Star Bulk Carriers Corp
(NASDAQ:SBLK)

Star Bulk Carriers Corp., a shipping company, engages in the ocean transportation of dry bulk cargoes worldwide. The company's vessels transport a range of major bulks, including iron ores, coal, and grains, as well as minor bulks, such as bauxite, fertilizers, and steel products. As of March 16, 20...

Website: http://www.starbulk.com

Founded: 2006

Full Time Employees: 181

Sector: Industrials

Industry: Marine Shipping

Industrials Transportation Marine Shipping

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Quarterly

Annual

Unit: USD	2025-11-26	2025-06-30	2025-05-28	2025-03-27	2025-02-18	2024-12-31	2024-11-19	2024-06-30	2024-05-21	2024-02-12	2023-12-31	2023-11-13	2023-06-30	2023-05-15	2023-02-17	2022-12-31	2022-06-30	2022-05-31	2021-12-31	2021-06-30	2021-05-31	2021-02-28	2020-12-31	2020-06-30	2019-10-07	2018-09-19	2018-06-13	2017-12-31	2017-09-26	2016-12-31	2016-09-14	2016-06-30	2016-03-01	2015-12-31	2015-11-17	2015-09-24	2015-06-30	2015-03-23	2014-12-31	2014-12-03	2014-09-01	2014-08-05	2014-06-20	2013-12-31	2013-09-30	2013-06-30	2013-01-31	2012-12-31	2012-12-04	2012-09-30	2012-08-31	2012-06-01	2012-02-16	2011-12-31	2011-11-30	2011-11-10	2011-08-10	2011-07-18	2011-05-13	2010-12-31	2010-11-30	2010-11-17	2010-08-31	2010-08-10	2010-05-19	2010-02-23	2009-12-31	2009-12-18	2009-11-30	2009-11-23	2009-09-30	2009-08-31	2009-08-12	2009-06-30	2009-05-27	2009-03-31	2009-03-16	2008-12-31	2008-11-30	2008-11-25	2008-08-13	2008-06-16	2008-06-05

