SBLK Star Bulk Carriers Corporation

STAR BULK CARRIERS CORP.
Unaudited Interim Condensed Consolidated Income Statements
For the six-month periods ended June 30, 2023 and 2024

(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)


		Six months ended June 30,
		2023		2024

Revenues:
Voyage revenues (Note 14)	$	462,721	$	612,265

Expenses/(Income)
Voyage expenses (Note 3 )		128,635		129,428
Charter-in hire expenses (Note 6)		9,695		16,993
Vessel operating expenses		112,303		126,699
Dry docking expenses		18,861		22,369
Depreciation (Note 5)		70,075		75,537
Management fees (Notes 3)		8,460		8,696
General and administrative expenses (Note 3)		22,675		30,175
Impairment loss		7,700		—
Loss on write-down of inventory		4,743		—
Other operational loss		326		901
Other operational gain		(33,676)		(1,742)
Loss on bad debt		300		—
(Gain)/Loss on forward freight agreements and bunker swaps, net (Note 13)		(4,207)		4,316
Gain on sale of vessels (Note 5)		34		(22,938)
Total operating expenses, net		345,924		390,434
Operating income		116,797		221,831

Other Income/ (Expenses):
Interest and finance costs (Note 8)		(31,731)		(46,112)
Interest income and other income/(loss)		6,593		7,346
Gain/(Loss) on derivative financial instruments, net (Note 13)		(507)		(1,246)
Loss on debt extinguishment, net (Note 8)		(888)		(1,010)
Total other expenses, net		(26,533)		(41,022)

Income before taxes and equity in income of investee	$	90,264	$	180,809
Income tax (expense)/refund		(103)		116
Income before equity in income/(loss) of investee		90,161		180,925
Equity in income/(loss) of investee (Note 3)		33		11
Net income		90,194		180,936
Earnings per share, basic	$	0.88	$	1.87
Earnings per share, diluted		0.87		1.82
Weighted average number of shares outstanding, basic (Note 10)		102,821,671		96,670,823
Weighted average number of shares outstanding, diluted (Note 10)		103,170,724		99,716,982

The accompanying notes are integral part of these unaudited interim condensed consolidated financial statements.

F-3

STAR BULK CARRIERS CORP.
Unaudited Interim Condensed Consolidated Statements of Comprehensive Income
For the six-month periods ended June 30, 2023 and 2024

(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)


	Six months ended June 30,
		2023		2024
Net income	$	90,194	$	180,936
Other comprehensive income / (loss):
Unrealized gains / losses from cash flow hedges:
Unrealized gain / (loss) from hedging interest rate swaps recognized in Other comprehensive income/(loss) before reclassifications		3,502		2,306
Unrealized gain / (loss) from hedging foreign currency forward contracts recognized in Other comprehensive income/(loss) before reclassifications		—		(267)
Less:
Reclassification adjustments of interest rate swap gain/(loss)		(14,412)		(2,792)
Other comprehensive income / (loss)		(10,910)		(753)
Total comprehensive income	$	79,284	$	180,183

The accompanying notes are integral part of these unaudited interim condensed consolidated financial statements.

F-4

STAR BULK CARRIERS CORP.
Unaudited Interim Condensed Consolidated Statements of Shareholders’ Equity
For the six-month periods ended June 30, 2023 and 2024

(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)


	Common Stock
	# of Shares		Par Value		Additional Paid-in Capital		Accumulated Other Comprehensive income/(loss)		Accumulated deficit		Total Shareholders' Equity
BALANCE, January 1, 2023	102,857,416	$	1,029	$	2,646,073	$	20,962	$	(648,722)	$	2,019,342
Net income	—		—		—		—		90,194		90,194
Other comprehensive income / (loss)	—		—		—		(10,910)		—		(10,910)
Issuance of vested and non-vested shares and amortization of stock-based compensation	971,372		9		6,351		—		—		6,360
Dividend declared ($0.95 per share)	—		—		—		—		(98,196)		(98,196)
Cancellation of Songa shares	(6,706)		—		—		—		—		—
Offering Expenses	—		—		(55)		—		—		(55)
Repurchase and cancellation of common shares	(638,572)		(6)		(13,050)		—		—		(13,056)
BALANCE, June 30, 2023	103,183,510	$	1,032	$	2,639,319	$	10,052	$	(656,724)	$	1,993,679

BALANCE, January 1, 2024	84,016,892	$	840	$	2,287,055	$	5,393	$	(633,218)	$	1,660,070
Net income	—		—		—		—		180,936		180,936
Other comprehensive income / (loss)	—		—		—		(753)		—		(753)
Issuance of vested and non-vested shares and amortization of share-based compensation (Note 9)	754,815		8		5,709		—		—		5,717
Dividends declared ($1.20 per share) (Note 9)	—		—		—		—		(122,833)		(122,833)
Offering expenses	—		—		(96)		—		—		(96)
Issuance of common stock for Eagle Merger (Note 1)	28,082,319		281		665,270		—		—		665,551
Excess fair value of Convertible Notes	—		—		69,311		—		—		69,311
BALANCE, June 30, 2024	112,854,026	$	1,129	$	3,027,249	$	4,640	$	(575,115)	$	2,457,903

The accompanying notes are integral part of these unaudited interim condensed consolidated financial statements.

F-5

STAR BULK CARRIERS CORP.
Unaudited Interim Condensed Consolidated Statements of Cash Flows
For the six-month periods ended June 30, 2023 and 2024

(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)


	Six months ended June 30,
		2023		2024
Cash Flows from Operating Activities:
Net income	$	90,194	$	180,936
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation		70,075		75,537
Amortization of debt (loans & leases) issuance costs		1,990		1,691
Noncash lease expense		5,465		6,802
Gain/(Loss) on debt extinguishment, net		888		1,010
Impairment loss		7,700		—
(Gain)/loss on sale of vessels		34		(22,938)
Loss on bad debt		300		—
Share-based compensation		6,360		5,717
Gain from insurance proceeds relating to vessel total loss		(28,163)		—
Loss on write-down of inventory		4,743		—
Change in fair value of forward freight derivatives and bunker swaps		3,065		(3,700)
Other non-cash charges		76		(18)
Change in fair value of interest rate swaps not designated as cash flow hedges		507		1,356
Gain on hull and machinery claims		(200)		(470)
Equity in income/(loss) of investee		(33)		(11)
Changes in operating assets and liabilities:
(Increase)/Decrease in:
Trade accounts receivable		23,292		21,880
Inventories		(2,734)		5,791
Prepaid expenses and other receivables		(12,774)		(13,302)
Derivatives asset		1,550		1,392
Due from related parties		39		—
Due from managers		31		23
Other non-current assets		—		(26)
Increase/(Decrease) in:
Accounts payable		4,694		(7,139)
Operating lease liability		(5,465)		(6,802)
Due to related parties		474		(60)
Accrued liabilities		(532)		(417)
Due to managers		7,340		6,888
Deferred revenue		1,154		721
Other current liabilities		—		2,000
Net cash provided by / (used in) Operating Activities		180,070		256,861

Cash Flows from Investing Activities:
Advances for vessels acquisitions, vessels under construction & vessel upgrades and other fixed assets		(8,764)		(35,485)
Cash proceeds from vessel sales		32,448		221,251
Cash proceeds from vessel total loss		55,000		—
Cash acquired related to the Eagle Merger		—		104,325
Hull and machinery insurance proceeds		558		2,391
Net cash provided by / (used in) Investing Activities		79,242		292,482

Cash Flows from Financing Activities:
Proceeds from bank loans		77,000		388,120
Loan and lease prepayments and repayments		(208,967)		(587,124)
Financing and debt extinguishment fees paid		(930)		(3,626)
Dividends paid		(98,196)		(122,833)
Offering expenses paid		(55)		(96)
Repurchase of common shares		(13,056)		—
Net cash provided by / (used in) Financing Activities		(244,204)		(325,559)

Net increase/(decrease) in cash and cash equivalents and restricted cash		15,108		223,784
Cash and cash equivalents and restricted cash at beginning of period		286,344		261,750

Cash and cash equivalents and restricted cash at end of period	$	301,452	$	485,534
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	28,033	$	42,236
Non-cash investing and financing activities:
Shares issued in connection with Eagle Merger		—		665,551
Vessel upgrades		3,422		3,358
Assumed bank loans and Convertible notes debt related to Eagle Merger		—		514,180
Right-of-use assets and lease obligations for charter-in contracts		—		115,257
Reconciliation of (a) cash and cash equivalents, and restricted cash reported within the consolidated balance sheets to (b) the total amount of such items reported in the statements of cash flows:
Cash and cash equivalents	$	285,248	$	462,578
Restricted cash, current		14,183		18,350
Restricted cash, non-current		2,021		4,606
Cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows	$	301,452	$	485,534

The accompanying notes are integral part of these unaudited interim condensed consolidated financial statements.

F-6

STAR BULK CARRIERS CORP.
Notes to Unaudited Interim Condensed Consolidated Financial Statements

June 30, 2024

(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)

1. Basis of Presentation and General Information:

Star Bulk Carriers Corp. (“Star Bulk”) is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains offices in Athens, New York, Connecticut (Stamford), Limassol, Singapore, Germany and Denmark. Star Bulk’s common shares trade on the NASDAQ Global Select Market under the ticker symbol “SBLK”.

The unaudited interim condensed consolidated financial statements include the accounts of Star Bulk and its wholly owned subsidiaries (collectively, the “Company”) and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for annual financial statements.

These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements for the year ended December 31, 2023 and, in the opinion of management, reflect all normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Operating results for the six-month period ended June 30, 2024 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2024.

The unaudited interim condensed consolidated financial statements presented in this report should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2023 included in the Company’s Annual Report on Form 20-F for the year ended December 31, 2023 (the “2023 Annual Report”). The balance sheet as of December 31, 2023 has been derived from the audited consolidated financial statements as of that date, but, pursuant to the requirements for interim financial information, does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.

Unless otherwise defined herein, capitalized words and expressions used herein shall have the same meanings ascribed to them in the 2023 Annual Report.

As of June 30, 2024, following the completion of the Eagle Merger (as described below), the Company owned a modern fleet of 156 dry bulk vessels consisting of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax and Supramax vessels with a carrying capacity between 53,489 deadweight tonnage (“dwt”) and 209,537 dwt, a combined carrying capacity of 15.0 million dwt and an average age of 11.7 years. Also, the Company has entered into firm shipbuilding contracts for the construction of five 82,000 dwt Kamsarmax newbuilding vessels with expected deliveries between September 2025 and August 2026. In addition, through certain of its subsidiaries, the Company charters-in a number of third-party vessels on both a short-term and long-term basis to increase its operating capacity in order to satisfy its clients’ needs. Lastly, the Company entered into long-term charter-in arrangements with respect to six newbuilding vessels, with an approximate duration of seven years per vessel, plus optional years at the Company’s option. Four of those vessels were delivered during the six months ended June 30, 2024 and the remaining two are expected to be delivered to the Company by the fourth quarter of 2024.

Eagle Merger

On December 11, 2023, the Company entered into a definitive agreement with Eagle Bulk Shipping Inc. (NYSE: EGLE) (“Eagle”) (the “Eagle Merger Agreement”) to combine in an all-stock merger (the “Eagle Merger”). Pursuant to the Eagle Merger Agreement, each share of Eagle common stock, par value $0.01 per share, issued and outstanding immediately prior to the effective time of the Eagle Merger (excluding Eagle common stock owned by Eagle, Star Bulk, Star Infinity Corp., a wholly owned subsidiary of Star Bulk, or any of their respective direct or indirect wholly owned subsidiaries) would be converted into the right to receive 2.6211 shares, par value $0.01 per share, of Star Bulk common stock.

F-7

STAR BULK CARRIERS CORP.
Notes to Unaudited Interim Condensed Consolidated Financial Statements

June 30, 2024

(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)

1. Basis of Presentation and General Information - continued:

Eagle Merger - continued

The Eagle Merger was completed on April 9, 2024 (the “Effective Time”), following Eagle shareholders’ approval and receipt of applicable regulatory approvals and satisfaction of customary closing conditions. Eagle common stock has ceased trading and is no longer listed on the New York Stock Exchange.

At the Effective Time, each share of Eagle common stock issued and outstanding immediately prior to the Effective Time was cancelled in exchange for the right to receive 2.6211 shares of Star Bulk common stock, which resulted in the issuance of 28,082,319 shares of Star Bulk common stock. The pre-merger Star Bulk shareholders and the former Eagle shareholders owned approximately 75% and 25%, respectively, of the 112,469,211 issued and outstanding common stock of the Company immediately following the Effective Time. In addition, at the time of the Eagle Merger’s completion, 1,341,584 shares of Star Bulk common stock were issued in exchange for the 511,840 loaned shares of Eagle common stock (the “Eagle loaned shares”) outstanding in connection with Eagle’s 5.00% Convertible Senior Notes due 2024 (the “Convertible Notes”). While Eagle’s share lending agreement with Jefferies Capital Services, LLC (“JCS”) (the “Share Lending Agreement”) does not require cash payment upon return of the shares, physical settlement is required (i.e., the Eagle loaned shares must be returned at the end of the arrangement), as further described in Note 8. Due to this share return provision and other contractual undertakings of JCS in the Share Lending Agreement, which have the effect of substantially eliminating the economic dilution that otherwise would result from the issuance of borrowed shares, the shares of Star Bulk common stock issued to replace the Eagle loaned shares are not expected to be considered issued and outstanding for accounting purposes and for the purpose of computing the basic and diluted weighted average shares or earnings per share in the unaudited interim condensed consolidated income statement. Furthermore, upon the maturity date of the Convertible Notes on August 1, 2024, the issued 1,341,584 shares of Star Bulk common stock were cancelled upon return and 5,971,284 shares of Star Bulk common stock were issued for settlement of such Convertible Notes (Note 15).

Following the closing of the Eagle Merger, Star Bulk is the largest U.S. listed dry bulk shipping company with a global market presence and combined fleet of 159 owned vessels on a fully delivered basis, 97% of which are fitted with scrubbers, ranging from Newcastlemax/Capesize to Ultramax/Supramax vessels. In accordance with the terms of the Eagle Merger Agreement, one director of Eagle has joined the Company’s Board of Directors while the senior management of Star Bulk remain in their current roles and continue to lead the Company.

The following financial information reflects the results of operations of Star Bulk and Eagle since April 9, 2024 included in the Company’s consolidated statement of operations for the six-month period ended June 30, 2024:

		Star Bulk		Eagle
Voyage revenues	$	522,610	$	89,655
Operating income	$	203,142	$	18,689
Net income	$	169,405	$	11,531

The following unaudited supplemental pro forma consolidated financial information reflects the results of operations for the six month periods ended June 30, 2023 and 2024, as if the Eagle Merger had been consummated on January 1, 2023. These pro forma results have been prepared for comparative purposes only and do not purport to be indicative of what operating results would have been had the Eagle Merger actually taken place on January 1, 2023. In addition, these results are not intended to be a projection of future results and do not reflect any synergies that might be achieved from the combined operations:

F-8

STAR BULK CARRIERS CORP.
Notes to Unaudited Interim Condensed Consolidated Financial Statements

June 30, 2024

(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)

1. Basis of Presentation and General Information - continued:

Eagle Merger - continued


		Six month periods ended
		June 30, 2023		June 30, 2024

Pro forma voyage revenues	$	669,325	$	715,663
Pro forma operating income		137,065		208,089
Pro forma net income		99,474		164,118
Pro forma income per share, basic		0.89		1.47
Pro forma income per share, diluted	$	0.89	$	1.44

Accounting for the Eagle Merger

The Eagle Merger was accounted for as an acquisition of Eagle by Star Bulk under the asset acquisition method of accounting in accordance with U.S. GAAP. Star Bulk is treated as the acquiror for accounting purposes. Based on the terms of the Eagle Merger Agreement, the Eagle Merger was determined to not meet the requirements of a business combination under the guidelines of ASC 805, Business Combinations, and ASU 2017-01, Business Combinations (Topic 805). The Eagle Merger consists of acquiring vessels and associated assets and liabilities, which are concentrated in a group of similar identifiable assets, and therefore not considered a business. As a result, the Eagle Merger is treated as an asset acquisition, whereby all assets acquired and liabilities assumed are recorded at the cost of the acquisition, including transaction costs, on the basis of their relative fair value.

The following table presents a summary of how the consideration paid by Star Bulk for the net assets acquired was determined:

(Dollars in thousands, except per share and share data)		Amounts
Eagle common stock		10,476,091	(a)
Equity awards of Eagle employees and not vested to be replaced		237,853	(b)
Eagle shares exchanged with Star Bulk shares		10,713,944
Fixed exchange ratio		2.6211	(c)
Total Star Bulk common stock issued to Eagle shareholders		28,082,319
Star Bulk closing price per share	$	23.70	(d)
Consideration transferred related to value of net assets acquired	$	665,551

(a) Issued and outstanding shares as of April 9, 2024.

(b) Under the Eagle Merger Agreement, the Company is obligated to replace the equity awards of Eagle employees not vested, based on the agreed exchange ratio.

(d) Share price of Star Bulk as of April 9, 2024, represents the closing price of Star Bulk common stock for the calculation of the fair value of the Eagle Merger consideration transferred.

F-9

STAR BULK CARRIERS CORP.
Notes to Unaudited Interim Condensed Consolidated Financial Statements

June 30, 2024

(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)

1. Basis of Presentation and General Information - continued:

Accounting for the Eagle Merger - continued

The following table presents the fair values of the tangible and intangible assets acquired and liabilities assumed as well as the calculation of the excess of the net assets acquired over the consideration transferred by Star Bulk:

(Dollars in thousands)		Fair Value
Vessels and vessel improvements	$	1,157,000
Advances for BWTS and other assets		1,252
Vessels held for sale		29,254
Inventories		25,783
Cash		104,325
Derivative assets		289
Operating lease right-of use assets		3,454
Other current assets (Accounts receivable, Prepaid expenses, Other current assets)		56,130
Long term debt		(375,500)
Convertible Notes		(138,680)
Operating lease liabilities		(3,454)
Derivative liabilities		(48)
Accounts payable, Accrued liabilities, Unearned charter hire revenue and Other non-current liabilities		(54,041)
Net asset value acquired	$	805,764
Consideration transferred	$	665,551
Excess of net asset value acquired over consideration transferred	$	140,213

The total value of $1,213,289 of the 52 vessels acquired in the Eagle Merger (including the two held for sale vessels) is comprised of (i) $1,157,000 in vessel fair values using an average of current valuations obtained from third-party vessel appraisals for 50 vessels, (ii) $29,254 fair value of the 2 vessels held for sale using the sale prices that were agreed upon in the respective contracts, (iii) $25,783 fair value of the initial bunker and lubricant inventories on board the vessels on the acquisition date and (iv) $1,252 of advances for ballast water treatment system installations.

In accordance with the requirements of accounting for the Eagle Merger as an asset acquisition, the value of the vessels was adjusted down by $129,664 after the allocation of the excess amount of $140,213 of net assets acquired over the consideration transferred by Star Bulk and the capitalization of approximately $10,549 of legal, advisory and other professional fees directly related to the Eagle Merger which are presented under “Vessels and other fixed assets, net” in the unaudited consolidated balance sheets. Of this amount, $7,854 was paid during the six months ended June 30, 2024 and is included in expenditures for vessels acquisitions and vessel upgrades in the accompanying unaudited interim condensed consolidated statement of cash flows.

The long term debt assumed bears interest at variable interest rates and its fair value approximates its outstanding balance due to the variable interest rate nature thereof. Unamortized deferred financing costs associated with long-term debt of Eagle were eliminated as part of its fair value measurement.

The Convertible Notes’ estimated fair value, based on market data on the date of acquisition, was $138,680. The excess fair value amount of $69,311 over its principal amount of $69,369 was allocated to equity under ASC 470-20.

F-10

STAR BULK CARRIERS CORP.
Notes to Unaudited Interim Condensed Consolidated Financial Statements

June 30, 2024

(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)

1. Basis of Presentation and General Information - continued:

Accounting for the Eagle Merger – continued

Operating lease right-of-use assets and operating lease liabilities, of which Eagle was the lessee (time charter-in agreements of remaining duration of less than twelve months and long-term office rentals) were reassessed on the acquisition date, and, considering the acquisition date as the inception date, and the initial recognition was performed after considering the terms and conditions of the lease agreements.

The working capital amounts acquired from Eagle, approximated their fair values due to their short-term maturities.

2. Significant accounting policies and recent accounting pronouncements:

A summary of the Company’s significant accounting policies and recent accounting pronouncements is included in Note 2 to the Company’s consolidated financial statements included in the 2023 Annual Report. There have been no changes to the Company’s significant accounting policies in the six-month period ended June 30, 2024, except from the below update for the accounting policy for “Evaluation of purchase transactions” and the accounting policy for the recognition of convertible debt issued at a substantial premium.

