Exhibit 99.1

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is a discussion of the financial condition and results of operations of Star Bulk Carriers Corp. (“Star Bulk”) for the three-month periods ended March 31, 2025 and 2026. Unless otherwise specified herein, references to the “Company,” “we,” “us” or “our” shall include Star Bulk and its subsidiaries. You should read the following discussion and analysis together with the unaudited interim condensed consolidated financial statements and related notes included elsewhere herein. For additional information relating to our management’s discussion and analysis of financial conditions and results of operations, please see our Annual Report on Form 20-F for the year ended December 31, 2025, which was filed with the U.S. Securities and Exchange Commission (the “Commission”) on March 19, 2026 (the “2025 Annual Report”). Unless otherwise defined herein, capitalized words and expressions used herein shall have the same meanings ascribed to them in the 2025 Annual Report. This discussion includes forward-looking statements which, although based on assumptions that we consider reasonable, are subject to risks and uncertainties which could cause actual events or conditions to differ materially from those currently anticipated and expressed or implied by such forward-looking statements.

Overview

We are a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Our vessels transport major bulks, which include iron ore, coal and grain, and minor bulks which include bauxite, fertilizers and steel products. We were incorporated in the Marshall Islands on December 13, 2006 and, on December 3, 2007, we commenced operations when we took delivery of our first vessel. We maintain offices in Athens, New York, Connecticut (Stamford) and Singapore. Our common shares trade on the Nasdaq Global Select Market under the symbol “SBLK.”

Our Fleet

The previously announced sold vessels Star Stonington, Star Scarlett and Star Mariella were delivered to their new owners on February 3, 2026, April 21, 2026 and May 13, 2026, respectively. In connection with the completion of these sales, we received total net proceeds of approximately $66.0 million and made debt prepayments of approximately $14.3 million within the first quarter of 2026.

On a fully delivered basis, taking into account the delivery of our vessels under construction, as of May 20, 2026, we own a fleet of 141 vessels with an aggregate carrying capacity of approximately 14.0 million dwt, 96% of which are fitted with Exhaust Gas Cleaning Systems (“scrubbers”) consisting of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Ultramax and Supramax vessels.

The following tables present summary information relating to our fleet as of May 20, 2026:

Operating Fleet:

Operating Fleet - Continued:

Operating Fleet - Continued:

Operating Fleet - Continued:

Vessels Under Construction:

Long-Term Time Charter-In Vessels:

In addition, we have entered into the following long-term charter-in arrangements:

Conditional Sale and Purchase Agreement:

On March 6, 2026, as previously announced, we entered into a conditional sale and purchase agreement with Diana Shipping Inc. (“Diana”) to acquire 16 secondhand vessels from Diana (the “Diana Purchase Agreement”) for $470.5 million in cash. The 16 vessels we agreed to acquire from Diana include one Newcastlemax, six Capesize vessels, seven Ultramax vessels and two Supramax vessels, with a total carrying capacity of 1.8 million dwt and an average age of 11.4 years. The Diana Purchase Agreement is subject to, among other conditions, the success of Diana’s offer to acquire Genco Shipping & Trading Ltd. The Company intends to fund the purchase price with a combination of existing cash resources, reserved from previous vessel sales, as well as new debt financing.

Liquidity and Capital Resources

Our principal sources of funds have been cash flow from operations, equity offerings, borrowings under secured credit facilities, debt securities or bareboat lease financings and proceeds from vessel sales. Our principal uses of funds have been capital expenditures to establish and grow our fleet, maintain the quality of our dry bulk carriers and comply with international shipping standards, environmental laws and regulations, fund working capital requirements, make principal and interest payments on outstanding indebtedness, make dividend payments when approved by the Board of Directors and fund share repurchases when it is attractive to do so.

Our short-term liquidity requirements include paying operating costs, funding working capital requirements and the short-term equity portion of the cost of vessel acquisitions, if any, our newbuilding program and vessel upgrades, interest and principal payments on short-term outstanding indebtedness and maintaining cash reserves to strengthen our position against adverse fluctuations in operating cash flows. Our primary source of short-term liquidity is cash generated from operating activities, available cash balances and portions from new debt and refinancings as well as equity financings.

Our medium- and long-term liquidity requirements are funding the equity portion of our newbuilding vessel installments and secondhand vessel acquisitions, if any, funding required payments under our vessel financing and other financing agreements, paying cash dividends when declared and funding share repurchases, when our share price is trading at a significant discount to the estimated net liquidation value of our vessels. Sources of funding for our medium- and long-term liquidity requirements include cash flows from operations, new debt and refinancings or lease financings, equity issuances and vessel sales. Please also refer to Note 13 to our unaudited interim condensed consolidated financial statements, included herein, for further discussion on our contractual commitments as of March 31, 2026.

As of May 18, 2026, we had total cash of $432.3 million and outstanding borrowings, including lease financing agreements, of $873.6 million.

Our debt agreements contain financial covenants and undertakings requiring us to maintain various ratios. A summary of these terms is included in Note 9 of the Company’s consolidated financial statements for the year ended December 31, 2025, included in the 2025 Annual Report.

We believe that our current cash balance, along with the undrawn amounts under the NBG Revolving Facility and ABN Revolving Facility (Note 18(f)) and our operating cash flows to be generated over the short-term period will be sufficient to meet our known short-term and long-term liquidity requirements. These requirements include funding the operations of our fleet, capital expenditure requirements, including our commitments for the installation of Energy Saving Devices (“ESD”), telemetry equipment and other upgrades on our vessels, as well as the remaining contractual commitments for the eight vessels under construction, which we expect to fund through cash on hand and proceeds from the ESUN $130.0 million Facility. Furthermore, in April 2026 we received credit committee approval from Taipei Fubon Commercial Bank Co., Ltd for a loan amount of up to $80.0 million to finance currently unlevered vessels (the “Fubon $80.0 million Facility”), which is expected to be drawn in the second quarter of 2026 (Note 18a).

In addition, assuming the successful consummation of the Diana Purchase Agreement, we intend to fund the purchase price for the 16 vessels through a combination of existing cash reserves, including proceeds from previous vessel sales, as well as new debt financing. We have received a number of financing proposals from leading financial institutions in connection with obtaining new senior secured debt facilities related to this transaction and are currently evaluating these proposals.

We may seek additional indebtedness to finance future vessel acquisitions and our newbuilding program to maintain our cash position or to refinance our existing debt in more favorable terms. Our practice has been to fund the cash portion of the acquisition or construction cost of dry bulk carriers using a combination of funds from operations and bank debt or lease financing secured by mortgages or title of ownership on our dry bulk carriers held by the relevant lenders, respectively. We may also use the proceeds from potential equity or debt offerings to finance future vessel acquisitions. Our business is capital-intensive and its future success will depend on our ability to maintain a high-quality fleet through the acquisition and construction of newer dry bulk carriers and the selective sale of older dry bulk carriers. These acquisitions and newbuilding contracts will be principally subject to management’s expectation of future market conditions as well as our ability to acquire dry bulk carriers on favorable terms. However our ability to obtain bank or lease financing, to refinance our existing debt or to access the capital markets for offerings in the future, may be limited by our financial condition at the time of any such financing or offering, including the market value of our fleet, as well as by adverse market conditions resulting from, among other things, general economic conditions, prevailing interest rates, weakness in the financial and equity markets and contingencies and uncertainties that are beyond our control. Our liquidity is also impacted by our dividend policy, as discussed below.

Dividend Policy

Our dividend policy is described in Item 8. Financial Information-A. Consolidated statements and other financial information—Dividend Policy of our 2025 Annual Report.

Under our amended dividend policy approved by our Board of Directors and announced on February 25, 2026, we may approve the distribution of 100% of Cash Flow (as defined in the dividend policy) for a given quarter to shareholders. Notwithstanding the Cash Flow calculation described above, we have established a minimum quarterly dividend of $0.05 per share, which we intend to pay even in circumstances where the quarterly Cash Flow would otherwise result in a lower or no dividend. On May 20, 2026, our Board of Directors declared a quarterly cash dividend of $0.50 per share, payable on or about June 22, 2026 to all shareholders of record as of June 12, 2026.