revenues:																																																									22,678,000		29,507,000		29,876,000	29,876,000	29,991,000	29,991,000	29,279,000	31,896,000			33,638,000	33,638,000	77,485,000
voyage revenues	741,913,000	478,058,000	230,650,000		308,916,000	308,916,000	956,542,000	612,265,000	259,390,000	263,461,000	263,461,000	685,808,000	238,686,000	224,035,000	294,803,000		417,334,000	360,883,000		311,411,000	200,467,000	200,222,000		306,996,000	324,282,000	253,661,000	121,057,000		143,471,000		98,862,000	46,257,000	64,108,000	64,108,000	68,745,000	101,182,000	45,433,000	65,500,000	65,500,000	79,541,000	43,064,000	19,381,000	14,021,000		35,362,000	18,230,000	68,016,000		18,346,000	49,670,000	21,733,000	27,937,000	26,886,000		52,185,000	26,171,000		29,507,000																		72,783,000	72,783,000		65,179,000	65,179,000	59,226,000		42,492,000
expenses/
voyage expenses	158,881,000	112,164,000	56,318,000	22,992,000	-66,285,000	66,285,000	199,940,000	129,428,000	57,094,000	-67,621,000	67,621,000	186,222,000	-61,143,000	67,492,000	-74,439,000		-66,381,000	53,404,000		-52,993,000	40,052,000	-43,637,000		115,072,000	91,329,000	42,586,000	22,695,000		31,649,000		37,284,000	19,562,000	-20,567,000	125,187,000	-21,673,000	30,637,000	-17,746,000	-21,671,000	21,671,000	20,670,000	7,721,000	2,445,000	-4,017,000		4,505,000	2,603,000	17,453,000		-3,424,000	14,029,000	-5,324,000	-8,705,000	-3,806,000		-11,021,000	-5,932,000	-4,387,000	-6,634,000	-6,634,000		-6,507,000	-6,507,000	-1,131,000	-1,131,000	-3,892,000	-5,309,000	7,895,000	7,479,000	-2,859,000	-2,859,000	4,620,000	-2,314,000	-2,314,000	-2,306,000	-2,306,000	761,000	761,000		1,158,000	1,158,000	899,000		1,347,000
charter-in hire expenses	48,606,000	33,210,000	15,900,000		-26,191,000	26,191,000	31,812,000	16,993,000	3,926,000	-3,730,000	3,730,000	13,926,000	-3,080,000	6,615,000				4,012,000			2,943,000			14,053,000	44,442,000	40,763,000	16,470,000		1,736,000
vessel operating expenses	203,657,000	135,897,000	67,942,000	29,164,000	-72,756,000	72,756,000	202,235,000	126,699,000	51,172,000	-54,102,000	54,102,000	167,225,000	-56,518,000	55,785,000	-52,629,000		-58,381,000	57,466,000		-52,972,000	47,354,000	-47,222,000		85,223,000	78,133,000	53,681,000	26,273,000		49,560,000		49,364,000	24,905,000	-26,459,000	199,133,000	-29,373,000	56,964,000	-27,783,000	-21,967,000	21,967,000	31,129,000	16,062,000	8,005,000	-6,142,000		13,732,000	6,969,000	20,452,000		-6,283,000	14,169,000	-6,678,000	-7,491,000	-8,053,000		-10,671,000	-6,523,000	-5,553,000	-5,118,000	-5,118,000		-5,184,000	-5,184,000	-5,274,000	-5,274,000	-5,622,000	-6,132,000	6,843,000	23,325,000	-7,486,000	-7,486,000	15,839,000	-9,118,000	-9,118,000	-6,721,000	-6,721,000	6,452,000	6,452,000		9,413,000	9,413,000	5,781,000		4,550,000
dry docking expenses	73,762,000	45,703,000	24,677,000		-20,256,000	20,256,000	42,472,000	22,369,000	10,021,000	-11,503,000	11,503,000	30,466,000	-10,854,000	8,007,000	-18,705,000		-10,442,000	8,727,000		-6,678,000	12,191,000	-1,360,000		20,883,000	28,702,000	3,269,000	1,120,000		3,248,000		1,583,000	849,000	-1,803,000	28,097,000	-6,202,000	6,945,000			484,000	4,879,000	1,264,000	690,000			572,000	272,000	2,997,000			1,026,000					-1,358,000			-841,000
depreciation	127,363,000	85,562,000	42,954,000		-44,035,000	44,035,000	120,020,000	75,537,000	31,990,000	-33,880,000	33,880,000	104,549,000	-35,006,000	35,069,000	-39,709,000		-39,008,000	38,461,000		-38,103,000	36,233,000	-36,171,000		69,958,000	59,781,000	43,243,000	21,168,000		40,387,000		40,847,000	20,535,000	-21,849,000	142,291,000	-21,702,000	38,519,000	-18,284,000	-16,640,000	16,640,000	20,510,000	9,777,000	4,679,000	-2,656,000		8,070,000	4,153,000	28,732,000		-9,535,000	19,197,000	-9,426,000	-9,771,000	-13,540,000		-24,009,000	-12,675,000	-12,069,000	-11,940,000	-11,940,000		-11,697,000	-11,697,000	-11,454,000	-11,454,000	-11,580,000	-12,206,000	13,082,000	45,216,000	-13,719,000	-13,719,000	31,497,000	-15,836,000	-15,836,000	-15,661,000	-15,661,000	16,011,000	16,011,000		13,993,000	13,993,000	12,166,000		8,814,000
management fees	17,412,000	11,494,000	5,600,000		-5,280,000	5,280,000	13,676,000	8,696,000	4,404,000	-4,071,000	4,071,000	12,738,000	-4,216,000	4,244,000	-4,407,000		-4,961,000	4,839,000		-4,938,000	4,667,000	-4,601,000		9,202,000	8,188,000	3,913,000	1,930,000		3,689,000		3,911,000	1,998,000	-2,011,000	14,861,000	-2,362,000	4,063,000	-1,989,000	-35,000	35,000	123,000			-660,000												-54,000			-54,000	-54,000		-42,000	-42,000	-40,000	-40,000	-41,000	-41,000	69,000	702,000	-169,000	-169,000	533,000	-248,000	-248,000	-285,000	-285,000	300,000	300,000		477,000	477,000	340,000		250,000
general and administrative expenses	53,240,000	33,497,000	15,261,000	10,807,000	-18,986,000	18,986,000	51,792,000	30,175,000	10,695,000	-18,093,000	18,093,000	36,320,000	-11,010,000	11,665,000	-12,547,000		-17,147,000	8,765,000		-10,130,000	7,297,000	-9,321,000		14,991,000	17,062,000	17,702,000	7,319,000		17,316,000		13,298,000	6,174,000	-6,935,000	40,307,000	-5,533,000	11,153,000	-5,563,000	-7,756,000	7,756,000	24,967,000	10,215,000	3,790,000	-414,000		4,709,000	2,145,000	7,325,000		-1,988,000	5,337,000	-2,134,000	-3,203,000	-2,445,000		-7,014,000	-2,996,000	-2,858,000	-4,156,000	-4,156,000		-3,481,000	-3,481,000	-3,234,000	-3,234,000	-2,439,000	-6,250,000	2,424,000	6,318,000	-1,717,000	-1,717,000	4,601,000	-1,738,000	-1,738,000	-2,863,000	-2,863,000	4,298,000	4,298,000		2,682,000	2,682,000	2,657,000		2,787,000
loss on write-down of inventory					-1,684,000	1,684,000	4,602,000			-3,753,000	3,753,000	5,565,000	-2,577,000	2,166,000	-2,425,000
other operational loss	3,764,000	1,590,000	1,156,000		-934,000	934,000	1,392,000	901,000	181,000	-343,000	343,000	609,000	-171,000	155,000	-1,318,000		-160,000	614,000		-215,000	1,340,000	-316,000		610,000					751,000		109,000									94,000	94,000	90,000			562,000	225,000	663,000		-663,000						-4,050,000
other operational gain	-14,650,000	-13,727,000	-12,037,000		330,000	-330,000	-4,410,000	-1,742,000	-1,617,000	156,000	-156,000	-33,824,000	443,000	-33,233,000	1,903,000		1,836,000	-267,000		180,000	-1,017,000	1,887,000		-654,000	-171,000	-41,000	-5,000		-2,461,000		-50,000	-50,000	2,000	-1,182,000		-590,000	40,000	219,000	-219,000	-9,784,000	-407,000	-169,000			-1,647,000	-897,000	-2,031,000		1,891,000	-140,000		140,000	203,000		11,046,000	21,000	5,125,000
loss on forward freight agreements and bunker swaps	-4,206,000	-4,335,000	-2,930,000			-206,000	4,239,000	4,316,000	5,921,000															-19,532,000
loss on sale of vessels	13,953,000	8,698,000	740,000
total operating expenses	681,782,000	449,753,000	215,581,000	89,158,000		246,691,000	635,771,000	390,434,000	165,018,000		204,225,000	506,586,000		164,657,000				178,644,000			152,043,000			309,806,000
operating income	60,131,000	28,305,000	15,069,000	4,757,000	62,225,000	62,225,000	320,771,000	221,831,000	94,372,000	59,236,000	59,236,000	179,222,000	57,419,000	59,378,000	88,789,000		212,436,000					43,243,000		-2,810,000														-2,684,000				649,000	-6,799,000		5,672,000	2,969,000	-307,281,000		-306,824,000	-457,000	-2,692,000	2,235,000	-66,941,000		5,075,000	-2,211,000	2,440,000	2,635,000	2,635,000		2,487,000	2,487,000	7,298,000	7,298,000	-31,514,000	21,989,000	-2,824,000	-46,483,000	-70,674,000	-70,674,000	24,191,000	-982,000	-982,000			54,250,000	54,250,000		37,636,000	37,636,000	33,197,000		18,808,000
yoy	-3.37%	-54.51%	-95.30%	-97.86%	-34.06%	5.05%	441.51%	23.77%	64.36%	-0.24%	-33.28%		-72.97%																									-513.56%				-78.14%	-97.79%		-101.85%	-749.67%	11314.60%		358.35%		-153.04%	-201.09%	-2843.48%		92.60%		-1.89%	5.95%	-63.89%		-107.89%	-88.69%	-358.43%	-115.70%	-55.41%	-131.11%	-111.67%	4633.50%	7096.95%			-101.81%	-101.81%			44.14%	63.42%		100.11%
qoq	112.44%	87.84%	216.78%	-92.36%	0.00%	-80.60%	44.60%	135.06%	59.32%	0.00%	-66.95%	212.13%	-3.30%	-33.12%																												-109.55%			91.04%	-100.97%			67038.73%	-83.02%	-220.45%	-103.34%			-329.53%	-190.61%	-7.40%	0.00%			0.00%	-65.92%	0.00%	-123.16%	-243.32%	-878.65%	-93.92%	-34.23%	0.00%	-392.15%	-2563.44%	0.00%				0.00%			0.00%	13.37%
operating margin %	Infinity%	Infinity%	Infinity%	Infinity%	20.14%	Infinity%	Infinity%	Infinity%	Infinity%	22.48%	Infinity%	Infinity%	24.06%	Infinity%	30.12%	NaN%	50.90%	NaN%	NaN%	0%	NaN%	21.60%	NaN%	-Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	0%	0%	0%	NaN%	0%	-4.09%	NaN%	NaN%	NaN%	Infinity%	-48.49%	NaN%	Infinity%	16.10%	-450.40%	NaN%	-Infinity%	-0.92%	-Infinity%	Infinity%	-Infinity%	NaN%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	NaN%	NaN%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%
other income/
interest and finance costs	-55,822,000	-38,133,000	-19,275,000		-21,316,000	-21,316,000	-70,511,000	-46,112,000	-20,499,000	-21,530,000	-21,530,000	-49,789,000	-16,029,000	-15,702,000	-14,822,000		-12,226,000	-12,082,000		-15,019,000	-14,440,000	-15,740,000		-38,381,000	-43,826,000	-30,338,000	-14,273,000		-23,766,000		-19,694,000	-9,472,000	-8,052,000	-8,052,000	-7,738,000	-13,871,000	-6,432,000	-4,985,000	-4,985,000	-4,590,000	-3,057,000	-1,363,000	-786,000		-3,794,000	-1,875,000	-6,047,000		-1,905,000	-4,142,000	-1,978,000	-2,164,000	-2,407,000		-2,041,000	-1,086,000	-922,000	-1,119,000	-1,119,000		-1,470,000	-1,470,000	-1,456,000	-1,456,000	-1,662,000	-1,328,000	-2,056,000	-7,858,000	-2,382,000	-2,382,000	-5,476,000	-2,734,000	-2,734,000	-2,742,000	-2,742,000	-4,379,000	-4,379,000		-2,617,000	-2,617,000	-1,904,000		-1,367,000
interest income and other income	14,426,000	10,087,000	4,712,000		1,968,000	1,968,000	14,410,000	7,346,000	2,526,000	4,963,000					6,821,000
gain on derivative financial instruments	751,000	446,000	52,000		-259,000	-259,000	-1,602,000	-1,246,000
gain on debt extinguishment	-405,000	-186,000	-65,000		-132,000				-813,000	28,000					5,207,000
total other expenses	-41,050,000	-27,786,000	-14,576,000		-19,739,000	-19,739,000	-58,715,000	-41,022,000	-19,596,000	-19,571,000					-2,794,000							-19,972,000		-38,567,000																		-1,532,000			-3,708,000	-1,811,000	-5,856,000		-1,853,000	-4,003,000	-1,862,000	-2,141,000	-2,310,000		-1,695,000	-785,000	-738,000	-957,000	-957,000		-1,270,000	-1,270,000	-1,315,000	-1,315,000	-1,503,000	-1,303,000	-1,843,000	-7,372,000	-2,191,000	-2,191,000	-5,181,000
income before taxes and equity in income of investee	19,081,000	519,000	493,000		42,486,000	42,486,000	262,056,000	180,809,000	74,776,000	39,665,000														-41,377,000
income tax (expense)/refund						29,000	116,000	116,000
income before equity in income of investee	19,081,000	519,000	493,000		42,486,000	42,486,000	262,172,000	180,925,000	74,882,000	39,663,000														-41,404,000															-919,500	-3,678,000		-883,000
equity in income of investee	-61,000	-18,000	-31,000		-40,000	-40,000	36,000	11,000	-26,000	44,000					1,000						29,000	-6,000		39,000	55,000	49,000	6,000		4,000		69,000	55,000	-89,000	-89,000	86,000	213,000	179,000	77,000	77,000	29,000	1,000	5,000
net income	19,020,000	501,000	462,000	-64,000	42,446,000	42,446,000	262,208,000	180,936,000	74,856,000	39,707,000	39,707,000	133,849,000	44,319,000	45,875,000	85,796,000							23,251,000		-41,365,000													-40,176,000		-912,250	-3,649,000		-878,000	-10,415,000		1,964,000	1,158,000	-313,137,000		-308,677,000	-4,460,000	-4,554,000	94,000	-69,251,000		3,380,000	-2,996,000	1,702,000		1,678,000		1,217,000	1,217,000	5,983,000	5,983,000	-33,017,000	20,686,000	-4,560,000	-53,855,000	-72,865,000	-72,865,000	19,010,000	-3,444,000	-3,444,000			50,201,000	50,201,000		35,244,000	35,244,000	31,569,000		17,840,000
yoy	-55.19%	-98.82%	-99.82%	-100.04%	-43.30%	6.90%	560.36%	35.18%	68.90%	-13.45%	-53.72%																												-91.24%			-175.82%	-96.67%		-100.64%	-125.96%	6776.09%		345.74%		-234.73%	-103.14%	-4168.80%		101.43%		39.85%		-71.95%		-103.69%	-94.12%	-231.21%	-111.11%	-54.69%	-128.39%	-123.99%	1463.73%	2015.71%			-106.86%	-106.86%			42.44%	59.02%		97.56%
qoq	3696.41%	8.44%	-821.88%	-100.15%	0.00%	-83.81%	44.92%	141.71%	88.52%	0.00%	-70.33%	202.01%	-3.39%	-46.53%																									-75.00%			-91.57%			69.60%	-100.37%			6821.01%	-2.06%	-4944.68%	-100.14%			-212.82%	-276.03%					0.00%	-79.66%	0.00%	-118.12%	-259.61%	-553.64%	-91.53%	-26.09%	0.00%	-483.30%	-651.97%	0.00%				0.00%			0.00%	11.64%
net income margin %	Infinity%	Infinity%	Infinity%	-Infinity%	13.74%	Infinity%	Infinity%	Infinity%	Infinity%	15.07%	Infinity%	Infinity%	18.57%	Infinity%	29.10%	NaN%	0%	NaN%	NaN%	0%	NaN%	11.61%	NaN%	-Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	0%	0%	0%	NaN%	-88.30%	0%	-Infinity%	-Infinity%	NaN%	-Infinity%	-74.28%	NaN%	Infinity%	6.28%	-458.98%	NaN%	-Infinity%	-8.95%	-Infinity%	Infinity%	-Infinity%	NaN%	Infinity%	-Infinity%	Infinity%	NaN%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	NaN%	NaN%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%
earnings per share, basic	0.16				0.36	0.31	2.54	1.87	0.89	0.46	0.45	1.31	0.43	0.45	0.84									-0.43																		-0.03			0.36	0.21	-58.09			-0.055		0.001	-0.86		0.05	-0.04	0.03	0.03	0.03		0.02	0.02		0.1		0.33				-1.19	0.31	-0.06	-0.06	0.37	0.37	0.89	0.89		0.63	0.63	0.62		0.4
earnings per share, diluted	0.16				0.36	0.32	2.48	1.82	0.89	0.45	0.45	1.3	0.43	0.44	0.84									-0.43																		-0.03			0.36	0.21	-58.09			-0.055		0.001	-0.86		0.05	-0.04	0.03	0.03	0.03		0.02	0.02		0.1						-1.19	0.31	-0.06	-0.06	0.37	0.37	0.89	0.89		0.62	0.62	0.56		0.36
weighted-average number of shares outstanding, basic	115,551,743	116,583,497	117,210,036		117,590,189	106,883,330	103,364,099	96,670,823	83,835,611	86,657,095	98,457,929	102,434,767	102,670,975	102,974,041	102,468,182	102,153,255	102,067,113	101,981,583	101,183,829	101,783,287	98,712,581	96,209,666	96,128,173	95,797,142	92,457,415	64,170,654	64,107,324	63,034,394	62,188,645	47,574,454			219,120,612	195,623,363	219,120,612			97,623,578	58,441,193	45,236,873	28,973,621,000	28,849,559			5,414,998	5,406,306	5,390,553	5,393,131	5,400,827	80,780,384	81,256,749	80,224,019	80,438,360	71,047,277	63,364,120	76,771,969	63,364,120	63,364,120	63,364,120	61,489,162	61,669,446	61,669,446		61,055,907		62,167,272				61,049,760	60,694,160	60,994,760	60,994,760		60,390,219		56,278,511			55,873,973	50,963,213		44,748,517
weighted-average number of shares outstanding, diluted	115,908,321	116,755,442	117,431,435		118,324,103	108,702,988	105,545,672	99,716,982	84,177,253	87,364,379	98,928,011	102,825,781	102,961,179	103,381,943	102,724,888	102,536,966	102,473,028	102,257,673	101,479,072	102,038,883	99,019,944	96,370,925	96,281,389	95,797,142	92,457,415	64,468,860	64,303,356	63,034,394	62,188,645	47,574,454			219,120,612	195,623,363	219,120,612			97,623,578	58,441,193	45,236,873	28,973,621,000	28,849,559			5,443,639	5,406,373	5,390,553	5,393,131	5,400,827	80,780,384	81,256,749	80,224,019	80,438,360	71,047,277	63,438,838	76,771,969	63,466,580	63,411,095	63,411,095	61,489,162	62,072,050	62,072,050		61,191,174		62,682,939				61,049,760	60,694,160	60,994,760	60,994,760		60,390,219		56,278,511			56,971,504	56,047,237		49,385,952
revenues				93,915,000																																																															27,780,750	111,123,000
charter hire expenses				4,911,000
depreciation and amortization				15,052,000
loss on vessels held for sale				3,216,000
