Expansion with New, More Efficient Vessels: Star Bulk Carriers is actively expanding and modernizing its fleet with newbuild orders. The company has placed significant orders for new Kamsarmax vessels, including four firm orders and two optional vessels, all equipped with scrubbers, with deliveries anticipated in 2026 and 2027. Additionally, five Kamsarmaxes are already on order at CMI Qingdao Shipyard for 2026 delivery. This fleet expansion will increase the company's carrying capacity and enhance its operational efficiency, directly contributing to higher revenue. The strategy also involves selling older, less efficient vessels, further refining the fleet profile to meet modern market demands.
2. Increased Market Share and Operational Synergies from Eagle Bulk Acquisition: The integration with Eagle Bulk, which concluded in April 2024, is projected to generate substantial annual synergies. These synergies, expected to reach $50 million per year by the end of 2025, are anticipated to come from various areas, including increased revenues derived from the enhanced chartering of their combined Supramax and Ultramax fleet. This merger also reinforces Star Bulk's market dominance and operational capabilities.
3. Favorable Dry Bulk Market Conditions: Star Bulk Carriers maintains an optimistic outlook on the medium to long-term prospects of the dry bulk market, with positive conditions expected in the fourth quarter of 2025 and throughout 2026. This positive sentiment is underpinned by a strengthening dry bulk market, which has historically led to increased earnings. Factors such as a rising Baltic Exchange Dry Index (BDI), an increase in global trade volume, expansion of Atlantic exports, and inefficiencies in canals or due to geopolitical events leading to longer shipping routes, are all expected to contribute to higher charter rates and, consequently, greater revenue for Star Bulk.
4. Enhanced Operational Efficiency and Modern Fleet Profile: The company's strategic focus on fleet renewal involves the disposal of older vessels and the acquisition of new, technologically advanced ships. This modernization includes fitting new vessels with exhaust gas cleaning systems (scrubbers), reflecting an investment in environmentally efficient technologies. A more modern and efficient fleet is expected to reduce operating costs, improve the company's competitive standing, and potentially lead to higher average realized charter rates, thereby indirectly driving revenue growth.

Share Repurchases

• Star Bulk repurchased 3.3 million shares for a total of $54 million during the second quarter of 2025.
• In the first quarter of 2025, the company repurchased 1.3 million shares for $19.6 million.
• As of August 6, 2025, Star Bulk had $100.0 million outstanding under a new Share Repurchase Program, which replaced a previous $50 million program in December 2024. The company also had a significant repurchase of $380 million in shares in December 2023.

Share Issuance

• The merger with Eagle Bulk Shipping, completed on April 9, 2024, was an all-stock deal where Eagle shareholders received 2.6211 shares of Star Bulk common stock for each Eagle share, resulting in Eagle shareholders owning approximately 29% of the combined company.
• Outstanding shares increased to 117.4 million by the end of March 2025, with the total number of issued shares at 115.6 million after recent repurchases, representing a 6.3% increase from the end of fiscal year 2024.
• The number of common shares issued and outstanding increased from 102,294,758 as of December 31, 2021, to 114,312,476 as of August 6, 2025.

Inbound Investments

• Star Bulk completed a strategic all-stock merger with Eagle Bulk Shipping on April 9, 2024, creating a combined company with a pro-forma market capitalization of approximately $2.1 billion.
• Oaktree Capital Management, L.P., a major existing shareholder, backed the Star Bulk-Eagle Bulk merger and owned a significant stake in both companies prior to the merger.

Outbound Investments

No information is available for Star Bulk Carriers making strategic investments in other companies during the last 3-5 years.

Capital Expenditures

• Capital expenditures for acquisitions, vessel modifications, upgrades, and advances for vessels under construction were $14.93 million in Q2 2025 and $35.352 million in Q2 2024.
• The company expects dry dock expenses of $33 million for 30 vessels for the remainder of 2025.
• Star Bulk is investing in five new Kamsarmax vessels expected for delivery in 2026, with $130 million in secured debt financing for newbuilding installments, and continues to upgrade its fleet with operational technologies to improve fuel consumption and reduce environmental footprint.