2025-05-15-Jefferies-星散货航运公司（SBLK）_第一季度表现好于预期；SBLK继续以远低于资产净值的价格回购股票_14页_182kb

Star Bulk Carriers Corp. (SBLK) reported Q1 2025 results that exceeded expectations due to higher revenues and improved total charter equivalent (TCE) rates, despite a loss of $0.07 in adjusted EPS, beating consensus and Jefferies' estimates. The fleet averaged TCE of $12,439/day, with cost synergies contributing over $18 million in savings, including a reduction in G&A expenses. The company sold three Supramaxes and repurchased $19.6 million in stock, prioritizing buybacks amid a disconnect between market and net asset value (NAV). For Q2, bookings show sequential improvement but softer rates; Jefferies maintains a Buy rating with a $19 price target, a 16% upside from the prior day's close, citing valuation at 0.6x NAV. Key risks include dry bulk market volatility, interest rate impacts on ship values, and ongoing fleet rationalization, positioning Star Bulk as the largest US-listed dry bulk operator.