Since Star Bulk is a holding company with no material assets other than the shares of its subsidiaries through which it conducts its operations, Star Bulk’s ability to pay dividends in the future will depend on its subsidiaries’ ability to distribute funds to it. Any future dividends declared will be at the discretion and remain subject to approval of our Board of Directors each quarter after its review of our financial performance and position and other factors, including but not limited to our dividend policy, earnings, the prevailing charter market conditions, capital requirements, restrictions in our loan agreements, if any, and applicable provisions of Marshall Islands law, which generally prohibits the payment of dividends other than from surplus or while a company is insolvent or would be rendered insolvent upon the payment of such dividends. Star Bulk’s dividend policy and declaration and payment of dividends may be changed at any time and are subject to available funds and our Board of Directors’ determination that each declaration and payment is at the time in the best interests of Star Bulk and its shareholders after its review of our financial performance. Accordingly, there can be no assurance that our Board of Directors will declare dividends in any future period.

Other Recent Developments

Please refer to Note 18 to our unaudited interim condensed consolidated financial statements, included elsewhere herein, for developments that took place after March 31, 2026.

Operating Results

Factors Affecting Our Results of Operations

We deploy our vessels on a mix of short to medium-term time charters or voyage charters, contracts of affreightment or in dry bulk carrier pools, according to our assessment of market conditions. We adjust the mix of these charters to take advantage of the relatively stable cash flow and high utilization rates associated with medium to long-term time charters, or to profit from attractive spot charter rates during periods of strong charter market conditions, or to maintain employment flexibility that the spot market offers during periods of weak charter market conditions. The following table reflects certain operating data of our fleet, including our ownership days and TCE rates, which we believe are important measures for analyzing trends in our results of operations, for the periods indicated:

The following table reflects the calculation of our TCE rates as discussed in footnote (7) above. The table presents reconciliation of TCE Revenues to voyage revenues as reflected in the unaudited interim condensed consolidated income statements.

Voyage Revenues

Voyage revenues are driven primarily by the number of vessels in our operating fleet, the duration of our charters, the number of charter-in days, the amount of daily charter hire or freight rates that our vessels earn under time and voyage charters, respectively, which, in turn, are affected by a number of factors, including our decisions relating to vessel acquisitions and disposals, the number of vessels chartered-in, the amount of time that we spend positioning our vessels, the amount of time that our vessels spend in dry dock undergoing repairs, maintenance and upgrade work, the age, condition and specifications of our vessels and levels of supply and demand in the seaborne transportation market.

Vessels operating on time charters for a certain period of time provide more predictable cash flows over that period of time, but can yield lower profit margins than vessels operating in the spot charter market during periods characterized by favorable market conditions. Vessels operating in the spot charter market generate revenues that are less predictable, but may enable us to capture increased profit margins during periods of improvements in charter rates, although we would be exposed to the risk of declining vessel rates, which may have a materially adverse impact on our financial performance. If we employ vessels on period time charters, future spot market rates may be higher or lower than the rates at which we have employed our vessels on period time charters.

Voyage Expenses

Voyage expenses may include port and canal charges, agency fees, fuel (bunker) expenses and brokerage commissions payable to related and third parties. Voyage expenses are incurred for our owned and chartered-in vessels during voyage charters or when the vessel is unemployed. Bunker expenses, port and canal charges primarily increase in periods during which vessels are employed on voyage charters because these expenses are paid by the owners (whereas these expenses would otherwise be paid by the charterer under a time charter contract).

Charter-in Hire Expenses

Charter-in hire expenses represent hire expenses for chartering-in third party vessels, either under time charters or voyage charters.

Vessel Operating Expenses

Vessel operating expenses include crew wages and related costs, the cost of insurance and vessel registry, expenses relating to repairs and maintenance, the cost of spares and consumable stores, tonnage taxes, regulatory fees, maintenance expenses, lubricants and other miscellaneous expenses. Other factors beyond our control, some of which may affect the shipping industry in general, including for instance, developments relating to market prices for crew wages, lubricants and insurance, may also cause these expenses to increase.

Dry Docking Expenses

Dry docking expenses relate to regularly scheduled intermediate survey or special survey dry docking necessary to preserve the quality of our vessels as well as to comply with international shipping standards and environmental laws and regulations. Dry docking expenses can vary according to the size, age and general condition of the vessel, the location where the dry docking takes place, shipyard availability and the number of days the vessel is under dry dock. We utilize the direct expense method, under which we expense all dry docking costs as incurred.

Depreciation

We depreciate our vessels on a straight-line basis over their estimated useful lives, which is determined to be 25 years from the date of their initial delivery from the shipyard. Depreciation is calculated based on a vessel’s cost less the estimated residual value. We estimate the salvage value of each vessel to be $400 per light weight ton.

Management Fees

Management fees include fees paid to third parties as well as related parties providing certain procurement services to our fleet.

General and Administrative Expenses

We incur general and administrative expenses, including our onshore personnel related expenses, directors’ and executives’ compensation, share based compensation, legal, consulting, audit and accounting expenses.

Other Operational Gain

Other operational gain includes gain from all other operating activities which are not related to the principal activities of the Company, such as gain from insurance claims.

Gain/(Loss) on Forward Freight Agreements and Bunker Swaps, net

When deemed appropriate from a risk management perspective, we take positions in freight derivatives, including FFAs and freight options with an objective to utilize those instruments as economic hedges to reduce the risk on specific vessels trading in the spot market and to take advantage of short-term fluctuations in the market prices. Upon the settlement, if the contracted charter rate is less than the average of the rates, for the specified route and time period, as reported by an identified index, the seller of the FFA is required to pay the buyer the settlement sum. The settlement amount is an amount equal to the difference between the contracted rate and the settlement rate, multiplied by the number of days in the specified period covered by the FFA. Conversely, if the contracted rate is greater than the settlement rate, the buyer is required to pay the seller the settlement sum. Our FFAs are settled mainly through reputable exchanges such as European Energy Exchange (“EEX”) or Singapore Exchange (“SGX”) so as to limit our exposure in over-the-counter transactions. Customary requirements for trading in FFAs include the maintenance of initial and variation margins based on expected volatility, open position and mark to market of the contracts. The fair value of the FFAs or freight options is treated as an asset or liability until they are settled with the change in their fair value being reflected in earnings. Any such settlements by us or settlements to us under FFAs or freight options, if any, are recorded under Gain/(Loss) on forward freight agreements and bunker swaps, net.

Also, when deemed appropriate from a risk management perspective, we enter into bunker swap contracts to manage our exposure to fluctuations of bunker prices associated with the consumption of bunkers by our vessels. Bunker swaps are agreements between two parties to exchange cash flows at a fixed price on bunkers, where volume, time period and price are agreed in advance. Our bunker swaps are settled mainly through reputable exchanges such as Intercontinental Exchange (“ICE”) so as to limit our counterparty exposure in over-the-counter transactions. Bunker price differentials paid or received under the swap agreements as well as changes in their fair value are recognized under Gain/(Loss) on forward freight agreements and bunker swaps, net.

The fair value of freight derivatives and bunker swaps is determined through Level 1 inputs of the fair value hierarchy (quoted prices from the applicable exchanges such as EEX, SGX or ICE). Our FFAs and bunker swaps do not qualify for hedge accounting and therefore unrealized gains or losses are recognized under Gain/(Loss) on forward freight agreements and bunker swaps, net.

Gain/(Loss) on Sale of Vessels

Gain/(Loss) on sale of vessels represents net gains/(losses) from the sale of our vessels concluded during the period.

Interest and Finance Costs

We incur interest expense and financing costs in connection with our outstanding indebtedness under our existing loan facilities (including sale and leaseback financing transactions). We also incur financing costs in connection with establishing those facilities, which are presented as a direct deduction from the carrying amount of the relevant debt liability and amortize them to interest and financing costs over the term of the underlying obligation using the effective interest method.

Interest Income and Other Income/(Loss)

We earn interest income on our cash deposits with our lenders and other financial institutions. Other income/(loss) mainly consists of gains/(losses) from realized and unrealized foreign exchange differences.

