Excluding asset-impairment charges related to the sale of a capesize ship, Star Bulk post a third-quarter per-share profit of 12 cents, easily surpassing the Wall Street consensus target of a 1-cent-per-share profit.
Star Bulk has taken a conservative approach to chartering. It has fixed 100% of its fleet's operating days into charter contracts for the rest of 2009, and 80% for 2010. Nokta pointed out in a note to clients that Star Bulk has been able to rid itself of charterers who have been in financial trouble , replacing them with more "credit worthy counterparties, such as
," the privately held grain distributor.
Still, investors sent Star Bulk's stock price down as much as 6% during the session. In the final hours of trading, the shares clawed back some of those losses, closing the day at $3.40, down 2.6%, on more than double the daily average volume.
Elsewhere, shares of
(NM - Get Report)
were perhaps the hardest hit, falling 4.6% to $5.84.
Eagle Bulk Shipping
(EGLE - Get Report)
retreated 1.5% to $5.75; and
(SB - Get Report)
slipped 1% to $8.93.
Among the few names in positive territory: DryShips shares ended the session up 2.6%, at $6.35;
Genco Shipping & Trading
(GNK - Get Report)
finished up 1.8%, at $24.98;
closed up 1.5%, at $7.34; and
(DSX - Get Report)
inched higher Tuesday, closing at $16.49, up 0.3%.
-- Written by Scott Eden in New York
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