Evaluation of purchase transactions: When the Company enters into an acquisition transaction, it determines whether the acquisition transaction was a purchase of an asset or a business based on the facts and circumstances of the transaction. In accordance with Business Combinations (Topic 805): Clarifying the Definition of a Business, if substantially all of the fair value of the gross assets acquired in an acquisition transaction are concentrated in a single identifiable asset or group of similar identifiable assets, then the set is not a business. To be considered a business, a set must include an input and a substantive process that together significantly contribute to the ability to create an output. All assets acquired and liabilities assumed in a business combination are measured at their acquisition-date fair values. For asset acquisitions, the net assets acquired should be measured following a cost accumulation and allocation model under which the cost of the acquisition is allocated on a relative fair value basis to the qualifying assets acquired. Based on this, the excess amount of net assets acquired over the consideration transferred associated with asset acquisition, if any, is allocated over the value of the identifiable assets acquired. Acquisition costs associated with business combinations are expensed as incurred. Acquisition costs associated with asset acquisitions are capitalized.

Convertible debt: The fair value of the Convertible Notes assumed from Eagle exceeded its principal amount on the acquisition date. ASC 470-20-25-13 states that when convertible debt is issued at a substantial premium, there is a presumption that the premium represents paid-in capital. Paid-in capital is increased by reclassifying part of the debt proceeds to the additional paid in capital. Pursuant to the Eagle Merger, there was a new obligator to Eagle’s convertible debt, and it was treated as a deemed issuance on acquisition date which invoked the 470-20 guidance.

Furthermore, please refer below for the most recent accounting pronouncements policies in the six-month period ended June 30, 2024.

Recent Issued Accounting Pronouncements Not Yet Adopted

In March 2024, the Securities and Exchange Commission (“SEC”) adopted climate-related reporting rules, The Enhancement and Standardization of Climate-Related Disclosures for Investors (the “SEC Climate Reporting Rules”). In April 2024, the SEC voluntarily stayed the implementation of the final rules. The SEC Climate Reporting Rules, if they become effective as adopted, would require the following financial statement disclosures for Large Accelerated filers:

• Expenditures and capitalized costs, excluding recoveries, incurred related to severe weather events and natural events are required, if such expenditures exceed defined disclosure thresholds. In addition, a description of material estimates and assumptions used to produce the financial statement disclosures are required.

• If the use of carbon offsets or renewable energy credits (“RECs”) are a material component of the registrant’s plans to achieve climate-related targets or goals, disclosure of carbon offsets and RECs beginning and ending balances, amounts expensed, capitalized costs and losses are required to be presented in the financial statements.

The disclosures will be phased in, with the financial statement disclosures required for annual periods beginning in 2025. GHG emissions disclosures and the remaining climate risk disclosures will be required for annual periods beginning in 2026. In the initial year of compliance, GHG emissions disclosures are required for the most recently completed fiscal year; however, if these disclosures were provided in previous SEC filings for the historic years presented, that historical disclosure is also required. The Company continues to monitor the status of the SEC Climate Reporting Rules and evaluate the additional disclosures required.

3. Transactions with related parties:

Details of the Company’s transactions with related parties did not change in the six-month period ended June 30, 2024 and are discussed in Note 3 of the Company’s consolidated financial statements for the year ended December 31, 2023, included in the 2023 Annual Report.

Transactions and balances with related parties are analyzed as follows:

Balance Sheets

		December 31, 2023		June 30, 2024
Long term investment
Interchart	$	1,380	$	1,404
Starocean		231		218
CCL Pool		125		125
Long term investment	$	1,736	$	1,747

Due from related parties
Interchart		3		—
Oceanbulk Maritime S.A. and its affiliates		—		4
Starocean		35		34
Due from related parties	$	38	$	38

Due to related parties
Interchart		—		19
Management and Directors Fees		172		158
Oceanbulk Maritime S.A. and its affiliates		15		54
Iblea Ship Management Limited		1,472		1,368
Due to related parties	$	1,659	$	1,599

F-11

STAR BULK CARRIERS CORP.
Notes to Unaudited Interim Condensed Consolidated Financial Statements

June 30, 2024

(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)

3. Transactions with related parties - continued:

Income statements

	Six months ended June 30,
		2023		2024
Voyage expenses:
Voyage expenses-Interchart	$	(2,070)	$	(2,070)
General and administrative expenses:
Consultancy fees	$	(281)	$	(394)
Directors compensation		(93)		(82)
Office rent - Combine Marine Ltd. & Alma Properties		(19)		(19)
General and administrative expenses - Oceanbulk Maritime S.A. and its affiliates		(104)		(130)
Management fees:
Management fees- Iblea Ship Management Limited		(1,514)		(1,201)
Equity in income/(loss) of investee
Interchart	$	32	$	24
Starocean		1		(13)

4. Inventories:

The amounts shown in the consolidated balance sheets are analyzed as follows:

Inventories (Table)

		December 31, 2023		June 30, 2024
Lubricants	$	13,945	$	17,167
Bunkers		48,417		64,495
Total	$	62,362	$	81,662

F-12

STAR BULK CARRIERS CORP.
Notes to Unaudited Interim Condensed Consolidated Financial Statements

June 30, 2024

(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)

5. Vessels and other fixed assets, net and Advances for vessels under construction:

The amounts in the consolidated balance sheets are analyzed as follows:

		Cost		Accumulated depreciation		Net Book Value
Balance, December 31, 2023	$	3,508,701	$	(968,958)	$	2,539,743
- Acquisition of vessels and other fixed assets, vessel improvements and other vessel costs		1,037,091		—		1,037,091
- Vessel sales		(217,462)		64,285		(153,177)
- Depreciation for the period		—		(75,537)		(75,537)
Balance, June 30, 2024	$	4,328,330	$	(980,210)	$	3,348,120

Following the completion of Eagle Merger (Note 1), the Company acquired Eagle’s fleet which consisted of 52 dry bulk Supramax/Ultramax vessels. Prior to the closing of the Eagle Merger, Eagle had agreed to sell the vessels Crested Eagle and Stellar Eagle, which were delivered to their new owners on April 18, 2024 and June 5, 2024, respectively.

During the six-months ended June 30, 2024, the vessels Big Fish (classified as held for sale as of December 31, 2023), Star Glory, Star Bovarius and Star Dorado were delivered to their new owners. These vessels had been agreed to be sold in 2023.

Additionally, during the six-months ended June 30, 2024, the Company decided to opportunistically sell certain vessels and renew its fleet taking advantage of the elevated vessel market values, and agreed to sell the vessels Big Bang, Pantagruel, Star Audrey, Star Pyxis, Star Paola, Crowned Eagle and Star Iris. All the previously mentioned vessels, except for Star Iris, were delivered to their new owners by June 30, 2024. The vessel Star Iris is expected to be delivered to her new owners by mid-August 2024. Given her employment as of June 30, 2024, Star Iris did not meet the criteria to be classified as held for sale as of June 30, 2024.

In connection with the aforementioned deliveries of the sold vessels, a net gain of $22,938 was recognized and reflected separately in the unaudited interim condensed consolidated income statement for the six-month period ended June 30, 2024.

As of June 30, 2024, 154 of the Company’s vessels, having a net carrying value of $3,306,325, serve as collateral under certain of the Company’s loan facilities and were subject to first-priority mortgages (Note 8). Title of ownership is held by the relevant lenders for another 2 vessels with a carrying value of $40,697 to secure the relevant sale and lease back financing transactions (Note 7).

In the table above, “Acquisition of vessel and other fixed assets, vessel improvements and other vessel costs”, other than capitalized costs in connection with the Eagle fleet (Note 1), includes also additions related to the Company’s continued technical upgrades to its fleet, such as the installation of ballast water treatment systems (“BWTS”) and Energy Saving Devices (“ESD”).

F-13

STAR BULK CARRIERS CORP.
Notes to Unaudited Interim Condensed Consolidated Financial Statements

June 30, 2024

(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)

5. Vessels and other fixed assets, net and Advances for vessels under construction - continued:

Vessels under construction:

During 2023, the Company entered into five firm shipbuilding contracts with Qingdao Shipyard Co., Ltd. for the construction of five 82,000 dwt Kamsarmax newbuilding vessels. The delivery of two of these vessels is expected in September 2025, another two in April 2026 and the last one in August 2026.

The amounts shown in the consolidated balance sheets are analyzed as follows:

Balance, December 31, 2023	$	—
- Pre-delivery yard installments and capitalized expenses		18,716
- Capitalized interest and finance costs		500
Balance, June 30, 2024	$	19,216

As of June 30, 2024, the total aggregate remaining contracted price for the five vessels under construction was $164,800, payable in periodic installments up to their deliveries, of which $29,350 is payable during the next twelve months ending June 30, 2025, $113,290 is payable during the next twelve months ending June 30, 2026 and the remaining $22,110 is payable until their expected delivery from the shipyard in August 2026.

6. Operating leases:

a) Time charter-in vessel agreements

The carrying value of the assets and liabilities recognized on the balance sheet as of December 31, 2023 and June 30, 2024 in connection with the time charter-in vessel arrangements with an initial term exceeding 12 months, amounted to $27,548 and $136,323, respectively and are included under “Operating leases, right-of-use assets” and “Operating lease liabilities current and non- current” in the consolidated balance sheets. The weighted average discount rate that was used for the recognition of these leases, which is the estimated annual incremental borrowing rate for this type of asset, is approximately 5.3%.

The time charter-in hire payments required to be made after June 30, 2024, for these outstanding operating lease liabilities are as follows:

Twelve month periods ending		Amount
June 30, 2025	$	26,636
June 30, 2026		26,636
June 30, 2027		25,176
June 30, 2028		26,709
June 30, 2029		22,171
June 30, 2030 and thereafter		34,401
Total undiscounted lease payments	$	161,729
Discount based on incremental borrowing rate		(25,406)
Present value of lease liability		136,323
Operating lease liabilities, current		20,128
Operating lease liabilities, non-current		116,195

The weighted average remaining lease term of these charter-in vessel arrangements as of June 30, 2024 is 6.32 years. The charter-in hire expenses for these long-term charter-in arrangements for the six-month periods ended June 30, 2023 and 2024, were $5,960 and $9,396, respectively, and are included under “Charter-in hire expenses” in the unaudited interim condensed consolidated income statements.

F-14

STAR BULK CARRIERS CORP.
Notes to Unaudited Interim Condensed Consolidated Financial Statements

June 30, 2024

(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)

6. Operating leases - continued:

b) Office rental arrangements

The carrying value of the assets and liabilities recognized on the balance sheet as of December 31, 2023 and June 30, 2024 in connection with the office rental arrangements, amounted to $277 and $3,412, respectively and are included under “Operating leases, right-of-use assets” and “Operating lease liabilities current and non- current” in the consolidated balance sheets. The weighted average discount rate that was used for the recognition of these leases, which is the estimated annual incremental borrowing rate for this type of asset, is approximately 6.7%. The office rental payments required to be made after June 30, 2024, for these outstanding operating lease liabilities are as follows:

Twelve month periods ending		Amount
June 30, 2025	$	632
June 30, 2026		982
June 30, 2027		969
June 30, 2028		635
June 30, 2029		553
June 30, 2030 and thereafter		-
Total undiscounted lease payments	$	3,771
Discount based on incremental borrowing rate		(359)
Present value of lease liability	$	3,412
Operating lease liabilities, current		632
Operating lease liabilities, non-current		2,780

The weighted average remaining lease term of these office rental arrangements as of June 30, 2024 is 3.75 years. The lease expenses for these office rental arrangements for the six-month periods ended June 30, 2023 and 2024, were $255 and $241, respectively and are included under “General and administrative expenses” in the unaudited interim condensed consolidated income statements.

7. Lease financings:

Details of the Company’s lease financings are discussed in Note 7 of the Company’s consolidated financial statements for the year ended December 31, 2023, included in the 2023 Annual Report.

The Company’s lease financings bear interest at Secured Overnight Finance Rate (“SOFR”) plus a margin. The corresponding interest expense of the Company’s bareboat lease financing activities is included within “Interest and finance costs” in the unaudited interim condensed consolidated income statements (Note 8).

The principal payments required to be made after June 30, 2024, for the Company’s outstanding finance lease obligations recognized on the balance sheet, as of that date, are as follows:

Twelve month periods ending		Amount
June 30, 2025	$	2,731
June 30, 2026		2,731
June 30, 2027		2,731
June 30, 2028		2,731
June 30, 2029		4,383
June 30, 2030 and thereafter		1,364
Total bareboat lease minimum payments	$	16,671
Unamortized lease issuance costs		(73)
Total bareboat lease minimum payments, net	$	16,598
Lease financing short term		2,731
Lease financing long term, net of unamortized lease issuance costs		13,867

8. Long-term bank loans and Convertible Notes:

Details of the Company’s credit facilities are discussed in Note 8 of the Company’s consolidated financial statements for the year ended December 31, 2023, included in the 2023 Annual Report and supplemented by the new activities presented below during the six-month period ended June 30, 2024.

Long-term bank loans

New Financing activities during the six-month period ended June 30, 2024

i) ABN AMRO $94,100 Facility:

In April 2024, the Company entered into a loan agreement with ABN AMRO Bank N.V. for a loan amount of up to $94,100 (the “ABN AMRO $94,100 Facility”). The full amount of the loan was drawn on April 12, 2024. The ABN AMRO $94,100 Facility is repayable in 20 consecutive quarterly installments of $3,906 and a balloon payment of $16,000 payable together with the last installment in April 2029. The ABN AMRO $94,100 Facility is secured by first priority mortgages on the vessels Copenhagen Eagle (to be renamed or “tbr” Star Copenhagen), Crane, Star Gibraltar, Greenwich Eagle (tbr Star Greenwich), Hong Kong Eagle (tbr Star Hong Kong), Helsinki Eagle (tbr Star Helsinki), Ibis Bulker, Mystic Eagle (tbr Star Mystic), Nighthawk (tbr Star Nighthawk), Puffin Bulker (tbr Star Puffin), Stamford Eagle (tbr Star Stamford) and Westport Eagle (tbr Star Westport).

F-15

STAR BULK CARRIERS CORP.
Notes to Unaudited Interim Condensed Consolidated Financial Statements

June 30, 2024

(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)

8. Long-term bank loans and Convertible Notes - continued:

Long-term bank loans (continued)

ii) ING $94,000 Facility

In April 2024, the Company entered into a loan agreement with ING Bank N.V., London Branch for a loan amount of up to $94,000 (the “ING $94,000 Facility”). The full amount of the loan was drawn by the Company on April 12, 2024. The ING $94,000 Facility is repayable in 20 consecutive quarterly installments of $3,917 and a balloon payment of $15,667 payable together with the last installment in April 2029. The ING $94,000 Facility is secured by first priority mortgages on the vessels Dublin Eagle (tbr Star Dublin), Egret Bulker, Groton Eagle (tbr Groton), Jay, New London Eagle (tbr Star New London), Oriole (tbr Star Oriole), Oslo Eagle (tbr Star Oslo), Roadrunner Bulker (tbr Star Runner), Star Rotterdam, Rowayton Eagle (tbr Star Rowayton), Star Sandpiper and Shanghai Eagle (tbr Star Shanghai).

iii) DNB $100,000 Facility

In April 2024, the Company entered into a loan agreement with DNB Bank ASA for a loan amount of up to $100,000 (the “DNB $100,000 Facility”). The full amount of the loan was drawn by the Company on April 12, 2024. The DNB $100,000 Facility (after being adjusted with the prepayment made in connection with the sale of the vessel Crowned Eagle mentioned below) is repayable in 20 consecutive quarterly installments of $3,301 and a balloon payment of $28,203 payable together with the last installment in April 2029. The DNB $100,000 Facility is secured by first priority mortgages on the vessels Gannet Bulker, Grebe Bulker, Halifax Eagle (tbr Star Halifax), Hamburg Eagle (tbr Star Hamburg), Imperial Eagle (tbr Star Imperial), Kingfisher, Owl (tbr Star Owl), Santos Eagle (tbr Star Santos), Star Singapore, Southport Eagle (tbr Star Southport), Stockholm Eagle (tbr Star Stockholm) and Valencia Eagle (tbr Star Valencia).

iv) ESUN $100,000 Facility

In April 2024, the Company entered into a loan agreement with E.SUN commercial Bank Ltd. for a loan amount of up to $100,000 (the “ESUN $100,000 Facility”). The full amount of the loan was drawn by the Company on April 23, 2024 in 13 tranches and is repayable in aggregate installments as follows: i) 13 consecutive quarterly installments of $3,024, ii) one installment of $8,024, iii) one installment of $4,852, iv) one installment of $2,352, v) one installment of $4,182, vi) three installments of $2,129, vii) one installment of $4,050, viii) two installments of $1,936, ix) one installment of $3,985, x) three installments of $1,711 and xi) a balloon payment of $17,850 payable together with the last installment in April 2031. The ESUN $100,000 Facility is secured by first priority mortgages on the vessels Antwerp Eagle (tbr Star Antwerp), Bittern (tbr Star Bittern), Star Canary, Cape Town Eagle (tbr Star Cape Town), Fairfield Eagle (tbr Star Fairfield), Star Goal, Madison Eagle (tbr Star Madison), Martin, Petrel Bulker (tbr Star Petrel), Stonington Eagle (tbr Star Stonington), Sydney Eagle (tbr Star Sydney), Tokyo Eagle (tbr Star Tokyo) and Vancouver Eagle (tbr Star Vancouver).

All amounts drawn under the abovementioned facilities were used to refinance the assumed debt upon completion of the Eagle Merger as described below.

F-16

STAR BULK CARRIERS CORP.
Notes to Unaudited Interim Condensed Consolidated Financial Statements

June 30, 2024

(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)

8. Long-term bank loans and Convertible Notes - continued:

Long-term bank loans (continued)

Repayments

In addition to the scheduled repayments during the six-month period ended June 30, 2024 and in connection with the sale of vessels described in Note 5, the Company prepaid the following amounts: i) $9,111 corresponding to the outstanding loan amount of the vessel Star Bovarius under the ING Facility, ii) an aggregate amount of $23,814 corresponding to the outstanding loan amount of the vessels Big Fish, Big Bang and Pantagruel under the NBG $151,085 Facility and iii) $5,821 corresponding to the outstanding loan amount of the vessel Star Dorado under the Citi $100,000 Facility, iv) $6,340 corresponding to the outstanding amount of the vessel Star Audrey under the ABN $67,897 Facility, v) $4,888 corresponding to the outstanding loan amount of the vessel Star Paola under the ABN AMRO $97,150 Facility, vi) $5,629 corresponding to the outstanding loan amount of the vessel Star Pyxis under the Citi $100,000 Facility and vii) $5,769 corresponding to the outstanding loan amount of the vessel Crowned Eagle under the DNB $100,000 Facility. In addition, the Company prepaid the outstanding loan amount of $58,500 under the latest drawn tranche of ING Facility of $62,000, with original maturity in November 2024.

By April 15, 2024, and as a result of $388,120 borrowed under the abovementioned drawdowns, the assumed outstanding debt of Eagle at the acquisition date of $375,500 was repaid in full, including all accrued interest and fees and all available commitments under Eagle’s debt facility were cancelled.

The principal payments required to be made after June 30, 2024 for the Company’s then-outstanding bank loans, are as follows:

Twelve month periods ending		Amount
June 30, 2025	$	227,014
June 30, 2026		266,008
June 30, 2027		326,701
June 30, 2028		254,588
June 30, 2029		218,303
June 30, 2030 and thereafter		112,920
Total Long-term bank loans	$	1,405,534
Unamortized loan issuance costs		(9,458)
Total Long-term bank loans, net	$	1,396,076
Current portion of long-term bank loans		227,014
Long-term bank loans, net of current portion and unamortized loan issuance costs		1,169,062

All of the Company’s bank loans bear interest at SOFR plus a margin. In addition, the Company previously entered into a number of interest rate swaps (Note 13), and has converted a total of $125,731 of its outstanding debt as of June 30, 2024 from floating benchmark rate to an average fixed rate of 61 bps with average maturity of 1.3 years. The weighted average interest rate (including the margin) related to the Company’s debt including lease financings (Note 7) and the Convertible Notes as described below, and taking into account the interest rates swaps that Company for the six-month periods ended June 30, 2023 and 2024 was 4.67% and 6.60%, respectively.

F-17

STAR BULK CARRIERS CORP.
Notes to Unaudited Interim Condensed Consolidated Financial Statements

June 30, 2024

(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)

8. Long-term bank loans and Convertible Notes - continued:

As of December 31, 2023, and June 30, 2024, the Company was required to maintain minimum liquidity, not legally restricted, of $58,000 and $78,000, respectively, which is included within “Cash and cash equivalents” in the consolidated balance sheets. In addition, as of December 31, 2023 and June 30, 2024, the Company was required to maintain a minimum liquidity, legally restricted (including the cash collateral required under certain of the Company’s FFAs as described in Note 13 and not limited to loan agreements covenants), of $34,269 and $22,956, respectively, and is presented under “Restricted cash, current and non-current” in the consolidated balance sheets. The increase in restricted cash is mainly attributable to the increase in collateral required under certain of the Company’s financial instruments (Note 13).