other operating expense				3,016,000
gain on sale of vessels					11,288,000	-11,288,000	-31,999,000	-22,938,000	-8,769,000	10,566,000	-10,566,000	-18,833,000
interest expense				7,283,000
interest income				-1,507,000																																															116,000	23,000					184,000		162,000		200,000	200,000	141,000	141,000	159,000	25,000			191,000	191,000		272,000	272,000	23,000	23,000	293,000	293,000		214,000	214,000	280,000		399,000
realized and unrealized loss on derivative instruments				-955,000
total other expense				4,821,000
other comprehensive income:
effect of cash flow hedges				561,000
comprehensive income				497,000
balance at december 31, 2023				9,326,231,000
dividends declared
issuance of shares due to vesting of equity awards				51,041,000
issuance of shares upon conversion of convertible bond debt				1,098,819,000
cash used to settle net share equity awards
stock-based compensation
balance at march 31, 2024				10,476,091,000
total revenues					308,916,000					263,461,000			238,686,000		294,803,000		417,334,000			311,411,000		200,222,000											64,154,000	42,533,000	68,814,000		45,501,000	65,650,000					14,021,000			18,439,000	68,224,000			49,807,000
yoy													-42.81%																				40.99%	-35.21%									-79.45%			-62.98%
qoq																																	50.83%	-38.19%			-30.69%									-72.97%
expenses:
loss on bad debt					-308,000							300,000		300,000	-677,000																								53,750	215,000
gain on forward freight agreements and bunker swaps					206,000					-7,713,000					2,166,000							-3,073,000
impairment loss					-1,800,000					-10,138,000	10,138,000	7,700,000		7,700,000											3,411,000						6,694,000	6,355,000	-287,705,000
loss on debt extinguishment						-253,000	-1,012,000	-1,010,000												-2,353,000		-3,797,000		-618,000	-1,619,000	-21,000			-358,000		-1,801,000	-1,177,000				-974,000	-524,000	-652,000
gain on interest rate swaps									-810,000	-3,032,000
income taxes									106,000	-2,000	-2,000	-181,000		-103,000	-200,000			-37,000				-14,000		-27,000	-59,000
interest income and other income/											2,566,250	10,265,000	3,444,000	3,149,000
gain/											-126,750	-507,000		-372,000																											-819,000
total other incomes											-11,302,000	-45,208,000	-13,189,000	-13,344,000			-12,297,000	-11,821,000		-17,460,000	-12,690,000				-44,349,000	-29,966,000	-13,381,000		-22,801,000		-26,022,000	-13,975,000	-6,754,000	-6,754,000	-11,354,000	-14,705,000	-6,418,000	-5,467,000	-5,467,000	-4,930,000	-3,855,000
income before taxes and equity in income/(loss) of investee											33,503,500	134,014,000	44,230,000	46,034,000
income before equity in income/(loss) of investee											33,458,250	133,833,000	44,230,000	45,931,000
equity in income /											4,000	16,000		-56,000
gain/(loss) on forward freight agreements and bunker swaps													2,899,000				-1,316,000			548,000
gain/(loss) on sale of vessels													-34,000
gain/(loss) on interest rate swaps													-135,000
gain/(loss) on debt extinguishment													-469,000				129,000
equity in income/(loss) of investee													89,000				7,000			-42,000
the accompanying notes are integral part of these consolidated financial statements.
charter-in hire expense															-3,227,000		-8,938,000			-4,399,000		-13,165,000									1,918,000	996,000	-893,000
gain on time charter agreement termination																																															-6,454,000			-6,454,000		6,454,000						1,871,000	1,871,000								-4,054,750	-16,219,000	-5,097,000	-5,097,000	-11,179,000			11,179,000	11,179,000
income before equity in investee															85,995,000							23,271,000															-40,355,000
income before taxes															85,996,000							23,265,000
interest and other income/																	-200,000	261,000		-88,000	1,750,000				1,096,000	394,000	893,000		1,223,000		154,000	267,000	288,000	200,500	-26,000	828,000
income/(loss) before equity in investee																	200,139,000			124,251,000													-310,918,000	-36,867,250	-42,059,000
income/(loss) before taxes																	200,146,000			124,209,000
net income/																	200,146,000	170,364,000		124,209,000	35,763,000				-45,515,000	20,628,000	9,900,000		-26,229,000				-311,007,000	-36,792,500	-41,973,000
earnings/(loss) per share, basic																	1.96			1.22													-1.42	-0.195	-0.19
earnings/(loss) per share, diluted																	1.95			1.22													-1.42	-0.195	-0.19
(gain)/loss on time charter agreement termination																					-1,102,000
operating income /																		182,239,000			48,424,000				-1,162,000	50,545,000	23,275,000		-3,315,000		-55,743,000	-34,868,000				-90,705,000	-33,937,000
income / (loss) before taxes and equity in income of investee																		170,418,000			35,734,000				-45,511,000
income/(loss) before equity in income of investee																		170,381,000			35,734,000				-45,570,000	20,579,000	9,894,000		-26,116,000		-81,765,000	-48,843,000				-105,410,000
equity in income / (loss) of investee																		-17,000
earnings / (loss) per share, basic and diluted																		1.67			0.36
operating income/																				141,711,000													-304,164,000	-30,352,500	-30,705,000				313,000	1,252,000	-16,000
expenses
interest and other income																						-435,000		432,000													538,000	174,000	174,000	455,000	21,000	-11,000			86,000	64,000	191,000		52,000	139,000			97,000		346,000	301,000		162,000
earnings per share, basic and diluted																						0.24																																											-0.54
provision for doubtful debts
the accompanying notes are integral part of these unaudited interim condensed consolidated financial statements.
benefit from doubtful debts																									1,250,000
gain /																										-1,000	-1,000		100,000		-4,681,000	-3,593,000				-688,000
earnings / (loss) per share, basic																									-0.49	0.32	0.15		-0.42									-0.083
earnings / (loss) per share, diluted																									-0.49	0.32	0.15		-0.42									-0.083
income / (loss) before taxes																										20,628,000	9,900,000		-26,112,000
management fee income																															91,000	47,000	46,000	46,000	69,000	136,000	68,000	150,000	150,000	2,196,000	1,861,000	798,000			456,000	209,000	208,000		71,000	137,000	69,000	68,000	69,000			84,000
us source income taxes																													-117,000
loss on time charter agreement termination																																		-528,500		2,114,000																															903,000	10,137,000
loss / (gain) on derivative instruments																															-283,000
loss /																															21,000	-152,000
net income /																															-81,696,000	-48,788,000				-105,197,000		-8,074,000			-3,870,000
earnings /																															-1,860	-1,110				-610					-130																										-222.5	-890
weighted-average number of shares outstanding, basic and diluted																															43,880,713,000	43,824,122,000				171,736,658,000	153,471,655
bad debt expense																																									215,000
loss on sale of vessel																																	-98,000	41,072,000	-7,098,000	13,389,000	-2,053,000								81,000		3,190,000		-26,000	3,164,000		-3,162,000									-102,000	-102,000				-35,000
gain from bargain purchase
gain/(loss) on derivative financial instruments																																	1,010,000	-1,069,500	-3,590,000
charter in expense																																		-33,000	-132,000
vessel impairment loss																																		-8,568,250	-5,444,000	28,829,000	-1,080,000										303,219,000		-303,219,000				-62,020,000										-1,215,000	-1,215,000	-33,732,000		116,000	75,092,000								21,000	21,000				588,000		3,142,000
dry-docking expenses																																					-2,866,000	-484,000											-1,971,000		-930,000	-96,000							-841,000
write off of the unamortized fair value of above market acquired time charter																																					-2,114,000
loss on derivative financial instruments																																							-198,750	-795,000		-158,000	-1,423,000
loss per share, basic and diluted																																					-0.26
(loss) / gain on derivative financial instruments																																						-4,000
income / (loss) before equity in investee																																						-8,151,000
gain on bargain purchase																																							-3,079,500	-12,318,000
other income /
interest on members’ loans																																							-454,000	-1,816,000			-1,412,000
loss per share, basic																																							-0.02	-0.08
loss per share, diluted																																							-0.02	-0.08
income/ (loss) before equity in income of investee																																									-3,871,000
dry-docking and special survey costs																																											-3,248,000
general and administrative expenses to related parties																																											-3,683,000
total expenses																																											-20,820,000														-25,363,000						-21,478,000	-21,478,000					-24,123,000	-24,123,000		-33,352,000	-33,352,000	-31,121,000	-31,121,000
other income
other																																											5,000																																	37,000	37,000		11,000	11,000
total other income (expenses)																																											-3,616,000																													-2,462,000	-2,462,000			-4,049,000	-4,049,000		-2,392,000	-2,392,000	-1,628,000		-968,000
preferential deemed dividend																																											-705,000
net income available to members																																											-11,120,000
gain on derivative instruments																																													-438,000				-23,000	-64,000		64,000			21,000	-114,000	21,000				252,000	252,000	84,000	84,000
loss on derivative instruments																																															-41,000						-297,000												-2,415,000
earnings per share, basic*																																																	-57.15
earnings per share , diluted*																																																	-57.15
revenue:
loss/ earnings per share, basic																																																			-0.056
loss/ earnings per share, diluted																																																			-0.056
drydocking expenses																																																					-1,491,000			-247,000	-517,000				-3,532,000	-3,532,000	-429,000	-429,000	-1,072,000	-1,543,000	1,368,000	4,754,000	-981,000	-981,000	3,773,000	-3,511,000	-3,511,000	-262,000	-262,000	652,000	652,000		837,000	837,000	3,598,000		2,794,000
loss on bad debts																																																					-2,447,000
the accompanying condensed notes are an integral part of these unaudited condensed consolidated financial statements.
netincome																																																										1,678,000
other operating income*																																																													5,000,000	5,000,000
bad debts expense																																																													-2,096,000	-2,096,000				-35,000
earnings/ (loss) per share, basic																																																															0.1						-1.19
earnings /(loss) per share, diluted																																																															0.1						-1.19
weighted average number of shares outstanding, basic																																																															61,055,907				60,873,421	60,813,996,000	61,049,760					60,390,219		56,278,511		52,477,947	55,873,973			30,065,923
weighted average number of shares outstanding, diluted																																																															61,191,174				60,873,421	60,813,996,000	61,049,760					60,390,219		56,278,511		54,447,985	56,971,504			36,817,616
weighted-average number of shares outstanding, basic and dilutive																																																																	61,049,760
other operating income																																																																		21,648,000
earnings, diluted																																																																		0.33
management fees-related party
loss on forward freight agreements																																																																			200,500	802,000			3,610,000
interest income and other																																																																			121,500	486,000			295,000
gain on ffa’s																																																																					2,808,000
vessel impairment gain																																																																					-75,092,000	-75,092,000
gain on ffa's																																																																						2,808,000
hire voyage revenue																																																																								32,446,000	32,446,000	38,386,000	38,386,000
freight voyage revenue																																																																								1,717,000	1,717,000	2,846,000	2,846,000
straight line adjustment, and amortization of fair value of below/above market acquired time charters																																																																								-1,793,000	-1,793,000	3,883,000	3,883,000
total revenues:																																																																								32,370,000	32,370,000	45,115,000	45,115,000
loss on ffa's																																																																								-587,000	-587,000
loss on ffa's*																																																																										-3,023,000	-3,023,000
other income:
operating income:																																																																										25,173,000	25,173,000
total other income (expenses), net:																																																																										-2,719,000	-2,719,000
net income:																																																																										22,454,000	22,454,000
unaudited
gain on forward freight agreements																																																																												-251,000	-251,000
time charter agreement termination fees																																																																												-9,711,000	-9,711,000
income tax
vessel impairment adjustment																																																																															-1,017,000	-1,017,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-11-26	2025-09-30	2025-06-30	2025-05-28	2025-03-31	2025-03-27	2024-12-31	2024-11-19	2024-09-30	2024-06-30	2024-05-21	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-06-30	2022-03-31	2021-12-31	2021-06-30	2021-03-31	2021-02-28	2020-12-31	2020-09-30	2020-06-30	2019-06-30	2018-06-30	2018-03-31	2017-06-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-08-05	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2013-01-31	2012-12-31	2012-12-04	2012-09-30	2012-08-31	2012-06-01	2012-02-16	2011-12-31	2011-11-30	2011-11-10	2011-07-18	2011-05-13	2011-03-31	2010-11-30	2010-11-17	2010-08-31	2010-08-10	2010-05-19	2010-02-23	2009-12-31	2009-12-18	2009-11-30	2009-11-23	2009-09-30	2009-08-31	2009-08-12	2009-06-30	2009-05-27	2009-03-31	2009-03-16	2008-12-31	2008-11-30	2008-11-25	2008-08-13	2008-06-16	2008-06-05