Results of Operations

The three-month period ended March 31, 2026 compared to the three-month period ended March 31, 2025

Voyage revenues net of Voyage expenses: Voyage revenues for the three months ended March 31, 2026 increased to $281.2 million from $230.7 million in the corresponding period in 2025. Time charter equivalent revenues (“TCE Revenues”) (as defined above) increased to $214.1 million compared to $159.3 million for the corresponding period in 2025. The increase in both Voyage revenues and TCE Revenues, despite the decrease in the average number of vessels in our fleet to 135.4 from 150.7 during the relevant periods, is attributable to the significant increase in charter rates. The TCE rate for the first three months of 2026 increased to $18,493 compared to $12,439 for the corresponding period in 2025, which is indicative of the stronger market conditions prevailing during the first quarter of 2026. Please refer to the table above for the calculation of the TCE Revenues and TCE rate and their reconciliation with Voyage Revenues, which is the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.

Charter-in hire expenses: Charter-in hire expenses for the three months ended March 31, 2026 and 2025 were $14.5 million and $15.9 million, respectively. The decrease was primarily attributable to the decrease in charter-in days to 947 in the first quarter of 2026 from 1,072 in the corresponding period in 2025, which was partially offset by the increase in weighted average charter-in hire rates.

Vessel operating expenses: Vessel operating expenses for the three months ended March 31, 2026 and 2025 were $61.8 million and $67.9 million, respectively. The decrease in our operating expenses was primarily due to the decrease in the average number of vessels in our fleet to 135.4 from 150.7 during the relevant periods.

Dry docking expenses: Dry docking expenses for the three months ended March 31, 2026 and 2025 were $19.6 million and $24.7 million, respectively. During the first quarter of 2026, 10 vessels completed their scheduled periodic dry docking surveys, including three dry dockings that commenced in the fourth quarter of 2025. During the corresponding period in 2025, 14 vessels completed their scheduled periodic dry docking surveys. The decrease in dry docking expenses, apart from the lower number of vessels that underwent and completed dry docking surveys in the first quarter of 2026, reflects the timing differences in the commencement and completion of dry dockings across quarters.

Depreciation: Depreciation expense for the three months ended March 31, 2026 and 2025 was $39.6 million and $43.0 million, respectively. The decrease is driven by the decrease in the average number of vessels in our fleet to 135.4 from 150.7 during the relevant periods.

General and administrative expenses and Management fees: General and administrative expenses for the three months ended March 31, 2026 and 2025 were $14.5 million and $15.3 million, respectively. Vessel management fees in the first quarter of 2026 amounted to $5.5 million compared to $5.6 million for the corresponding period in 2025. The decrease in both general and administrative expenses and management fees was mainly attributable to the decrease in the average number of vessels in our fleet, as described above, partially offset by the higher EUR/USD exchange rate prevailing during the first quarter of 2026.

Other operational gain: Other operational gain for the three-month period ended March 31, 2026 amounted to $0.7 million and primarily related to various insurance proceeds. Other operational gain for the three-month period ended March 31, 2025 amounted to $12.0 million, mainly consisting of $2.3 million in insurance proceeds pursuant to a war risk insurance policy in connection with the prolonged detainment of one of our vessels in Ukraine in 2022 and $9.3 million related to the write-off of previously recorded accruals and liabilities that were no longer expected to require settlement.

Gain/(Loss) on forward freight agreements and bunker swaps, net: For the three-month period ended March 31, 2026, we incurred a net loss on FFAs and bunker swaps of $2.9 million, consisting of an unrealized loss of $3.1 million and a realized gain of $0.2 million. For the three-month period ended March 31, 2025, we incurred a gain on FFAs and bunker swaps of $2.9 million, consisting of an unrealized gain of $2.1 million and a realized gain of $0.8 million.

Gain/(Loss) on sale of vessels: Our results for the three-month period ended March 31, 2026, include an aggregate net gain of $0.2 million which resulted from the completion of the sale of the vessel Star Stonington, as discussed under section “Our Fleet” above. For the three-month period ended March 31, 2025, a net loss of $0.7 million resulted from the completion of the sale of the vessel Star Omicron.

Interest and finance costs: Interest and finance costs for the three months ended March 31, 2026 and 2025 were $12.9 million and $19.3 million, respectively. The decrease was primarily driven by a reduction in loan interest expense resulting from significantly lower weighted average outstanding indebtedness and reduced weighted average interest rates during the first quarter of 2026.

Interest income and other income/(loss): Interest income and other income/(loss) for the three months ended March 31, 2026 and 2025 were $1.2 million and $4.7 million, respectively. The decrease primarily reflects a foreign exchange loss of $1.8 million incurred during the first quarter of 2026, compared to a foreign exchange gain of $0.9 million incurred during the first quarter of 2025, along with decreased interest income earned during the first quarter of 2026 compared to the corresponding period in 2025.

Cash Flows

Net cash provided by operating activities for the three months ended March 31, 2026 and 2025 was $112.4 million and $48.5 million, respectively. The increase was primarily driven by higher voyage revenues resulting from increased charter rates due to stronger market conditions prevailing during the recent period compared to the corresponding period in 2025. Additionally, the decrease in expenses attributable to the lower average number of vessels in our fleet, as well as the decrease in loan interest expense, as discussed above, further contributed to this increase.

Net cash provided by investing activities for the three months ended March 31, 2026, and 2025 was $1.1 million and $9.4 million, respectively. The decrease was primarily due to i) higher cash payments for advances on vessels under construction and upgrades, totaling $20.0 million in the first quarter of 2026 compared to $7.3 million in the corresponding period of 2025 and ii) lower cash inflows from hull and machinery insurance proceeds, totaling $0.7 million in the first quarter of 2026 compared to $8.4 million in the corresponding period of 2025. Furthermore, the decrease was partially offset by i) higher vessel sale proceeds of $19.8 million in the first quarter of 2026 compared to $8.4 million in the same period of 2025,and ii) the proceeds from sale of equity in investee totaling $0.6 million in the first quarter of 2026.

Net cash used in financing activities for the three months ended March 31, 2026, and 2025 was $206.0 million and $62.0 million, respectively. This increase was primarily due to a decrease in proceeds from bank loans to $80.0 million during the three months ended March 31, 2026 compared to $228.0 million in the corresponding period of 2025. Additionally, dividend payments increased to $41.4 million in the first quarter of 2026 compared to $10.4 million during the same period in 2025 and cash outflows related to the repurchase of common shares increased to $37.9 million during the first quarter in 2026 compared to $19.6 million during the corresponding period in 2025. The increase was partially offset by lower debt repayments of $206.3 million in the first quarter of 2026 compared to $259.4 million during the same period in 2025.

Critical Accounting Estimates

For a description of all our critical accounting estimates, see Note 2 to our audited financial statements and “Item 5. Operating and Financial Review and Prospects,” included in our 2025 Annual Report. There have been no material changes from the “Critical Accounting Estimates” previously disclosed in our 2025 Annual Report.

STAR BULK CARRIERS CORP.

INDEX TO UNAUDITED INTERIM CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

STAR BULK CARRIERS CORP.

Unaudited Consolidated Balance Sheets

As of December 31, 2025 and March 31, 2026

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

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

STAR BULK CARRIERS CORP.

Unaudited Interim Condensed Consolidated Income Statements

For the three-month periods ended March 31, 2025 and 2026

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

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

STAR BULK CARRIERS CORP.

Unaudited Interim Condensed Consolidated Statements of Comprehensive Income / (Loss)

For the three-month periods ended March 31, 2025 and 2026

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

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

STAR BULK CARRIERS CORP.

Unaudited Interim Condensed Consolidated Statements of Shareholders’ Equity

For the three-month periods ended March 31, 2025 and 2026

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

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

STAR BULK CARRIERS CORP.

Unaudited Interim Condensed Consolidated Statements of Cash Flows

For the three-month periods ended March 31, 2025 and 2026

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

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

STAR BULK CARRIERS CORP.

