STAR BULK CARRIERS CORP.
Unaudited Consolidated Balance Sheets
As of December 31, 2024 and March 31, 2025

(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)

STAR BULK CARRIERS CORP.
Unaudited Interim Condensed Consolidated Income Statements
For the three-month periods ended March 31, 2024 and 2025

(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)

		Three months ended March 31,
		2024				2025
Revenues:
Voyage revenues (Note 15)		$	259,390			$	230,650
Expenses/(Income)
Voyage expenses (Note 3)			57,094				56,318
Charter-in hire expenses			3,926				15,900
Vessel operating expenses			51,172				67,942
Dry docking expenses			10,021				24,677
Depreciation (Note 5)			31,990				42,954
Management fees (Note 3)			4,404				5,600
General and administrative expenses (Note 3)			10,695				15,261
Other operational loss			181				1,156
Other operational gain (Note 14)			(1,617	)			(12,037	)
(Gain)/Loss on forward freight agreements and bunker swaps, net (Note 13)			5,921				(2,930	)
(Gain)/Loss on sale of vessels (Note 5)			(8,769	)			740
Total operating expenses, net			165,018				215,581
Operating income			94,372				15,069
Other Income/(Expenses):
Interest and finance costs (Note 8)			(20,499	)			(19,275	)
Interest income and other income/(loss)			2,526				4,712
Gain/(Loss) on derivative financial instruments, net (Note 13)			(810	)			52
Gain/(Loss) on debt extinguishment, net (Notes 8 and 13)			(813	)			(65	)
Total other expenses, net			(19,596	)			(14,576	)
Income before taxes and equity in income/(loss) of investee		$	74,776			$	493
Income tax (expense)/refund			106				-
Income before equity in income/(loss) of investee			74,882				493
Equity in income/(loss) of investee (Note 3)			(26	)			(31	)
Net income			74,856				462
Earnings per share, basic		$	0.89			$	0.00
Earnings per share, diluted			0.89				0.00
Weighted average number of shares outstanding, basic (Note 10)			83,835,611				117,210,036
Weighted average number of shares outstanding, diluted  (Note 10)			84,177,253				117,431,435

STAR BULK CARRIERS CORP.
Unaudited Interim Condensed Consolidated Statements of Comprehensive Income / (Loss)
For the three-month periods ended March 31, 2024 and 2025

(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)

		Three months ended March 31,
		2024				2025
Net income		$	74,856			$	462
Other comprehensive income / (loss):
Unrealized gains / losses from cash flow hedges:
Unrealized gain / (loss) from hedging interest rate swaps recognized in Other comprehensive income/(loss) before reclassifications			1,369				(684	)
Unrealized gain / (loss) from hedging foreign currency forward contracts recognized in Other comprehensive income/(loss) before reclassifications			(240	)			-
Less:
Reclassification adjustments of interest rate swap gain/(loss) (Note 13)			(1,183	)			(551	)
Other comprehensive income / (loss)			(54	)			(1,235	)
Total comprehensive income / (loss)		$	74,802			$	(773	)

STAR BULK CARRIERS CORP.
Unaudited Interim Condensed Consolidated Statements of Shareholders’ Equity
For the three-month periods ended March 31, 2024 and 2025

(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)

		Common Stock								Additional				Accumulated Other Comprehensive				Accumulated				Total Shareholders'
		# of Shares				Par Value				Paid-in Capital				income/(loss)				deficit				Equity
BALANCE, January 1, 2024			84,016,892			$	840			$	2,287,055			$	5,393			$	(633,218	)		$	1,660,070
Net income			-				-				-				-				74,856				74,856
Other comprehensive income / (loss)			-				-				-				(54	)			-				(54	)
Issuance of vested and non-vested shares and amortization of stock-based compensation			370,000				4				2,157				-				-				2,161
Dividends declared ($0.45 per share)			-				-				-				-				(38,003	)			(38,003	)
BALANCE, March 31, 2024			84,386,892			$	844			$	2,289,212			$	5,339			$	(596,365	)		$	1,699,030
BALANCE, January 1, 2025			117,630,112			$	1,142			$	3,083,906			$	2,299			$	(605,572	)		$	2,481,775
Net income			-				-				-				-				462				462
Other comprehensive income / (loss)			-				-				-				(1,235	)			-				(1,235	)
Issuance of vested and non-vested shares and amortization of share-based compensation (Note 9)			432,869				4				1,615				-				-				1,619
Dividends declared ($0.09 per share) (Note 9)			-				-				-				-				(10,412	)			(10,412	)
Repurchase and cancellation of common shares, net (Note 9)			(1,281,558	)			(13	)			(19,540	)			-				-				(19,553	)
BALANCE, March 31, 2025			116,781,423			$	1,133			$	3,065,981			$	1,064			$	(615,522	)		$	2,452,656

Unaudited Interim Condensed Consolidated Statements of Cash Flows
For the three-month periods ended March 31, 2024 and 2025

(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)

