Star Bulk Carriers Shares Fall After 2Q Loss

MINNEAPOLIS (AP) — Shares of Greek drybulk shipper Star Bulk Carriers Corp. fell on Thursday after it reported a second-quarter loss.

It shares were down 13 cents, or 3.8 percent, to $3.29 in afternoon trading.

On Wednesday the company said it lost $3.4 million in the second quarter due to greater expenses and revenue that fell 45 percent to $32.4 million. Charter rates decreased, and one of its vessels, the Star Ypsilon, was dry-docked for half the quarter. Meanwhile, depreciation costs, voyage expenses and vessel operating costs all rose.

Dahlman Rose & Co. analyst Omar Nokta wrote on Thursday that he thinks the company can cover $113 million in scheduled debt repayments over the next two and a half years with the $204 million in cash it should generate over that period. "However we believe it will likely issue equity to fund further acquisitions" because of its relatively high debt, Nokta wrote.