Notes to Unaudited Interim Condensed Consolidated Financial Statements

March 31, 2026

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

Star Bulk Carriers Corp. (“Star Bulk”) is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains offices in Athens, New York, Connecticut (Stamford) and Singapore. Star Bulk’s common shares trade on the NASDAQ Global Select Market under the ticker symbol “SBLK”.

The unaudited interim condensed consolidated financial statements include the accounts of Star Bulk and its wholly owned subsidiaries (collectively, the “Company”) and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for annual financial statements.

These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements for the year ended December 31, 2025 and, in the opinion of management, reflect all normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Operating results for the three-month period ended March 31, 2026 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2026.

The unaudited interim condensed consolidated financial statements presented in this report should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2025 included in the Company’s Annual Report on Form 20-F for the year ended December 31, 2025 (the “2025 Annual Report”). The balance sheet as of December 31, 2025 has been derived from the audited consolidated financial statements as of that date, but, pursuant to the requirements for interim financial information, does not include all the information and footnotes required by U.S. GAAP for complete financial statements.

Unless otherwise defined herein, capitalized words and expressions used herein shall have the same meanings ascribed to them in the 2025 Annual Report.

As of March 31, 2026, the Company owned a modern fleet of 135 dry bulk vessels consisting of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Ultramax and Supramax vessels with a carrying capacity between 209,537 deadweight tonnage (“dwt”) and 55,569 dwt, and a combined carrying capacity of 13.6 million dwt and an average age of 12.9 years. Also, as of March 31, 2026, the Company has entered into firm shipbuilding contracts for the construction of eight 82,000 dwt Kamsarmax newbuilding vessels with expected deliveries between the second and fourth quarters of 2026. In addition, the Company charters-in a number of third-party vessels on both a short-term and long-term basis to increase its operating capacity in order to satisfy its clients’ needs. Specifically, as of March 31, 2026, the Company charters-in seven vessels on a long-term basis.

A summary of the Company’s significant accounting policies and recent accounting pronouncements is included in Note 2 to the Company’s consolidated financial statements included in the 2025 Annual Report. During the three months ended March 31, 2026, except for the recent accounting pronouncement described below, there were no other significant changes to the Company’s significant accounting policies or recent accounting pronouncements issued that the Company expects to have a potential impact on its consolidated financial statements. In December 2025, the FASB issued ASU 2025-11, which clarifies the scope and disclosure requirements for interim financial reporting under ASC 270. The amendments introduce a principle requiring disclosure of events and transactions occurring after the end of the most recent annual reporting period that have a material impact on the entity and consolidate certain interim disclosure requirements. The amendments are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact that adoption of this ASU will have on its interim financial statement disclosures.

STAR BULK CARRIERS CORP.

Notes to Unaudited Interim Condensed Consolidated Financial Statements

March 31, 2026

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

Details of the Company’s transactions with related parties did not change in the three-month period ended March 31, 2026, and are discussed in Note 3 of the Company’s consolidated financial statements for the year ended December 31, 2025, included in the 2025 Annual Report.

Transactions and balances with related parties are analyzed as follows:

Details of the Company’s equity method investments did not change in the three-month period ended March 31, 2026, and are discussed in Note 4 of the Company’s consolidated financial statements for the year ended December 31, 2025, included in the 2025 Annual Report.

STAR BULK CARRIERS CORP.

Notes to Unaudited Interim Condensed Consolidated Financial Statements

March 31, 2026

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

The amounts shown in the unaudited consolidated balance sheets are analyzed as follows:

Vessels and other fixed assets, net

The amounts in the unaudited consolidated balance sheets are analyzed as follows:

In December 2025, the Company agreed to sell the vessel Star Stonington, which was delivered to its new owners on February 3, 2026. The amount included under “Gain/(Loss) on sale of vessels” in the unaudited interim condensed consolidated income statement for the three-month period ended March 31, 2026, primarily relates to the gain on sale of the vessel Star Stonington.

During the first quarter of 2026, the Company agreed to sell the vessels Star Scarlett and Star Mariella, which were delivered to their new owners on April 21, 2026 and on May 13, 2026, respectively (Note 18). Given their employment as of March 31, 2026, none of the above-mentioned vessels met the criteria to be classified as held for sale as of March 31, 2026.

As of March 31, 2026, 103 of the Company’s vessels, having a net carrying value of $2,268,594, serve as collateral under certain of the Company’s loan facilities and were subject to first-priority mortgages (Note 9). Title of ownership is held by the relevant lenders for another 2 vessels with a carrying value of $36,978 to secure the relevant sale and lease back financing transactions (Note 8).

The amounts reported under “Acquisition of vessels, vessel upgrades and other vessel costs” in the table above which were incurred during the three-month period ended March 31, 2026 mainly include costs related to the Company’s continued technical upgrades to its fleet, such as the installation of ballast water management systems (“BWTS”) and Energy Saving Devices (“ESD”).

STAR BULK CARRIERS CORP.

Notes to Unaudited Interim Condensed Consolidated Financial Statements

March 31, 2026

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

Advances for vessels under construction:

During 2023, the Company entered into five firm shipbuilding contracts with Qingdao Shipyard Co., Ltd. for the construction of five 82,000 dwt Kamsarmax newbuilding vessels. Delivery of these vessels is scheduled progressively from the second quarter of 2026 through the fourth quarter of 2026. During 2025, the Company entered into three novation and amendment agreements with Hengli Shipbuilding (Singapore) Pte. Ltd. and Hengli Shipbuilding (Dalian) Co. Ltd. for the acquisition of three 82,000 dwt Kamsarmax newbuilding vessels that are currently under construction and are scheduled to be delivered within the third quarter of 2026.

The amounts shown in the unaudited consolidated balance sheets are analyzed as follows:

As of March 31, 2026, the total aggregate remaining contracted price, including scrubber installation costs, for the eight vessels under construction was $195,556, payable in periodic installments until their expected deliveries from the shipyard which range from the second to the fourth quarter of 2026.

a) Time charter-in vessel agreements

The carrying value of the assets and liabilities recognized on the balance sheet as of December 31, 2025 and March 31, 2026 in connection with the time charter-in vessel arrangements with an initial term exceeding 12 months (Note 1), amounted to $154,326 and $147,375, respectively, and are included under “Operating leases, right-of-use assets” and “Operating lease liabilities current and non-current” in the unaudited consolidated balance sheets. The weighted average discount rate that was used for the recognition of these leases, which is the estimated annual incremental borrowing rate for this type of asset, at each lease commencement, is approximately 5.4%. The payments required to be made after March 31, 2026, for these outstanding operating lease liabilities, are as follows:

The weighted average remaining lease term of these charter-in vessel arrangements as of March 31, 2026 is 4.9 years. The charter-in hire expenses for the long-term charter-in arrangements for the three-month periods ended March 31, 2025 and 2026, were $9,218 and $9,122, respectively, and are included under “Charter-in hire expenses” in the unaudited interim condensed consolidated income statements.

STAR BULK CARRIERS CORP.

Notes to Unaudited Interim Condensed Consolidated Financial Statements

March 31, 2026

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

b) Office rental arrangements

The carrying value of the assets and liabilities recognized on the balance sheet as of December 31, 2025 and March 31, 2026 in connection with the office rental arrangements, amounted to $2,732 and $2,460, respectively, and are included under “Operating leases, right-of-use assets” and “Operating lease liabilities current and non-current” in the unaudited consolidated balance sheets. The weighted average discount rate that was used for the recognition of these leases, which is the estimated annual incremental borrowing rate for this type of assets, at each lease commencement, is approximately 5.2%. The office rental payments required to be made after March 31, 2026, for these outstanding operating lease liabilities, are as follows:

The weighted average remaining lease term of these office rental arrangements as of March 31, 2026 is 2.8 years. The lease expenses for these office rental arrangements for the three-month periods ended March 31, 2025 and 2026 were $416 and $386, respectively, and are included under “General and administrative expenses” in the unaudited interim condensed consolidated income statements.

STAR BULK CARRIERS CORP.

Notes to Unaudited Interim Condensed Consolidated Financial Statements

March 31, 2026

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

Details of the Company’s lease financings are discussed in Note 8 of the Company’s consolidated financial statements for the year ended December 31, 2025, included in the 2025 Annual Report.