			Three months ended March 31,
			2024				2025
Cash Flows from Operating Activities:
Net income			$	74,856			$	462
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation				31,990				42,954
Amortization of debt (loans & leases) issuance costs				779				824
Noncash lease expense				2,988				6,864
Gain/(Loss) on debt extinguishment, net				813				65
(Gain)/Loss on sale of vessels				(8,769	)			740
Share-based compensation				2,161				1,619
Change in fair value of derivatives				3,215				(2,084	)
Other non-cash charges				(4	)			(62	)
Write-off of accruals and current liabilities				-				(9,266	)
Change in fair value of interest rate swaps not designated as cash flow hedges				975				-
Gain on hull and machinery claims				(470	)			(173	)
Equity in income/(loss) of investee				26				31
Changes in operating assets and liabilities:
(Increase)/Decrease in:
Trade accounts receivable				43				(1,500	)
Inventories				5,181				9,055
Prepaid expenses and other receivables				(8,318	)			(519	)
Derivatives asset				849				79
Accrued income				(159	)			67
Due from related parties				(2	)			(1	)
Due from managers				23				43
Other non-current assets				-				(35	)
Increase/(Decrease) in:
Accounts payable				7,141				1,356
Operating lease liability				(2,988	)			(6,864	)
Due to related parties				(577	)			(112	)
Accrued liabilities				2,561				(5,049	)
Due to managers				2,684				6,995
Deferred revenue				(2,736	)			3,019
Other current liabilities				2,000				-
Net cash provided by / (used in) Operating Activities				114,262				48,508
Cash Flows from Investing Activities:
Advances for vessels acquisitions, vessels under construction, vessel upgrades and other fixed assets				(22,048	)			(7,321	)
Cash proceeds from vessel sales				94,021				8,351
Hull and machinery insurance proceeds				591				8,391
Net cash provided by / (used in) Investing Activities				72,564				9,421
Cash Flows from Financing Activities:
Proceeds from bank loans				-				228,000
Loan and lease prepayments and repayments				(141,895	)			(259,423	)
Financing and debt extinguishment fees paid				(133	)			(578	)
Dividends paid				(38,003	)			(10,412	)
Repurchase of common shares				-				(19,553	)
Net cash provided by / (used in) Financing Activities				(180,031	)			(61,966	)
Net increase/(decrease) in cash and cash equivalents and restricted cash				6,795				(4,037	)
Cash and cash equivalents and restricted cash at beginning of period				261,750				440,880
Cash and cash equivalents and restricted cash at end of period			$	268,545			$	436,843
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during the period for:
Interest, net of amount capitalized			$	20,878			$	18,023
Non-cash investing and financing activities:
Vessel upgrades				2,514				5,934
Right-of-use assets and lease obligations for charter-in contracts				84,954				364
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			$	228,452			$	420,825
Restricted cash, current				38,072				11,412
Restricted cash, non-current				2,021				4,606
Cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows			$	268,545			$	436,843

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

1.	Basis of Presentation and General Information – (continued):

		Three-month period ended March 31,
		2024
Pro forma voyage revenues		$	353,305
Pro forma operating income			99,206
Pro forma net income			74,626
Pro forma income per share, basic			0.67
Pro forma income per share, diluted		$	0.63

2.	Significant accounting policies and recent accounting pronouncements:

3.	Transactions with Related Parties:

3.	Transactions with Related Parties - continued:

4.	Inventories:

5.	Vessels and other fixed assets, net and Advances for vessels under construction:

5.	Vessels and other fixed assets, net and Advances for vessels under construction - continued:

6.	Operating leases:

6.	Operating leases - continued:

7.	Lease financings:

8.	Long-term bank loans:

8.	Long-term bank loans - continued:

9.	Preferred and Common Shares and Additional Paid-in Capital:

10.	Earnings per Share:

11.	Equity Incentive Plans:

11.	Equity Incentive Plans - continued:

12.	Commitments and Contingencies:

(1)

The amounts represent the minimum contractual charter revenues to be generated from the existing, as of March 31, 2025, non-cancellable time charter agreements, until their expiration, net of address commission, assuming no off-hire days, other than those related to scheduled interim and special surveys of the vessels. Future inflows also include revenues deriving from index linked charter agreements using i) the index rates at the commencement date of each agreement, in compliance with ASC 842, and do not reflect relevant index charter rate information prevailing as of March 31, 2025 and ii) the remaining minimum duration of each non-cancellable time charter agreement.

12.	Commitments and Contingencies - continued:

(1)

The amounts represent the Company’s commitments under the existing, as of March 31, 2025, time-charter-in arrangements for third party vessels.

(2)

The amounts represent the Company’s commitments as of March 31, 2025 for installation of BWTS upgrades and ESD on its vessels to comply with environmental regulations.

12.	Commitments and Contingencies - continued:

b)

Legal proceedings

13.	Fair value measurements and Hedging:

13.	Fair value measurements and Hedging - continued:

13.	Fair value measurements and Hedging - continued:

14.	Other operational gain:

15.	Voyage revenues:

16.	Subsequent Events: