Star Bulk Carriers Corp. (SBLK) reported that its fourth quarter net loss amounted to $1.4 million, or a loss of $0.26 per share, compared to a net loss amounted to $69.9 million, or $13.04 loss per share in the fourth quarter of 2011.
Excluding non-cash items, net income for the fourth quarter of 2012 would amount to $0.3million, or $0.05 earnings per share. Excluding non-cash items, net loss for the fourth quarter of 2011 would amount to $3.1 million, or $0.58 loss per share.
Net Loss for the fourth quarter of 2011 included Impairment loss of $62.0 million or $11.57 per share, amounting to $31.3 million for Capesize vessel, the Star Sigma and $30.7 million for Capesize vessel, the Star Ypsilon.
For the fourth quarter of 2012, total voyage revenues amounted to $17.7 million compared to $28.6 million for the fourth quarter of 2011, a reduction of 38%. This decrease was mainly attributed to the lower charter rates for some of our vessels due to the decline in the dry bulk charter market.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.61 per share on revenues of $16.85 million for the quarter. Analysts' estimates typically exclude special items.
Furthermore, the company announced that the Company has entered into an agreement to sell the Star Sigma, a 184,403 dwt Capesize vessel, built 1991, to a third party for a contracted sale price of $9.0 million. The Company plans to deliver the vessel to the buyers within April 2013.
The company said it has agreed to sell our oldest Capesize vessel, the Star Sigma, for scrap, at a contracted price of $9.0 million, which will assist in deleveraging of our balance sheet and further relaxation of our principal amortization requirements for 2013 and 2014. Following the sale of Star Sigma, the coverage of our capesize fleet is at 88% for 2013 at an average gross rate of $23,650.
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