assets
current assets
cash and cash equivalents	442,350,000	442,350,000	395,636,000	420,825,000	420,825,000	106,652,000	425,066,000	453,564,000	453,564,000	462,578,000	228,452,000	228,452,000	227,481,000	287,910,000		234,498,000	269,754,000		424,124,000	450,285,000		189,127,000		183,211,000		77,506,000	83,088,000	218,651,000	248,158,000	226,882,000	140,555,000	138,509,000			285,203,000			37,686,000	39,420,000	37,686,000	44,298,000	18,330,000	18,312,000	18,312,000	12,090,000	12,950,000		17,731,000				15,072,000	7,317,000		12,373,000		12,373,000							40,142,000	28,509,000			23,540,000					29,475,000	29,475,000	29,475,000	4,894,000	4,894,000	38,043,000	18,985,000	39,712,000
restricted cash, current	10,189,000	10,189,000	30,515,000	11,412,000	11,412,000		11,218,000	14,367,000	14,367,000	18,350,000	38,072,000	38,072,000	32,248,000	12,385,000		18,049,000	14,569,000		18,261,000	20,965,000		12,419,000		7,299,000		29,094,000	6,271,000	10,425,000	7,738,000	12,120,000	5,122,000	12,505,000			2,769,000			2,448,000	2,442,000	2,448,000	1,862,000	1,912,000	2,996,000	2,996,000	3,161,000	9,326,000
trade accounts receivable	72,391,000	72,391,000	70,282,000	80,803,000	80,803,000		79,303,000	85,805,000	85,805,000	91,331,000	68,581,000	68,581,000	68,624,000	67,814,000		69,441,000	84,034,000		86,821,000	81,061,000		43,314,000		38,090,000		32,222,000	41,794,000	24,708,000	20,862,000	20,415,000	10,634,000	8,043,000			18,316,000			4,870,000	4,211,000	4,870,000	3,203,000	1,712,000	2,543,000	2,543,000	2,502,000	5,969,000		2,220,000				4,762,000	6,305,000		9,371,000		9,371,000							5,449,000	3,345,000			2,974,000					3,379,000	3,379,000	3,379,000	584,000	584,000	40,000		219,000
inventories	60,971,000	60,971,000	73,558,000	69,437,000	69,437,000	19,669,000	78,589,000	80,035,000	80,035,000	81,662,000	56,820,000	56,820,000	62,362,000	75,037,000		66,447,000	67,162,000		84,007,000	75,077,000		60,072,000		47,294,000		47,172,000	46,691,000	22,257,000	19,145,000	14,158,000	16,882,000	15,529,000			16,691,000			5,000,000	5,227,000	5,000,000	1,726,000	3,725,000	2,048,000	2,048,000	4,006,000	3,613,000		2,896,000				3,867,000	1,151,000		1,253,000		1,253,000							982,000	2,717,000			1,837,000					1,276,000	1,276,000	1,276,000	763,000	763,000	804,000	598,000	700,000
due from managers	2,000	2,000	2,000	2,000	2,000		45,000						23,000	53,000		53,000	84,000		18,000	9,422,000				358,000			264,000				3,585,000	6,663,000			81,000			81,000	81,000	81,000	81,000	81,000	81,000	81,000	81,000	81,000		81,000				70,000	69,000		69,000		69,000							147,000	479,000			1,427,000					1,747,000	1,747,000	1,747,000	1,068,000	1,068,000	1,045,000	120,000	1,148,000
due from related parties	36,000	36,000	36,000	38,000	38,000		37,000	36,000	36,000	38,000	40,000	40,000	38,000	41,000		300,000	324,000		766,000	242,000		751,000		481,000		140,000	317,000	80,000	247,000	228,000	672,000	866,000			671,000			1,727,000	1,953,000	1,727,000	486,000	18,000				147,000																		2,507,000
prepaid expenses and other receivables	21,618,000	21,618,000	14,763,000	18,035,000	18,035,000		18,873,000	17,846,000	17,846,000	18,553,000	21,268,000	21,268,000	19,296,000	16,662,000		25,820,000	25,667,000		25,807,000	28,659,000		20,089,000		17,687,000		14,962,000	14,529,000	4,890,000	5,216,000	4,022,000	7,106,000	11,423,000			5,164,000			2,679,000	3,061,000	2,679,000	2,773,000	4,893,000	5,100,000	5,100,000	6,775,000	5,877,000		3,168,000				3,467,000	3,211,000		3,754,000		3,754,000							3,120,000	5,545,000			2,602,000					3,194,000	3,194,000	680,000	918,000	918,000	830,000	299,000	568,000
derivatives, current asset portion	1,076,000	1,076,000	2,567,000	3,342,000	3,342,000		2,177,000	2,898,000	2,898,000	3,960,000	4,883,000	4,883,000	6,305,000	10,561,000		19,436,000	25,585,000		8,904,000	1,996,000		156,000				12,050,000
accrued income							67,000	121,000	121,000		159,000	159,000																																									158,000		278,000		278,000
other current assets	29,793,000	29,793,000	33,911,000	36,500,000	36,500,000	378,000	43,598,000	46,137,000	46,137,000	46,309,000	28,055,000	28,055,000	22,830,000	24,993,000	187,715,000	75,642,000	14,913,000	247,967,000	15,193,000	15,217,000	162,670,000	15,013,000	123,744,000	12,991,000	123,744,000	10,399,000	13,820,000	5,638,000	9,725,000	5,857,000	8,983,000	5,553,000	40,233,000	41,928,000	1,524,000	43,487,000	45,078,000										13,364,000		8,365,000	9,895,000	12,858,000			14,372,000		14,725,000		17,105,000	17,105,000	13,242,000	13,242,000	12,914,000	9,544,000			14,698,000	14,698,000		10,297,000	10,297,000	8,448,000	8,448,000
total current assets	638,426,000	638,426,000	632,047,000	640,394,000	640,394,000	207,727,000	658,973,000	700,809,000	700,809,000	722,781,000	446,330,000	446,330,000	454,397,000	495,456,000	487,146,000	509,686,000	502,092,000	631,542,000	663,901,000	682,924,000	400,426,000	340,941,000	342,868,000	307,411,000	342,868,000	223,545,000	206,774,000	288,286,000	311,219,000	283,682,000	193,539,000	258,705,000	252,058,000	280,079,000	330,419,000	259,463,000	134,430,000	54,491,000	56,395,000	54,491,000	54,429,000	30,671,000	39,434,000	39,434,000	28,615,000	37,963,000		30,176,000	30,176,000	33,571,000	32,089,000	31,397,000	18,825,000	32,465,000	27,598,000	27,598,000	27,598,000	25,202,000	25,202,000	45,896,000	45,896,000	68,890,000	23,918,000	60,828,000	69,699,000	69,699,000	69,699,000	44,268,000	46,247,000	46,247,000	59,785,000	59,785,000	42,273,000	42,273,000	42,273,000	24,810,000	24,810,000	56,324,000	19,882,000	58,844,000
fixed assets																																															295,520,000		608,238,000	617,621,000	638,532,000			702,811,000		664,413,000		666,147,000	666,147,000	620,728,000	620,728,000	610,651,000	654,290,000			681,775,000	681,775,000		789,821,000	789,821,000	805,627,000	805,627,000
advances for vessels under construction	34,314,000	34,314,000	29,089,000	28,491,000	28,491,000		27,526,000	26,970,000	26,970,000	19,216,000	17,952,000	17,952,000																																											65,536,000		65,536,000
vessels and other fixed assets	2,946,405,000	2,946,405,000	3,054,502,000	3,162,767,000	3,162,767,000		3,208,357,000	3,287,229,000	3,287,229,000	3,348,120,000	2,441,744,000	2,441,744,000	2,539,743,000	2,637,583,000	2,757,491,000	2,818,233,000	2,881,551,000	2,949,457,000	2,982,610,000	3,013,038,000	3,077,899,000	3,036,813,000	2,910,837,000	2,877,119,000	2,910,837,000	2,939,957,000	2,791,157,000	1,896,020,000	1,858,347,000	1,796,943,000	1,802,507,000	1,768,808,000	1,757,552,000	1,895,674,000	1,772,664,000	1,631,259,000	1,441,851,000	382,295,000	377,302,000	382,295,000	326,674,000	275,610,000	279,086,000	279,086,000	295,520,000	291,207,000		608,238,000				638,532,000	586,808,000		598,877,000		598,877,000							668,698,000	681,775,000			789,821,000					821,284,000	821,284,000	821,284,000	837,299,000	837,299,000	704,459,000		544,881,000
total fixed assets	2,980,719,000	2,980,719,000	3,083,591,000	3,191,258,000	3,191,258,000		3,235,883,000	3,314,199,000	3,314,199,000	3,367,336,000	2,459,696,000	2,459,696,000	2,539,743,000	2,637,583,000		2,818,233,000	2,881,551,000		2,982,610,000	3,013,038,000		3,047,825,000		2,877,119,000		2,939,957,000	2,812,360,000	1,942,500,000	1,875,375,000	1,843,415,000	1,858,399,000	1,840,042,000			2,110,335,000			462,900,000	459,096,000	462,900,000	394,606,000	275,610,000	279,086,000	279,086,000	295,520,000	291,207,000		608,238,000				638,532,000	669,039,000		664,413,000		664,413,000							668,698,000	681,775,000			789,821,000					821,284,000	821,284,000	821,284,000	837,299,000	837,299,000	720,070,000	381,188,000	562,144,000
other non-current assets	310,000	310,000	324,000	389,000	389,000		354,000	373,000	373,000	380,000					39,184,000			56,784,000			5,609,000	75,000	2,404,000	35,000	2,404,000	129,000	3,801,000				1,604,000	1,604,000	16,037,000	16,748,000		12,642,000	8,029,000										1,401,000		1,519,000	1,640,000	1,776,000			1,922,000		1,533,000		1,138,000	1,138,000	1,457,000	1,457,000	1,274,000	1,022,000			2,039,000	2,039,000		12,944,000	12,944,000	14,116,000	14,116,000
long-term investment	1,672,000	1,672,000		1,702,000	1,702,000			1,772,000	1,772,000																								844,000	933,000		813,000	634,000
restricted cash, non-current	4,615,000	4,615,000	4,615,000	4,606,000	4,606,000		4,596,000	4,606,000	4,606,000	4,606,000	2,021,000	2,021,000	2,021,000	2,021,000		2,021,000	2,021,000		2,021,000	2,021,000		5,021,000		5,021,000		1,020,000	7,021,000	11,420,000	8,420,000	8,420,000	8,785,000	20,000			11,020,000			13,370,000	13,370,000	13,370,000					24,124,000
operating leases, right-of-use assets	164,336,000	164,336,000	171,106,000	178,011,000	178,011,000		184,509,000	134,575,000	134,575,000	139,735,000	109,793,000	109,793,000	27,825,000	29,704,000		34,848,000	37,618,000		45,572,000	48,256,000
derivatives, non-current asset portion			23,000	88,000	88,000		330,000	615,000	615,000	1,451,000	2,077,000	2,077,000	2,533,000	4,841,000		5,729,000	8,666,000		15,040,000	6,913,000		3,506,000
total assets	3,790,078,000	3,790,078,000	3,893,421,000	4,016,448,000	4,016,448,000	1,128,590,000	4,086,378,000	4,156,949,000	4,156,949,000	4,238,036,000	3,021,627,000	3,021,627,000	3,028,255,000	3,171,933,000	3,285,842,000	3,372,137,000	3,433,624,000	3,639	3,710,694,000	3,754,719,000	3,488,955,000	3,399,647,000	3,259,130,000	3,191,793,000	3,259,130,000	3,167,031,000	3,032,428,000	2,243,318,000	2,196,083,000	2,136,491,000	2,063,240,000	2,101,317,000	2,164,883,000	2,500,660,000	2,468,346,000	2,321,318,000	2,062,084,000	539,601,000	535,963,000	539,601,000	468,088,000	328,613,000	342,144,000	342,144,000	365,591,000	354,706,000	365,591,000	681,589,000	681,589,000	696,072,000	718,620,000	717,928,000	711,305,000	785,269,000	715,564,000	715,564,000	715,564,000	714,507,000	714,507,000	694,101,000	694,101,000	706,835,000	703,250,000	760,641,000	781,023,000	781,023,000	781,023,000	874,154,000	876,522,000	876,522,000	891,538,000	891,538,000	891,376,000	891,376,000	891,376,000	892,427,000	892,427,000	790,198,000	403,742,000	633,339,000
liabilities & shareholders' equity
current liabilities
current portion of long-term bank loans & revolving facilities	195,437,000	195,437,000	228,104,000
lease financing short term	2,731,000	2,731,000	2,731,000	2,731,000	2,731,000		2,731,000	2,731,000	2,731,000	2,731,000	2,731,000	2,731,000	2,731,000	2,731,000		15,361,000	15,361,000		50,434,000	50,434,000		53,440,000		44,873,000		48,178,000
accounts payable	52,267,000	52,267,000	43,439,000	48,645,000	48,645,000	21,872,000	51,591,000	61,363,000	61,363,000	49,870,000	45,055,000	45,055,000	39,317,000	67,283,000		32,650,000	32,140,000		40,702,000	21,837,000		42,361,000		32,853,000		43,275,000	29,598,000	15,157,000	15,221,000	5,886,000	9,409,000	10,184,000			10,898,000			5,796,000	8,698,000	5,796,000	6,638,000	6,389,000	4,795,000	4,795,000	5,243,000	8,264,000		3,547,000				8,501,000	3,464,000		5,928,000		5,928,000							3,977,000	2,971,000			3,109,000					1,031,000	1,031,000	1,031,000	2,497,000	2,497,000	1,636,000	168,000	2,285,000
due to managers	17,998,000	17,998,000	20,555,000	17,933,000	17,933,000		10,938,000	18,420,000	18,420,000	14,274,000	10,070,000	10,070,000	7,386,000	8,907,000		12,566,000	6,344,000		8,474,000	3,885,000		14,892,000		7,813,000		11,095,000	10,366,000	4,404,000	5,214,000	4,320,000					4,539,000																	48,000	107,000		128,000		128,000											14,000								115,000	115,000	168,000
due to related parties	2,069,000	2,069,000	1,393,000	3,162,000	3,162,000		3,274,000	1,692,000	1,692,000	1,599,000	1,082,000	1,082,000	1,659,000	1,420,000		1,614,000	1,501,000		2,723,000	1,426,000		1,199,000		1,439,000		1,972,000	497,000	255,000	170,000	334,000	415,000	262,000			900,000			1,799,000	1,476,000	1,799,000	559,000	401,000	2,173,000	2,173,000	373,000	262,000		250,000				436,000	697,000											336,000
accrued liabilities	49,379,000	49,379,000	51,915,000	52,358,000	52,358,000		62,607,000	61,236,000	61,236,000	66,001,000	33,932,000	33,932,000	31,372,000	27,985,000		32,759,000	33,984,000		35,141,000	30,810,000		27,800,000		20,940,000		22,555,000	26,049,000	11,475,000	9,751,000	9,836,000	11,185,000	12,864,000			14,171,000			4,644,000	5,591,000	4,644,000	3,501,000	2,514,000	2,806,000	2,806,000	4,942,000	3,422,000		3,487,000				3,870,000	2,159,000		2,303,000		2,303,000							2,293,000	2,911,000			3,580,000					3,296,000	3,296,000	3,296,000	5,808,000	5,808,000	3,136,000	1,493,000	3,743,000
operating lease liabilities, current	28,649,000	28,649,000	29,036,000	28,660,000	28,660,000		28,227,000	20,969,000	20,969,000	20,760,000	15,639,000	15,639,000	5,251,000	5,517,000		8,537,000	9,955,000
deferred revenue	19,609,000	19,609,000	14,510,000	20,316,000	20,316,000		17,297,000	20,785,000	20,785,000	21,672,000	14,002,000	14,002,000	16,738,000	8,730,000		15,099,000	16,684,000		15,822,000	24,960,000		14,447,000		11,675,000		11,151,000	15,771,000	6,523,000	8,385,000	1,863,000	2,637,000	1,779,000			1,863,000			1,019,000	804,000	1,019,000	750,000	1,295,000	1,065,000	1,065,000	2,683,000	1,736,000		4,168,000				4,543,000	2,133,000		2,240,000		2,240,000							4,811,000	5,108,000			3,449,000					3,554,000	3,554,000	3,554,000	4,110,000	4,110,000	4,293,000	916,000	1,852,000
other current liabilities	2,000,000	2,000,000	2,000,000	2,000,000	2,000,000		2,000,000	2,000,000	2,000,000	2,000,000	2,000,000	2,000,000			110,556,000			113,821,000			97,964,000		99,748,000		99,748,000									37,097,000		40,054,000	43,713,000												11,452,000	11,711,000	17,480,000			12,927,000		10,799,000		27,272,000	27,272,000	8,811,000	8,811,000	9,930,000	9,450,000			11,162,000	11,162,000		15,701,000	15,701,000	12,266,000	12,266,000
total current liabilities	370,139,000	370,139,000	393,717,000	388,227,000	388,227,000	177,296,000	399,812,000	413,494,000	413,494,000	477,207,000	311,383,000	311,383,000	359,363,000	343,620,000	329,467,000	310,816,000	282,555,000	304,872,000	311,790,000	290,796,000	356,053,000	311,119,000	319,920,000	266,432,000	319,920,000	324,521,000	251,931,000	181,750,000	187,237,000	41,075,000	38,421,000	935,673,000		147,566,000	137,126,000	165,859,000	140,198,000	40,257,000	46,461,000	40,257,000	29,734,000	27,845,000	38,148,000	38,148,000	46,660,000	42,450,000		48,089,000	49,031,000	43,709,000	52,154,000	52,154,000	39,463,000	53,999,000	45,778,000	51,695,000	45,778,000	66,900,000	66,900,000	52,311,000	52,311,000	61,330,000	43,235,000	71,092,000	71,562,000	71,562,000	71,562,000	70,307,000	72,676,000	72,676,000	65,816,000	65,816,000	57,287,000	57,287,000	57,287,000	58,142,000	58,142,000	32,495,000	3,057,000	7,975,000
non-current liabilities
long-term bank loans & revolving facilities, net of current portion and unamortized loan issuance costs of 7,606 and 5,608, as of december 31, 2024 and september 30, 2025, respectively	857,663,000	857,663,000
lease financing long term, net of unamortized lease issuance costs of 51 and 24, as of december 31, 2024 and september 30, 2025, respectively	10,503,000	10,503,000
operating lease liabilities, non-current	135,687,000	135,687,000	142,070,000	149,351,000	149,351,000		156,282,000	113,606,000	113,606,000	118,975,000	94,154,000	94,154,000	22,574,000	24,185,000		26,311,000	27,663,000
other non-current liabilities	670,000	670,000	691,000	788,000	788,000		850,000	937,000	937,000	1,022,000	997,000	997,000	1,001,000	836,000	26,240,000	873,000	831,000	43,579,000	944,000	1,056,000	2,327,000	964,000	6,750,000	1,046,000	6,750,000	834,000	884,000	620,000	623,000	460,000	524,000	508,000		6,692,000	300,000	5,325,000	2,276,000	275,000	317,000	275,000	200,000	191,000	170,000	170,000	178,000	162,000		146,000	146,000	126,000	95,000	95,000	69,000	202,000	62,000	238,000	62,000	1,108,000	1,108,000	1,692,000	1,692,000	1,988,000	719,000		60,000	3,495,000	3,495,000	54,000	9,175,000	9,175,000	8,841,000	8,841,000				43,000	43,000	74,000		58,000
total liabilities	1,374,662,000	1,374,662,000	1,491,200,000	1,563,792,000	1,563,792,000		1,604,603,000	1,645,255,000	1,645,255,000	1,780,133,000	1,322,597,000	1,322,597,000	1,368,185,000	1,359,367,000	1,292,163,000	1,379,612,000	1,414,282,000	1,534,798,000	1,642,778,000	1,674,701,000	1,732,134,000	1,746,337,000	1,738,940,000	1,642,266,000	1,738,940,000	1,673,228,000	1,556,538,000	1,088,778,000	1,098,694,000	1,068,141,000	1,007,556,000	1,014,471,000	1,029,525,000	1,057,259,000	983,319,000	952,828,000	907,782,000	273,476,000	271,496,000	273,476,000	201,982,000	209,303,000	224,194,000	224,194,000	247,533,000	237,960,000	247,533,000	253,711,000	253,711,000	261,950,000	283,715,000	283,715,000	225,401,000	277,332,000	228,694,000	228,694,000	228,694,000	247,241,000	247,241,000	225,528,000	225,528,000	242,868,000	214,998,000	261,384,000	274,157,000	274,157,000	274,157,000	294,507,000	296,876,000	296,876,000	305,607,000	305,607,000			331,236,000
commitments & contingencies
shareholders' equity															1,993,679,000			2,105,006,000			1,756,821,000		1,520,190,000		1,520,190,000
preferred shares; 0.01 par value...
common shares, 0.01 par value...	1,142,000	1,142,000	1,146,000	1,133,000	1,133,000		1,142,000	1,179,000	1,179,000	1,129,000	844,000	844,000	840,000	1,032,000		1,030,000	1,029,000		1,024,000	1,023,000		1,019,000		971,000		961,000	917,000								2,189,000
additional paid in capital	3,022,126,000	3,022,126,000	3,022,647,000	3,065,981,000	3,065,981,000		3,083,906,000	3,084,883,000	3,084,883,000	3,027,249,000	2,289,212,000	2,289,212,000	2,287,055,000	2,645,601,000		2,642,513,000	2,646,073,000		2,623,816,000	2,618,319,000		2,610,974,000		2,548,956,000		2,545,558,000	2,500,746,000	2,170,609,000	2,124,170,000	2,120,336,000	2,010,723,000	2,009,072,000			2,005,649,000			669,116,000	670,446,000	669,116,000	668,219,000	521,546,000	520,992,000	520,992,000		520,946,000						519,511,000	490,395,000		489,882,000		489,882,000							483,282,000	483,201,000			483,117,000							479,592,000	472,384,000	472,384,000	477,472,000	368,454,000
accumulated other comprehensive income	535,000	535,000	782,000	1,064,000			2,299,000	2,836,000		4,640,000	5,339,000		5,393,000				20,962,000									-5,284,000
accumulated deficit	-608,387,000	-608,387,000	-621,157,000	-615,522,000	-615,522,000		-605,572,000	-577,204,000	-577,204,000	-575,115,000	-596,365,000	-596,365,000	-633,218,000	-654,429,000		-664,897,000	-648,722,000		-580,461,000	-546,257,000		-960,551,000		-996,314,000		-1,047,339,000	-1,025,680,000	-1,017,532,000	-1,028,262,000	-1,052,761,000	-954,000,000	-921,092,000			-519,324,000			-403,282,000	-406,274,000	-403,282,000	-402,404,000	-402,290,000	-403,096,000	-403,096,000	-402,870,000	-404,254,000		-92,978,000				-86,102,000	-5,128,000		-3,646,000		-3,646,000
total shareholders' equity	2,415,416,000	2,415,416,000	2,402,221,000	2,452,656,000	2,452,656,000		2,481,775,000	2,511,694,000	2,511,694,000	2,457,903,000	1,699,030,000	1,699,030,000	1,660,070,000	1,812,566,000		1,992,525,000	2,019,342,000		2,067,916,000	2,080,018,000		1,653,310,000		1,549,527,000		1,493,803,000	1,475,890,000
total liabilities and shareholders' equity	3,790,078,000	3,790,078,000	3,893,421,000	4,016,448,000	4,016,448,000		4,086,378,000	4,156,949,000	4,156,949,000	4,238,036,000	3,021,627,000	3,021,627,000	3,028,255,000	3,171,933,000	3,285,842,000	3,372,137,000	3,433,624,000	3,639,804,000	3,710,694,000	3,754,719,000	3,488,955,000	3,399,647,000	3,259,130,000	3,191,793,000	3,259,130,000	3,167,031,000	3,032,428,000
vessel held for sale			10,777,000										15,190,000																			59,614,000		3,647,000									8,354,000	8,354,000																20,270,000	20,270,000	21,270,000			19,250,000	19,250,000	19,250,000
long term investment			1,715,000				1,733,000			1,747,000	1,710,000	1,710,000	1,736,000	1,692,000		1,620,000	1,676,000		1,550,000	1,567,000		1,476,000		1,321,000		1,324,000	1,163,000	1,112,000	1,069,000	974,000	913,000	899,000			847,000			527,000	529,000	527,000
derivatives, current liability portion			34,000	153,000	153,000			102,000	102,000	1,917,000	8,999,000	8,999,000	5,784,000			3,233,000			3,098,000	743,000		2,832,000		1,939,000		14,419,000
long-term bank loans & revolving facilities, net of current portion and unamortized loan issuance costs of 7,606 and 6,522, as of december 31, 2024 and june 30, 2025, respectively			943,545,000
lease financing long term, net of unamortized lease issuance costs of 51 and 32, as of december 31, 2024 and june 30, 2025, respectively			11,177,000
treasury shares			-1,197,000											-185,000,000										-93,000		-93,000	-93,000
current portion of long-term bank loans				212,269,000	212,269,000		221,147,000	224,196,000	224,196,000	227,014,000	177,873,000	177,873,000	249,125,000	164,572,000		188,997,000	166,586,000		155,396,000	156,701,000		154,148,000
long-term bank loans, net of current portion and unamortized loan issuance costs of 7,606 and 7,305, as of december 31, 2024 and march 31, 2025, respectively				1,013,575,000	1,013,575,000
lease financing long term, net of unamortized lease issuance costs of 51 and 41, as of december 31, 2024 and march 31, 2025, respectively				11,851,000	11,851,000
accumulated other comprehensive income/					1,064,000				2,836,000			5,339,000		5,362,000		13,879,000			23,537,000	6,933,000		1,868,000		-3,993,000				788,000	839,000	141,000
assets:
current assets:
accounts receivable, net of a reserve of 2,897 and 2,916, respectively						35,456,000
prepaid expenses						8,144,000
collateral on derivatives						969,000
fair value of derivative assets – current						7,205,000
vessels held for sale						29,254,000
noncurrent assets:
vessels and vessel improvements, at cost, net of accumulated depreciation of 291,244 and 301,694, respectively						861,477,000
advances for bwts and other assets						1,246,000
deferred drydock costs						37,180,000
other fixed assets, net of accumulated depreciation of 1,475 and 1,393, respectively						1,036,000
operating lease right-of-use assets						14,589,000
restricted cash – noncurrent						2,575,000
fair value of derivative assets – noncurrent						2,760,000
total noncurrent assets						920,863,000
liabilities & stockholders’ equity:
current liabilities:
accrued interest						1,816,000
other accrued liabilities						18,296,000
fair value of derivative liabilities – current						63,000
current portion of operating lease liabilities						12,971,000
unearned charter hire revenue						3,241,000
current portion of long-term debt – global ultraco debt facility						49,800,000
current portion of long-term debt – convertible bond debt, net of debt discount and debt issuance costs						69,237,000
noncurrent liabilities:
long-term debt – global ultraco debt facility, net of debt discount and debt issuance costs						318,321,000
fair value of derivative liabilities – noncurrent						629,000
long-term bank loans, net of current portion and unamortized loan issuance costs of 8,508 and 7,606, as of december 31, 2023 and 2024, respectively							1,035,135,000
lease financing long term, net of unamortized lease issuance costs of 98 and 51, as of december 31, 2023 and 2024, respectively							12,524,000
long-term bank loans, net of current portion and unamortized loan issuance costs of 8,508 and 8,563, as of december 31, 2023 and september 30, 2024, respectively								1,104,022,000	1,104,022,000
lease financing long term, net of unamortized lease issuance costs of 98 and 62, as of december 31, 2023 and september 30, 2024, respectively								13,196,000	13,196,000
convertible notes										69,369,000
long-term bank loans, net of current portion and unamortized loan issuance costs of 8,508 and 9,458, as of december 31, 2023 and june 30, 2024, respectively										1,169,062,000
lease financing long term, net of unamortized lease issuance costs of 98 and 73, as of december 31, 2023 and june 30, 2024, respectively										13,867,000
long-term bank loans, net of current portion and unamortized loan issuance costs of 8,508 and 7,062, as of december 31, 2023 and march 31, 2024, respectively											901,525,000	901,525,000
lease financing long term, net of unamortized lease issuance costs of 98 and 85, as of december 31, 2023 and march 31, 2024, respectively											14,538,000	14,538,000
long-term bank loans, net of current portion and unamortized loan issuance costs of 9,013 and 8,508, as of december 31, 2022 and 2023, respectively													970,039,000
lease financing long term, net of unamortized lease issuance costs of 2,681 and 98, as of december 31, 2022 and 2023, respectively													15,208,000
share repurchase liability, current														56,475,000
long-term bank loans, net of current portion and unamortized loan issuance costs of 9,013 and 7,051, as of december 31, 2022 and september 30, 2023, respectively														846,324,000
lease financing long term, net of unamortized lease issuance costs of 2,681 and 112, as of december 31, 2022 and september 30, 2023, respectively														15,877,000
share repurchase liability, non-current														128,525,000
cash and cash equivalents and resticted cash, current															299,431,000						237,756,000		219,124,000		219,124,000
restricted cash, non current															2,021,000			2,021,000			5,021,000		3,021,000		3,021,000
current portion of long-term bank loans and lease financing															218,911,000			191,051,000			208,653,000
long-term bank loans and lease financing non-current															936,456,000			1,186,347,000			1,373,754,000
long-term bank loans, net of current portion and unamortized loan issuance costs of 9,013 and 8,108, as of december 31, 2022 and march 31, 2023, respectively																870,036,000
lease financing long term, net of unamortized lease issuance costs of 2,681 and 2,503, as of december 31, 2022 and march 31, 2023, respectively																171,576,000
the accompanying notes are integral part of these consolidated financial statements
long-term bank loans, net of current portion and unamortized loan issuance costs of 10,853 and 9,013, as of december 31, 2021 and 2022, respectively																	927,995,000
lease financing long term, net of unamortized lease issuance costs of 5,318 and 2,681, as of december 31, 2021 and 2022, respectively																	175,238,000
cash and cash equivalents, resticted cash, current and treasury bills																		383,575,000
long-term bank loans, net of current portion and unamortized loan issuance costs of 10,853 and 9,862, as of december 31, 2021 and march 31, 2022, respectively																			894,172,000
lease financing long term, net of unamortized lease issuance costs of 5,318 and 4,979, as of december 31, 2021 and march 31, 2022, respectively																			390,300,000
operating lease liabilities																			45,572,000	48,256,000
8.30% 2022 notes, net of unamortized notes issuance costs of 768 as of december 31, 2020 (note 7) 0
long-term bank loans, net of current portion and unamortized loan issuance costs of 13,761 and 10,853, as of december 31, 2020 and 2021, respectively																				932,554,000
lease financing long term, net of unamortized lease issuance costs of 6,181 and 5,318, as of december 31, 2020 and 2021, respectively																				402,039,000
derivatives, non-current liability portion																						368,000		2,265,000		3,757,000
fair value of below market time charters acquired																								1,289,000		1,755,000	3,469,000
senior notes																					49,436,000		49,129,000		49,129,000
advances for vessels under construction and acquisition of vessels																						11,012,000					21,203,000	46,480,000	17,028,000	46,472,000	55,892,000	71,234,000			337,671,000			80,605,000	81,794,000	80,605,000	67,932,000
leased buildings, right-of-use assets																						803,000		886,000		1,056,000	1,140,000
8.30% 2022 notes, net of unamortized notes issuance costs of 768 and 667, as of december 31, 2020 and march 31, 2021, respectively																						49,333,000
long-term bank loans, net of current portion and unamortized loan issuance costs of 13,761 and 12,890, as of december 31, 2020 and march 31, 2021, respectively																						937,126,000
lease financing long term, net of unamortized lease issuance costs of 6,181 and 6,117, as of december 31, 2020 and march 31, 2021, respectively																						446,624,000
leased buildings, operating lease liabilities																						803,000		886,000		1,056,000	1,140,000
current portion of long-term debt and lease financing																							220,172,000		220,172,000
long-term debt and lease financing non-current																							1,363,141,000		1,363,141,000
current portion of long term bank loans																								144,900,000
8.30% 2022 notes, net of unamortized notes issuance costs of 1,179 and 768, as of december 31, 2019 and 2020, respectively																								49,232,000
long term bank loans, net of current portion and unamortized loan issuance costs of 15,098 and 13,761, as of december 31, 2019 and 2020, respectively																								938,699,000
lease financing long term, net of unamortized lease issuance costs of 3,936 and 6,181, as of december 31, 2019 and 2020, respectively																								382,417,000
the accompanying notes are integral part of these consolidated financial statements.
current portion of long term debt																										171,876,000	122,919,000	119,657,000	127,357,000	7,532,000					93,128,000			26,999,000	29,250,000	26,999,000	18,286,000	17,246,000	25,500,000	25,500,000	33,419,000	28,766,000		36,637,000				34,674,000	30,854,000		34,979,000		34,979,000								60,400,000			56,975,000	56,975,000	56,975,000	53,550,000	53,550,000				44,500,000	44,500,000
8.30% 2022 notes, net of unamortized debt issuance costs of 1,179 and 975, as of december 31, 2019 and june 30, 2020, respectively																										49,025,000