The Company’s lease financings bear interest at SOFR plus a margin. The corresponding interest expense of the Company’s bareboat lease financing activities is included within “Interest and finance costs” in the unaudited interim condensed consolidated income statements (Note 9).

The principal payments required to be made after March 31, 2026, for the outstanding finance lease obligations recognized on the balance sheet, as of that date, are as follows:

Details of the Company’s credit facilities are discussed in Note 9 of the Company’s consolidated financial statements for the year ended December 31, 2025, included in the 2025 Annual Report and supplemented by the new loan activities described below.

i) NBG $80,000 Facility:

On March 27, 2026, the Company entered into a loan agreement with National Bank of Greece S.A. (“NBG”), for a loan amount of up to $80,000 (the “NBG $80,000 Facility”) which was drawn on March 30, 2026. The proceeds were used to refinance the outstanding balance under the then-existing NBG $151,085 Facility, as discussed below, and for general business purposes. The NBG $80,000 Facility is repayable in 16 equal consecutive quarterly installments of $3,700 and a balloon payment of $20,800, due in June 2030 along with the last installment and is secured by first priority mortgages on the vessels Star Nasia, Star Renee, Star Markella, Star Moira, Star Helena, Star Maria, Star Angelina, Star Gwyneth, Kymopolia, Star Despoina, Star Piera, Star Marianne, Star Nina and Pendulum.

ii) NBG Revolving Facility:

As of March 31, 2026, the available amount under the NBG Revolving Facility was reduced from $65,000 to $60,000. Each drawn amount under the NBG Revolving Facility will be secured by first priority mortgages on the vessels Star Pauline, Star Borneo, Star Marilena, Star Bueno, Star Angie, Star Kamila and Star Sophia.

STAR BULK CARRIERS CORP.

Notes to Unaudited Interim Condensed Consolidated Financial Statements

March 31, 2026

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

Repayments

In addition to the scheduled repayments during the three-month period ended March 31, 2026, the Company prepaid the following amounts: i) $6,650 in connection with the sale of the vessel Star Stonington under the ESUN $100,000 Facility, ii) $46,264 corresponding to the total outstanding loan amount under the Citi $100,000 Facility, iii) $7,631 in connection with the sale of the vessel Star Scarlett under the ABN $67,897 Facility, iv) $16,600 corresponding to the total outstanding loan amount under the Credit Agricole $62,000 Facility, v) $49,917 corresponding to the total outstanding loan amount under the NBG $151,085 Facility, as discussed above and vi) $30,000 under the NBG Revolving Facility.

As of December 31, 2025, and March 31, 2026, the Company was required to maintain minimum liquidity, not legally restricted, of $68,000 and $67,500, respectively, which is included within “Cash and cash equivalents” in the unaudited consolidated balance sheets. In addition, as of December 31, 2025, and March 31, 2026, the Company was required to maintain a minimum liquidity, legally restricted (including the cash collateral required under certain of the Company’s FFAs, as described in Note 14), of $13,423 and $12,390, respectively.

As of March 31, 2026, the Company was in compliance with the applicable financial and other covenants contained in its bank loan agreements and lease financings (Note 8), which are described in Note 9 of the Company’s consolidated financial statements for the year ended December 31, 2025, included in the 2025 Annual Report.

The principal payments required to be made after March 31, 2026, for the outstanding bank debt as of that date, are as follows:

All of the Company’s bank loans bear interest at SOFR plus a margin. The weighted average interest rate (including the margin) related to the Company’s debt including lease financings (Note 8), for the three-month periods ended March 31, 2025 and 2026 was 5.90% and 5.30%, respectively.

STAR BULK CARRIERS CORP.

Notes to Unaudited Interim Condensed Consolidated Financial Statements

March 31, 2026

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

The amounts of “Interest and finance costs” included in the unaudited interim condensed consolidated income statements are analyzed as follows:

During the three-month period ended March 31, 2026, in connection with the loan prepayments described above, the Company wrote off an amount of $83 of unamortized debt issuance costs and incurred prepayment fees of $24, which are included under “Gain/(Loss) on debt extinguishment, net” in the unaudited interim condensed consolidated income statement for the corresponding period.

During the three-month period ended March 31, 2025, the Company wrote off an amount of $822 of unamortized debt issuance costs, which are included along with prepayment fees of $14 under “Gain/(Loss) on debt extinguishment, net” in the unaudited interim condensed consolidated income statement for the corresponding period.

Details of the Company’s preferred shares and common shares are discussed in Note 10 of the Company’s consolidated financial statements for the year ended December 31, 2025, included in the 2025 Annual Report.

During the three months ended March 31, 2026, under the 2025 Share Repurchase Program, as described in the 2025 Annual Report, the Company repurchased 1,894,357 common shares at an average price of $20.00 per share for an aggregate consideration of $37,887. All repurchased shares under the 2025 Share Repurchase Program were cancelled and removed from the Company’s share capital as of March 31, 2026.

Pursuant to its dividend policy, during the three-month period ended March 31, 2026, the Company declared and paid a cash dividend of $41,374 or $0.37 per common share.

STAR BULK CARRIERS CORP.

Notes to Unaudited Interim Condensed Consolidated Financial Statements

March 31, 2026

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

The computation of basic earnings per share is based on the weighted average number of common shares outstanding for the three-month periods ended March 31, 2025 and 2026. The calculation of basic earnings per share does not consider the non-vested shares as outstanding until the time-based vesting restriction has lapsed. Diluted earnings per share gives effect to stock awards and restricted stock units using the treasury stock method, unless the impact is anti-dilutive.

The Company calculates basic and diluted earnings per share as follows:

Details of the Company’s equity incentive plans and share awards granted through December 31, 2025, are discussed in Note 12 of the Company’s consolidated financial statements for the year ended December 31, 2025, included in the 2025 Annual Report.

The share-based compensation cost for the three-month periods ended March 31, 2025 and 2026, which is included under “General and administrative expenses” in the unaudited interim condensed consolidated income statements, amounted to $1,619 and $1,870, respectively.

A summary of the status of the Company’s non-vested restricted shares as of March 31, 2026 and the movement during the three-month period ended March 31, 2026 is presented below.

As of March 31, 2026, the estimated compensation cost relating to non-vested restricted share awards not yet recognized is $2,572 and is expected to be recognized over the weighted average period of 1.36 years. During the three-month period ended March 31, 2026, the Company paid $242 for dividends to shareholders of non-vested shares.

The following tables set forth inflows and outflows related to the Company’s charter party arrangements and other commitments, as at March 31, 2026.

STAR BULK CARRIERS CORP.

Notes to Unaudited Interim Condensed Consolidated Financial Statements

March 31, 2026

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

Charter party arrangements:

____________________

Other commitments:

____________________

The Company has outstanding commitments under vessel construction contracts as of March 31, 2026, as described in Note 6 “Vessels and other fixed assets, net and Advances for vessels under construction”.

STAR BULK CARRIERS CORP.

Notes to Unaudited Interim Condensed Consolidated Financial Statements

March 31, 2026

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

Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company’s vessels. The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure.

The Company is involved in non-material legal proceedings and may become involved in other legal matters arising in the ordinary course of its business, principally personal injury and property casualty claims. Generally, we expect that such claims would be covered by insurance, subject to customary deductibles.

Certain routine non-material commercial claims have been asserted against the Company, or by the Company against charterers, that relate to contractual disputes with certain of our charterers. The nature of these disputes involves disagreements over losses claimed by charterers, or by the Company, during or as a result of the performance of certain charters, including, but not limited to, delays in the performance of the charters and off-hire during the charters. The related legal proceedings are at various stages of resolution.

Currently, other than as disclosed above, management is not aware of, and has not accrued for, any such claims or contingent liabilities requiring disclosure in the consolidated financial statements.

In accordance with U.S. GAAP, the Company accrues for contingent liabilities when it is probable that such a liability has been incurred and the amount of loss can be reasonably estimated. The Company evaluates its outstanding legal proceedings to assess its contingent liabilities and adjusts such liabilities, as appropriate, based on management’s best judgment after consultation with counsel. There is no assurance that the Company’s contingent liabilities will not need to be adjusted in the future.

