World News
Big Jump Up in Profits for Dry Bulk Shipper
Profits for Greek dry bulk shipper Star Bulk Carriers Corp. [NASDAQ:SBLK] (Star Bulk) jumped to $1.2 million in the first quarter of 2013 from $94,000 in the same quarter last year, even as falling charter rates drove revenues down to $18.4 million from $28 million, the company reports.
"We are pleased to be reporting positive results during another quarter of challenging freight market conditions, when most of the dry bulk companies are reporting losses," said President and CEO Spyros Capralos.
"Star Bulk's forward charter coverage and operational efficiency have had a very important contribution towards this quarter's results."
Capralos said the company will use most of the proceeds from a $75 million backstopped equity rights offering announced earlier this month to buy fuel-efficient dry bulk vessels.
"Our overall strategy is to grow our fleet through timely acquisitions of new eco‐efficient vessels," he said.
"We believe that we are currently at a low part of the shipping cycle, where carefully selected investments can yield attractive returns, which will enhance long‐term shareholder value."
Capralos said in October that stakeholders are looking for shipping efficiency and that the company is implementing technology to measure and reduce its ships' fuel use.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 509.00 | 4.50 | 623.00 | 3.00 |
| Rotterdam | 463.00 | 7.00 | 623.50 | 2.00 |
| Houston | 471.50 | 4.50 | 627.50 | 3.50 |
| Fujairah | 501.00 | 4.50 | 714.00 | 1.00 |
| Global 20 Ports Average | 529.00 | 2.50 | 714.50 | 2.50 |
| Global 4 Ports Average | 486.00 | 3.00 | 647.00 | 2.50 |
| Global Average Bunker Price | 572.50 | 2.00 | 753.00 | 2.00 |
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