Convertible Notes

In April 2024 and in connection with the Eagle Merger, the Company entered into a first supplemental indenture (the “Supplemental Indenture”) with the trustee of the Convertible Notes previously held by Eagle, which amended and supplemented the existing base indenture (as amended by the Supplemental Indenture, the “Indenture”) governing the Convertible Notes. The Supplemental Indenture provides that, among other things, from and after the Effective Time, the right to convert each $1,000 principal amount of Convertible Notes into shares of Eagle common stock will be changed into a right to convert such principal amount of Convertible Notes into the kind and amount of shares of Star Bulk common stock that a holder of a number of shares of Eagle common stock equal to the conversion rate immediately prior to the Effective Time would have been entitled to receive at the Effective Time. Accordingly, from and after the Effective Time, each $1,000 principal amount of Convertible Notes became convertible subject to the terms and conditions of the Indenture at a conversion rate equal to 83.6702 shares of Company’s common stock (subject to further adjustments in accordance with the Indenture). In addition, the Convertible Notes were guaranteed by the Company pursuant to the Supplemental Indenture.

The Convertible Notes bear interest at a rate of 5.00% per annum on the outstanding principal amount thereof, payable semi-annually in arrears on February 1 and August 1 of each year. The Convertible Notes may bear additional interest upon certain events, as set forth in the Indenture.

The outstanding Convertible Notes mature on August 1, 2024 (the “Maturity Date”) (Note 15), unless earlier repurchased, redeemed or converted pursuant to their terms.

As of June 30, 2024, the estimated fair value based on market data of the Convertible Notes was $145,890.

As of June 30, 2024, the Company was in compliance with the applicable financial and other covenants contained in its bank loan agreements, Convertible Notes and lease financings (Note 7), which are described above and in Note 8 of the Company’s consolidated financial statements for the year ended December 31, 2023, included in the 2023 Annual Report.

F-18

STAR BULK CARRIERS CORP.
Notes to Unaudited Interim Condensed Consolidated Financial Statements

June 30, 2024

(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)

8. Long-term bank loans and Convertible Notes - continued:

Share Lending Agreement

In connection with the issuance of the Convertible Notes by Eagle, certain persons had entered into an arrangement to borrow up to 511,840 shares of Eagle common stock through JCS, an initial purchaser of the Convertible Notes.

Upon closing of the Eagle Merger, the Eagle shares lent to JCS were exchanged for 1,341,584 shares of Star Bulk common stock.

While the Share Lending Agreement does not require cash payment upon return of the shares, physical settlement is required (i.e., the Eagle loaned shares must be returned at the end of the arrangement). In view of this share return provision and other contractual undertakings of JCS in the Share Lending Agreement, which have the effect of substantially eliminating the economic dilution that otherwise would result from the issuance of borrowed shares, the Eagle loaned shares are not considered issued and outstanding for the purpose of computing and reporting the Company’s basic and diluted weighted average shares or earnings per share. If JCS were to file bankruptcy or commence similar administrative, liquidating or restructuring proceedings, the Company would have to consider the 511,840 shares lent to JCS as issued and outstanding for the purposes of calculating earnings per share.

The amounts of “Interest and finance costs” included in the unaudited interim condensed consolidated income statements are analyzed as follows:


		Six months ended June 30,
		2023		2024
Interest on financing agreements	$	43,323	$	46,683
Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other Comprehensive Income (Note 13)		(14,412)		(2,792)
Amortization of debt (loan & lease) issuance costs		1,990		1,691
Other bank and finance charges		830		530
Interest and finance costs	$	31,731	$	46,112

During the six-month period ended June 30, 2024, the Company wrote off an amount of $954 of unamortized debt issuance costs and incurred other expenses of $56, mainly in connection with the loan prepayments discussed above, which are included under “Loss on debt extinguishment, net” in the unaudited interim condensed consolidated income statement for the corresponding period.

9. Preferred and Common Shares and Additional Paid-in Capital:

Details of the Company’s preferred shares and common shares are discussed in Note 9 of the Company’s consolidated financial statements for the year ended December 31, 2023, included in the 2023 Annual Report. Furthermore, details for the shares issued in connection with the Eagle Merger are included in the above section “Eagle Merger” under Note 1.

During the six-month period ended June 30, 2024, the Company issued 370,000 common shares pursuant to the Performance Incentive Plan and 384,815 common shares pursuant to the Company’s equity incentive plans, as discussed below in Note 11.

Pursuant to its dividend policy, during the six-month period ended June 30, 2024, the Company declared and paid cash dividends of $122,833 or $1.20 per common share.

10. Earnings per Share:

The computation of basic earnings per share is based on the weighted average number of common shares outstanding for the six-month periods ended June 30, 2023 and 2024. The calculation of basic earnings per share does not consider the non-vested shares as outstanding until the time-based vesting restriction has lapsed. Diluted earnings per share gives effect to stock awards and restricted stock units using the treasury stock method, unless the impact is anti-dilutive.

Additionally, the Convertible Notes are not considered a participating security and are therefore not included in the computation of basic earnings per share. Additionally, the Company determined that as it relates to the Convertible Notes, it does not overcome the presumption of share settlement, and therefore, the Company applied the if-converted method and included the potential shares to be issued upon conversion of the Convertible Notes in the calculation of diluted earnings per share, unless the impact of such potential shares is anti-dilutive.

The Company calculates basic and diluted earnings per share as follows:

Earning per Share (Table)


		Six months ended June 30,
		2023		2024
Income :
Net income	$	90,194	$	180,936


Basic earnings per share:
Weighted average common shares outstanding, basic		102,821,671		96,670,823
Basic earnings per share	$	0.88	$	1.87

Effect of dilutive securities:
Convertible Notes		—		2,690,362
Dilutive effect of non vested shares		349,053		355,797
Dilutive potential common shares		349,053		3,046,159

Weighted average common shares outstanding, diluted		103,170,724		99,716,982

Diluted earnings per share	$	0.87	$	1.82

F-19

STAR BULK CARRIERS CORP.
Notes to Unaudited Interim Condensed Consolidated Financial Statements

June 30, 2024

(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)

11. Equity Incentive Plans:

Details of the Company’s equity incentive plans and share awards granted through December 31, 2023, are discussed in Note 11 of the Company’s consolidated financial statements for the year ended December 31, 2023, included in the 2023 Annual Report.

On May 28, 2024, the Company's Board of Directors adopted the 2024 Equity Incentive Plan (the “2024 Plan”) and reserved for issuance 575,000 common shares thereunder. On the same date, all of the 575,000 restricted common shares were granted to certain directors, officers and employees, of which 372,559 restricted common shares vest in November 2024, 143,441 restricted common shares vest in May 2025 and the remaining 59,000 common shares vest in May 2027. The fair value of each share was $26.96, based on the closing price of the Company’s common shares on the grant date.

The stock-based compensation cost for the six-month periods ended June 30, 2023 and 2024, which is included under “General and administrative expenses” in the unaudited interim condensed consolidated income statements, amounted to $6,360 and $5,717, respectively, and include an amount of $2,140 and $1,700, respectively, recognized in connection with the Company’s Performance Incentive Program. The respective charges were calculated based on the fuel market prices at each period end and assuming 5% of Excess Savings will be awarded by the Board of Directors.

A summary of the status of the Company’s non-vested restricted shares as of June 30, 2024 and the movement during the six-month period ended June 30, 2024 is presented below.

	Number of shares		Weighted Average Grant Date Fair Value
Unvested as at January 1, 2024	364,001	$	20.11
Granted	945,000		24.73
Vested	(577,651)		20.22
Unvested as at June 30, 2024	731,350	$	25.99

As of June 30, 2024, the estimated compensation cost relating to non-vested restricted share awards not yet recognized is $15,412 and is expected to be recognized over the weighted average period of 0.88 year. During the six-month period ended June 30, 2024, the Company paid $712 for dividends to shareholders of non-vested shares.

12. Commitments and Contingencies:

a) Commitments:

The following tables set forth inflows and outflows related to the Company’s charter party arrangements and other commitments, as at June 30, 2024.

Charter party arrangements:

		Twelve month periods ending June 30,
+ inflows/ - outflows		Total		2025		2026		2027		2028		2029		2030 and thereafter
Future, minimum, non-cancellable charter revenues ⁽¹⁾	$	118,136	$	110,795	$	7,341	$	—	$	—	$	—	$	—

Total	$	118,136	$	110,795	$	7,341	$	—	$	—	$	—	$	—

____________________

(1)

The amounts represent the minimum contractual charter revenues to be generated from the existing, as of June 30, 2024, non-cancellable time charter agreements, until their expiration, net of address commission, assuming no off-hire days, other than those related to scheduled interim and special surveys of the vessels. Future inflows also include revenues deriving from index linked charter agreements using i) the index rates at the commencement date of each agreement, in compliance with ASC 842, and do not reflect relevant index charter rate information prevailing as of June 30, 2024 and ii) the remaining minimum duration of each non-cancellable time charter agreement.

Other commitments:

		Twelve month periods ending June 30,
+ inflows/ - outflows		Total		2025		2026		2027		2028		2029		2030 and thereafter
Charter-in expense newbuilding vessels ⁽¹⁾	$	(69,108)	$	(6,534)	$	(9,809)	$	(9,809)	$	(9,836)	$	(9,809)	$	(23,311)
Future minimum charter-in hire payments ⁽²⁾		(15,076)		(14,624)		(452)		—		—		—		—
Vessel BWTS upgrades and ESD ⁽³⁾		(11,235)		(10,653)		(582)		—		—		—		—
Total	$	(95,419)	$	(31,811)	$	(10,843)	$	(9,809)	$	(9,836)	$	(9,809)	$	(23,311)

____________________

(1)

The amounts represent minimum contractual charter-in payments, to be made from the delivery date of the two charter-in newbuilding vessels (Note 1) until the end of their lease term.

(2)

The amounts represent the Company’s commitments under the existing, as of June 30, 2024, time-charter-in arrangements for third party vessels.

(3)

The amounts represent the Company’s commitments as of June 30, 2024 for installation of BWTS upgrades and ESD on its vessels to comply with environmental regulations.

F-20

STAR BULK CARRIERS CORP.
Notes to Unaudited Interim Condensed Consolidated Financial Statements

June 30, 2024

(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)

12. Commitments and Contingencies - continued:

b) Legal proceedings

Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company’s vessels. The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure.

The Company is involved in non-material legal proceedings and may become involved in other legal matters arising in the ordinary course of its business, principally personal injury and property casualty claims. Generally, we expect that such claims would be covered by insurance, subject to customary deductibles.

Certain routine non-material commercial claims have been asserted against the Company, or by the Company against charterers, that relate to contractual disputes with certain of our charterers. The nature of these disputes involves disagreements over losses claimed by charterers, or by the Company, during or as a result of the performance of certain charters, including, but not limited to, delays in the performance of the charters and off-hire during the charters. The related legal proceedings are at various stages of resolution.

In March 2021, the U.S. government began investigating an allegation that one of the vessels acquired pursuant to the Eagle Merger may have improperly disposed of ballast water that entered the engine room bilges during a repair. We do not believe that this matter will have a material impact on the Company, our financial condition or results of operations. We have posted a surety bond as security for any potential fines, penalties or associated costs that may be incurred, and the Company is cooperating fully with the U.S. government in its investigation of this matter.

Currently, other than as disclosed above, management is not aware of, and has not accrued for, any such claims or contingent liabilities requiring disclosure in the unaudited interim condensed consolidated financial statements.

In accordance with U.S. GAAP, the Company accrues for contingent liabilities when it is probable that such a liability has been incurred and the amount of loss can be reasonably estimated. The Company evaluates its outstanding legal proceedings to assess its contingent liabilities and adjusts such liabilities, as appropriate, based on management’s best judgment after consultation with counsel. There is no assurance that the Company’s contingent liabilities will not need to be adjusted in the future.

13. Fair value measurements and Hedging:

Fair value on a recurring basis:

Interest rate swaps

Details of the Company’s interest rate swaps are discussed in Note 18 of the Company’s consolidated financial statements for the year ended December 31, 2023, included in the 2023 Annual Report.

The following table summarizes the interest rate swaps in place as of June 30, 2024:

Counterparty	Trading Date	Inception	Expiry	Fixed Rate	Initial Notional	Current Notional
ING	Mar-20	Mar-20	Mar-26	0.7000%	$ 29,960	$ 20,865
ING	Mar-20	Apr-20	Oct-25	0.7000%	$ 39,375	$ 24,375
SEB	Mar-20	Apr-20	Jan-25	0.7270%	$ 58,885	$ 40,591
ING	Jul-20	Jul-20	Jul-26	0.3700%	$ 70,000	$ 26,250
SEB	Feb-21	Apr-21	Jan-26	0.4525%	$ 37,050	$ 13,650

The above interest rate swaps were designated and qualified as cash flow hedges while they are in effect. For the six-month period ended June 30, 2024, the losses from the de-designated interest rate swaps amounting to $1,349 are separately reflected under “Gain/(Loss) on interest rate swaps, net” in the unaudited interim condensed consolidated income statement for the corresponding period. The effective portion of the unrealized gains/losses from all other swaps (designated as cash flow hedges) is recorded in “Other Comprehensive Income / (Loss)” and no portion of these cash flow hedges was ineffective during the six-month period ended June 30, 2024.

A gain of approximately $3,045 in connection with the interest rate swaps is expected to be reclassified into earnings during the following 12-month period ending June 30, 2025 when realized.

Freight Derivatives and Bunker Swaps

The results of the Company’s freight derivatives and bunker swaps for the six-month periods ended June 30, 2023 and 2024 and the valuation of their open positions as at December 31, 2023 and June 30, 2024 are presented in the tables below.

F-21

STAR BULK CARRIERS CORP.
Notes to Unaudited Interim Condensed Consolidated Financial Statements

June 30, 2024

(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)

13. Fair value measurements and Hedging - continued:

Fair value on a recurring basis - continued:

The amounts of Gain / (Loss) on interest rate swaps, freight derivatives and bunker swaps recognized in the unaudited interim condensed consolidated income statements, are analyzed as follows:


		Six months ended June 30,
		2023		2024
Consolidated Income Statement
Gain/(loss) on derivative financial instruments rate swaps, net
Realized gain/(loss) of de-designated accounting hedging relationship of interest rate swaps		—		7
Unrealized gain/(loss) of de-designated accounting hedging relationship of interest rate swaps		(507)		(1,356)
Realized gain/(loss) of foreign exchange forward contracts		—		103
Total Gain/(loss) recognized	$	(507)	$	(1,246)

Interest and finance costs
Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other comprehensive income/(loss) (Note 8)		14,412		2,792
Total Gain/(loss) recognized	$	14,412	$	2,792

Gain/(Loss) on FFAs and bunker swaps, net
Realized gain/(loss) on FFAs		2,796		(7,967)
Realized gain/(loss) on bunker swaps		4,476		(49)
Unrealized gain/(loss) on FFAs		(116)		3,657
Unrealized gain/(loss) on bunker swaps		(2,949)		43
Total Gain/(loss) recognized	$	4,207	$	(4,316)

The following table summarizes the valuation of the Company’s financial instruments as of December 31, 2023 and June 30, 2024, based on Level 1 quoted market prices in active markets.


		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)
		December 31, 2023				June 30, 2024
	Balance Sheet Location	(not designated as cash flow hedges)			(designated as cash flow hedges)	(not designated as cash flow hedges)			(designated as cash flow hedges)
ASSETS
Forward freight agreements - current	Derivatives, current asset portion	$	—	$	—	$	16	$	—
Bunker swaps - current	Derivatives, current asset portion		—		—		59		—
Total		$	—	$	—	$	75	$	—
LIABILITIES
Forward freight agreements - current	Derivatives, current liability portion	$	5,784	$	—	$	1,917	$	—
Total		$	5,784	$	—	$	1,917	$	—

F-22

STAR BULK CARRIERS CORP.
Notes to Unaudited Interim Condensed Consolidated Financial Statements

June 30, 2024

(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)

13. Fair value measurements and Hedging - continued:

Fair value on a recurring basis - continued:

Certain of the Company’s derivative financial instruments discussed above require the Company to periodically post additional collateral depending on the level of any open position under such financial instruments, which as of December 31, 2023 and June 30, 2024 amounted to $13,496 and $7,757, respectively, and are included within “Restricted cash, current” in the consolidated balance sheets.

The following table summarizes the valuation of the Company’s derivative financial instruments as of December 31, 2023 and June 30, 2024, based on Level 2 observable market based inputs or unobservable inputs that are corroborated by market data.


			Significant Other Observable Inputs (Level 2)
			December 31, 2023				June 30, 2024
	Balance Sheet Location		(not designated as cash flow hedges)		(designated as cash flow hedges)		(not designated as cash flow hedges)		(designated as cash flow hedges)
ASSETS
Interest rate swaps - current	Derivatives, current asset portion	$	1,356	$	4,682	$	—	$	3,885
Foreign exchange forward contracts - current	Derivatives, current asset portion		—		267		—		—
Interest rate swaps - non-current	Derivatives, non-current asset portion		—		2,533		—		1,451
Total		$	1,356	$	7,482	$	—	$	5,336

The carrying values of temporary cash investments, restricted cash, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these financial instruments. The fair value of long-term bank loans and lease financings (Level 2), bearing interest at variable interest rates, approximates their recorded values as of June 30, 2024, due to the variable interest rate nature thereof.

14. Voyage revenues:

The following table shows the voyage revenues earned from time charters, voyage charters and pool agreements for the six-month periods ended June 30, 2023 and 2024, as presented in the consolidated income statements:

Voyage revenues (Table)

		Six months ended June 30,
		2023		2024

Time charters	$	241,378	$	325,915
Voyage charters		219,666		286,432
Pool revenues		1,677		(82)
	$	462,721	$	612,265

As of June 30, 2024, trade accounts receivable from voyage charter agreements increased to $30,401 from $24,223 as of December 31, 2023 and are presented under “Trade accounts receivable, net” in the consolidated balance sheets. The outstanding balance is mainly affected by the timing of commencement of revenue recognition. No write-off was recorded in periods presented in connection with the voyage charter agreements.

Further, as of June 30, 2024, capitalized contract fulfilment costs which are recorded under “Other current assets” decreased by $736 compared to December 31, 2023, to $3,539 from $4,275. The outstanding balance is mainly affected by the timing of commencement of revenue recognition.

Under ASC 606, unearned voyage charter revenue represents the consideration received for undelivered performance obligations. The Company recorded $5,556 as unearned revenue related to voyages charter agreements in progress as of December 31, 2023, which were recognized in earnings in the six-month period ended June 30, 2024 as the performance obligations were satisfied in that period. In addition, the Company recorded $12,462 as unearned revenue related to voyage charter agreements in progress as of June 30, 2024, which is presented under “Deferred revenue” in the consolidated balance sheets and will be recognized in earnings as the performance obligations will be satisfied.

The amount invoiced to charterers in connection with the additional revenue for scrubber-fitted vessels under time-charter contracts (included in voyage revenues earned from time charters in the above table) was $29,971 and $27,282 for the six-month periods ended June 30, 2023 and 2024, respectively, and did not include the fuel cost savings from the scrubber-fitted vessels which were employed under voyage charter agreements.

Demurrage income for the six-month periods ended June 30, 2023 and 2024 amounted to $6,608 and $9,666, respectively, and is included in voyage revenues earned from voyage charters in the above table.

The adjustment to Company’s revenues from the vessels operating in the CCL Pool, deriving from the allocated pool result for those vessels as determined in accordance with the agreed-upon formula, for the six-month periods ended June 30, 2023 and 2024 was $2,349 and $(61), respectively, and is included within “Pool Revenues” in the table above. Pool revenues also include other minor participation adjustments.

F-23

Organization, Consolidation and Presentation of Financial Statements [Abstract]

STAR BULK CARRIERS CORP.
Notes to Unaudited Interim Condensed Consolidated Financial Statements

June 30, 2024

(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)

15. Subsequent Events:

On July 18, 2024, the Company agreed to sell the vessel Star Hydrus. The vessel is expected to be delivered to her new owners by October 2024. Overall, in connection with the sale of Star Hydrus discussed above and Star Iris discussed in Note 5, both of which will be completed by the fourth quarter of 2024 the Company expects to collect total gross proceeds of $29.7 million, and recognize a gain on sale of approximately $7.0 million

On August 1, 2024, the outstanding Convertible Notes matured and had a conversion ratio of 86.0801 shares of Star Bulk common stock per $1,000 principal amount of Convertible Notes (as adjusted for the dividend that the Company paid in June 2024). Based on the abovementioned conversion ratio, the Company issued 5,971,284 new shares of Star Bulk common stock upon maturity of the Convertible Notes and the Company canceled the 1,341,584 shares that were previously issued under the Share Lending Agreement.

On August 7, 2024 the Company’s Board of Directors declared a quarterly cash dividend of $0.70 per share payable on or about September 6, 2024 to all shareholders of record as of August 27, 2024.

F-23

STAR BULK CARRIERS CORP. REPORTS NET PROFIT OF $106.1 MILLION

FOR THE SECOND QUARTER OF 2024,

AND DECLARES QUARTERLY DIVIDEND OF $0.70 PER SHARE

ATHENS, GREECE, August 7, 2024 – 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 second quarter of 2024. 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)	Second quarter 2024	Second quarter 2023	Six months ended June 30, 2024	Six months ended June 30, 2023
Voyage Revenues	$352,875	$238,686	$612,265	$462,721
Net income	$106,080	$44,319	$180,936	$90,194
Adjusted Net income ⁽¹⁾	$89.057	$48,491	$162,296	$85,568
Net cash provided by operating activities	$142,599	$96,880	$256,861	$180,070
EBITDA ⁽²⁾	$171,043	$92,514	$297,379	$186,905
Adjusted EBITDA ⁽²⁾	$153,464	$96,185	$276,429	$180,987
Earnings per share basic	$0.97	$0.43	$1.87	$0.88
Earnings per share diluted	$0.93	$0.43	$1.82	$0.87
Adjusted earnings per share basic ⁽¹⁾	$0.81	$0.47	$1.68	$0.83
Adjusted earnings per share diluted ⁽¹⁾	$0.78	$0.47	$1.64	$0.83
Dividend per share for the relevant period	$0.70	$0.40	$1.45	$0.75
Average Number of Vessels	155.0	126.4	134.2	127.0
TCE Revenues ⁽³⁾	$262,164	$175,563	$457,828	$331,663
Daily Time Charter Equivalent Rate ("TCE") ⁽³⁾	$19,268	$15,835	$19,420	$15,020
Daily OPEX per vessel ⁽⁴⁾	$5,354	$4,915	$5,188	$4,887
Daily OPEX per vessel (as adjusted)⁽⁴⁾	$5,319	$4,772	$5,168	$4,734
Daily Net Cash G&A expenses per vessel ⁽⁵⁾	$1,371	$1,051	$1,309	$1,055

	(1)	Adjusted Net income, Adjusted earnings per share basic and Adjusted earnings per share diluted are non-GAAP measures. Please see EXHIBIT I at the end of this release for a reconciliation to Net income and earnings per share, which are the most directly comparable financial measures 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 liquidity measures. Please see EXHIBIT I 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 certain non-cash gains / (losses).

	(3)	Daily Time Charter Equivalent Rate (“TCE”) and TCE Revenues are non-GAAP measures. Please see EXHIBIT I 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. The definition of each measure is provided in footnote (7) to the Summary of Selected Data table below.

	(4)	Daily OPEX per vessel is calculated by dividing vessel operating expenses by Ownership days (defined below). Daily OPEX per vessel (as adjusted) is calculated by dividing vessel operating expenses excluding increased costs due to the COVID-19 pandemic or pre-delivery expenses for each vessel on acquisition or change of management, if any, by Ownership days. In the future we may incur expenses that are the same as or similar to certain expenses (as described above) that were previously excluded.

(5)

Daily Net Cash G&A expenses per vessel is calculated by (1) adding the Management fee expense to the General and Administrative expenses, net of share-based compensation expense and other non-cash charges and (2) then dividing the result by the sum of Ownership days and Charter-in days (defined below). Please see EXHIBIT I 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.

Petros Pappas, Chief Executive Officer of Star Bulk, commented:

“During the second quarter 2024, Star Bulk continued having a strong performance generating Net Income of $106.1 million with a TCE per vessel per day of $19,268. This is the first quarter we are reporting as a combined entity after the completion of our merger with Eagle Bulk Shipping Inc. on April 9th.

On August 1st, 2024, Eagle’s outstanding 5.00% Convertible Senior Notes that we guaranteed as part of the Eagle Merger matured, and were converted into shares of Star Bulk common stock. The integration effort is proceeding as planned, and we continue to use our enhanced scale, capabilities and operational leverage to better serve our customers and create value for all stakeholders. Our planned cost and revenue synergy target of $50 million remains unchanged, aiming for the savings to be fully realized within 2025.

As part of our disciplined and balanced approach to capital allocation, we continue to return capital to shareholders. Our Board of Directors declared a dividend of $0.70 per share, representing the fourteenth consecutive dividend payment. Since June 2021 we will have paid over $1.25 billion in dividends.

With total liquidity of over $500 million and net debt of approximately $860 million, we believe we are well positioned to operate efficiently and take advantage of attractive opportunities in the dry bulk market. Despite the global geopolitical uncertainties, we are constructive about the medium-term prospects of our industry given the favorable order book and upcoming rigorous environmental regulations.”

Recent Developments

Declaration of Dividend

On August 7, 2024, pursuant to our dividend policy, our Board of Directors declared a quarterly cash dividend of $0.70 per share, payable on or about September 6, 2024 to all shareholders of record as of August 27, 2024.

Fleet Update

Vessels’ S&P

In connection with the previously announced vessel sales, the vessels Star Dorado, Star Audrey, Star Pyxis, Star Paola, Crowned Eagle, Crested Eagle and Stellar Eagle, were delivered to their new owners during the second quarter of 2024. In addition, in June and July 2024, we agreed to sell vessels Star Iris and Star Hydrus, which are expected to be delivered to their new owners by mid-August and October 2024, respectively.

Overall, in connection with the sales that will be completed by the fourth quarter of 2024, we expect to collect total gross proceeds of $29.7 million, and a gain on sale of approximately $7.0 million. We also expect to make debt prepayments of approximately $10.6 million in connection with these vessel sales.

Charter-In Vessels

In June 2024, we took delivery of the Star Earendel, a newbuilding Kamsarmax vessel built in JMU, subject to a seven-year charter-in agreement.

As of the date of this release on a fully delivered basis and as adjusted for the delivery of a) the vessels agreed to be sold as discussed above and b) the five firm Kamsarmax vessels currently under construction, we own a fleet of 159 vessels, with an aggregate capacity of 15.2 million deadweight ton (“dwt”) consisting of 17 Newcastlemax, 16 Capesize, 1 Mini Capesize, 7 Post Panamax, 44 Kamsarmax, 1 Panamax, 48 Ultramax and 25 Supramax vessels with carrying capacities between 53,489 dwt and 209,537 dwt.

Eagle’s 5.00% Convertible Senior Notes Update

The Convertible Notes of our wholly-owned subsidiary, Eagle Bulk Shipping Inc. ("Eagle"), which we guaranteed in connection with the merger of one of our wholly-owned subsidiaries with and into Eagle (the “Eagle Merger”) matured on August 1, 2024 and had a conversion ratio of 86.0801 shares of Star Bulk common stock per $1,000 principal amount of Convertible Notes (as adjusted for the dividend that we paid in June 2024). Based on the abovementioned conversion ratio, we issued 5,971,284 new shares of Star Bulk common stock upon maturity of the Convertible Notes, and we subsequently canceled the 1,341,584 shares that were previously issued under the relevant share lending agreement.

Shares Outstanding Update

As of the date of this release, we have 118,825,307 shares outstanding.

Interest Rate Swaps

We previously entered into a number of interest rate swaps and have an outstanding total notional amount of $118.9 million under our financing agreements with an average fixed rate of 62 bps and an average remaining maturity of 1.2 years. As of June 30, 2024, the Mark-to-Market value of our outstanding interest rate swaps stood at $6.4 million, which are all designated as and qualify for hedge accounting and our cumulative net realized gain amounted to $35.4 million.

Vessel Employment Overview

Time Charter Equivalent Rate (“TCE rate”) is a non-GAAP measure. Please see EXHIBIT I 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.

Our TCE rate per day per main vessel category was as follows:

	Second quarter 2024	Six months ended June 30, 2024

Capesize / Newcastlemax Vessels:	$ 29,439	$ 28,377
Post Panamax / Kamsarmax / Panamax Vessels:	$ 16,487	$ 15,801
Ultramax / Supramax Vessels:	$ 16,043	$ 16,496

Amounts shown throughout the press release and variations in period–over–period comparisons are derived from the actual unaudited numbers in our books and records. Reference to per share figures below are based on 115,256,711 and 102,961,179 weighted average diluted shares for the second quarter of 2024 and 2023, respectively.

Second Quarter 2024 and 2023 Results

For the second quarter of 2024, we had a net income of $106.1 million, or $0.93 earnings per share, compared to a net income for the second quarter of 2023 of $44.3 million, or $0.43 earnings per share. Adjusted net income, which excludes certain non-cash items, was $89.1 million, or $0.78 earnings per share, for the second quarter of 2024, compared to an adjusted net income of $48.5 million for the second quarter of 2023, or $0.47 earnings per share.

Net cash provided by operating activities for the second quarter of 2024 was $142.6 million, compared to $96.9 million for the second quarter of 2023. Adjusted EBITDA, which excludes certain non-cash items, was $153.5 million for the second quarter of 2024, compared to $96.2 million for the second quarter of 2023.

Voyage revenues for the second quarter of 2024 increased to $352.9 million from $238.7 million in the second quarter of 2023 and Time charter equivalent revenues (“TCE Revenues”)¹ increased to $262.2 million for the second quarter of 2024, compared to $175.6 million for the second quarter of 2023, mainly driven by the increase in the average number in our fleet to 155.0 from 126.4, during the relevant periods and the improved charter rates. TCE rate for the second quarter of 2024 was $19,268 compared to $15,835 for the second quarter of 2023 which is indicative of the stronger market conditions prevailing during the recent quarter.

Charter-in hire expenses for the second quarter of 2024 increased to $13.1 million from $3.1 million in the second quarter of 2023. This increase is mainly attributable to the increase in charter-in days to 651 in the second quarter of 2024 from 182 in the corresponding period in 2023.

Vessel operating expenses for the second quarters of 2024 and 2023 amounted to $75.5 million and $56.5 million, respectively. The increase in our operating expenses was primarily driven by the acquisition of the Eagle fleet which resulted in an increase in the average number of vessels in our fleet to 155.0 from 126.4. Additionally, the increase in daily figures for the second quarter of 2024 was related to the Eagle legacy daily operating expenses of $6,152, compared to daily operating expenses excluding pre-delivery expenses of $4,967 for the fleet existing prior to the Eagle Merger. It is expected that the daily operating expenses of the Eagle legacy fleet will be reduced within the following six quarters as a result of the synergies and economies of scale from the Eagle Merger.

Drydocking expenses for the second quarters of 2024 and 2023 were $12.3 million and $10.9 million, respectively. In the second quarter of 2024 ten vessels completed their periodic dry docking surveys, compared to eleven vessels which completed their dry docking during the second quarter of 2023. However, there were also five vessels that commenced their dry docking surveys in the second quarter of 2024 compared to one vessel which commenced its dry docking survey during the corresponding period in 2023, resulting in an overall increase in drydocking expenses.

General and administrative expenses for the second quarters of 2024 and 2023 were $19.5 million and $11.0 million, respectively, which included the share-based compensation of $3.6 million in the second quarter of 2024 and $2.9 million in the second quarter of 2023. The increase in the general and administrative expenses was mainly driven by the increased legacy Eagle costs. We expect that the overall general and administrative expenses will be reduced during the following six quarters as a result of the synergies and economies of scale from the Eagle Merger. Vessel management fees for the second quarter of 2024 and 2023 were $4.3 million and $4.2 million, respectively.

Depreciation expense increased to $43.5 million for the second quarter of 2024 compared to $35.0 million for the corresponding period in 2023. The fluctuation is primarily driven by the increase in the average number of vessels in our fleet to 155.0 from 126.4.

Our results for the second quarter of 2023 included a loss on write-down of inventories of $2.6 million resulting from the valuation of the bunkers remaining on board our vessels as a result of their lower net realizable value compared to their historical cost. No such loss was incurred in the second quarter of 2024.

During the second quarter of 2024, we incurred a net gain on forward freight agreements (“FFAs”) and bunker swaps of $1.6 million, consisting of an unrealized gain of $6.9 million and a realized loss of $5.3 million. During the second quarter of 2023, we incurred a gain on FFAs and bunker swaps of $2.9 million, consisting of an unrealized gain of $1.8 million and a realized gain of $1.1 million.

Our results for the second quarter of 2024 include an aggregate net gain of $14.2 million which resulted from the completion of the previously announced sales of vessels as described under the section “Fleet Update” above.

Interest and finance costs for the second quarters of 2024 and 2023 were $25.6 million and $16.0 million, respectively. The driving factor for this increase is the significant increase in our outstanding indebtedness as a result of the new debt obtained in order to refinance the existing debt of the Eagle vessels, further affected by the increase in variable interest rates prevailing during the corresponding periods.

Unaudited Consolidated Income Statements

(Expressed in thousands of U.S. dollars except for share and per share data)	Second quarter 2024	Second quarter 2023	Six months ended June 30, 2024	Six months ended June 30, 2023


Revenues:
Voyage revenues	$ 352,875	$ 238,686	$ 612,265	$ 462,721
Total revenues	352,875	238,686	612,265	462,721

Expenses:
Voyage expenses	(72,334)	(61,143)	(129,428)	(128,635)
Charter-in hire expenses	(13,067)	(3,080)	(16,993)	(9,695)
Vessel operating expenses	(75,527)	(56,518)	(126,699)	(112,303)
Dry docking expenses	(12,348)	(10,854)	(22,369)	(18,861)
Depreciation	(43,547)	(35,006)	(75,537)	(70,075)
Management fees	(4,292)	(4,216)	(8,696)	(8,460)
Loss on bad debt	-	-	-	(300)
General and administrative expenses	(19,480)	(11,010)	(30,175)	(22,675)
Gain/(Loss) on forward freight agreements and bunker swaps, net	1,605	2,899	(4,316)	4,207
Impairment loss	-	-	-	(7,700)
Other operational loss	(720)	(171)	(901)	(326)
Other operational gain	125	443	1,742	33,676
Gain on sale of vessels	14,169	(34)	22,938	(34)
Loss on write-down of inventory	-	(2,577)	-	(4,743)

Operating income	127,459	57,419	221,831	116,797

Interest and finance costs	(25,613)	(16,029))	(46,112)	(31,731)
Interest income and other income/(loss)	4,820	3,444	7,346	6,593
Gain/(Loss) on derivative financial instruments, net	(436)	(135)	(1,246)	(507)
Gain/(Loss) on debt extinguishment, net	(197)	(469)	(1,010)	(888)
Total other expenses, net	(21,426)	(13,189)	(41,022)	(26,533)

Income before taxes and equity in income/(loss) of investee	$ 106,033	$ 44,230	$ 180,809	$ 90,264

Income taxes	10	-	116	(103)

Income before equity in income/(loss) of investee	106,043	44,230	180,925	90,161

Equity in income/(loss) of investee	37	89	11	33

Net income	$ 106,080	$ 44,319	$ 180,936	$ 90,194

Earnings per share, basic	$ 0.97	$ 0.43	$ 1.87	$ 0.88
Earnings per share, diluted	$ 0.93	$ 0.43	$ 1.82	$ 0.87
Weighted average number of shares outstanding, basic	109,506,036	102,670,975	96,670,823	102,821,671
Weighted average number of shares outstanding, diluted	115,256,711	102,961,179	99,716,982	103,170,724

Unaudited Consolidated Condensed Balance Sheet Data

(Expressed in thousands of U.S. dollars)

ASSETS	June 30, 2024	December 31, 2023
Cash and cash equivalents and resticted cash, current	$ 480,928	259,729
Vessel held for sale	-	15,190
Other current assets	241,853	179,478
TOTAL CURRENT ASSETS	722,781	454,397

Advances for vessels under construction	19,216	-
Vessels and other fixed assets, net	3,348,120	2,539,743
Restricted cash, non current	4,606	2,021
Other non-current assets	143,313	32,094
TOTAL ASSETS	$ 4,238,036	$ 3,028,255

Current portion of long-term bank loans, convertible notes and lease financing	$ 299,114	$ 251,856
Other current liabilities	178,093	107,507
TOTAL CURRENT LIABILITIES	477,207	359,363

Long-term bank loans and lease financing non-current (net of unamortized deferred finance fees of $9,531 and $8,606, respectively)	1,182,929	985,247
Other non-current liabilities	119,997	23,575
TOTAL LIABILITIES	$ 1,780,133	$ 1,368,185

SHAREHOLDERS' EQUITY	2,457,903	1,660,070

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 4,238,036	$ 3,028,255

Unaudited Consolidated Condensed Cash Flow Data

(Expressed in thousands of U.S. dollars)		Six months ended June 30, 2024	Six months ended June 30, 2023

Net cash provided by / (used in) operating activities		$ 256,861	$ 180,070

	Acquisition of other fixed assets	(133)	(103)
	Capital expenditures for acquisitions/vessel modifications/upgrades and advances for vessels under construction	(35,352)	(8,661)
	Cash proceeds from vessel sales and total loss	221,251	87,448
	Cash received from Eagle Merger	104,325	-
	Hull and machinery insurance proceeds	2,391	558
Net cash provided by / (used in) investing activities		292,482	79,242

	Proceeds from vessels' new debt	388,120	77,000
	Scheduled vessels' debt repayment	(91,751	(90,418)
	Debt prepayment due to vessel total loss and sales	(119,873)	(118,549)
	Prepayment of Eagle assumed debt	(375,500)	-
	Financing and debt extinguishment fees paid	(3,626)	(930)
	Offering expenses	(96)	(55)
	Repurchase of common shares	-	(13,056)
	Dividends paid	(122,833)	(98,196)
Net cash provided by / (used in) financing activities		(325,559)	(244,204)

Summary of Selected Data

	Second quarter 2024	Second quarter 2023	Six months ended June 30, 2024	Six months ended June 30, 2023
Average number of vessels (1)	155.0	126.4	134.2	127.0
Number of vessels (2)	156	126	156	126
Average age of operational fleet (in years) (3)	11.7	11.4	11.7	11.4
Ownership days (4)	14,106	11,499	24,420	22,982
Available days (5)	13,606	11,087	23,575	22,082
Charter-in days (6)	651	182	922	429
Daily Time Charter Equivalent Rate (7)	$19,268	$15,835	$19,420	$15,020
Daily OPEX per vessel (8)	$5,354	$4,915	$5,188	$4,887
Daily OPEX per vessel (as adjusted) (8)	$5,319	$4,772	$5,168	$4,734
Daily Net Cash G&A expenses per vessel (9)	$1,371	$1,051	$1,309	$1,055

(1) Average number of vessels is the number of vessels that constituted our owned fleet for the relevant period, as measured by the sum of the number of days each operating vessel was a part of our owned fleet during the period divided by the number of calendar days in that period.

(2) As of the last day of each period presented.

(3) Average age of our operational fleet is calculated as of the end of each period.

(4) Ownership days are the total calendar days each vessel in the fleet was owned by us for the relevant period, including vessels subject to sale and leaseback transactions and finance leases.

(5) Available days are the Ownership days after subtracting off-hire days for major repairs, dry docking or special or intermediate surveys, change of management and vessels’ improvements and upgrades. The available days for the second quarter of 2023 and six-month period ended June 30, 2023, were also decreased by off-hire days relating to disruptions in connection with crew changes as a result of the COVID-19 pandemic. Our method of computing Available Days may not necessarily be comparable to Available Days of other companies.

(6) Charter-in days are the total days that we charter-in third party vessels.

(7) Time charter equivalent rate represents the weighted average daily TCE rates of our operating fleet (including owned fleet and charter-in vessels). TCE rate is a measure of the average daily net revenue performance of our operating fleet. Our method of calculating TCE rate is determined by dividing (a) TCE Revenues, which consists of Voyage Revenues net of voyage expenses, charter-in hire expense, amortization of fair value of above/below market acquired time charter agreements, if any, as well as adjusted for the impact of realized gain/(loss) on forward freight agreements (“FFAs”) and bunker swaps by (b) Available days for the relevant time period. Available days do not include the Charter-in days as per the relevant definitions provided above. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well as commissions. In the calculation of TCE Revenues, we also include the realized gain/(loss) on FFAs and bunker swaps as we believe that this method better reflects the chartering result of our fleet and is more comparable to the method used by some of our peers. TCE Revenues and TCE rate, which are non-GAAP measures, provide additional meaningful information in conjunction with Voyage Revenues, the most directly comparable GAAP measure, because they assist our management in making decisions regarding the deployment and use of our vessels and because we believe that they provide useful information to investors regarding our financial performance. TCE rate is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., voyage charters, time charters, bareboat charters and pool arrangements) under which its vessels may be employed between the periods. Our method of computing TCE Revenues and TCE rate may not necessarily be comparable to those of other companies. For a detailed calculation please see Exhibit I at the end of this release with the reconciliation of Voyage Revenues to TCE.