STAR BULK CARRIERS CORP.

Notes to Unaudited Interim Condensed Consolidated Financial Statements

March 31, 2026

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

Fair value on a recurring basis:

Interest rate swaps

As of March 31, 2026, the Company had no interest rate swaps in place.

In previous years, the Company entered into various interest rate swaps to convert a portion of its debt from floating to fixed rate, which either early terminated or expired. Until March 31, 2025, all of the Company’s interest rate swaps were designated and qualified as cash flow hedges and the effective portion of the unrealized gains/losses was recorded in “Other Comprehensive income/(loss)”.

In connection with the amortization of the previously recognized amounts under the “Other comprehensive income/(loss)”, an amount of $184 is included under “Gain/(Loss) on derivative financial instruments, net” in the unaudited interim condensed consolidated income statement for the three-months ended March 31, 2026.

Forward Freight Agreements (“FFAs”) and Bunker Swaps

The amount of Gain/(Loss) on FFAs and bunker swaps, net and on interest rate swaps recognized in the unaudited interim condensed consolidated income statements, is analyzed in the table above.

STAR BULK CARRIERS CORP.

Notes to Unaudited Interim Condensed Consolidated Financial Statements

March 31, 2026

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

Fair value on a recurring basis - continued:

The table above summarizes the valuation of the Company’s open positions as at December 31, 2025 and March 31, 2026, based on Level 1 quoted market prices in active markets.

Certain of the Company’s derivative financial instruments discussed above require the Company to periodically post additional collateral depending on the level of any open position under such financial instruments, which as of December 31, 2025 and March 31, 2026 amounted to $540 and $4,269 respectively, and are included within “Restricted cash, current” in the unaudited consolidated balance sheets.

Investment in debt security:

Details of the Company’s investment in debt securities are discussed in Note 19 of the Company’s consolidated financial statements for the year ended December 31, 2025, included in the 2025 Annual Report.

The amortized cost and fair value of AFS debt securities, based on their quoted prices in active market (Level 1), as at December 31, 2025 and March 31, 2026, are summarized as follows:

As of March 31, 2026, no allowance for credit losses has been recorded on the AFS debt securities, consistent with the Company’s assessment that the securities is investment-grade and show no indication of credit impairment. Interest income is accrued using the effective interest method and reported under Interest income and other income/(loss).

The Company’s financial instruments that may expose it to credit risk include cash balances, trade receivables, and derivative contracts. Cash is held with creditworthy financial institutions to minimize risk. Exposure related to derivative contracts is managed by primarily transacting through reputable clearing houses, including European Energy Exchange (“EEX”), Singapore Exchange (“SGX”) and Intercontinental Exchange (“ICE”), and by limiting over-the-counter exposure. The Company also monitors the creditworthiness of financial institutions and performs ongoing evaluations of customers’ financial condition to manage receivable risk.

STAR BULK CARRIERS CORP.

Notes to Unaudited Interim Condensed Consolidated Financial Statements

March 31, 2026

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

The carrying values of temporary cash investments, restricted cash, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these financial instruments. The fair value of long-term bank loans and financing under bareboat leases (Level 2), bearing interest at variable interest rates, approximates their recorded values as of March 31, 2026, due to the variable interest rate nature thereof.

During the three-month period ended March 31, 2025, the Company recorded a gain of $12,037 which primarily includes: (a) insurance proceeds of $2,298 pursuant to a war risk insurance policy in connection with the prolonged detainment of one of the Company’s vessels in Ukraine in 2022; (b) the extinguishment of a $4,066 liability related to a supplier that the Company no longer expected to require settlement; and (c) the reversal of previously accrued expenses totaling $5,200, following the Company’s determination that no further invoices would be received to settle these accruals. During the three-month period ended March 31, 2026, the Company recorded a gain of $711 under “Other Operational Gain” in the unaudited interim condensed consolidated income statement. This gain primarily includes: (a) $194 from the sale of equity in Interchart (Note 4) and (b) $501 derived from various insurance proceeds.

The following table shows the voyage revenues earned from time charters, voyage charters and pool agreements for the three-month periods ended March 31, 2025 and 2026, as presented in the unaudited interim condensed consolidated income statements:

As of March 31, 2026, trade accounts receivable from voyage charter agreements decreased to $20,223 from $24,512 as of December 31, 2025 and are presented under “Trade accounts receivable, net” in the unaudited consolidated balance sheets. The outstanding balance is mainly affected by the timing of commencement of revenue recognition and from changes in the mix of vessel employment type as of December 31, 2025 and March 31, 2026. No write-off was recorded in periods presented in connection with the voyage charter agreements.

Further, as of March 31, 2026, capitalized contract fulfilment costs which are recorded under “Other current assets” decreased by $1,607 compared to December 31, 2025, to $1,166 from $2,772. The outstanding balance is mainly affected by the timing of commencement of revenue recognition and from changes in the mix of vessel employment type, as discussed above.

Under ASC 606, unearned voyage charter revenue represents the consideration received for undelivered performance obligations. The Company recorded $7,115 as unearned revenue related to voyage charter agreements in progress as of December 31, 2025, which was recognized in earnings in the three-month period ended March 31, 2026, as the performance obligations were satisfied in that period. In addition, the Company recorded $7,058 as unearned revenue related to voyage charter agreements in progress as of March 31, 2026, which is presented under “Deferred revenue” in the unaudited consolidated balance sheets and will be recognized in earnings within one year as the performance obligations will be satisfied.

STAR BULK CARRIERS CORP.

Notes to Unaudited Interim Condensed Consolidated Financial Statements

March 31, 2026

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

The amount invoiced to charterers in connection with the additional revenue for scrubber-fitted vessels under time-charter contracts (included within “Time charters” in the above table) was $7,794 and $11,536 for the three-month periods ended March 31, 2025 and 2026, respectively, and did not include the fuel cost savings gained from the scrubber-fitted vessels, which were employed under voyage charter agreements.

Demurrage income for the three-month periods ended March 31, 2025 and 2026 amounted to $2,348 and $4,791, respectively, and is included within “Voyage charters” in the above table.

The adjustment to the Company’s revenues from the vessels operating in the CCL Pool, deriving from the allocated pool result for those vessels as determined in accordance with the agreed-upon formula, for the three-month periods ended March 31, 2025 and 2026 was $1,906 and $nil, respectively, and is included within “Pool revenues” in the table above.

As discussed in Note 1, during the three-month periods ended March 31, 2025 and 2026, respectively, the Company chartered-in a number of third-party vessels, to increase its operating capacity in order to satisfy its clients’ needs. Revenues generated from those charter-in vessels during the three-month periods ended March 31, 2025 and 2026, amounted to $20,126 and $17,049, respectively, and are included in “Voyage revenues” in the unaudited interim condensed consolidated income statements, out of which $8,549 and $10,799, respectively, constitute sublease income deriving from time charter agreements.

The Company reports financial information and evaluates its operations on a consolidated fleet basis, primarily based on total Voyage revenues and consolidated profitability, and not by vessel type, length of vessel employment, or type of charter. Accordingly, the Company has determined that it operates in one operating and reportable segment, which is the ownership and operation of dry-bulk vessels.

The Company’s Chief Executive Officer is the Chief Operating Decision Maker (“CODM”). The CODM evaluates performance and allocates resources based on consolidated net income, which represents the Company’s measure of segment profit or loss.

In assessing performance, the CODM reviews Voyage expenses, Charter-in hire expenses, Vessel operating expenses, General and administrative expenses, Management fees, and Interest and finance costs, each as presented in the consolidated financial statements. In addition, the CODM reviews segment assets as these reported on the unaudited consolidated balance sheets as “Total Assets”.

Other segment items represent amounts included in consolidated net income that are not part of the significant expense categories reviewed by the CODM and primarily consist of gains or losses on vessel sales, impairment charges, other operational gain or loss and Loss on forward freight agreements and bunker swaps, net.

