Star Bulk is the ocean's moving van for heavy stuff—iron ore, grain, and steel—hauling bulk commodities across the globe with a fleet of 136 massive dry bulk carriers.
Money comes from chartering out its dry bulk vessels, with revenue hitting USD 1.04B in 2025. The business is capital-intensive and cyclical, as seen in gross margins swinging from 46% in 2024 to 22% in 2025, though recent quarters show recovery.
Star Bulk's scale with 136 vessels provides some cost advantages, but the dry bulk shipping market is highly fragmented and capital-intensive, with low barriers to entry. Competitors like Diana Shipping and Golden Ocean can easily order new ships, keeping the