(8) Daily OPEX per vessel is calculated by dividing vessel operating expenses by Ownership days. Daily OPEX per vessel (as adjusted) is calculated by dividing vessel operating expenses excluding increased costs due to the COVID-19 pandemic or pre-delivery expenses for each vessel on acquisition or change of management, if any, by Ownership days. We exclude the abovementioned expenses that may occur occasionally from our Daily OPEX per vessel, since these generally represent items that we would not anticipate occurring as part of our normal business on a regular basis. We believe that Daily OPEX per vessel (as adjusted) is a useful measure for our management and investors for period to period comparison with respect to our operating cost performance since such measure eliminates the effects of the items described above, which may vary from period to period, are not part of our daily business and derive from reasons unrelated to overall operating performance. In the future we may incur expenses that are the same as or similar to certain expenses (as described above) that were previously excluded. Vessel operating expenses for the second quarter of 2023 and six month period ended June 30, 2023 included additional crew expenses related to the increased number and cost of crew changes performed during the period as a result of COVID-19 restrictions imposed in 2020 estimated to be $0.7 million and $2.1 million, respectively. In addition, vessel operating expenses for the second quarter of 2023, included pre-delivery expenses due to change of management of $1.0 million, compared to $0.5 million of pre-delivery expenses incurred in the second quarter of 2024 due to change of management and acquisition of the Eagle fleet.

(9) Please see Exhibit I at the end of this release for the reconciliation to General and administrative expenses, the most directly comparable GAAP measure. We believe that Daily Net Cash G&A expenses per vessel is a useful measure for our management and investors for period to period comparison with respect to our financial performance since such measure eliminates the effects of non-cash items which may vary from period to period, are not part of our daily business and derive from reasons unrelated to overall operating performance. In the future we may incur expenses that are the same as or similar to certain expenses (as described above) that were previously excluded.

EXHIBIT I: Non-GAAP Financial Measures

EBITDA and Adjusted EBITDA Reconciliation

We include EBITDA (earnings before interest, taxes, depreciation and amortization) herein since it is a basis upon which we assess our liquidity position. It is also used by our lenders as a measure of our compliance with certain loan covenants, and we believe that it presents useful information to investors regarding our ability to service and/or incur indebtedness.

To derive Adjusted EBITDA from EBITDA, we exclude non-cash gains/(losses) such as those related to sale of vessels, share based compensation expense, impairment loss, loss from bad debt, unrealized gain/(loss) on derivatives and the equity in income/(loss) of investee and other non-cash charges, if any, which may vary from period to period and for different companies and because these items do not reflect operational cash inflows and outflows of our fleet.

EBITDA and Adjusted EBITDA do not represent and should not be considered as alternatives to cash flow from operating activities or net income, as determined by United States generally accepted accounting principles, or U.S. GAAP. Our method of computing EBITDA and Adjusted EBITDA may not necessarily be comparable to other similarly titled captions of other companies.

The following table reconciles net cash provided by operating activities to EBITDA and Adjusted EBITDA:

(Expressed in thousands of U.S. dollars)	Second quarter 2024	Second quarter 2023	Six months ended June 30, 2024	Six months ended June 30, 2023
Net cash provided by/(used in) operating activities	$ 142,599	$ 96,880	$ 256,861	$ 180,070
Net decrease / (increase) in operating assets	(18,141)	(5,365)	(15,758)	(9,404)
Net increase / (decrease) in operating liabilities, excluding operating lease liability and including other non-cash charges	9,094	(7,202)	(1,975)	(13,206
Impairment loss	-	-	-	(7,700)
Gain/(Loss) on debt extinguishment, net	(197)	(469)	(1,010)	(888)
Share – based compensation	(3,556)	(2,914)	(5,717)	(6,360)
Amortization of debt (loans & leases) issuance costs	(912)	(947)	(1,691)	(1,990)
Unrealized gain / (loss) on forward freight agreements and bunker swaps, net	6,915	1,799	3,700	(3,065)
Unrealized gain/(loss) on interest rate swaps, net	(381)	(135)	(1,356)	(507)
Total other expenses, net	21,426	13,189	41,022	26,533
Gain from insurance proceeds relating to vessel total loss	-	-	-	28,163
Loss on bad debt	-	-	-	(300)
Income tax expense/(refund)	(10)	-	(116)	103
Gain on sale of vessels	14,169	(34)	22,938	(34)
Gain from Hull & Machinery claim	-	200	470	200
Loss on write-down of inventory	-	(2,577)	-	(4,743)
Equity in income/(loss) of investee	37	89	11	33
EBITDA	$ 171,043	$ 92,514	$ 297,379	$ 186,905

Equity in (income)/loss of investee	(37)	(89)	(11)	(33)
Unrealized (gain)/loss on forward freight agreements and bunker swaps, net	(6,915)	(1,799)	(3,700)	3,065
Gain on sale of vessels	(14,169)	34	(22,938)	34
Loss on write-down of inventory	-	2,577	-	4,743
Gain from insurance proceeds relating to vessel total loss	-	-	-	(28,163)
Share-based compensation	3,556	2,914	5,717	6,360
Loss on bad debt	-	-	-	300
Impairment loss	-	-	-	7,700
Other non-cash charges	(14)	34	(18)	76
Adjusted EBITDA	$ 153,464	$ 96,185	$ 276,429	$ 180,987

Net income and Adjusted Net income Reconciliation and Calculation of Adjusted Earnings Per Share

To derive Adjusted Net Income, Adjusted Earnings Per Share Basic and Adjusted Earnings Per Share Diluted from Net Income, we exclude non-cash items, as provided in the table below. We believe that Adjusted Net Income, Adjusted Earnings Per Share Basic and Adjusted Earnings Per Share Diluted assist our management and investors by increasing the comparability of our performance from period to period since each such measure eliminates the effects of such non-cash items, as gain/(loss) on sale of assets, unrealized gain/(loss) on derivatives, impairment loss and other items which may vary from year to year, for reasons unrelated to overall operating performance. In addition, we believe that the presentation of the respective measure provides investors with supplemental data relating to our results of operations, and therefore, with a more complete understanding of factors affecting our business than with GAAP measures alone. Our method of computing Adjusted Net Income, Adjusted Earnings Per Share Basic and Adjusted Earnings Per Share Diluted may not necessarily be comparable to other similarly titled captions of other companies.

(Expressed in thousands of U.S. dollars except for share and per share data)		Second quarter 2024		Second quarter 2023		Six months ended June 30, 2024		Six months ended June 30, 2023
Net income	$	106,080	$	44,319	$	180,936	$	90,194
Loss on bad debt		-		-		-		300
Share – based compensation		3,556		2,914		5,717		6,360
Other non-cash charges		(14)		34		(18)		76
Unrealized (gain) / loss on forward freight agreements and bunker swaps, net		(6,915)		(1,799)		(3,700)		3,065
Unrealized (gain) / loss on interest rate swaps, net		381		135		1,356		507
(Gain) on sale of vessels		(14,169)		34		(22,938)		34
Impairment loss		-		-		-		7,700
Gain from insurance proceeds relating to vessel total loss		-		-		-		(28,163)
Loss on write-down of inventory		-		2,577		-		4,743
(Gain)/Loss on debt extinguishment, net (non-cash)		175		366		954		785
Equity in (income)/loss of investee		(37)		(89)		(11)		(33)
Adjusted Net income	$	89,057		$ 48,491	$	162,296	$	85,568
Weighted average number of shares outstanding, basic		109,506,036		102,670,975		96,670,823		102,821,671
Weighted average number of shares outstanding, diluted		115,256,711		102,961,179		99,716,982		103,170,724
Adjusted Basic Earnings Per Share	$	0.81	$	0.47	$	1.68	$	0.83
Adjusted Diluted Earnings Per Share	$	0.78	$	0.47	$	1.64	$	0.83

Voyage Revenues to Daily Time Charter Equivalent (“TCE”) Reconciliation

(In thousands of U.S. Dollars, except for TCE rates)	Second quarter 2024	Second quarter 2023	Six months ended June 30, 2024	Six months ended June 30, 2023
Voyage revenues	$ 352,875	$ 238,686	$ 612,265	$ 462,721
Less:
Voyage expenses	(72,334)	(61,143)	(129,428)	(128,635)
Charter-in hire expenses	(13,067)	(3,080)	(16,993)	(9,695)
Realized gain/(loss) on FFAs/bunker swaps, net	(5,310)	1,100	(8,016)	7,272
Time Charter equivalent revenues	$ 262,164	$ 175,563	$ 457,828	$ 331,663

Available days	13,606	11,087	23,575	22,082
Daily Time Charter Equivalent Rate ("TCE")	$ 19,268	$ 15,835	$ 19,420	$ 15,020

Daily Net Cash G&A expenses per vessel Reconciliation

(In thousands of U.S. Dollars, except for daily rates)		Second quarter 2024		Second quarter 2023		Six months ended June 30, 2024		Six months ended June 30, 2023
General and administrative expenses	$	19,480	$	11,010	$	30,175	$	22,675
Plus:
Management fees		4,292		4,216		8,696		8,460
Less:
Share – based compensation		(3,556)		(2,914)		(5,717)		(6,360)
Other non-cash charges		14		(34)		18		(76)
Net Cash G&A expenses	$	20,230	$	12,278	$	33,172	$	24,699

Ownership days		14,106		11,499		24,420		22,982
Charter-in days		651		182		922		429
Daily Net Cash G&A expenses per vessel	$	1,371	$	1,051	$	1,309	$	1,055

Conference Call details:

Our management team will host a conference call to discuss our financial results on Thursday, August 8, 2024 at 11:00 a.m., Eastern Time (ET).

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: +1 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In), or +0 800 756 3429 (UK Toll Free Dial In). Please quote “Star Bulk Carriers” to the operator and/or conference ID 13746765. Click here for additional participant International Toll-Free access numbers.

Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option.

Slides and audio webcast:

There will also be a live, and then archived, webcast of the conference call and accompanying slides, available through the Company’s website. To listen to the archived audio file, visit our website www.starbulk.com and click on Events & Presentations. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

About Star Bulk

Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk’s vessels transport major bulks, which include iron ore, minerals and grain, and minor bulks, which include bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, New York, Limassol, Singapore, Germany and Denmark. Its common stock trades on the Nasdaq Global Select Market under the symbol “SBLK”. As of the date of this release on a fully delivered basis and as adjusted for the delivery of a) the vessels agreed to be sold as discussed above and b) the five firm Kamsarmax vessels currently under construction, Star Bulk owns a fleet of 159 vessels, with an aggregate capacity of 15.2 million dwt, consisting of 17 Newcastlemax, 16 Capesize, 1 Mini Capesize, 7 Post Panamax, 44 Kamsarmax, 1 Panamax, 48 Ultramax and 25 Supramax vessels with carrying capacities between 53,489 dwt and 209,537 dwt.

In addition, in November 2021 we took delivery of the Capesize vessel Star Shibumi, under a long-term charter-in contract for a period up to November 2028. In January 2024 we took delivery of vessels Star Voyager, Star Explorer and Stargazer, and in June 2024, as discussed above, we took delivery of the vessel Star Earendel, each subject to a seven-year charter-in arrangement. As of the date of this release, we have also entered into long-term charter-in arrangements with respect to one Kamsarmax newbuilding and one Ultramax newbuilding which are expected to be delivered during 2024 with an approximate duration of seven years per vessel plus optional years.

Forward-Looking Statements

Matters discussed in this press release may constitute forward looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

We desire to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. Words such as, but not limited to, “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “targets,” “projects,” “likely,” “will,” “would,” “could,” “should,” “may,” “forecasts,” “potential,” “continue,” “possible” and similar expressions or phrases may identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, examination by our management of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the possibility that costs or difficulties related to the integration of the Company's and Eagle's operations will be greater than expected; the possibility that the expected synergies and value creation from the Eagle Merger will not be realized, or will not be realized within the expected time period; transaction costs related to the Eagle Merger; general dry bulk shipping market conditions, including fluctuations in charter rates and vessel values; the strength of world economies; the stability of Europe and the Euro; fluctuations in currencies, interest rates and foreign exchange rates; business disruptions due to natural disasters or other disasters outside our control, such as any new outbreaks or new variants of coronavirus (“COVID-19”) that may emerge; the length and severity of epidemics and pandemics, including their impact on the demand for seaborne transportation in the dry bulk sector; changes in supply and demand in the dry bulk shipping industry, including the market for our vessels and the number of newbuildings under construction; the potential for technological innovation in the sector in which we operate and any corresponding reduction in the value of our vessels or the charter income derived therefrom; changes in our expenses, including bunker prices, dry docking, crewing and insurance costs; changes in governmental rules and regulations or actions taken by regulatory authorities; potential liability from pending or future litigation and potential costs due to environmental damage and vessel collisions; the impact of increasing scrutiny and changing expectations from investors, lenders, charterers and other market participants with respect to our Environmental, Social and Governance (“ESG”) practices; our ability to carry out our ESG initiatives and thereby meet our ESG goals and targets; new environmental regulations and restrictions, whether at a global level stipulated by the International Maritime Organization, and/or regional/national level imposed by regional authorities such as the European Union or individual countries; potential cyber-attacks which may disrupt our business operations; general domestic and international political conditions or events, including the upcoming presidential election in the United States, “trade wars”, the ongoing conflict between Russia and Ukraine, the conflict between Israel and Hamas and the Houthi attacks in the Red Sea and the Gulf of Aden; the impact on our common shares and reputation if our vessels were to call on ports located in countries that are subject to restrictions imposed by the U.S. or other governments; potential physical disruption of shipping routes due to accidents, climate-related reasons (acute and chronic), political events, public health threats, international hostilities and instability, piracy or acts by terrorists; the availability of financing and refinancing; the failure of our contract counterparties to meet their obligations; our ability to meet requirements for additional capital and financing to grow our business; the impact of our indebtedness and the compliance with the covenants included in our debt agreements; vessel breakdowns and instances of off-hire; potential exposure or loss from investment in derivative instruments; potential conflicts of interest involving our Chief Executive Officer, his family and other members of our senior management; our ability to complete acquisition transactions as and when planned and upon the expected terms; and the impact of port or canal congestion or disruptions. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.

Contacts

Company:	Investor Relations / Financial Media:
Simos Spyrou, Christos Begleris	Nicolas Bornozis
Co - Chief Financial Officers	President
Star Bulk Carriers Corp.	Capital Link, Inc.
c/o Star Bulk Management Inc.	230 Park Avenue, Suite 1536
40 Ag. Konstantinou Av.	New York, NY 10169
Maroussi 15124	Tel. (212) 661-7566
Athens, Greece	E-mail: starbulk@capitallink.com
Email: info@starbulk.com	www.capitallink.com
www.starbulk.com

Cover	6 Months Ended
Cover	Jun. 30, 2024
Cover [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Current Fiscal Year End Date	--12-31
Entity File Number	001-33869
Entity Registrant Name	STAR BULK CARRIERS CORP.
Entity Central Index Key	0001386716

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 462,578	$ 227,481
Restricted cash, current (Notes 8 and 13)	18,350	32,248
Trade accounts receivable, net	91,331	68,624
Inventories (Note 4)	81,662	62,362
Due from managers	0	23
Due from related parties (Note 3)	$ 38	$ 38
Accounts Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Prepaid expenses and other receivables	$ 18,553	$ 19,296
Derivatives, current asset portion (Note 13)	3,960	6,305
Other current assets	46,309	22,830
Vessel held for sale (Note 5)	0	15,190
Total Current Assets	722,781	454,397
FIXED ASSETS
Advances for vessels under construction (Note 5)	19,216	0
Vessels and other fixed assets, net (Note 5)	3,348,120	2,539,743
Total Fixed Assets	3,367,336	2,539,743
OTHER NON-CURRENT ASSETS
Long term investment (Note 3)	1,747	1,736
Restricted cash, non-current (Notes 8 and 13)	4,606	2,021
Operating leases, right-of-use assets (Note 6)	139,735	27,825
Derivatives, non-current asset portion (Note 13)	1,451	2,533
Other non-current assets	380	0
TOTAL ASSETS	4,238,036	3,028,255
CURRENT LIABILITIES
Current portion of long-term bank loans (Note 8)	227,014	249,125
Convertible notes (Note 8)	69,369	0
Lease financing short term (Note 7)	2,731	2,731
Accounts payable	49,870	39,317
Due to managers	14,274	7,386
Due to related parties (Note 3)	$ 1,599	$ 1,659
Accounts Payable, Current, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Accrued liabilities	$ 66,001	$ 31,372
Operating lease liabilities, current (Note 6)	20,760	5,251
Derivatives, current liability portion (Note 13)	1,917	5,784
Deferred revenue	21,672	16,738
Other current liabilities	2,000	0
Total Current Liabilities	477,207	359,363
NON-CURRENT LIABILITIES
Long-term bank loans, net of current portion and unamortized loan issuance costs of $8,508 and $9,458, as of December 31, 2023 and June 30, 2024, respectively (Note 8)	1,169,062	970,039
Lease financing long term, net of unamortized lease issuance costs of $98 and $73, as of December 31, 2023 and June 30, 2024, respectively (Note 7)	13,867	15,208
Operating lease liabilities, non-current (Note 6)	118,975	22,574
Other non-current liabilities	1,022	1,001
TOTAL LIABILITIES	1,780,133	1,368,185
SHAREHOLDERS' EQUITY
Preferred Shares; $0.01 par value, authorized 25,000,000 shares; none issued or outstanding at December 31, 2023 and June 30, 2024, respectively (Note 9)	0	0
Common Shares, $0.01 par value, 300,000,000 shares authorized; 84,016,892 shares issued and outstanding as of December 31, 2023; 112,854,026 shares issued and outstanding as of June 30, 2024 (Note 9)	1,129	840
Additional paid in capital	3,027,249	2,287,055
Accumulated other comprehensive income/(loss)	4,640	5,393
Accumulated deficit	(575,115)	(633,218)
Total Shareholders' Equity	2,457,903	1,660,070
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 4,238,036	$ 3,028,255

Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	25,000,000	25,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock [Member]
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	300,000,000	300,000,000
Common Stock, Shares, Issued	112,854,026	84,016,892
Common Stock, Shares, Outstanding	112,854,026	84,016,892
Long-Term Debt [Member]
Debt Issuance Costs, Net	$ 9,458	$ 8,508
Capital Lease Obligations [Member]
Debt Issuance Costs, Net	$ 73	$ 98

Unaudited Interim Condensed Consolidated Income Statements - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Voyage revenues (Note 14)	$ 612,265	$ 462,721
Expenses/(Income)
Voyage expenses (Note 3 )	129,428	128,635
Charter-in hire expenses (Note 6)	16,993	9,695
Vessel operating expenses	126,699	112,303
Dry docking expenses	22,369	18,861
Depreciation (Note 5)	75,537	70,075
Management fees (Notes 3)	8,696	8,460
General and administrative expenses (Note 3)	30,175	22,675
Impairment loss	0	7,700
Loss on write-down of inventory	0	4,743
Other operational loss	901	326
Other operational gain	(1,742)	(33,676)
Loss on bad debt	0	300
(Gain)/Loss on forward freight agreements and bunker swaps, net (Note 13)	4,316	(4,207)
Gain on sale of vessels (Note 5)	(22,938)	34
Total operating expenses, net	390,434	345,924
Operating income	221,831	116,797
Other Income/ (Expenses):
Interest and finance costs (Note 8)	(46,112)	(31,731)
Interest income and other income/(loss)	7,346	6,593
Gain/(Loss) on derivative financial instruments, net (Note 13)	(1,246)	(507)
Loss on debt extinguishment, net (Note 8)	(1,010)	(888)
Total other expenses, net	(41,022)	(26,533)
Income before taxes and equity in income of investee	180,809	90,264
Income tax (expense)/refund	116	(103)
Income before equity in income/(loss) of investee	180,925	90,161
Equity in income/(loss) of investee (Note 3)	11	33
Net income	$ 180,936	$ 90,194
Earnings per share, basic	$ 1.87	$ 0.88
Earnings per share, diluted	$ 1.82	$ 0.87
Weighted average number of shares outstanding, basic (Note 10)	96,670,823	102,821,671
Weighted average number of shares outstanding, diluted (Note 10)	99,716,982	103,170,724

Unaudited Interim Condensed Consolidated Statements of Comprehensive Income/ (Loss) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net income	$ 180,936	$ 90,194
Other comprehensive income / (loss):
Unrealized gain / (loss) from hedging interest rate swaps recognized in Other comprehensive income/(loss) before reclassifications	2,306	3,502
Unrealized gain / (loss) from hedging foreign currency forward contracts recognized in Other comprehensive income/(loss) before reclassifications	(267)	0
Less:
Reclassification adjustments of interest rate swap gain/(loss)	(2,792)	(14,412)
Other comprehensive income / (loss)	(753)	(10,910)
Total comprehensive income	$ 180,183	$ 79,284

