The Nasdaq-listed Greek owner edged a net profit of just$54,000 in the final three months of the year, reversing a $1.4m loss 12 monthearlier.
Adjusted for one off items the result improved to just over$2m from an adjusted profit of $289,000 in the last quarter of 2012.
Adjusted earnings per share of $0.07 were above analyst’spredictions of $0.04.
The improved showing came despite a fall in fourth quarter revenueto $16.4m from $18m for the last leg of 2012.
Full year adjusted net profit was $9.7m compared to an adjustednet loss of $0.3m in 2012.
Twelve month revenue slipped to $70m from $86.1m theprevious year.
Stellar fleet growth
Star Bulk had a busy year on the ordering front, investing$150m raised from capital markets in 11 newbuildings and four second handvessels.
It also boosted its managed fleet by 14 bulkers to achieveeconomies of scale.
Spyros Capralos, CEO, said: “2013 marks the radicaltransformation of Star Bulk. We have achieved advantageous prices and terms, asthose [newbuilding] orders were placed before prices started to increase by at least15%.
“In addition, we acquired four modern second-hand vessels,also below today’s market prices and secured bank financing for all four ofthem.”
He added: “We believe that our company is now wellpositioned to take advantage of the improving dry bulk market, as we haverepositioned our fleet towards the larger vessel sizes.
“We remain optimistic regarding the fundamental dynamics ofthe dry bulk industry, as we expect the interplay of contained vessel supplyand resilient dry bulk commodity demand growth, to enhance the earnings powerof our larger, diverse and competitive asset base.”
Including a pair of second hand vessels added since the turnof the year, Star Bulk will have 28 fully owned vessels in the water when all 11of its newbuildings are delivered by the end of 2016.