Substantially all revenues are generated from Time charters, Voyage charters and Pool revenues (Note 16). Because the Company operates in one reportable segment, segment revenues equal consolidated revenues.

When the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide, subject to restrictions as per the charter agreement, and, as a result, the disclosure of geographic information is impracticable.

STAR BULK CARRIERS CORP.

Notes to Unaudited Interim Condensed Consolidated Financial Statements

March 31, 2026

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

F-22

Exhibit 99.2

STAR BULK CARRIERS CORP. REPORTS NET PROFIT OF $58.5 MILLION

FOR THE FIRST QUARTER OF 2026,

AND DECLARES QUARTERLY DIVIDEND OF $0.50 PER SHARE

ATHENS, GREECE, May 20, 2026 – Star Bulk Carriers Corp. (the “Company” or “Star Bulk”) (Nasdaq: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes, today announced its unaudited financial and operating results for the first quarter of 2026. Unless otherwise indicated or unless the context requires otherwise, all references in this press release to “we,” “us,” “our,” or similar references, mean Star Bulk Carriers Corp. and, where applicable, its consolidated subsidiaries.

Financial Highlights

Petros Pappas, Chief Executive Officer of Star Bulk, commented:

“The dry bulk market opened 2026 with counterseasonal strength across all vessel segments, and Star Bulk was well positioned to capture it. We generated Net Income of $58.5 million, EBITDA of $109.7 million, and TCE of $18,493 per vessel per day—a result that reflects both the quality of the market and the operating platform we have built.

Our investment proposition to shareholders is straightforward: we believe Star Bulk converts dry bulk freight rates into cash returns more efficiently than any listed peer. Under the full payout dividend policy we adopted last quarter, the Board has approved a dividend of $0.50 per share, distributing our entire operating cash flow after capex and debt service. Combined with one of the lowest cost structures in the sector — daily OPEX of $5,071 and net cash G&A of $1,375 per vessel in Q1 — we aim for every dollar of rate improvement to flow through to shareholders. Since 2021, we will have returned over $2.05 billion through dividends and buybacks.

This quarter also marks the beginning of our newbuilding delivery cycle, with our latest generation high specification Kamsarmax vessels joining the fleet. These arrivals, alongside our continued disposal of older tonnage, are steadily reshaping the fleet towards greater efficiency and lower emissions, reinforcing our competitive edge for the years ahead.

Looking ahead, the supply-demand fundamentals that supported Q1 remain firmly in place, and we are optimistic about the remainder of the year. Under the current FFA curve, we are targeting to return more than $3 per share to our shareholders this year. With significant operating leverage across a diverse fleet of 141 vessels on a fully delivered basis, a full payout capital allocation policy, and one of the strongest balance sheets in the industry, we believe that Star Bulk is the most direct way for investors to access the dry bulk market. We remain committed to being the go-to dry bulk investment vehicle and to continue creating value for our shareholders.”

Recent Developments

Declaration of Dividend

On May 20, 2026, our Board of Directors declared a quarterly cash dividend of $0.50 per share, payable on or about June 22, 2026 to all shareholders of record as of June 12, 2026.

Fleet Update

Vessels’ S&P

The sales of the vessels Star Scarlett and Star Mariella, as previously announced, were completed on April 21 and May 13, 2026, respectively. In connection with these sales and deliveries, we collected approximately $46.4 million.

Newbuilding Vessel Program Update

As of March 31, 2026, we have paid a total amount of $92.3 million in pre-delivery installments related to the eight newbuilding vessels under construction and have a total amount of $195.5 million remaining capital expenditures related to these vessels. Based on the current delivery schedule of the vessels, we expect to take delivery of two vessels by the end of May 2026, three vessels in the third quarter of 2026 and three vessels in the fourth quarter of 2026.

Financing

In March 2026, we signed the NBG $80.0 million Facility, as previously announced, and an amount of $80.0 million was drawn on March 30, 2026, which was used to refinance the then-existing NBG $151.1 million Facility and prepay the $49.9 million loan outstanding thereunder. The NBG $80.0 million Facility will mature four years after the drawdown and will be secured by first-priority mortgages on 14 vessels.

In April 2026, we prepaid the total outstanding amount of $48.8 million under the CEXIM $106.5 million Facility. We also signed an amendment for the Nordea $50.0 million Facility which provides for a lower margin and an extension of the final repayment date from July 2028 to January 2031.

Furthermore, in April 2026 we received credit committee approval from Taipei Fubon Commercial Bank Co., Ltd for a loan amount of up to $80.0 million (the “Fubon $80.0 million Facility”), which is expected to be drawn in the second quarter of 2026. The Fubon $80.0 million Facility will mature seven years after the drawdown and will be secured by first-priority mortgages on two vessels.

Moreover, we are in discussions with ABN to extend the availability period of the ABN Revolving Facility until May 2027.

Upon the completion of the aforementioned refinancings and prepayments, we will have 29 unencumbered vessels.

Vessel Employment Overview

Our TCE rate per day1 per main vessel category was as follows:

Amounts shown throughout the press release and variations in period–over–period comparisons are derived from the actual unaudited numbers in our books and records. Reference to per share figures below are based on 111,810,357 and 117,431,435 weighted average diluted shares for the first quarter of 2026 and 2025, respectively.

First Quarter 2026 and 2025 Results

For the first quarter of 2026, we had net income of $58.5 million, or $0.52 earnings per share, compared to net income for the first quarter of 2025 of $0.5 million, or $0.00 earnings per share. Adjusted Net income, which excludes certain non-cash items, was $63.0 million, or $0.56 earnings per share, for the first quarter of 2026, compared to an Adjusted Net loss of $7.7 million, or $0.07 loss per share for the first quarter of 2025.

Adjusted EBITDA, which excludes certain non-cash items, was $114.3 million for the first quarter of 2026, compared to $49.0 million for the first quarter of 2025.

Net cash provided by operating activities for the first quarter of 2026 was $112.4 million, compared to $48.5 million for the first quarter of 2025.

Voyage revenues increased to $281.2 million for the first quarter of 2026, from $230.7 million for the first quarter of 2025, despite the decrease in the average number of vessels in our fleet to 135.4 from 150.7, primarily due to the higher charter rates prevailing during the recent period, as also reflected in the increase in the TCE rate1 to $18,493 for the first quarter of 2026, compared to $12,439 for the first quarter of 2025.

TCE revenues1 for the first quarters of 2026 and 2025 were $214.1 million and $159.3 million, respectively. In addition to higher charter rates mentioned above, the increase in TCE revenues was attributable to a lesser extent to lower charter-in hire expenses in the first quarter of 2026 compared to the first quarter of 2025, as discussed below.

Charter-in hire expenses for the first quarter of 2026 decreased to $14.5 million, compared with $15.9 million in the first quarter of 2025. This decrease was primarily attributable to a decrease in charter-in days to 947 in the first quarter of 2026 from 1,072 in the corresponding period in 2025, which was partially offset by the increase in weighted average charter-in hire rates.

Vessel operating expenses for the first quarters of 2026 and 2025 amounted to $61.8 million and $67.9 million, respectively. The decrease in our operating expenses was primarily driven by the decrease in the average number of vessels in our fleet. Daily operating expenses per vessel, excluding pre-delivery expenses due to change of management, amounted to $5,045 for the first quarter of 2026 compared to $4,898 for the corresponding period of 2025.

Dry docking expenses for the first quarter of 2026 were $19.6 million, compared to $24.7 million for the corresponding period in 2025. During the first quarter of 2026, 10 vessels completed their scheduled periodic dry docking surveys, including 3 dry dockings that commenced in the fourth quarter of 2025. During the first quarter of 2025, 14 vessels completed their scheduled periodic dry docking surveys. The decrease in dry docking expenses, apart from the lower number of vessels that underwent and completed dry docking surveys in the recent quarter, reflects the timing differences in the commencement and completion of dry dockings across quarters.