Unaudited Interim Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Common Stock [Member] Songa shares [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2022	$ 1,029		$ 2,646,073	$ 20,962	$ (648,722)	$ 2,019,342
Beginning balance, shares at Dec. 31, 2022	102,857,416
Net income	$ 0		0	0	90,194	90,194
Other comprehensive income / (loss)	0		0	(10,910)	0	(10,910)
Issuance of vested and non-vested shares and amortization of share-based compensation (Note 9)	$ 9		6,351	0	0	6,360
Issuance of vested and non-vested shares and amortization of stock-based compensation, shares	971,372
Dividends declared ($0.95 and $1.20 per share for 2023 and 2024, respectively) (Note 9)	$ 0		0	0	(98,196)	(98,196)
Repurchase and cancellation of common shares (Note 9), shares	(638,572)	(6,706)
Offering expenses	$ 0		(55)	0	0	(55)
Repurchase and cancellation of common shares	$ (6)		(13,050)	0	0	(13,056)
Ending balance, shares at Jun. 30, 2023	103,183,510
Ending balance, value at Jun. 30, 2023	$ 1,032		2,639,319	10,052	(656,724)	1,993,679
Beginning balance, value at Dec. 31, 2023	$ 840		2,287,055	5,393	(633,218)	1,660,070
Beginning balance, shares at Dec. 31, 2023	84,016,892
Net income	$ 0		0	0	180,936	180,936
Other comprehensive income / (loss)	0		0	(753)	0	(753)
Issuance of vested and non-vested shares and amortization of share-based compensation (Note 9)	$ 8		5,709	0	0	5,717
Issuance of vested and non-vested shares and amortization of stock-based compensation, shares	754,815
Dividends declared ($0.95 and $1.20 per share for 2023 and 2024, respectively) (Note 9)	$ 0		0	0	(122,833)	(122,833)
Offering expenses	0		(96)	0	0	(96)
Issuance of common stock for Eagle Merger (Note 1)	$ 281		665,270	0	0	665,551
Issuance of common stock for Eagle Merger (Note 1), shares	28,082,319
Excess fair value of Convertible Notes	$ 0		69,311	0	0	69,311
Ending balance, shares at Jun. 30, 2024	112,854,026
Ending balance, value at Jun. 30, 2024	$ 1,129		$ 3,027,249	$ 4,640	$ (575,115)	$ 2,457,903

Unaudited Interim Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Common Stock, Dividends, Per Share, Declared	$ 1.20	$ 0.95

Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows from Operating Activities:
Net income	$ 180,936	$ 90,194
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation	75,537	70,075
Amortization of debt (loans & leases) issuance costs	1,691	1,990
Noncash lease expense	6,802	5,465
Gain/(Loss) on debt extinguishment, net	1,010	888
Impairment loss	0	7,700
(Gain)/loss on sale of vessels	(22,938)	34
Loss on bad debt	0	300
Share-based compensation	5,717	6,360
Gain from insurance proceeds relating to vessel total loss	0	(28,163)
Loss on write-down of inventory	0	4,743
Change in fair value of forward freight derivatives and bunker swaps	(3,700)	3,065
Other non-cash charges	(18)	76
Change in fair value of interest rate swaps not designated as cash flow hedges	1,356	507
Gain on hull and machinery claims	(470)	(200)
Equity in income/(loss) of investee	(11)	(33)
(Increase)/Decrease in:
Trade accounts receivable	21,880	23,292
Inventories	5,791	(2,734)
Prepaid expenses and other receivables	(13,302)	(12,774)
Derivatives asset	1,392	1,550
Due from related parties	0	39
Due from managers	23	31
Other non-current assets	(26)	0
Increase/(Decrease) in:
Accounts payable	(7,139)	4,694
Operating lease liability	(6,802)	(5,465)
Due to related parties	(60)	474
Accrued liabilities	(417)	(532)
Due to managers	6,888	7,340
Deferred revenue	721	1,154
Other current liabilities	2,000	0
Net cash provided by / (used in) Operating Activities	256,861	180,070
Cash Flows from Investing Activities:
Advances for vessels acquisitions, vessels under construction & vessel upgrades and other fixed assets	(35,485)	(8,764)
Cash proceeds from vessel sales	221,251	32,448
Cash proceeds from vessel total loss	0	55,000
Cash acquired related to the Eagle Merger	104,325	0
Hull and machinery insurance proceeds	2,391	558
Net cash provided by / (used in) Investing Activities	292,482	79,242
Cash Flows from Financing Activities:
Proceeds from bank loans	388,120	77,000
Loan and lease prepayments and repayments	(587,124)	(208,967)
Financing and debt extinguishment fees paid	(3,626)	(930)
Dividends paid	(122,833)	(98,196)
Offering expenses paid	(96)	(55)
Repurchase of common shares	0	(13,056)
Net cash provided by / (used in) Financing Activities	(325,559)	(244,204)
Net increase/(decrease) in cash and cash equivalents and restricted cash	223,784	15,108
Cash and cash equivalents and restricted cash at beginning of period	261,750	286,344
Cash and cash equivalents and restricted cash at end of period	485,534	301,452
Cash paid during the period for:
Interest	42,236	28,033
Non-cash investing and financing activities:
Shares issued in connection with Eagle Merger	665,551	0
Vessel upgrades	3,358	3,422
Assumed bank loans and Convertible notes debt related to Eagle Merger	514,180	0
Right-of-use assets and lease obligations for charter-in contracts	115,257	0
Reconciliation of (a) cash and cash equivalents, and restricted cash reported within the consolidated balance sheets to (b) the total amount of such items reported in the statements of cash flows:
Cash and cash equivalents	462,578	285,248
Restricted cash, current	18,350	14,183
Restricted cash, non-current	4,606	2,021
Cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows	$ 485,534	$ 301,452

Basis of Presentation and General Information

6 Months Ended

Jun. 30, 2024

Basis of Presentation and General Information

1. Basis of Presentation and General Information:

Unless otherwise defined herein, capitalized words and expressions used herein shall have the same meanings ascribed to them in the 2023 Annual Report.

Eagle Merger

1. Basis of Presentation and General Information - continued:

Eagle Merger - continued

		Star Bulk		Eagle
Voyage revenues	$	522,610	$	89,655
Operating income	$	203,142	$	18,689
Net income	$	169,405	$	11,531

1. Basis of Presentation and General Information - continued:

Eagle Merger - continued


		Six month periods ended
		June 30, 2023		June 30, 2024

Pro forma voyage revenues	$	669,325	$	715,663
Pro forma operating income		137,065		208,089
Pro forma net income		99,474		164,118
Pro forma income per share, basic		0.89		1.47
Pro forma income per share, diluted	$	0.89	$	1.44

Accounting for the Eagle Merger

The following table presents a summary of how the consideration paid by Star Bulk for the net assets acquired was determined:

(Dollars in thousands, except per share and share data)		Amounts
Eagle common stock		10,476,091	(a)
Equity awards of Eagle employees and not vested to be replaced		237,853	(b)
Eagle shares exchanged with Star Bulk shares		10,713,944
Fixed exchange ratio		2.6211	(c)
Total Star Bulk common stock issued to Eagle shareholders		28,082,319
Star Bulk closing price per share	$	23.70	(d)
Consideration transferred related to value of net assets acquired	$	665,551

(a) Issued and outstanding shares as of April 9, 2024.

(b) Under the Eagle Merger Agreement, the Company is obligated to replace the equity awards of Eagle employees not vested, based on the agreed exchange ratio.

(d) Share price of Star Bulk as of April 9, 2024, represents the closing price of Star Bulk common stock for the calculation of the fair value of the Eagle Merger consideration transferred.

1. Basis of Presentation and General Information - continued:

Accounting for the Eagle Merger - continued

(Dollars in thousands)		Fair Value
Vessels and vessel improvements	$	1,157,000
Advances for BWTS and other assets		1,252
Vessels held for sale		29,254
Inventories		25,783
Cash		104,325
Derivative assets		289
Operating lease right-of use assets		3,454
Other current assets (Accounts receivable, Prepaid expenses, Other current assets)		56,130
Long term debt		(375,500)
Convertible Notes		(138,680)
Operating lease liabilities		(3,454)
Derivative liabilities		(48)
Accounts payable, Accrued liabilities, Unearned charter hire revenue and Other non-current liabilities		(54,041)
Net asset value acquired	$	805,764
Consideration transferred	$	665,551
Excess of net asset value acquired over consideration transferred	$	140,213

1. Basis of Presentation and General Information - continued:

Accounting for the Eagle Merger – continued

The working capital amounts acquired from Eagle, approximated their fair values due to their short-term maturities.

Significant Accounting Policies and Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Significant Accounting Policies and Recent Accounting Pronouncements

2. Significant accounting policies and recent accounting pronouncements:

Furthermore, please refer below for the most recent accounting pronouncements policies in the six-month period ended June 30, 2024.

Recent Issued Accounting Pronouncements Not Yet Adopted

Transactions with related parties

6 Months Ended

Jun. 30, 2024

Transactions with related parties

3. Transactions with related parties:

Transactions and balances with related parties are analyzed as follows:

Balance Sheets

		December 31, 2023		June 30, 2024
Long term investment
Interchart	$	1,380	$	1,404
Starocean		231		218
CCL Pool		125		125
Long term investment	$	1,736	$	1,747

Due from related parties
Interchart		3		—
Oceanbulk Maritime S.A. and its affiliates		—		4
Starocean		35		34
Due from related parties	$	38	$	38

Due to related parties
Interchart		—		19
Management and Directors Fees		172		158
Oceanbulk Maritime S.A. and its affiliates		15		54
Iblea Ship Management Limited		1,472		1,368
Due to related parties	$	1,659	$	1,599

3. Transactions with related parties - continued:

Income statements

	Six months ended June 30,
		2023		2024
Voyage expenses:
Voyage expenses-Interchart	$	(2,070)	$	(2,070)
General and administrative expenses:
Consultancy fees	$	(281)	$	(394)
Directors compensation		(93)		(82)
Office rent - Combine Marine Ltd. & Alma Properties		(19)		(19)
General and administrative expenses - Oceanbulk Maritime S.A. and its affiliates		(104)		(130)
Management fees:
Management fees- Iblea Ship Management Limited		(1,514)		(1,201)
Equity in income/(loss) of investee
Interchart	$	32	$	24
Starocean		1		(13)

Inventories

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventories

4. Inventories:

The amounts shown in the consolidated balance sheets are analyzed as follows:

Inventories (Table)

		December 31, 2023		June 30, 2024
Lubricants	$	13,945	$	17,167
Bunkers		48,417		64,495
Total	$	62,362	$	81,662

Vessels and other fixed assets, net and Advances for vessels under construction

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Vessels and other fixed assets, net and Advances for vessels under construction

5. Vessels and other fixed assets, net and Advances for vessels under construction:

The amounts in the consolidated balance sheets are analyzed as follows:

		Cost		Accumulated depreciation		Net Book Value
Balance, December 31, 2023	$	3,508,701	$	(968,958)	$	2,539,743
- Acquisition of vessels and other fixed assets, vessel improvements and other vessel costs		1,037,091		—		1,037,091
- Vessel sales		(217,462)		64,285		(153,177)
- Depreciation for the period		—		(75,537)		(75,537)
Balance, June 30, 2024	$	4,328,330	$	(980,210)	$	3,348,120

5. Vessels and other fixed assets, net and Advances for vessels under construction - continued:

Vessels under construction:

The amounts shown in the consolidated balance sheets are analyzed as follows:

Balance, December 31, 2023	$	—
- Pre-delivery yard installments and capitalized expenses		18,716
- Capitalized interest and finance costs		500
Balance, June 30, 2024	$	19,216

Operating leases

6 Months Ended

Jun. 30, 2024

Operating Leases

Operating leases

6. Operating leases:

a) Time charter-in vessel agreements

The time charter-in hire payments required to be made after June 30, 2024, for these outstanding operating lease liabilities are as follows:

Twelve month periods ending		Amount
June 30, 2025	$	26,636
June 30, 2026		26,636
June 30, 2027		25,176
June 30, 2028		26,709
June 30, 2029		22,171
June 30, 2030 and thereafter		34,401
Total undiscounted lease payments	$	161,729
Discount based on incremental borrowing rate		(25,406)
Present value of lease liability		136,323
Operating lease liabilities, current		20,128
Operating lease liabilities, non-current		116,195

6. Operating leases - continued:

b) Office rental arrangements

Twelve month periods ending		Amount
June 30, 2025	$	632
June 30, 2026		982
June 30, 2027		969
June 30, 2028		635
June 30, 2029		553
June 30, 2030 and thereafter		-
Total undiscounted lease payments	$	3,771
Discount based on incremental borrowing rate		(359)
Present value of lease liability	$	3,412
Operating lease liabilities, current		632
Operating lease liabilities, non-current		2,780

Lease financings

6 Months Ended

Jun. 30, 2024

Lease Financings

Lease financings

7. Lease financings:

Details of the Company’s lease financings are discussed in Note 7 of the Company’s consolidated financial statements for the year ended December 31, 2023, included in the 2023 Annual Report.

The principal payments required to be made after June 30, 2024, for the Company’s outstanding finance lease obligations recognized on the balance sheet, as of that date, are as follows:

Twelve month periods ending		Amount
June 30, 2025	$	2,731
June 30, 2026		2,731
June 30, 2027		2,731
June 30, 2028		2,731
June 30, 2029		4,383
June 30, 2030 and thereafter		1,364
Total bareboat lease minimum payments	$	16,671
Unamortized lease issuance costs		(73)
Total bareboat lease minimum payments, net	$	16,598
Lease financing short term		2,731
Lease financing long term, net of unamortized lease issuance costs		13,867

Long-term bank loans and Convertible Notes

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Long-term bank loans and Convertible Notes

8. Long-term bank loans and Convertible Notes:

Long-term bank loans

New Financing activities during the six-month period ended June 30, 2024

i) ABN AMRO $94,100 Facility:

8. Long-term bank loans and Convertible Notes - continued:

Long-term bank loans (continued)

ii) ING $94,000 Facility

iii) DNB $100,000 Facility

iv) ESUN $100,000 Facility

All amounts drawn under the abovementioned facilities were used to refinance the assumed debt upon completion of the Eagle Merger as described below.

8. Long-term bank loans and Convertible Notes - continued:

Long-term bank loans (continued)

Repayments

The principal payments required to be made after June 30, 2024 for the Company’s then-outstanding bank loans, are as follows:

Twelve month periods ending		Amount
June 30, 2025	$	227,014
June 30, 2026		266,008
June 30, 2027		326,701
June 30, 2028		254,588
June 30, 2029		218,303
June 30, 2030 and thereafter		112,920
Total Long-term bank loans	$	1,405,534
Unamortized loan issuance costs		(9,458)
Total Long-term bank loans, net	$	1,396,076
Current portion of long-term bank loans		227,014
Long-term bank loans, net of current portion and unamortized loan issuance costs		1,169,062

8. Long-term bank loans and Convertible Notes - continued:

Convertible Notes

The outstanding Convertible Notes mature on August 1, 2024 (the “Maturity Date”) (Note 15), unless earlier repurchased, redeemed or converted pursuant to their terms.

As of June 30, 2024, the estimated fair value based on market data of the Convertible Notes was $145,890.

8. Long-term bank loans and Convertible Notes - continued:

Share Lending Agreement

Upon closing of the Eagle Merger, the Eagle shares lent to JCS were exchanged for 1,341,584 shares of Star Bulk common stock.

The amounts of “Interest and finance costs” included in the unaudited interim condensed consolidated income statements are analyzed as follows:


		Six months ended June 30,
		2023		2024
Interest on financing agreements	$	43,323	$	46,683
Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other Comprehensive Income (Note 13)		(14,412)		(2,792)
Amortization of debt (loan & lease) issuance costs		1,990		1,691
Other bank and finance charges		830		530
Interest and finance costs	$	31,731	$	46,112

Preferred and Common Shares and Additional Paid-in Capital

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Preferred and Common Shares and Additional Paid-in Capital

9. Preferred and Common Shares and Additional Paid-in Capital:

Pursuant to its dividend policy, during the six-month period ended June 30, 2024, the Company declared and paid cash dividends of $122,833 or $1.20 per common share.

Earnings per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings per Share

10. Earnings per Share:

The Company calculates basic and diluted earnings per share as follows:

Earning per Share (Table)


		Six months ended June 30,
		2023		2024
Income :
Net income	$	90,194	$	180,936


Basic earnings per share:
Weighted average common shares outstanding, basic		102,821,671		96,670,823
Basic earnings per share	$	0.88	$	1.87

Effect of dilutive securities:
Convertible Notes		—		2,690,362
Dilutive effect of non vested shares		349,053		355,797
Dilutive potential common shares		349,053		3,046,159

Weighted average common shares outstanding, diluted		103,170,724		99,716,982

Diluted earnings per share	$	0.87	$	1.82

Equity Incentive Plans

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans

11. Equity Incentive Plans:

A summary of the status of the Company’s non-vested restricted shares as of June 30, 2024 and the movement during the six-month period ended June 30, 2024 is presented below.

	Number of shares		Weighted Average Grant Date Fair Value
Unvested as at January 1, 2024	364,001	$	20.11
Granted	945,000		24.73
Vested	(577,651)		20.22
Unvested as at June 30, 2024	731,350	$	25.99

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies:

a) Commitments:

The following tables set forth inflows and outflows related to the Company’s charter party arrangements and other commitments, as at June 30, 2024.

Charter party arrangements:

		Twelve month periods ending June 30,
+ inflows/ - outflows		Total		2025		2026		2027		2028		2029		2030 and thereafter
Future, minimum, non-cancellable charter revenues ⁽¹⁾	$	118,136	$	110,795	$	7,341	$	—	$	—	$	—	$	—

Total	$	118,136	$	110,795	$	7,341	$	—	$	—	$	—	$	—

____________________

(1)

Other commitments:

		Twelve month periods ending June 30,
+ inflows/ - outflows		Total		2025		2026		2027		2028		2029		2030 and thereafter
Charter-in expense newbuilding vessels ⁽¹⁾	$	(69,108)	$	(6,534)	$	(9,809)	$	(9,809)	$	(9,836)	$	(9,809)	$	(23,311)
Future minimum charter-in hire payments ⁽²⁾		(15,076)		(14,624)		(452)		—		—		—		—
Vessel BWTS upgrades and ESD ⁽³⁾		(11,235)		(10,653)		(582)		—		—		—		—
Total	$	(95,419)	$	(31,811)	$	(10,843)	$	(9,809)	$	(9,836)	$	(9,809)	$	(23,311)

____________________

(1)

The amounts represent minimum contractual charter-in payments, to be made from the delivery date of the two charter-in newbuilding vessels (Note 1) until the end of their lease term.

(2)

The amounts represent the Company’s commitments under the existing, as of June 30, 2024, time-charter-in arrangements for third party vessels.

(3)

The amounts represent the Company’s commitments as of June 30, 2024 for installation of BWTS upgrades and ESD on its vessels to comply with environmental regulations.

12. Commitments and Contingencies - continued:

b) Legal proceedings

Fair value measurements and Hedging

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair value measurements and Hedging

13. Fair value measurements and Hedging:

Fair value on a recurring basis:

Interest rate swaps

Details of the Company’s interest rate swaps are discussed in Note 18 of the Company’s consolidated financial statements for the year ended December 31, 2023, included in the 2023 Annual Report.

The following table summarizes the interest rate swaps in place as of June 30, 2024:

Counterparty	Trading Date	Inception	Expiry	Fixed Rate	Initial Notional	Current Notional
ING	Mar-20	Mar-20	Mar-26	0.7000%	$ 29,960	$ 20,865
ING	Mar-20	Apr-20	Oct-25	0.7000%	$ 39,375	$ 24,375
SEB	Mar-20	Apr-20	Jan-25	0.7270%	$ 58,885	$ 40,591
ING	Jul-20	Jul-20	Jul-26	0.3700%	$ 70,000	$ 26,250
SEB	Feb-21	Apr-21	Jan-26	0.4525%	$ 37,050	$ 13,650

A gain of approximately $3,045 in connection with the interest rate swaps is expected to be reclassified into earnings during the following 12-month period ending June 30, 2025 when realized.