long term debt, net of current portion and unamortized debt issuance costs of 15,098 and 16,500, as of december 31, 2019 and june 30, 2020, respectively																										977,847,000
lease financing long term, net of unamortized debt issuance costs of 3,936 and 3,021, as of december 31, 2019 and june 30, 2020, respectively																										314,433,000
the accompanying notes are integral part of these unaudited interim consolidated financial statements.
derivative asset, current																												1,637,000	128,000
fair value of above market time charters acquired																											169,000
lease commitments short term																											44,333,000	23,199,000	20,168,000	9,120,000	9,137,000	47,520,000			4,380,000
derivative liability																											2,398,000											67,000	86,000	67,000
8.30% 2022 notes, net of unamortized debt issuance costs of 1,590 and 1,386, as of december 31, 2018 and june 30, 2019, respectively																											48,614,000
long term debt, net of current portion and unamortized debt issuance costs of 10,997 and 12,676, as of december 31, 2018 and june 30, 2019, respectively																											893,660,000
lease commitments long term, net of unamortized debt issuance costs of 2,975 and 3,404, as of december 31, 2018 and june 30, 2019 respectively																											356,840,000
liabilities & stockholders' equity
derivative liability, current																												1,080,000	971,000	2,184,000	5,638,000	6,279,000			7,247,000
8.30% 2022 notes, net of unamortized debt issuance costs of 2,000 and 1,797, as of december 31, 2017 and june 30, 2018 respectively																												48,203,000
long term debt, net of current portion and unamortized debt issuance costs of 7,119 and 6,438, as of december 31, 2017 and june 30, 2018 respectively																												560,160,000
lease commitments long term, net of unamortized debt issuance costs of 35 and 101, as of december 31, 2017 and june 30, 2018 respectively																												298,045,000
stockholders' equity																																	1,135,358,000	1,443,401,000		1,368,490,000	1,154,302,000										118,058,000		427,878,000	434,122,000	434,905,000			507,937,000		486,870,000		467,266,000	467,266,000	468,573,000	468,573,000	463,967,000	488,252,000				506,866,000		579,646,000	579,646,000	585,931,000	585,931,000
preferred stock; 0.01 par value...
common stock, 0.01 par value...																												675,000	642,000	634,000	440,000	438,000						291,000	295,000	291,000	291,000	54,000	54,000	54,000	54,000	54,000		810,000				804,000	637,000		634,000		634,000							611,000	611,000			611,000							584,000	546,000	546,000	545,000		466,000
total stockholders' equity																												1,154,540,000	1,097,389,000	1,068,350,000		1,086,846,000			1,485,027,000						266,106,000	119,310,000	117,950,000	117,950,000	118,058,000	116,746,000		427,878,000				434,213,000	485,904,000											499,257,000	506,866,000			579,647,000					560,140,000	560,140,000	560,140,000			509,365,000		422,031,000
total liabilities and stockholders' equity																												2,243,318,000	2,196,083,000	2,136,491,000		2,101,317,000	2,164,883,000	2,500,660,000	2,468,346,000	2,321,318,000	2,062,084,000				468,088,000	328,613,000	342,144,000	342,144,000	365,591,000	354,706,000	365,591,000	681,589,000	681,589,000	696,072,000	718,620,000	717,928,000	711,305,000	785,269,000		715,564,000		714,507,000	714,507,000	694,101,000	694,101,000	706,835,000	703,250,000	760,641,000	781,023,000		781,023,000	874,154,000	876,522,000	876,522,000	891,538,000	891,538,000			891,376,000			790,198,000		633,339,000
8.30% 2022 notes, net of unamortized debt issuance costs of 2,000 and 1,899, respectively																													48,101,000
long term debt, net of current portion and unamortized debt issuance costs of 7,119 and 6,545, respectively																													586,898,000
lease commitments long term, net of unamortized debt issuance costs of 35 and 34, respectively																													275,835,000
8.00% 2019 notes, net of unamortized deferred finance fees of 1,243 and 1,028, respectively																														48,972,000
long term debt, net of current portion and unamortized deferred finance fees of 9,214 and 8,263, respectively																														751,898,000
lease commitments long term, net of unamortized deferred finance fees of 39 and 37, respectively																														225,716,000
derivative liability, non current																														20,000	4,879,000	4,420,000			3,653,000
fair value of above market acquired time charter																																47,000	254,000	770,000	2,723,000	5,884,000	11,908,000	6,412,000	4,829,000	6,412,000	7,978,000	11,180,000	12,764,000	12,764,000	15,931,000	14,330,000	15,931,000	17,532,000	17,532,000	19,116,000	20,699,000	20,699,000		22,301,000																			14,148,000	14,148,000	14,148,000					1,768,000
liabilities & stockholders’ equity
8.00% 2019 notes, net of unamortized deferred finance fees of 1,677 and 1,461, respectively																															48,539,000
long term debt, net of current portion and unamortized deferred finance fees of 14,360 and 9,992, respectively																															761,597,000
lease commitments long term																															153,596,000	73,870,000			77,300,000
stockholders’ equity																																																																		506,866,000
accumulated other comprehensive loss																															-1,479,000	-1,572,000			-3,487,000
total stockholders’ equity																															1,055,684,000							266,125,000	264,467,000	266,125,000															486,870,000		486,870,000																			520,153,000	520,153,000		375,378,000
total liabilities and stockholders’ equity																															2,063,240,000							539,601,000	535,963,000	539,601,000															715,564,000		715,564,000									781,023,000							891,376,000	891,376,000		892,427,000	892,427,000		403,742,000
current portion of long term debt, net of unamortized deferred finance fees of nil and 11,297, respectively																																808,354,000
8.00% 2019 notes, net of unamortized deferred finance fees of 1,569																																48,431,000
8.00% 2019 notes, net of unamortized deferred finance fees of 1,677
long term debt, net of current portion and unamortized deferred finance fees of 14,360 and nil, respectively
cash and restricted cash																																	211,825,000	234,504,000		215,976,000	89,352,000										39,375,000		21,811,000	23,676,000	19,231,000			18,093,000		12,873,000		8,097,000	8,097,000	12,384,000	12,384,000	34,706,000	14,374,000			35,751,000	35,751,000		35,950,000	35,950,000	46,210,000	46,210,000
advances for vessels under construction and acquisition of vessels and other assets																																	127,910,000			400,637,000	454,612,000
restricted cash																																	10,228,000	11,128,000		10,620,000	10,620,000											4,080,000	24,124,000	24,124,000	25,524,000	4,159,000	614,000	25,770,000	500,000	22,020,000	500,000	22,020,000	22,020,000	26,020,000	26,020,000	26,020,000	24,020,000	8,353,000	7,242,000	27,510,000	27,510,000	10,430,000	27,510,000	27,510,000	12,010,000	12,010,000	2,486,000	2,486,000	2,486,000	13,010,000	13,010,000	11,010,000		10,000,000
long-term debt																																	861,738,000			692,624,000	715,308,000												204,534,000	218,115,000	231,466,000			223,131,000		176,761,000		179,233,000	179,233,000	171,525,000	171,525,000	179,550,000	171,044,000			199,100,000	199,100,000								247,250,000
8% 2019 senior notes																																	50,000,000	50,000,000			50,000,000
lease commitments																																	79,520,000
other liabilities																																	38,267,000
advances for vessels under construction and acquisition of vessels and other assets*																																		295,328,000
current portion of long-term debt (including excel vessels bridge facility)*																																		106,049,000
lease commitments current																																		4,420,000		2,260,000
long-term debt (including excel vessel bridge facility)*																																		776,821,000
lease commitments non-current																																		76,180,000		39,020,000
deferred finance charges																																			13,002,000			1,901,000	1,744,000	1,901,000	1,114,000	1,344,000	1,490,000	1,490,000	1,401,000	1,636,000		1,519,000				1,776,000	1,421,000		1,533,000		1,533,000							1,041,000	1,123,000			1,206,000					1,391,000	1,391,000	1,391,000	1,478,000	1,478,000	1,029,000	600,000	583,000
excel vessel bridge facility from related parties, current portion
due to buyers																																											1,809,000	1,809,000
8.00% 2019 notes																																			50,000,000
long term debt																																			714,940,000			232,877,000	224,632,000	232,877,000	172,048,000	181,267,000	185,876,000	185,876,000	200,695,000	195,348,000		205,476,000				231,466,000	185,721,000		182,678,000		182,678,000							187,575,000	199,100,000			215,025,000	215,025,000	215,025,000	230,950,000	230,950,000	247,250,000	247,250,000		260,500,000	260,500,000	183,000,000
excel vessel bridge facility from related parties, non current portion
current portion of long-term debt																																				123,545,000	96,485,000												37,579,000	31,998,000	34,674,000			41,072,000		40,896,000		39,628,000	39,628,000	43,500,000	43,500,000	51,400,000	33,785,000	59,675,000		60,400,000	60,400,000								49,250,000
8% senior notes due 2019																																				50,000,000
derivative asset																																									91,000	438,000
derivative liabilities																																							642,000
restricted cash , non-current																																									9,870,000	9,370,000	9,370,000	9,370,000		9,570,000
the accompanying condensed notes are an integral part of these unaudited interim condensed consolidated financial statements.
derivative instruments																																																				82,000	49,000											128,000
additional paid-in capital																																													520,874,000			520,046,000																									479,592,000	479,592,000						401,825,000
total debt																																															234,114,000
total other liabilities																																															13,419,000
fair value of below market acquired time charter																																																																1,812,000									21,574,000	21,574,000	21,574,000					83,275,000
advances for vessels acquisition and vessels under construction																																																					82,231,000
fair value of below market acquired time charter agreements																																																																	2,155,000			2,498,000								51,872,000	51,872,000	65,264,000	25,307,000
the accompanying condensed notes are an integral part of these unaudited condensed consolidated financial statements
due to related party																																																							200,000		200,000								172,000			125,000					156,000	156,000	156,000	1,112,000	1,112,000	1,262,000	480,000	95,000
deposit on forward freight agreements																																																																											2,514,000
non current liabilities
other non-current liability																																																																58,000									53,000	53,000	53,000
preferred stock; 0.01 par value authorized 25,000,000 shares; none issued or outstanding at december 31, 2008 and 2009
retained earnings																																																																15,364,000	23,054,000			95,919,000					79,964,000	79,964,000	79,964,000	47,223,000	47,223,000	31,348,000	6,499,000	19,740,000
due from related party																																																																	2,612,000			1,458,000					465,000	465,000	465,000	4,000	4,000			348,000
forward freight agreements																																																																											251,000
fair value of above market acquired time charter agreements																																																																	916,000			11,349,000								15,650,000	15,650,000	1,585,000	1,952,000
the accompanying condensed notes are an integral part of these unaudited condensed consolidated financial statements.
dividend payable																																																																				3,055,000
deposit on forward freight agreement																																																																							5,127,000	5,127,000
financial instruments																																																																									251,000	251,000
advances for vessels to be acquired																																																																														15,611,000	118,242,000	17,263,000
current portion of long-term loan																																																																									49,250,000	49,250,000
total non-current liabilities																																																																									273,949,000	273,949,000		314,132,000	314,132,000	248,338,000		203,333,000
common stock																																																																									584,000	584,000
preferred stock; 0.01 par value authorized 25,000,000 shares; none issued or outstanding at december 31, 2007 and 2008
the accompanying notes are an integral part of these consolidated financial statements
vessel held-for-sale																																																																												16,579,000	16,579,000	15,562,000		16,149,000
short term loan																																																																														22,000,000
investments in trust account
vessels																																																																															262,855,000
office furniture and equipment																																																																															91,000
income taxes payable
deferred interest on investments
deferred underwriting fees
common stock, .0001 par value...
commitments and contingencies
preferred stock; 0.0001 par value authorized, 1,000,000 shares ; none issued or outstanding at december 31, 2006 and 0.01 par value...
common stock, 0.0001 par value...																																																																															425,000
unaudited
bank loan payable																																																																																120,000,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-05-28	2025-03-31	2025-03-27	2024-12-31	2024-09-30	2024-06-30	2024-05-21	2024-03-31	2023-12-31	2023-03-31	2022-03-31	2018-06-30	2018-03-31	2016-06-30	2016-03-31	2014-08-05	2014-06-20	2013-09-30	2013-06-30	2013-01-31	2012-09-30	2011-11-30	2011-07-18	2009-12-31	2009-12-18

