The following management’s discussion and analysis of financial condition and results of operations should be read in conjunction with “Item 4. Information on the Company-B. Business Overview” and our historical consolidated financial statements and accompanying notes included elsewhere in this annual report. This discussion contains forward-looking statements that reflect our current views with respect to future events and financial performance. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors, such as those set forth in “Item 3. Key Information-D. Risk Factors” and elsewhere in this annual report. We are a global shipping company with extensive operational experience that owns and operates a fleet of dry bulk carrier vessels. Our vessels transport a broad range of major and minor bulk commodities, including ores, coal, grains and fertilizers, along worldwide shipping routes. A. Operating Results We deploy our vessels on a mix of short to medium 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. Key Performance Indicators Our business consists primarily of: · employment and operation of dry bulk vessels constituting our operating fleet; and · management of the financial, general and administrative elements involved in the conduct of our business and ownership of dry bulk vessels constituting our operating fleet. The employment and operation of our vessels require the following main components: · vessel maintenance and repair; · crew selection and training; · vessel spares and stores supply; · contingency response planning; · onboard safety procedures auditing; · accounting; · vessel insurance arrangement; · vessel chartering; · vessel security training and security response plans pursuant to the requirements of the ISPS Code; · obtaining ISM Code certification and audits for each vessel within the six months of taking over a vessel; · vessel hire management; 50 Table of Contents · vessel surveying; and · vessel performance monitoring. The management of financial, general and administrative elements involved in the conduct of our business and ownership of our vessels requires the following main components: · management of financial resources, including banking relationships (i.e. administration of bank loans and bank accounts); · management of our accounting system and records and financial reporting; · administration of the legal and regulatory requirements affecting our business and assets; and · management of the relationships with our service providers and customers. The principal factors that affect our profitability, cash flows and shareholders’ return on investment include: · charter rates and duration of our charters; · age, condition and specifications of our vessels; · levels of vessel operating expenses; · depreciation and amortization expenses; · fuel costs; · financing costs; and · fluctuations in foreign exchange rates. We believe that the important measures for analyzing trends in the results of operations consist of the following: · 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. · Ownership days are the total number of 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. · Available days for the fleet 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. The available days for the years ended December 31, 2021, 2022 and 2023 were also decreased by off-hire days relating to disruptions in connection with crew changes as a result of COVID-19. Our method of computing Available Days may not necessarily be comparable to Available Days of other companies due to differences in methods of calculation. · Charter-in days are the total days that we charter-in vessels not owned by us. · Time charter equivalent rate represents the weighted average daily TCE rates of our operating fleet (including owned fleet and fleet under charter-in arrangements) (please refer below for its detailed calculation). · Daily operating expenses: Average daily operating expenses per vessel are calculated by dividing vessel operating expenses by Ownership days. 51 Table of Contents The following table presents selected consolidated financial and other data of Star Bulk for each of the five years in the five-year period ended December 31, 2025. The table should be read together with “Item 5. Operating and Financial Review and Prospects.” Excluding fleet data, the selected