Freight Derivatives and Bunker Swaps

13. Fair value measurements and Hedging - continued:

Fair value on a recurring basis - continued:

The amounts of Gain / (Loss) on interest rate swaps, freight derivatives and bunker swaps recognized in the unaudited interim condensed consolidated income statements, are analyzed as follows:


		Six months ended June 30,
		2023		2024
Consolidated Income Statement
Gain/(loss) on derivative financial instruments rate swaps, net
Realized gain/(loss) of de-designated accounting hedging relationship of interest rate swaps		—		7
Unrealized gain/(loss) of de-designated accounting hedging relationship of interest rate swaps		(507)		(1,356)
Realized gain/(loss) of foreign exchange forward contracts		—		103
Total Gain/(loss) recognized	$	(507)	$	(1,246)

Interest and finance costs
Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other comprehensive income/(loss) (Note 8)		14,412		2,792
Total Gain/(loss) recognized	$	14,412	$	2,792

Gain/(Loss) on FFAs and bunker swaps, net
Realized gain/(loss) on FFAs		2,796		(7,967)
Realized gain/(loss) on bunker swaps		4,476		(49)
Unrealized gain/(loss) on FFAs		(116)		3,657
Unrealized gain/(loss) on bunker swaps		(2,949)		43
Total Gain/(loss) recognized	$	4,207	$	(4,316)

The following table summarizes the valuation of the Company’s financial instruments as of December 31, 2023 and June 30, 2024, based on Level 1 quoted market prices in active markets.


		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)
		December 31, 2023				June 30, 2024
	Balance Sheet Location	(not designated as cash flow hedges)			(designated as cash flow hedges)	(not designated as cash flow hedges)			(designated as cash flow hedges)
ASSETS
Forward freight agreements - current	Derivatives, current asset portion	$	—	$	—	$	16	$	—
Bunker swaps - current	Derivatives, current asset portion		—		—		59		—
Total		$	—	$	—	$	75	$	—
LIABILITIES
Forward freight agreements - current	Derivatives, current liability portion	$	5,784	$	—	$	1,917	$	—
Total		$	5,784	$	—	$	1,917	$	—

13. Fair value measurements and Hedging - continued:

Fair value on a recurring basis - continued:


			Significant Other Observable Inputs (Level 2)
			December 31, 2023				June 30, 2024
	Balance Sheet Location		(not designated as cash flow hedges)		(designated as cash flow hedges)		(not designated as cash flow hedges)		(designated as cash flow hedges)
ASSETS
Interest rate swaps - current	Derivatives, current asset portion	$	1,356	$	4,682	$	—	$	3,885
Foreign exchange forward contracts - current	Derivatives, current asset portion		—		267		—		—
Interest rate swaps - non-current	Derivatives, non-current asset portion		—		2,533		—		1,451
Total		$	1,356	$	7,482	$	—	$	5,336

Voyage revenues

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Voyage revenues

14. Voyage revenues:

Voyage revenues (Table)

		Six months ended June 30,
		2023		2024

Time charters	$	241,378	$	325,915
Voyage charters		219,666		286,432
Pool revenues		1,677		(82)
	$	462,721	$	612,265

Demurrage income for the six-month periods ended June 30, 2023 and 2024 amounted to $6,608 and $9,666, respectively, and is included in voyage revenues earned from voyage charters in the above table.

Subsequent Events

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

15. Subsequent Events:

On August 7, 2024 the Company’s Board of Directors declared a quarterly cash dividend of $0.70 per share payable on or about September 6, 2024 to all shareholders of record as of August 27, 2024.

Basis of Presentation and General Information (Tables)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and General Information - Results of operation of Star Bulk and Eagle (Table)

		Star Bulk		Eagle
Voyage revenues	$	522,610	$	89,655
Operating income	$	203,142	$	18,689
Net income	$	169,405	$	11,531

Basis of Presentation and General Information - Proforma (Table)


		Six month periods ended
		June 30, 2023		June 30, 2024

Pro forma voyage revenues	$	669,325	$	715,663
Pro forma operating income		137,065		208,089
Pro forma net income		99,474		164,118
Pro forma income per share, basic		0.89		1.47
Pro forma income per share, diluted	$	0.89	$	1.44

Basis of Presentation and General Information - Accounting for the Eagle Merger (Table)

(Dollars in thousands, except per share and share data)		Amounts
Eagle common stock		10,476,091	(a)
Equity awards of Eagle employees and not vested to be replaced		237,853	(b)
Eagle shares exchanged with Star Bulk shares		10,713,944
Fixed exchange ratio		2.6211	(c)
Total Star Bulk common stock issued to Eagle shareholders		28,082,319
Star Bulk closing price per share	$	23.70	(d)
Consideration transferred related to value of net assets acquired	$	665,551

Basis of Presentation and General Information - Fair Value Tangible Assets Acquired and Liabilities Assumed (Table)

(Dollars in thousands)		Fair Value
Vessels and vessel improvements	$	1,157,000
Advances for BWTS and other assets		1,252
Vessels held for sale		29,254
Inventories		25,783
Cash		104,325
Derivative assets		289
Operating lease right-of use assets		3,454
Other current assets (Accounts receivable, Prepaid expenses, Other current assets)		56,130
Long term debt		(375,500)
Convertible Notes		(138,680)
Operating lease liabilities		(3,454)
Derivative liabilities		(48)
Accounts payable, Accrued liabilities, Unearned charter hire revenue and Other non-current liabilities		(54,041)
Net asset value acquired	$	805,764
Consideration transferred	$	665,551
Excess of net asset value acquired over consideration transferred	$	140,213

Transactions with related parties (Tables)

6 Months Ended

Jun. 30, 2024

Transactions with Related Parties - Balance Sheets (Table)

Balance Sheets

		December 31, 2023		June 30, 2024
Long term investment
Interchart	$	1,380	$	1,404
Starocean		231		218
CCL Pool		125		125
Long term investment	$	1,736	$	1,747

Due from related parties
Interchart		3		—
Oceanbulk Maritime S.A. and its affiliates		—		4
Starocean		35		34
Due from related parties	$	38	$	38

Due to related parties
Interchart		—		19
Management and Directors Fees		172		158
Oceanbulk Maritime S.A. and its affiliates		15		54
Iblea Ship Management Limited		1,472		1,368
Due to related parties	$	1,659	$	1,599

Transactions with Related Parties - Income Statements (Table)

Income statements

	Six months ended June 30,
		2023		2024
Voyage expenses:
Voyage expenses-Interchart	$	(2,070)	$	(2,070)
General and administrative expenses:
Consultancy fees	$	(281)	$	(394)
Directors compensation		(93)		(82)
Office rent - Combine Marine Ltd. & Alma Properties		(19)		(19)
General and administrative expenses - Oceanbulk Maritime S.A. and its affiliates		(104)		(130)
Management fees:
Management fees- Iblea Ship Management Limited		(1,514)		(1,201)
Equity in income/(loss) of investee
Interchart	$	32	$	24
Starocean		1		(13)

Inventories (Tables)

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventories (Table)

		December 31, 2023		June 30, 2024
Lubricants	$	13,945	$	17,167
Bunkers		48,417		64,495
Total	$	62,362	$	81,662

Vessels and other fixed assets, net and Advances for vessels under construction (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Vessels and other fixed assets, net - Schedules of vessels and other fixed assets, net (Table)

		Cost		Accumulated depreciation		Net Book Value
Balance, December 31, 2023	$	3,508,701	$	(968,958)	$	2,539,743
- Acquisition of vessels and other fixed assets, vessel improvements and other vessel costs		1,037,091		—		1,037,091
- Vessel sales		(217,462)		64,285		(153,177)
- Depreciation for the period		—		(75,537)		(75,537)
Balance, June 30, 2024	$	4,328,330	$	(980,210)	$	3,348,120

Vessels and other fixed assets, net and Advances for vessels under construction - Vessels under construction (Table)

Balance, December 31, 2023	$	—
- Pre-delivery yard installments and capitalized expenses		18,716
- Capitalized interest and finance costs		500
Balance, June 30, 2024	$	19,216

Operating leases (Tables)

6 Months Ended

Jun. 30, 2024

Operating Leases

Operating leases - Operating lease liabilities of time charter-in vessel agreements (Table)

Twelve month periods ending		Amount
June 30, 2025	$	26,636
June 30, 2026		26,636
June 30, 2027		25,176
June 30, 2028		26,709
June 30, 2029		22,171
June 30, 2030 and thereafter		34,401
Total undiscounted lease payments	$	161,729
Discount based on incremental borrowing rate		(25,406)
Present value of lease liability		136,323
Operating lease liabilities, current		20,128
Operating lease liabilities, non-current		116,195

Operating leases - Operating lease liabilities of office rental agreements (Table)

Twelve month periods ending		Amount
June 30, 2025	$	632
June 30, 2026		982
June 30, 2027		969
June 30, 2028		635
June 30, 2029		553
June 30, 2030 and thereafter		-
Total undiscounted lease payments	$	3,771
Discount based on incremental borrowing rate		(359)
Present value of lease liability	$	3,412
Operating lease liabilities, current		632
Operating lease liabilities, non-current		2,780

Lease financings (Tables)

6 Months Ended

Jun. 30, 2024

Lease Financings

Lease financings - Capital lease obligations, Principal payments (Table)

Twelve month periods ending		Amount
June 30, 2025	$	2,731
June 30, 2026		2,731
June 30, 2027		2,731
June 30, 2028		2,731
June 30, 2029		4,383
June 30, 2030 and thereafter		1,364
Total bareboat lease minimum payments	$	16,671
Unamortized lease issuance costs		(73)
Total bareboat lease minimum payments, net	$	16,598
Lease financing short term		2,731
Lease financing long term, net of unamortized lease issuance costs		13,867

Long-term bank loans and Convertible Notes (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Long-term bank loans - Principal repayments (Table)

Twelve month periods ending		Amount
June 30, 2025	$	227,014
June 30, 2026		266,008
June 30, 2027		326,701
June 30, 2028		254,588
June 30, 2029		218,303
June 30, 2030 and thereafter		112,920
Total Long-term bank loans	$	1,405,534
Unamortized loan issuance costs		(9,458)
Total Long-term bank loans, net	$	1,396,076
Current portion of long-term bank loans		227,014
Long-term bank loans, net of current portion and unamortized loan issuance costs		1,169,062

Long-term bank loans - Interest and finance costs (Table)


		Six months ended June 30,
		2023		2024
Interest on financing agreements	$	43,323	$	46,683
Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other Comprehensive Income (Note 13)		(14,412)		(2,792)
Amortization of debt (loan & lease) issuance costs		1,990		1,691
Other bank and finance charges		830		530
Interest and finance costs	$	31,731	$	46,112

Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earning per Share (Table)


		Six months ended June 30,
		2023		2024
Income :
Net income	$	90,194	$	180,936


Basic earnings per share:
Weighted average common shares outstanding, basic		102,821,671		96,670,823
Basic earnings per share	$	0.88	$	1.87

Effect of dilutive securities:
Convertible Notes		—		2,690,362
Dilutive effect of non vested shares		349,053		355,797
Dilutive potential common shares		349,053		3,046,159

Weighted average common shares outstanding, diluted		103,170,724		99,716,982

Diluted earnings per share	$	0.87	$	1.82

Equity Incentive Plans (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans - Summary of non-vested restricted share options (Table)

	Number of shares		Weighted Average Grant Date Fair Value
Unvested as at January 1, 2024	364,001	$	20.11
Granted	945,000		24.73
Vested	(577,651)		20.22
Unvested as at June 30, 2024	731,350	$	25.99

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies - Charter party agreements (Table)

		Twelve month periods ending June 30,
+ inflows/ - outflows		Total		2025		2026		2027		2028		2029		2030 and thereafter
Future, minimum, non-cancellable charter revenues ⁽¹⁾	$	118,136	$	110,795	$	7,341	$	—	$	—	$	—	$	—

Total	$	118,136	$	110,795	$	7,341	$	—	$	—	$	—	$	—

____________________

(1)

Commitments and Contingencies - Other commitments (Table)

		Twelve month periods ending June 30,
+ inflows/ - outflows		Total		2025		2026		2027		2028		2029		2030 and thereafter
Charter-in expense newbuilding vessels ⁽¹⁾	$	(69,108)	$	(6,534)	$	(9,809)	$	(9,809)	$	(9,836)	$	(9,809)	$	(23,311)
Future minimum charter-in hire payments ⁽²⁾		(15,076)		(14,624)		(452)		—		—		—		—
Vessel BWTS upgrades and ESD ⁽³⁾		(11,235)		(10,653)		(582)		—		—		—		—
Total	$	(95,419)	$	(31,811)	$	(10,843)	$	(9,809)	$	(9,836)	$	(9,809)	$	(23,311)

____________________

(1)

The amounts represent minimum contractual charter-in payments, to be made from the delivery date of the two charter-in newbuilding vessels (Note 1) until the end of their lease term.

(2)

The amounts represent the Company’s commitments under the existing, as of June 30, 2024, time-charter-in arrangements for third party vessels.

(3)

The amounts represent the Company’s commitments as of June 30, 2024 for installation of BWTS upgrades and ESD on its vessels to comply with environmental regulations.

Fair value measurements and Hedging (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements and Hedging - Schedule of Derivative Instrument

Counterparty	Trading Date	Inception	Expiry	Fixed Rate	Initial Notional	Current Notional
ING	Mar-20	Mar-20	Mar-26	0.7000%	$ 29,960	$ 20,865
ING	Mar-20	Apr-20	Oct-25	0.7000%	$ 39,375	$ 24,375
SEB	Mar-20	Apr-20	Jan-25	0.7270%	$ 58,885	$ 40,591
ING	Jul-20	Jul-20	Jul-26	0.3700%	$ 70,000	$ 26,250
SEB	Feb-21	Apr-21	Jan-26	0.4525%	$ 37,050	$ 13,650

Fair value measurements and Hedging - Derivative instruments effect on statements of operations (Table)


		Six months ended June 30,
		2023		2024
Consolidated Income Statement
Gain/(loss) on derivative financial instruments rate swaps, net
Realized gain/(loss) of de-designated accounting hedging relationship of interest rate swaps		—		7
Unrealized gain/(loss) of de-designated accounting hedging relationship of interest rate swaps		(507)		(1,356)
Realized gain/(loss) of foreign exchange forward contracts		—		103
Total Gain/(loss) recognized	$	(507)	$	(1,246)

Interest and finance costs
Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other comprehensive income/(loss) (Note 8)		14,412		2,792
Total Gain/(loss) recognized	$	14,412	$	2,792

Gain/(Loss) on FFAs and bunker swaps, net
Realized gain/(loss) on FFAs		2,796		(7,967)
Realized gain/(loss) on bunker swaps		4,476		(49)
Unrealized gain/(loss) on FFAs		(116)		3,657
Unrealized gain/(loss) on bunker swaps		(2,949)		43
Total Gain/(loss) recognized	$	4,207	$	(4,316)

Fair Value Measurements and Hedging - Fair value on a recurring basis - Quoted Prices in Active Markets (Table)


		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)
		December 31, 2023				June 30, 2024
	Balance Sheet Location	(not designated as cash flow hedges)			(designated as cash flow hedges)	(not designated as cash flow hedges)			(designated as cash flow hedges)
ASSETS
Forward freight agreements - current	Derivatives, current asset portion	$	—	$	—	$	16	$	—
Bunker swaps - current	Derivatives, current asset portion		—		—		59		—
Total		$	—	$	—	$	75	$	—
LIABILITIES
Forward freight agreements - current	Derivatives, current liability portion	$	5,784	$	—	$	1,917	$	—
Total		$	5,784	$	—	$	1,917	$	—

Fair Value Measurements and Hedging - Fair value on a recurring basis - Significant Other Observable Inputs (Table)


			Significant Other Observable Inputs (Level 2)
			December 31, 2023				June 30, 2024
	Balance Sheet Location		(not designated as cash flow hedges)		(designated as cash flow hedges)		(not designated as cash flow hedges)		(designated as cash flow hedges)
ASSETS
Interest rate swaps - current	Derivatives, current asset portion	$	1,356	$	4,682	$	—	$	3,885
Foreign exchange forward contracts - current	Derivatives, current asset portion		—		267		—		—
Interest rate swaps - non-current	Derivatives, non-current asset portion		—		2,533		—		1,451
Total		$	1,356	$	7,482	$	—	$	5,336

Voyage revenues (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Voyage revenues (Table)

		Six months ended June 30,
		2023		2024

Time charters	$	241,378	$	325,915
Voyage charters		219,666		286,432
Pool revenues		1,677		(82)
	$	462,721	$	612,265

Basis of Presentation and General Information - Results of operation of Star Bulk and Eagle (Table) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Voyage revenues	$ 612,265	$ 462,721
Net income	180,936	$ 90,194
Star Bulk [Member]
Voyage revenues	522,610
Operating income	203,142
Net income	169,405
Eagle [Member]
Voyage revenues	89,655
Operating income	18,689
Net income	$ 11,531

Basis of Presentation and General Information - Proforma (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Pro forma voyage revenues	$ 715,663	$ 669,325
Pro forma operating income	208,089	137,065
Pro forma net income	$ 164,118	$ 99,474
Pro forma income per share, basic	$ 1.47	$ 0.89
Pro forma income per share, diluted	$ 1.44	$ 0.89

Basis of Presentation and General Information - Accounting for the Eagle Merger (Table) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Consideration transferred related to value of net assets acquired \| $	$ 665,551
Eagle Merger Agreement [member]
Eagle common stock	10,476,091
Equity awards of Eagle employees and not vested to be replaced	237,853
Eagle shares exchanged with Star Bulk shares	10,713,944
Fixed exchange ratio	2.6211
Total Star Bulk common stock issued to Eagle shareholders	28,082,319
Star Bulk closing price per share \| $ / shares	23.70
Consideration transferred related to value of net assets acquired \| $	$ 665,551

Basis of Presentation and General Information - Fair Value Tangible Assets Acquired and Liabilities Assumed (Table) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Vessels and vessel improvements	$ 1,157,000
Advances for BWTS and other assets	1,252
Vessels held for sale	29,254
Inventories	25,783
Cash	104,325
Derivative assets	289
Operating lease right-of use assets	3,454
Other current assets (Accounts receivable, Prepaid expenses, Other current assets)	56,130
Long term debt	(375,500)
Convertible Notes	(138,680)
Operating lease liabilities	(3,454)
Derivative liabilities	(48)
Accounts payable, Accrued liabilities, Unearned charter hire revenue and Other non-current liabilities	(54,041)
Net asset value acquired	805,764
Consideration transferred	665,551
Excess of net asset value acquired over consideration transferred	$ 140,213

Basis of Presentation and General Information (Details Narrative)	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)
Date of incorporation	December 13, 2006
Number of vessels owned	156
Vessels and vessel improvements	$ 1,157,000,000
Vessels held for sale	29,254,000
Inventories	25,783,000
Advances for BWTS and other assets	1,252,000
Excess of net asset value acquired over consideration transferred	140,213,000
Payments to Acquire Property, Plant, and Equipment	$ 35,485,000	$ 8,764,000
Eagle Merger Agreement [Member]
Date of acquisition agreement	Dec. 11, 2023
Common Shares - Par Value \| $ / shares	$ 0.01
Conversion features	2.6211 shares, par value $0.01 per share, of Star Bulk common stock
Effective date of asset acquisition	Apr. 09, 2024
Asset Acquisition, Equity Interest Issued or Issuable, Number of Shares \| shares	28,082,319
Common Stock, Shares, Issued \| shares	112,469,211
Exchanged stock issued \| shares	1,341,584
Eagle loaned shares \| shares	511,840
Exchanged stock cancelled \| shares	1,341,584
Stock Issued During Period, Shares, Conversion of Convertible Securities \| shares	5,971,284
Total value of vessels acquired	$ 1,213,289
Vessels and vessel improvements	1,157,000,000
Vessels held for sale	29,254,000
Inventories	25,783,000
Advances for BWTS and other assets	1,252,000
Vessels Adjusted down amount	129,664,000
Excess of net asset value acquired over consideration transferred	140,213,000
Asset Acquisition, Consideration Transferred, Transaction Cost	10,549,000
Payments to Acquire Property, Plant, and Equipment	7,854,000
Fair value of convertible notes	138,680,000
Excess fair value of convertible note	69,311,000
Principal amount	$ 69,369,000
Eagle Merger Agreement [Member] \| Pre Merger Star Bulk Shareholders [Member]
Percentage of voting interest following asset acquisition	75.00%
Eagle Merger Agreement [Member] \| Former Eagle Shareholders [Member]
Percentage of voting interest following asset acquisition	25.00%
Combined carrying capacity [Member]
Vessel capacity DWT	15,000,000
Average age	11.7
Five Kamsarmax newbuilding vessels [Member]
Vessel capacity DWT	82,000
Expected Delivery Date	September 2025 and August 2026
Four Kamsarmax Newbuilding Vessels [Member]
Delivery Date	June 30, 2024
Remaining Two Kamsarmax Newbuilding Vessels I [Member]
Expected Delivery Date	fourth quarter of 2024
Minimum [Member]
Vessel capacity DWT	53,489
Maximum [Member]
Vessel capacity DWT	209,537