cash flows from operating activities:
net income	18,519,000	500,538	462	462,000	-64,000	304,391,792	81,272,000	180,861,144	74,856	74,856,000	39,707,000	45,875,000						-878,000		1,964,000	1,158,000	-313,137,000	-4,460,000
adjustments to reconcile net income to net cash from operating activities:
depreciation	41,801,000	85,519,046	42,954	42,954,000	11,480,000	163,934,980	44,483,000	75,505,010	31,990	31,990,000	33,880,000	35,069,000	38,461,000	22,075,000	21,168,000	20,312,000	20,535,000	4,679,000	2,656,000	8,070,000	4,153,000	28,732,000	19,197,000	12,069,000	11,940,000
amortization of debt (loans & leases) issuance costs	786,000	1,632,176	824	824,000		3,580,336	973,000	1,690,221	779	779,000
noncash lease expense	7,193,000	13,899,136	6,864	6,864,000		18,373,039	5,159,000	6,799,012	2,988	2,988,000
gain on debt extinguishment		185,935	65					1,009,187	813
loss on sale of vessels		8,697,260	740
share-based compensation	7,250,000	6,429,381	1,619	1,619,000		18,314,729	7,554,000	5,714,839	2,161	2,161,000	8,176,000	3,446,000	1,233,000
loss on write-down of inventory						6,281,398					3,753,000	2,166,000
change in fair value of derivatives	1,194,000	-1,698,916	-2,084	-2,084,000													1,894,000			-438,000		-82,000	-82,000
other non-cash charges	-21,000	-158,938	-62	-62,000		-189,897	-85,000	-17,996	-4	-4,000	165,000	42,000	-112,000	-3,000	63,000	35,000	95,000	75,000		29,000	8,000	83,000	51,000	7,000	-2,000
write-off of accruals and current liabilities	0	-9,256,734	-9,266	-9,266,000
gain on hull and machinery claims	-42,000	-176,827	-173	-173,000		-897,102	-428,000	-469,530	-470	-470,000	0
equity in income of investee		17,969	31			4,036		-11,026	26					-43,000	-6,000
changes in operating assets and liabilities:
decrease in:
trade accounts receivable	-2,109,000	9,022,500	-1,500	-1,500,000		33,572,594	5,526,000	21,879,957	43	43,000	-810,000	13,579,000	-5,760,000	-3,846,000	-4,726,000	-2,591,000	2,846,000	-1,667,000		4,257,000	3,426,000	2,260,000	2,542,000	3,066,000	-4,719,000
inventories	12,176,000	4,379,945	9,055	9,055,000	5,320,000	1,922,593	-3,384,000	5,785,819	5,181	5,181,000	8,750,000	-1,585,000	-8,930,000	-3,112,000	200,000	-1,292,000	-975,000	-3,274,000	-1,926,000	-112,000	1,565,000	-139,000	971,000	102,000	-159,000
prepaid expenses and other receivables	-5,448,000	4,506,519	-519	-519,000		-11,174,509	811,000	-13,293,682	-8,318	-8,318,000	-2,961,000	-8,010,000	-173,000					-55,000		151,000	4,000	-6,572,000	-911,000	-4,000	-428,000
derivatives asset	39,000	134,921	79	79,000		1,064,775	-167,000	1,391,151	849	849,000	5,507,000	372,000	-136,000
accrued income	0	66,933	67	67,000		-66,879																		120,000	119,000
due from related parties	0	1,001	-1	-1,000		998			-2	-2,000	3,000	24,000	-524,000	167,000	-16,000	194,000	343,000	-1,241,000	-181,000	129,000	147,000
due from managers	0	42,957	43	43,000		-22,023	0	22,977	23	23,000	30,000	31,000	9,404,000			2,997,000	-6,582,000					-11,000	-11,000	0	6,000
other non-current assets	14,000	30,035	-35	-35,000			7,000
increase in:
accounts payable	11,484,000	-6,375,356	1,356	1,356,000	917,000	-6,618,632	8,771,000	-7,146,141	7,141	7,141,000	-25,661,000	2,434,000	18,014,000	-210,000	3,981,000	-775,000	748,000	-842,000		-1,875,000	-3,469,000	-3,258,000	-4,954,000	-2,464,000	2,695,000
operating lease liability	-7,193,000	-13,899,136	-6,864	-6,864,000		-18,375,039	-5,159,000	-6,799,012	-2,988	-2,988,000	-1,876,000	-2,770,000
due to related parties	676,000	-1,880,888	-112	-112,000		1,614,967	93,000	-59,423	-577	-577,000	239,000	113,000	1,297,000	85,000	-59,000	153,000	-160,000	713,000	1,000	139,000	1,911,000	-63,000	-186,000	497,000	-403,000
accrued liabilities	-2,536,000	-5,486,951	-5,049	-5,049,000		-3,466,048	-4,535,000	-419,561	2,561	2,561,000	3,445,000	-1,222,000	5,151,000	1,724,000	-767,000	-1,679,000	-1,026,000	1,143,000	3,990,000	-637,000	-616,000	1,072,000	-383,000	-145,000	439,000
due to managers	-2,557,000	9,610,005	6,995	6,995,000		3,540,966	4,146,000	6,885,316	2,684	2,684,000	-1,521,000	6,222,000	4,589,000	-810,000	3,794,000	0	-2,291,000					-48,000	-48,000	-20,000	72,000
deferred revenue	5,099,000	-2,790,019	3,019	3,019,000		-3,653,834	-887,000	723,736	-2,736	-2,736,000	8,008,000	-1,585,000	-9,138,000	-1,862,000	19,000	858,000	-686,000	269,000		-441,000	-671,000	-1,860,000	-375,000	-135,000	-1,481,000
other current liabilities						1,998,000	0	1,998,000	2,000	2,000,000
net cash from operating activities			48,508		9,747,000				114,262									1,502,000	-3,895,000	14,962,000	8,977,000	19,475,000	19,354,000	15,086,000	9,494,000	6,900,000	18,591,000
capital expenditures			0		0				0									0	0	0	0	0	0	0	0	0	0
free cash flows			48,508		9,747,000				114,262									1,502,000	-3,895,000	14,962,000	8,977,000	19,475,000	19,354,000	15,086,000	9,494,000	6,900,000	18,591,000
cash flows from investing activities:
advances for vessels acquisitions, vessels under construction, vessel upgrades and other fixed assets			-7,321	-7,321,000
cash proceeds from vessel sales	75,868,000	65,663,649	8,351	8,351,000		302,978,451	32,298,000	221,156,979	94,021	94,021,000	52,890,000					96,719,000	266,168,000
investment in debt security	0
cash acquired related to the eagle merger						104,220,675	0
hull and machinery insurance proceeds	2,059,000	10,079,609	8,391	8,391,000		3,712,580	1,029,000	2,390,409	591	591,000	2,083,000	358,000	1,600,000	253,000	51,000
net cash from investing activities			9,421		-1,255,000				72,564									-76,741,000	-202,229,000	16,290,000	9,123,000	14,061,000		-15,876,000	-18,971,000	20,114,000	1,933,000
cash flows from financing activities:
proceeds from bank loans	0	247,772,000	228,000	228,000,000		387,731,880	0											74,000,000						10,700,000	21,360,000
loan and lease prepayments and repayments	-120,144,000	-334,822,577	-259,423	-259,423,000		-729,477,440	-69,436,000	-586,982,105	-141,895	-141,895,000	-90,363,000	-87,293,000	-52,756,000	-69,238,000	-39,484,000
financing and debt extinguishment fees paid	-187,000	-815,422	-578	-578,000		-3,775,305	-69,000	-3,625,867	-133	-133,000	-2,299,000	-587,000
dividends paid	-5,748,000	-16,070,588	-10,412	-10,412,000	-6,763,000	-276,801,806	-83,361,000	-122,794,997	-38,003	-38,003,000	-18,496,000	-62,050,000	-204,801,000
offering expenses paid						-95,915	11,000				-86,000
repurchase of common shares			-19,553	-19,553,000		-25,285,751					-380,052,000	-7,005,000										-861,000	-861,000
net cash from financing activities			-61,966		-20,455,000				-180,031									68,627,000	234,955,000	-25,872,000	-12,738,000	-36,518,000	-27,304,000	-4,266,000	9,026,000	-15,381,000	-15,555,000
net increase in cash and cash equivalents and restricted cash		-10,109,963	-4,037			178,919,213		223,777,205	6,795
cash and cash equivalents and restricted cash at beginning of period	0	440,439,120	440,880	440,880,000		261,488,250	0	261,488,250	261,750	261,750,000	0	286,344,000	473,271,000	0	273,500,000
cash and cash equivalents and restricted cash at end of period	26,388,000	430,329,157	436,843	436,843,000		440,407,463	-12,997,000	485,265,455	268,545	268,545,000	-40,566,000	254,568,000	444,406,000	-23,820,000	264,316,000
supplemental cash flow information:
cash paid during the period for:
interest, net of amount capitalized	17,297,000	35,718,977	18,023	18,023,000
non-cash investing and financing activities:
shares issued in connection with eagle merger						664,885,449	0
vessel upgrades	-1,443,000	7,887,066	5,934	5,934,000		5,926,746	1,896,000	3,355,486	2,514	2,514,000	-506,000	50,000	1,619,000
assumed bank loans and convertible notes debt related to eagle merger						513,665,820	0
right-of-use assets and lease obligations for charter-in contracts	424,000	499,636	364	364,000		171,499,743	0	115,172,046	84,954	84,954,000
unpaid costs of sales of vessels
reconciliation of (a) cash and cash equivalents, and restricted cash reported within the consolidated balance sheets to (b) the total amount of such items reported in the statements of cash flows:
cash and cash equivalents	46,714,000	395,215,175	420,825	420,825,000		424,612,436	-9,014,000	462,349,548	228,452	228,452,000	-60,429,000	234,498,000	424,124,000
restricted cash, current	-20,326,000	30,503,588	11,412	11,412,000		11,203,633	-3,983,000	18,311,928	38,072	38,072,000	19,863,000	18,049,000	18,261,000
restricted cash, non-current	0	4,610,394	4,606	4,606,000		4,591,394	0	4,603,979	2,021	2,021,000	0	2,021,000	2,021,000
cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows	26,388,000	430,329,157	436,843	436,843,000		440,407,463	-12,997,000	485,265,455	268,545	268,545,000	-40,566,000	254,568,000	444,406,000
adjustments to reconcile net income to net cash provided by/(used in) operating activities:
gain/(loss) on debt extinguishment				65,000						813,000
(gain)/loss on sale of vessels				740,000
equity in income/(loss) of investee				31,000						26,000
(increase)/decrease in:
increase/(decrease) in:
net cash from / (used in) operating activities	91,842,000			48,508,000			137,995,000			114,262,000	88,604,000	83,190,000	229,156,000	29,505,000	31,582,000	-9,439,000	-26,533,000
net cash from / (used in) investing activities	67,203,000			9,421,000			21,112,000			72,564,000	49,556,000	-5,031,000	-4,814,000	-44,326,000	-71,266,000	18,204,000	-42,772,000
net cash from / (used in) financing activities	-132,657,000			-61,966,000			-172,104,000			-180,031,000	-178,726,000	-109,935,000	-253,207,000	-8,999,000	30,500,000	-6,719,000	-242,000
net increase/(decrease) in cash and cash equivalents and restricted cash				-4,037,000						6,795,000		-31,776,000	-28,865,000	-23,820,000	-9,184,000
advances for vessels acquisitions, vessels under construction & vessel upgrades and other fixed assets							-12,215,000
repurchase of common shares & treasury stock
unpaid costs of sale of vessels
change in fair value of interest rate swaps not designated as cash flow hedges							524,000	1,355,025	975	975,000
noncash operating lease expense					3,948,000
amortization of deferred drydocking costs					3,572,000
loss on vessels held for sale					3,216,000
stock-based compensation expense					1,792,000
amortization of debt discount and debt issuance costs					756,000
gain on sale of vessels						-43,255,001			-8,769	-8,769,000	-10,566,000
unrealized loss on derivative instruments					-719,000
drydocking expenditures					-2,646,000
accounts receivable					-4,704,000
prepaid expenses					-2,619,000
collateral on derivatives					1,250,000
fair value of derivatives, other current and noncurrent assets					62,000
accrued interest					-1,656,000
other accrued liabilities					-4,853,000
operating lease liabilities current and noncurrent					-4,234,000
unearned charter hire revenue					-1,071,000
purchase of vessels and vessel improvements					-478,000
advances for vessel purchases
purchase of bwts					-671,000
net proceeds from sale of vessels
proceeds from hull and machinery insurance claims
purchase of other fixed assets					-106,000
repayment of term facility – global ultraco debt facility					-12,450,000
cash paid for taxes related to net share settlement of equity awards					-1,242,000
net decrease in cash, cash equivalents and restricted cash					-11,963,000
cash, cash equivalents and restricted cash at beginning of period					121,190,000
cash, cash equivalents and restricted cash at end of period					109,227,000
impairment loss											10,138,000	7,700,000
loss on bad debt											0	300,000
gain from insurance proceeds relating to vessel total loss											0	-28,163,000
write-off of current assets
cash proceeds from vessel total loss											0
proceeds from issuance of common stock													4,350,000
unpaid offering expenses
loss on debt extinguishment																624,000	1,177,000
change in fair value of forward freight derivatives and bunker swaps							-2,078,000	-3,703,215	3,215	3,215,000	7,531,000	4,864,000	4,060,000
interest							23,583,000	42,215,122	20,878	20,878,000	14,090,000	13,640,000	10,386,000	13,690,000	14,084,000	11,561,000	11,718,000	1,030,000		3,369,000	1,575,000	5,480,000	4,114,000	1,271,000	1,437,000
adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
advances for vessels under construction & vessel upgrades and other fixed assets									-22,048	-22,048,000
proceeds from bank loans and leases											299,405,000			60,000,000	69,984,000
