Star Bulk Carriers is the largest U.S.-listed pure-play dry bulk shipping company, owning and operating a fleet of 141 vessels totaling approximately 14.0 million deadweight tonnage (dwt). Based in Athens, Star Bulk transports dry bulk commodities — iron ore, coal, grain, bauxite, fertilizers, and steel products — across global trade routes. The fleet spans seven vessel size classes, from large Newcastlemax and Capesize vessels used for long-haul iron ore and coal trades, down to Supramax vessels suited for smaller bulk cargoes. Star Bulk earns revenue by chartering out vessels to commodity producers and traders, primarily on spot or short-term voyage charters, though it also uses time charters and contracts of affreightment. Revenue is driven by daily charter rates (measured as time charter equivalent, or TCE) multiplied by operating days. A key competitive advantage is that 97% of Star Bulk's fleet is fitted with scrubbers, allowing vessels to burn cheaper high-sulfur fuel oil on voyage charters, generating meaningful fuel cost savings when the spread between fuel types is wide. Star Bulk manages operations in-house, which it argues keeps daily operating costs low. The company grows through M&A — including the 2024 merger with Eagle Bulk — newbuilding orders, and systematic recycling of older vessels into newer, fuel-efficient tonnage. Star Bulk returns capital to shareholders through quarterly dividends and share buybacks, and maintains a conservative balance sheet with roughly 30% debt-to-total-capitalization.