Star Bulk Carriers more than doubled its second-quarter profit, although it came in slightly below analyst expectations.

The New York-listed Greek company, which became the world’s largest public bulker owner after the takeover of Eagle Bulk Shipping, reported net income of $106m, up from $44.3m a year earlier.

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With factors typically excluded by analysts stripped out, the results translated into adjusted earnings per share of $0.78, slightly below the average Wall Street estimate calling for $0.83.

Chief executive Petros Pappas highlighted the “strong performance” in the first quarterly results since taking over Connecticut-based Eagle in April.

“The integration effort is proceeding as planned, and we continue to use our enhanced scale, capabilities and operational leverage to better serve our customers and create value for all stakeholders,” he said in the earnings statement.

“Our planned cost and revenue synergy target of $50m remains unchanged, aiming for the savings to be fully realised within 2025.”

The profit gains were built on the back of nearly $353m in revenue, up from $238.7m in the same period of 2023.

And they helped deliver a doubling of the company’s first-half profit, which surged to $181m from $90.2m.

Star Bulk declared its 14th consecutive dividend. The $0.70 per share payout is a dip from $0.75 in the previous quarter but a leap over the $0.40 a year earlier.

Pappas said the company has paid more than $1.25bn in dividends since June 2021.

“With total liquidity of over $500m and net debt of approximately $860m, we believe we are well positioned to operate efficiently and take advantage of attractive opportunities in the dry bulk market,” he said.

“Despite the global geopolitical uncertainties, we are constructive about the medium-term prospects of our industry given the favourable orderbook and upcoming rigorous environmental regulations.”

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