General and administrative expenses for the first quarters of 2026 and 2025 were $14.5 million and $15.3 million, respectively, which included share-based compensation of $1.9 million and $1.6 million, respectively. Vessel management fees in the first quarter of 2026 amounted to $5.5 million compared to $5.6 million for the corresponding period in 2025. Our daily net cash general and administrative expenses per vessel (including management fees and excluding share-based compensation and other non-cash charges) for the first quarter of 2026 amounted to $1,375 compared to $1,319 for the corresponding period of 2025. The increase in the daily figures was primarily attributable to a) the higher EUR/USD exchange rate prevailing during the recent quarter ($1.170 average EUR/USD rate in the first quarter of 2026 versus $1.052 average EUR/USD rate in the first quarter of 2025) and b) the fact that we had 15 fewer vessels on average during the first quarter of 2026 versus the first quarter of 2025.

Depreciation expense decreased to $39.6 million for the first quarter of 2026 compared to $43.0 million for the corresponding period in 2025. The decrease is driven by the decrease in the average number of vessels in our fleet, as discussed above.

1 Please see the table at the end of this release for the calculation of the Daily TCE Rate and TCE Revenues and the reconciliation to Voyage Revenues.

During the first quarter of 2026, we recognized a net loss on forward freight agreements (“FFAs”) and bunker swaps of $2.9 million, consisting of an unrealized loss of $3.1 million and a realized gain of $0.2 million. During the first quarter of 2025, we recognized a gain on FFAs and bunker swaps of $2.9 million, consisting of an unrealized gain of $2.1 million and a realized gain of $0.8 million.

Other operational gain for the first quarter of 2026 amounted to $0.7 million and primarily relates to various insurance claims. Other operational gain for the first quarter of 2025 amounted to $12.0 million, mainly consisting of $2.3 million in insurance proceeds pursuant to a war risk insurance policy in connection with the prolonged detainment of one of our vessels in Ukraine in 2022 and $9.3 million related to the write-off of previously recorded accruals and liabilities that were no longer expected to require settlement.

Interest and finance costs for the first quarters of 2026 and 2025 were $12.9 million and $19.3 million, respectively. The decrease was primarily driven by a reduction in loan interest expense resulting from significantly lower weighted average outstanding indebtedness and reduced weighted average interest rates during the first quarter of 2026.

Interest income and other income/(loss) for the first quarters of 2026 and 2025 amounted to $1.2 million and $4.7 million, respectively. The decrease primarily reflects a foreign exchange loss of $1.8 million incurred during the recent quarter, compared to a foreign exchange gain of $0.9 million incurred during the first quarter of 2025, along with decreased interest income earned during the first quarter of 2026 compared to the corresponding period in 2025.

Unaudited Consolidated Income Statements

Unaudited Consolidated Condensed Balance Sheet Data

Unaudited Consolidated Condensed Cash Flow Data

Summary of Selected Data

(1) Average number of vessels is the number of vessels that constituted our owned fleet for the relevant period, as measured by the sum of the number of days each operating vessel was a part of our owned fleet during the period divided by the number of calendar days in that period.

(2) As of the last day of each period presented.

(3) Average age of our operational fleet is calculated as of the end of each period.

(4) Ownership days are the total calendar days each vessel in the fleet was owned by us for the relevant period, including vessels subject to sale and leaseback transactions and finance leases.

(5) Available days are the Ownership days after subtracting off-hire days for major repairs, dry docking or special or intermediate surveys, change of management and vessels’ improvements and upgrades. Our method of computing Available Days may not necessarily be comparable to Available Days of other companies.

(6) Charter-in days are the total days that we charter-in third party vessels.

(7) Time charter equivalent (“TCE”) rate represents the weighted average daily TCE rates of our operating fleet (including owned fleet and charter-in vessels). TCE rate is a measure of the average daily net revenue performance of our operating fleet. Our method of calculating TCE rate is determined by dividing (a) TCE Revenues, which consists of Voyage Revenues net of voyage expenses, charter-in hire expenses, amortization of fair value of above/below market acquired time charter agreements, if any, as well as adjusted for the impact of realized gain/(loss) on FFAs and bunker swaps by (b) Available days for the relevant time period. Available days do not include the Charter-in days as per the relevant definitions provided above. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well as commissions. In the calculation of TCE Revenues, we also include the realized gain/(loss) on FFAs and bunker swaps as we believe that this method better reflects the chartering result of our fleet and is more comparable to the method used by some of our peers. TCE Revenues and TCE rate, which are non-GAAP measures, provide additional meaningful information in conjunction with Voyage Revenues, the most directly comparable GAAP measure, because they assist our management in making decisions regarding the deployment and use of our vessels and because we believe that they provide useful information to investors regarding our financial performance. TCE rate is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company’s performance despite changes in the mix of charter types (i.e., voyage charters, time charters, bareboat charters and pool arrangements) under which its vessels may be employed between the periods. Our method of computing TCE Revenues and TCE rate may not necessarily be comparable to those of other companies. For a detailed calculation, please see EXHIBIT I at the end of this release with the reconciliation of Voyage Revenues to TCE rate.

(8) We exclude certain expenses that may occur occasionally from our Daily OPEX per vessel, as these are not expected to arise as part of our normal operations on a regular basis. We believe that Daily OPEX per vessel (as adjusted) is a useful measure for our management and investors for period to period comparison of our operating cost performance, as it eliminates the impact of expenses, which may vary from period to period, are not part of our daily business and are unrelated to overall operating performance. In future periods, we may incur expenses that are the same as or similar to those previously excluded. Vessel operating expenses for the first quarter of 2026 included pre-delivery expenses due to change of management of $0.3 million, compared to $1.5 million of pre-delivery expenses incurred in the first quarter of 2025 due to change of management.

(9) Please see EXHIBIT I at the end of this release for the reconciliation to General and administrative expenses, the most directly comparable GAAP measure. We believe that Daily Net Cash G&A expenses per vessel is a useful measure for our management and investors for period to period comparison of our financial performance, as such measure eliminates the effects of non-cash items which may vary from period to period, are not part of our daily business and are unrelated to overall operating performance. In future periods, we may incur expenses that are the same as or similar to those previously excluded.

EXHIBIT I: Non-GAAP Financial Measures

EBITDA and Adjusted EBITDA Reconciliation

We include EBITDA (earnings before interest, taxes, depreciation and amortization) herein since it is a basis upon which we assess our liquidity position, and we believe that it presents useful information to investors regarding our ability to service and/or incur indebtedness.

To derive Adjusted EBITDA from EBITDA, we exclude non-cash gains/(losses) such as those related to sale of assets, share-based compensation, impairment loss, loss from bad debt, unrealized gain/(loss) on FFAs and bunker swaps, net, equity in income/(loss) of investee, write-off of accruals and current liabilities and other non-cash charges, if any, as such items do not reflect the operational cash inflows and outflows of our fleet and may vary between periods and across companies.

EBITDA and Adjusted EBITDA do not represent and should not be considered as alternatives to cash flow from operating activities or Net income, as determined by United States generally accepted accounting principles, or U.S. GAAP. Our method of computing EBITDA and Adjusted EBITDA may not necessarily be comparable to similarly titled measures used by other companies.

The following table reconciles Net cash provided by/(used in) operating activities to EBITDA and Adjusted EBITDA:

Net Income and Adjusted Net Income Reconciliation and Calculation of Adjusted Earnings Per Share

To derive Adjusted Net income and Adjusted earnings per share from Net income, we exclude non-cash items, as provided in the table below. We believe that Adjusted Net income and Adjusted earnings per share assist our management and investors by increasing the comparability of our performance from period to period since each such measure eliminates the effects of non-cash items, such as share-based compensation, gain/(loss) on sale of assets and debt extinguishment, unrealized gain/(loss) on derivatives, impairment loss, loss from bad debt, write-off of accruals and current liabilities, equity in income / (loss) of investee and other non-cash charges, if any, which may vary from period to period and are unrelated to overall operating performance. In addition, we believe that the presentation of these measures provides investors with supplemental data relating to our results of operations, and therefore, with a more complete understanding of the factors affecting our business than with GAAP measures alone. Our method of computing Adjusted Net income and Adjusted earnings per share may not necessarily be comparable to similarly titled measures used by other companies. In future periods, we may incur expenses that are the same as or similar to those previously excluded, as described above.