Star Bulk Carriers has reported its best first-quarter result since 2009 with its net profit for the first three months of the year up nearly five-fold compared to a year ago.
The US-listed company reported net income of $170.3m for the January to March 2022 period versus the $35.7m achieved 12 months ago.
Star Bulk, which is the third largest bulker owner in the world by deadweight capacity according to Clarksons, achieved a time charter equivalent (TCE) rate for the quarter of $27,405 per day, per vessel, a year-on-year increase of 77%.
