Star Bulk is keeping a tight grip on the purse strings and is prioritizing debt repayment over a resumption of dividend.
Doug Mavrinac of Jefferies says the shipowner has one of the strongest balance sheets in the industry with $235m in cash and $103m to pay on its newbuildings.
Star Bulk chairman Spyros Capralos says the owner is looking to get debt levels as close to zero as possible to position the company to pay dividends in both up-cycles and down-cycles.
