Star Bulk Carriers (NASDAQ: SBLK) reported Q2 EPS of $0.21, $0.03 better than the analyst estimate of $0.18. Revenue for the quarter came in at $132.6 million versus the consensus estimate of $96.63 million.

“We are pleased to report the third consecutive profitable quarter, where we achieved $90.0 million in TCE Revenues, $52.0 million in Adjusted EBITDA and $13.4 million in Adjusted Net Income for Q2 2018. Our average TCE for the quarter continued to increase quarter on quarter to $13,567/ day per vessel, while daily Opex and Net Cash G&A expenses per vessel were held at $3,996/day and $1,072/day respectively. As of today, we have fixed 60% of Q3 2018 days at average TCE rates of $13,882 / day.

We are happy to have closed all three of our recently announced acquisitions adding 34 high quality vessels with an average age of 5.2 years and average size of 119,105 dwt. Our Board of Directors has been enhanced with the addition of Raffaele Zagari and Arne Blystad, while Herman Billung has joined our management team.

We are optimistic about market fundamentals of the industry given the strengthening rate and asset value environment. Dry bulk supply is presently expanding at the lowest pace of the last decade while demand is supported by healthy ton-mile growth due to continued Chinese demand for higher quality raw materials. Our Company is positioning itself to take advantage of a firming market and deliver value to its shareholders.”

For earnings history and earnings-related data on Star Bulk Carriers (SBLK) click here.