amortisation of fair value of below market time charters
amortization of operating lease right-of-use assets											1,879,000	2,770,000
loss on time charter agreement termination
advances for vessels & vessel upgrades and other fixed assets													-6,414,000
shares issued in connection with vessel acquisitions
assumed debt upon acquisition
dividends declared but not paid
amortization of debt												1,043,000	1,339,000
gain/												419,000
equity in income /												56,000
vessel upgrades and other fixed assets												-5,389,000
proceeds from bank loans, leases and notes												47,000,000
the accompanying notes are integral part of these consolidated financial statements.
offering expenses paid related to the issuance of common stock
net income /													170,364,000	10,728,000	9,900,000	-32,908,000	-48,788,000
(gain)/loss on time charter agreement termination
equity in income / (loss) of investee													17,000
refund of financing premia
amortisation of fair value of above market time charters
loss /																173,000	-152,000
benefit from doubtful debts
right-of use assets and lease obligations for charter-in contracts
non-cash effects of interest rate swaps
fair value hedge adjustment
the accompanying notes are an integral part of these consolidated financial statements.
amortization of debt issuance costs														691,000	676,000
provision for doubtful debts
non-cash effects of derivative financial instruments														-185,000	-388,000
derivatives
advances for vessels under construction and acquisition of vessels and other fixed assets
the accompanying notes are integral part of these unaudited interim condensed consolidated financial statements.
cash paid during the year for:
non-cash investing activities:
stock-based compensation														3,949,000	1,062,000	1,653,000	632,000	897,000		600,000	46,000
change in fair value of forward freight derivatives														-1,266,000	917,000
amortization of deferred gain																-18,000	-19,000
prepaid expenses and other current assets														2,807,000	-4,236,000	1,754,000	-1,404,000
advances for vessels under construction and acquisition of vessels and other assets														-44,579,000	-71,317,000	-78,248,000	-310,412,000	-72,973,000		-827,000	-386,000
financing fees paid																0	-25,000	-914,000		-271,000				0	-630,000
offering expenses paid related to secondary offerings
advances for vessels under construction and vessel acquisition
vessels and other fixed assets
total assets
current liabilities, including current portion of long-term debt, short term lease commitments and excel vessel bridge facility
total long-term debt including long term lease commitments and excel vessel bridge facility, excluding current portion, net of unamortized deferred finance fees
8.00% senior notes due 2019 notes and 8.30% senior notes due 2022 notes, net of unamortized deferred finance fees
common stock
stockholders’ equity
total liabilities and stockholders’ equity
other financial data
net cash provided by/(used in) operating activities
net cash provided by/(used in) investing activities
net cash provided by/(used in) financing activities
fleet data
average number of vessels
total ownership days for fleet
total available days for fleet
charter-in days for fleet
fleet utilization
average daily results
time charter equivalent
vessel operating expenses
amortization of fair value of above market acquired time charters																47,000	207,000	1,566,000		3,150,000	1,566,000
amortization of deferred finance charges																788,000	773,000	128,000		292,000	146,000	375,000	257,000	80,000	77,000
vessel impairment loss																339,000	6,355,000					303,219,000
restricted cash for forward freight derivatives
decrease in restricted cash																1,649,000	5,385,000	18,000		7,614,000	6,530,000	2,446,000	2,039,000	0	7,250,000
increase in restricted cash																-3,031,000	-3,913,000	-4,104,000	-6,193,000			-201,000	-713,000	0	-4,200,000	990,000	1,944,000
proceeds from bank loans and capital leases																43,200,000	108,563,000
loan prepayments and repayments																-49,919,000	-108,780,000
net (decrease) / increase in cash and cash equivalents																2,046,000	-69,547,000
cash and cash equivalents at beginning of period																0	208,056,000			12,950,000	12,950,000	15,072,000	15,072,000				0
cash and cash equivalents at end of the period																2,046,000	138,509,000			18,330,000	18,312,000	12,090,000	17,731,000
8% 2019 notes, net of unamortized deferred finance fees
dividends declared and paid
average number of vessels is the number of vessels that constituted our operating fleet for the relevant period, as measured by the sum of the number of days each operating vessel was a part of our operating fleet during the period divided by the number of calendar days in that period.
unrealized and accrued gain/
equity of income of investee																-14,000	-55,000
due to buyers
total long-term debt including long term lease commitments and excel vessel bridge facility, excluding current portion
8% 2019 notes
total voyage days for fleet
management fees
general and administrative expenses
4
loss on sale of vessel																				81,000		3,190,000	3,164,000
gain from insurance claim																		-169,000		-397,000	-397,000	-681,000	-140,000
long-term investment
cash proceeds from vessel sale																				8,273,000	1,809,000	7,962,000	7,989,000
proceeds from issuance of common shares
offering expenses paid related to the issuance of common shares
current liabilities, including current portion of long-term debt and excel vessel bridge facility
total long-term debt including excel vessel bridge facility, excluding current portion
net cash (used in)/ provided by investing activities
net cash (used in) / provided by financing activities
5
change in fair value of financial derivatives																		158,000
bad debt expense
accrued liabilities and other liabilities
long term investment
insurance proceeds																		318,000		1,230,000	1,170,000	3,945,000	1,350,000
loan repayment																		-4,459,000		-25,601,000	-12,738,000	-32,026,000	-24,027,000	-11,782,000	-8,532,000
net increase / (decrease) in cash and cash equivalents
cash and cash equivalents at the beginning of the period																		44,298,000
cash and cash equivalents at the end of the period																		37,686,000
supplemental cash flow information
adjustments to reconcile net loss to net cash from operating activities:
net increase in cash and cash equivalents																		-6,612,000	28,831,000	5,380,000	5,362,000	-2,982,000	2,659,000		-451,000
net loss																			-10,415,000						1,678,000
amortization of deferred financing fees																			23,000
loss on derivative financial instruments																			1,423,000
accrued interest expense on members’ loans																			1,412,000
accounts receivable, trade																			-1,040,000
prepayments and other																			-701,000
accounts payable, trade and other																			863,000
acquisition of vessels																			-118,984,000
advances for vessel acquisitions and vessels under construction																			-83,245,000						-22,021,000
proceeds from long-term debt																			87,458,000
repayment of long-term debt																			-873,000
proceeds from members’ loans																			173,339,000
return of members’ loans																			-18,000,000
payment of financing fees																			-776,000
cash and cash equivalents at beginning of year/period																			1,148,000
cash and cash equivalents at end of the year/period																			29,979,000
bank loan interest																			426,000
amortization of fair value of below market acquired time charters
gain on time charter agreement termination
vessel's impairment loss
restricted cash for forward freight and bunker derivatives
cash paid for above market acquired time charters
cash dividend																						-3,631,000	-2,416,000	-3,184,000	-3,172,000	-3,130,000
cash and cash equivalents at beginning of year																									12,824,000
cash and cash equivalents at end of the year																									12,373,000
cash flows used in operating activities:
cash flows used in investing activities:
cash flows used in financing activities:
amortization of fair value of below/above market acquired time charter																						4,768,000	3,167,000
stock- based compensation																						1,474,000	1,402,000	516,000	112,000
restricted cash for forward freight and bunkers agreements																						153,000	153,000
advances for vessel acquisitions
additions to vessel cost and other fixed assets																						-91,000	-56,000
net (decrease ) / increase in cash and cash equivalents
advances for vessels acquisitions and vessels under construction
net cash from/ provided by investing activities																							10,609,000
adjustments to reconcile net income /(loss) to net cash from operating activities:
net cash used in/ provided by investing activities
deposit on forward freight agreements
proceeds from dividend reinvestment																										-1,000	0
net cashfrom financing activities
amortization of fair value of below market acquired time charter																								0	-452,000
net decrease in cash and cash equivalents
restricted cash for forward freight and bunker swap agreements
net (loss)/income
net income/
adjustments to reconcile net (loss)/income to net cash from operating activities:
amortization of fair value of above market acquired time charter
loss on bad debts
advances for newbuildings
cash paid for above market acquired time charter
repurchase of shares and warrants
proceeds from exercise of warrants
non-cash items: issue of common stock at fair value for delivery of vessels
fair value of below market acquired time charters
issuance of common stock to stockholders
the accompanying notes are an integral part of these consolidated financial statements
deferred interest
fair value of trust account
income taxes payable
cash disbursements from trust account
advances for vessels to be acquired
deferred underwriting fees paid
income taxes
deferred finance charges
receivable from exercise of warrants
amount owed for capital expentitures
issuance of common stock to stockholders (non-cash stock dividend) -
additions to vessel cost and office equipment																											-11,000
proceeds from bank loan
bank loan repayment																											-12,500,000
financing costs paid																											0
cash and cash equivalents at end of period																											4,969,000
non-cash items:
issue of common stock at fair value for delivery of vessels
fair value of below market acquired time charter agreements
investments in trust account
current liabilities
stockholders' equity
total liabilities and stockholders' equity
net cash (used in) / provided by operating activities
net cash from /(used in) financing activities
total vessel operating expenses
average number of vessels is the number of vessels that comprised our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.
gain on forward freight agreements
restricted cash by forward freight agreements
due from related party
deferred tax asset
due to related party
payment of offering costs
amount owed for capital expenditures
increase in fair value of trust account
cash (contribution to) / disbursements from trust account
additions to vessel cost
purchases of office equipment
gross proceeds from public offering
gross proceeds from private placement
proceeds of note payable to stockholder
repayment of note payable to stockholder
proceeds from sales of shares of common stock
cash paid during the period for
accrual of offering costs
accrual of deferred underwriting fees
fair value of below market acquired time charter
total liabilities and stockholders equity
number of shares
net cash (used in) / provided by investing activities
number of vessels as of december 31, 2007
voyage revenues
voyage expenses
time charter equivalent revenues

Star Bulk Carriers Corp(NASDAQ:SBLK)

Star Bulk Carriers Corp
(NASDAQ:SBLK)