Transactions with Related Parties - Balance Sheets (Table) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Long term investment	$ 1,747	$ 1,736
Due from related parties
Due from related parties	38	38
Due to related parties
Due to related parties	1,599	1,659
Interchart [Member]
Related Party Transaction [Line Items]
Long term investment	1,404	1,380
Due from related parties
Due from related parties	0	3
Due to related parties
Due to related parties	19	0
Starocean [Member]
Related Party Transaction [Line Items]
Long term investment	218	231
Due from related parties
Due from related parties	34	35
CCL Pool [Member]
Related Party Transaction [Line Items]
Long term investment	125	125
Oceanbulk Maritime and its affiliates [Member]
Due from related parties
Due from related parties	4	0
Due to related parties
Due to related parties	54	15
Management and Directors fees [Member]
Due to related parties
Due to related parties	158	172
Iblea Ship Management Limited [Member]
Due to related parties
Due to related parties	$ 1,368	$ 1,472

Transactions with Related Parties - Income Statements (Table) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Voyage expenses	$ (129,428)	$ (128,635)
Consultancy fees	(394)	(281)
Directors compensation	(82)	(93)
General and Administrative Expense	(30,175)	(22,675)
Income (Loss) from Equity Method Investments	11	33
Interchart [Member]
Related Party Transaction [Line Items]
Voyage expenses	(2,070)	(2,070)
Income (Loss) from Equity Method Investments	24	32
Combine Marine Ltd. and Alma Properties [Member]
Related Party Transaction [Line Items]
Operating Lease, Expense	(19)	(19)
Oceanbulk Maritime and its affiliates [Member]
Related Party Transaction [Line Items]
General and Administrative Expense	(130)	(104)
Iblea Ship Management Limited [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	(1,201)	(1,514)
Starocean [Member]
Related Party Transaction [Line Items]
Income (Loss) from Equity Method Investments	$ (13)	$ 1

Inventories (Table) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Lubricants	$ 17,167	$ 13,945
Bunkers	64,495	48,417
Total	$ 81,662	$ 62,362

Vessels and other fixed assets, net - Schedules of vessels and other fixed assets, net (Table) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Balance, period start	$ 2,539,743
- Depreciation for the period	(75,537)	$ (70,075)
Balance, period end	3,367,336
Cost [Member]
Property, Plant and Equipment [Line Items]
Balance, period start	3,508,701
- Acquisition of other fixed assets, vessel improvements and other vessel costs	1,037,091
- Vessel sales	(217,462)
- Depreciation for the period	0
Balance, period end	4,328,330
Accumulated depreciation [Member]
Property, Plant and Equipment [Line Items]
Balance, period start	(968,958)
- Vessel sales	64,285
- Depreciation for the period	(75,537)
Balance, period end	(980,210)
Net Book Value [Member]
Property, Plant and Equipment [Line Items]
Balance, period start	2,539,743
- Acquisition of other fixed assets, vessel improvements and other vessel costs	1,037,091
- Vessel sales	(153,177)
- Depreciation for the period	(75,537)
Balance, period end	$ 3,348,120

Vessels and other fixed assets, net and Advances for vessels under construction - Vessels under construction (Table) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Property, Plant and Equipment [Abstract]
Balance, December 31, 2023	$ 0
Pre-delivery yard installments and capitalized expenses	18,716
Capitalized interest and finance costs	500
Balance, June 30, 2024	$ 19,216

Vessels and other fixed assets, net and Advances for vessels under construction (Details Narrative) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Gain (Loss) on Disposition of Property Plant Equipment	$ 22,938	$ (34)
Number of vessels owned	156
First-priority mortgage [Member]
Property, Plant and Equipment [Line Items]
Number of vessels owned as collateral	154
Debt Instrument, Collateral Amount	$ 3,306,325
Lease Agreements [Member]
Property, Plant and Equipment [Line Items]
Debt Instrument, Collateral Amount	$ 40,697
Number of vessels owned	2
Five Kamsarmax newbuilding Vessels [Member]
Property, Plant and Equipment [Line Items]
Vessel capacity DWT	82,000
Contractual Obligation	$ 164,800
Contractual Obligation, to be Paid, Year One	29,350
Contractual Obligation, to be Paid, Year Two	113,290
Contractual Obligation, to be Paid, Remainder of Fiscal Year	$ 22,110
First two Kamsarmax newbuilding Vessels [Member]
Property, Plant and Equipment [Line Items]
Delivery Date	September 2025
Next two Kamsarmax newbuilding Vessels [Member]
Property, Plant and Equipment [Line Items]
Delivery Date	April 2026
Last Kamsarmax newbuilding Vessel [Member]
Property, Plant and Equipment [Line Items]
Delivery Date	August 2026
Eagle Merger [Member]
Property, Plant and Equipment [Line Items]
Vessels acquired	52
Eagle Merger [Member] \| Crested Eagle [Member]
Property, Plant and Equipment [Line Items]
Delivery date to buyers	April 18, 2024
Eagle Merger [Member] \| Stellar Eagle [Member]
Property, Plant and Equipment [Line Items]
Delivery date to buyers	June 5, 2024
Eagle Merger [Member] \| Crested Eagle and Stellar Eagle [Member]
Property, Plant and Equipment [Line Items]
Gain (Loss) on Disposition of Property Plant Equipment	$ 22,938

Operating leases - Operating lease liabilities of time charter-in vessel agreements (Table) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Operating lease liabilities, current	$ 20,760	$ 5,251
Operating lease liabilities, non-current	118,975	$ 22,574
Time charter-in vessels [Member]
June 30, 2025	26,636
June 30, 2026	26,636
June 30, 2027	25,176
June 30, 2028	26,709
June 30, 2029	22,171
June 30, 2030 and thereafter	34,401
Total undiscounted lease payments	161,729
Discount based on incremental borrowing rate	(25,406)
Present value of lease liability	136,323
Operating lease liabilities, current	20,128
Operating lease liabilities, non-current	$ 116,195

Operating leases - Operating lease liabilities of office rental agreements (Table) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Operating lease liabilities, current	$ 20,760	$ 5,251
Operating lease liabilities, non-current	118,975	$ 22,574
Office Rental [Member]
June 30, 2025	632
June 30, 2026	982
June 30, 2027	969
June 30, 2028	635
June 30, 2029	553
June 30, 2030 and thereafter	(0)
Total undiscounted lease payments	3,771
Discount based on incremental borrowing rate	(359)
Present value of lease liability	3,412
Operating lease liabilities, current	632
Operating lease liabilities, non-current	$ 2,780

Operating leases (Details Narrative) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Operating Lease, Right-of-Use Asset	$ 139,735		$ 27,825
Charter In Vessels [Member]
Operating Lease, Expense	9,396	$ 5,960
Office Rental [Member]
Operating Lease, Right-of-Use Asset	$ 3,412		277
Operating Lease, Weighted Average Discount Rate, Percent	6.70%
Operating Lease, Weighted Average Remaining Lease Term	3 years 9 months
Operating Lease, Expense	$ 241	$ 255
Charter In Vessels [Member]
Operating Lease, Right-of-Use Asset	$ 136,323		$ 27,548
Operating Lease, Weighted Average Discount Rate, Percent	5.30%
Operating Lease, Weighted Average Remaining Lease Term	6 years 3 months 25 days

Lease financings - Capital lease obligations, Principal payments (Table) (Details) - Financing Lease [Member] $ in Thousands	Jun. 30, 2024 USD ($)
Debt Instrument [Line Items]
June 30, 2025	$ 2,731
June 30, 2026	2,731
June 30, 2027	2,731
June 30, 2028	2,731
June 30, 2029	4,383
June 30, 2030 and thereafter	1,364
Total bareboat lease minumum payments	16,671
Unamortized lease issuance costs	(73)
Total bareboat lease minimum payments, net	16,598
lease financing short term	2,731
lease financing long term, net of unamortized lease issuance costs	$ 13,867

Long-term bank loans - Principal repayments (Table) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Current portion of long-term bank loans	$ 227,014	$ 249,125
Long-term bank loans, net of current portion and unamortized loan issuance costs	1,169,062	$ 970,039
Long-Term Debt [Member]
Debt Instrument [Line Items]
June 30, 2025	227,014
June 30, 2026	266,008
June 30, 2027	326,701
June 30, 2028	254,588
June 30, 2029	218,303
June 30, 2030 and thereafter	112,920
Total Long-term bank loans	1,405,534
Unamortized loan issuance costs	(9,458)
Total Long-term bank loans, net	1,396,076
Current portion of long-term bank loans	227,014
Long-term bank loans, net of current portion and unamortized loan issuance costs	$ 1,169,062

Long-term bank loans - Interest and finance costs (Table) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Debt Disclosure [Abstract]
Interest on financing agreements	$ 46,683	$ 43,323
Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other Comprehensive Income (Note 13)	(2,792)	(14,412)
Amortization of debt (loan & lease) issuance costs	1,691	1,990
Other bank and finance charges	530	830
Interest and finance costs	$ 46,112	$ 31,731

Long-term bank loans and Convertible Notes (Details Narrative)	3 Months Ended	4 Months Ended		6 Months Ended
	Apr. 12, 2024 USD ($)	Apr. 30, 2024 USD ($)	Apr. 23, 2024 USD ($)	Jun. 30, 2024 USD ($) shares	Apr. 15, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)
Line of Credit Facility [Line Items]
Long-Term Debt, Weighted Average Interest Rate, at Point in Time				6.60%			4.67%
Cash and Cash Equivalents, at Carrying Value				$ 462,578,000		$ 227,481,000	$ 285,248,000
Debt Instrument, Covenant Compliance				As of June 30, 2024, the Company was in compliance with the applicable financial and other covenants contained in its bank loan agreements, Convertible Notes and lease financings (Note 7), which are described above and in Note 8 of the Company’s consolidated financial statements for the year ended December 31, 2023, included in the 2023 Annual Report.
Debt [Member]
Line of Credit Facility [Line Items]
Deferred Debt Issuance Cost, Writeoff				$ 954,000
Other prepayment expenses				56,000
Minimum liquidity, not legally restricted [Member]
Line of Credit Facility [Line Items]
Cash and Cash Equivalents, at Carrying Value				78,000,000		58,000,000
Minimum liquidity, legally restricted [Member]
Line of Credit Facility [Line Items]
Restriced cash and cash equivalents, current and non-current				22,956,000		$ 34,269,000
Interest Rate Swap [Member]
Line of Credit Facility [Line Items]
Derivative, Notional Amount				$ 125,731,000
Derivative, Average Fixed Interest Rate				0.61%
Average maturity				1 year 3 months 18 days
Eagle Merger [Member]
Line of Credit Facility [Line Items]
Long-Term Line of Credit					$ 388,120,000
Debt instrument, repayment amount					$ 375,500,000
Eagle Merger [member] \| Convertible Notes [Member]
Line of Credit Facility [Line Items]
Principal amount		$ 1,000
Common Stock, Terms of Conversion		83.6702
Debt Instrument, Interest Rate, Stated Percentage		5.00%
Debt Instrument, Maturity Date		Aug. 01, 2024
Convertible note, fair value				$ 145,890,000
Eagle Merger Agreement [Member]
Line of Credit Facility [Line Items]
Principal amount				$ 69,369,000
Common Stock, Terms of Conversion				2.6211 shares, par value $0.01 per share, of Star Bulk common stock
Convertible note, fair value				$ 138,680,000
Eagle loaned shares \| shares				511,840
Exchanged stock issued \| shares				1,341,584
ABN AMRO $94,100 Facility [Member]
Line of Credit Facility [Line Items]
Proceeds from Lines of Credit	$ 94,100,000
Repayment installment		20
Line of Credit Facility, Frequency of Payments		quarterly
Line of Credit Facility, Periodic Payment		$ 3,906,000
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid		$ 16,000,000
Line of credit facility, maturity date		April 2029
Line of Credit Facility, Collateral		is secured by first priority mortgages on the vessels Copenhagen Eagle (to be renamed or “tbr” Star Copenhagen), Crane, Star Gibraltar, Greenwich Eagle (tbr Star Greenwich), Hong Kong Eagle (tbr Star Hong Kong), Helsinki Eagle (tbr Star Helsinki), Ibis Bulker, Mystic Eagle (tbr Star Mystic), Nighthawk (tbr Star Nighthawk), Puffin Bulker (tbr Star Puffin), Stamford Eagle (tbr Star Stamford) and Westport Eagle (tbr Star Westport)
ING $94,000 Facility [Member]
Line of Credit Facility [Line Items]
Proceeds from Lines of Credit	94,000,000
Repayment installment		20
Line of Credit Facility, Frequency of Payments		quarterly
Line of Credit Facility, Periodic Payment		$ 3,917,000
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid		$ 15,667,000
Line of credit facility, maturity date		April 2029
Line of Credit Facility, Collateral		is secured by first priority mortgages on the vessels Dublin Eagle (tbr Star Dublin), Egret Bulker, Groton Eagle (tbr Groton), Jay, New London Eagle (tbr Star New London), Oriole (tbr Star Oriole), Oslo Eagle (tbr Star Oslo), Roadrunner Bulker (tbr Star Runner), Star Rotterdam, Rowayton Eagle (tbr Star Rowayton), Star Sandpiper and Shanghai Eagle (tbr Star Shanghai)
DNB $100,000 Facility [Member]
Line of Credit Facility [Line Items]
Proceeds from Lines of Credit	$ 100,000,000
Repayment installment		20
Line of Credit Facility, Frequency of Payments		quarterly
Line of Credit Facility, Periodic Payment		$ 3,301,000
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid		$ 28,203,000
Line of credit facility, maturity date		April 2029
Line of Credit Facility, Collateral		is secured by first priority mortgages on the vessels
DNB $100,000 Facility [Member] \| Crowned Eagle [Member]
Line of Credit Facility [Line Items]
prepayment amount				$ 5,769,000
ESUN $100,000 Facility [Member]
Line of Credit Facility [Line Items]
Proceeds from Lines of Credit			$ 100,000,000
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid		$ 17,850,000
Line of credit facility, maturity date		April 2031
Line of Credit Facility, Collateral		is secured by first priority mortgages on the vessels Antwerp Eagle (tbr Star Antwerp), Bittern (tbr Star Bittern), Star Canary, Cape Town Eagle (tbr Star Cape Town), Fairfield Eagle (tbr Star Fairfield), Star Goal, Madison Eagle (tbr Star Madison), Martin, Petrel Bulker (tbr Star Petrel), Stonington Eagle (tbr Star Stonington), Sydney Eagle (tbr Star Sydney), Tokyo Eagle (tbr Star Tokyo) and Vancouver Eagle (tbr Star Vancouver)
Number of Loan Tranches		13
ESUN $100,000 Facility [Member] \| 13 consecutive quarterly installments [Member]
Line of Credit Facility [Line Items]
Repayment installment		13
Line of Credit Facility, Frequency of Payments		quarterly
Line of Credit Facility, Periodic Payment		$ 3,024,000
ESUN $100,000 Facility [Member] \| one instalment of $8,024 [Member]
Line of Credit Facility [Line Items]
Repayment installment		1
Line of Credit Facility, Periodic Payment		$ 8,024,000
ESUN $100,000 Facility [Member] \| one installment of $4,852 [Member]
Line of Credit Facility [Line Items]
Repayment installment		1
Line of Credit Facility, Periodic Payment		$ 4,852,000
ESUN $100,000 Facility [Member] \| one installment of $2,352 [Member]
Line of Credit Facility [Line Items]
Repayment installment		1
Line of Credit Facility, Periodic Payment		$ 2,352,000
ESUN $100,000 Facility [Member] \| one installment of $4,182 [Member]
Line of Credit Facility [Line Items]
Repayment installment		1
Line of Credit Facility, Periodic Payment		$ 4,182,000
ESUN $100,000 Facility [Member] \| three installments of $2,129 [Member]
Line of Credit Facility [Line Items]
Repayment installment		3
Line of Credit Facility, Periodic Payment		$ 2,129,000
ESUN $100,000 Facility [Member] \| one installment of $4,050 [Member]
Line of Credit Facility [Line Items]
Repayment installment		1
Line of Credit Facility, Periodic Payment		$ 4,050,000
ESUN $100,000 Facility [Member] \| two installments of $1,936 [Member]
Line of Credit Facility [Line Items]
Repayment installment		2
Line of Credit Facility, Periodic Payment		$ 1,936,000
ESUN $100,000 Facility [Member] \| one installment of $3,985 [Member]
Line of Credit Facility [Line Items]
Repayment installment		1
Line of Credit Facility, Periodic Payment		$ 3,985,000
ESUN $100,000 Facility [Member] \| three installments of $1,711 [Member]
Line of Credit Facility [Line Items]
Repayment installment		3
Line of Credit Facility, Periodic Payment		$ 1,711,000
ING Facility [Member] \| Star Bovarius [Member]
Line of Credit Facility [Line Items]
prepayment amount				9,111,000
NBG $151,085 Facility [Member] \| Big Fish Big Bang Pantagruel [Member]
Line of Credit Facility [Line Items]
prepayment amount				23,814,000
Citi $100,000 Facility [Member] \| Star Dorado [Member]
Line of Credit Facility [Line Items]
prepayment amount				5,821,000
ABN $67,897 Facility [Member] \| Star Audrey [Member]
Line of Credit Facility [Line Items]
prepayment amount				6,340,000
ABN AMRO $97,150 Facility [Member] \| Star Paola [Member]
Line of Credit Facility [Line Items]
prepayment amount				4,888,000
Citi $100,000 Facility [Member] \| Star Pyxis [Member]
Line of Credit Facility [Line Items]
prepayment amount				5,629,000
ING Facility of 62,000 [Member]
Line of Credit Facility [Line Items]
prepayment amount				$ 58,500,000
All Bank Loans [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Interest Rate Terms				SOFR plus a margin

Preferred and Common Shares and Additional Paid-in Capital (Details Narrative) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Payments of Dividends \| $	$ 122,833
Common Stock, Dividends, Per Share, Cash Paid \| $ / shares	$ 1.20
Performance Incentive Program [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares issued	370,000
Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares issued	384,815

Earning per Share (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 180,936	$ 90,194
Weighted average common shares outstanding, basic	96,670,823	102,821,671
Basic earnings per share	$ 1.87	$ 0.88
Convertible Notes	2,690,362	0
Dilutive effect of non vested shares	355,797	349,053
Dilutive potential common shares	3,046,159	349,053
Weighted average common shares outstanding, diluted	99,716,982	103,170,724
Diluted earnings per share	$ 1.82	$ 0.87

Equity Incentive Plans - Summary of non-vested restricted share options (Table) (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Unvested at beginning of period \| shares	364,001
Unvested at beginning of period \| $ / shares	$ 20.11
Granted \| shares	945,000
Granted \| $ / shares	$ 24.73
Vested \| shares	(577,651)
Vested \| $ / shares	$ 20.22
Unvested at end of period \| shares	731,350
Unvested at end of period \| $ / shares	$ 25.99

Equity Incentive Plans (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	5 Months Ended	6 Months Ended
	May 28, 2024	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted common shares granted		945,000
Grant date fair value		$ 24.73
Share-Based Payment Arrangement, Noncash Expense		$ 5,717	$ 6,360
Share-Based Payment Arrangement, Expense		$ 1,700	$ 2,140
Sharebased Compensation Arrangement Award Granted Percentage		5.00%
Estimated compensation cost relating to non-vested restricted awards		$ 15,412
Weighted average period		10 months 17 days
Dividends to sharehloders of non-vested shares		$ 712
Equity Incentive Plan 2024 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares reserved for issuance	575,000
Restricted common shares granted	575,000
Grant date fair value	$ 26.96
Equity Incentive Plan 2024 [Member] \| Vest November 2024 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of restricted shares to be vested	372,559
Equity Incentive Plan 2024 [Member] \| Vest May 2025 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of restricted shares to be vested	143,441
Equity Incentive Plan 2024 [Member] \| Vest May 2027 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of restricted shares to be vested	59,000

Commitments and Contingencies - Charter party agreements (Table) (Details) - Lease Agreements [Member]
$ in Thousands

Jun. 30, 2024

USD ($)

Future, minimum, non-cancellable charter revenues (1) [Member]

$ 118,136

110,795

7,341

118,136

^[1]

110,795

^[1]

2026

7,341

^[1]

^[1]

^[1]

^[1]

$ 0

^[1]

[1]

Commitments and Contingencies - Other commitments (Table) (Details) - Commitments [Member]
$ in Thousands

Jun. 30, 2024

USD ($)

Charter-in expense newbuilding vessels (1) [Member]

$ (95,419)

(31,811)

(10,843)

(9,809)

(9,836)

(9,809)

(23,311)

(69,108)

^[1]

2024

(6,534)

^[1]

Future Minimum Charter In Hire Payments [Member]

(9,809)

^[1]

2026

(9,809)

^[1]

2027

(9,836)

^[1]

2028

(9,809)

^[1]

2029 and thereafter

(23,311)

^[1]

(15,076)

^[2]

Vessel BWTS and ESD (2) [Member]

(14,624)

^[2]

2024

(452)

^[2]

^[2]

^[2]

^[2]

^[2]

(11,235)

^[3]

2024

(10,653)

^[3]