consolidated financial data of Star Bulk is a summary of, is derived from, and is qualified by reference to, our audited consolidated financial statements and notes thereto, which have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). Our audited consolidated income statements, statements of shareholders’ equity and cash flows for the years ended December 31, 2023, 2024 and 2025 and the consolidated balance sheets at December 31, 2024 and 2025, together with the notes thereto, are included in “Item 18. Financial Statements” and should be read in their entirety. The historical results included below and elsewhere in this document are not necessarily indicative of the future performance of Star Bulk. 52 Table of Contents CONSOLIDATED INCOME STATEMENT (In thousands of U.S. Dollars, except per share and share data) 2021 2022 2023 2024 2025 Voyage revenues $ 1,427,423 $ 1,437,156 $ 949,269 $ 1,265,458 $ 1,042,499 Voyage expenses 226,111 286,534 253,843 266,225 215,015 Charter-in hire expenses 14,565 21,020 17,656 58,003 63,466 Vessel operating expenses 208,661 228,616 221,327 274,991 269,163 Dry docking expenses 30,986 47,718 41,969 62,728 92,201 Depreciation 152,640 156,733 138,429 164,055 168,277 Management fees 19,489 19,071 16,809 18,956 23,180 General and administrative expenses 39,500 56,826 54,413 70,778 70,542 Loss on bad debt 629 677 300 308 — (Gain)/ Loss on forward freight agreements and bunker swaps, net (3,564) 1,451 1,336 4,033 (4,944) Impairment loss — — 17,838 1,800 — Loss on write-down of inventory - 17,326 9,318 6,286 — Other operational loss 2,214 2,380 952 2,326 5,421 Other operational gain (2,110) (8,794) (33,980) (4,740) (15,005) (Gain)/Loss on time charter agreement termination (1,102) — — — — (Gain) / Loss on sale of vessels - - (29,399) (43,287) 18,313 688,019 829,558 710,811 882,462 905,629 Operating income / (loss) 739,404 607,598 238,458 382,996 136,870 Interest and finance costs (56,036) (52,578) (71,319) (91,827) (71,225) Interest income and other income / (loss) 315 7,050 15,228 16,378 18,887 Gain / (loss) on derivative financial instruments, net - - (3,539) (1,861) 980 Gain / (loss) on debt extinguishment, net (3,257) 4,064 (5,149) (1,144) (431) Total other expenses, net (58,978) (41,464) (64,779) (78,454) (51,789) Income before taxes and equity in income/ (loss) of investee $ 680,426 $ 566,134 $ 173,679 $ 304,542 $ 85,081 Income tax (expense)/ refund (16) (244) (183) 116 — Income / (Loss) before equity in income/ (loss) of investee 680,410 565,890 173,496 304,658 85,081 Equity in income/ (loss) of investee 120 109 60 (4) (907) Net income / (loss) 680,530 565,999 173,556 304,654 84,174 Earnings / (loss) per share, basic $ 6.73 $ 5.54 $ 1.76 $ 2.85 $ 0.73 Earnings / (loss) per share, diluted 6.71 5.52 1.75 2.80 0.73 Weighted average number of shares outstanding, basic 101,183,829 102,153,255 98,457,929 106,883,330 115,002,721 Weighted average number of shares outstanding, diluted 101,479,072 102,536,966 98,928,011 108,702,988 115,420,379 53 Table of Contents SELECTED CONSOLIDATED BALANCE SHEET DATA AND OTHER FINANCIAL DATA 2021 2022 2023 2024 2025 Cash and cash equivalents $ 450,285 $ 269,754 $ 227,481 $ 425,066 $ 488,511 Current Assets 682,924 502,092 454,397 658,973 683,345 Vessels and other fixed assets, net 3,013,038 2,881,551 2,539,743 3,208,357 2,874,947 Advances for vessels under construction — — — 27,526 87,277 Total assets 3,754,719 3,433,624 3,028,255 4,086,378 3,805,385 Current liabilities (including current portion of long-term bank loans and short-term lease financing) 290,796 282,555 359,363 399,812 383,677 Total long-term bank loans including long term lease financing, excluding current portion, net of unamortized loan and lease issuance costs 1,334,593 1,103,233 985,247 1,047,659 843,360 Common shares 1,023 1,029 840 1,142 1,134 Total Shareholders’ equity 2,080,018 2,019,342 1,660,070 2,481,775 2,449,263 Total liabilities and shareholders’ equity $ 3,754,719 $ 3,433,624 $ 3,028,255 $ 4,086,378 $ 3,805,385 2021 2022 2023 2024 2025 Dividends declared ($2.25, $6.50, $1.57, $2.50 and $0.30) 230,473 668,464 158,052 277,008 34,375 Net cash provided by/(used in) operating activities 767,071 769,898 335,777 471,154 295,936 Net cash provided by/(used in) investing activities (121,263) (20,872) 235,518 356,178 101,155 Net cash provided by/(used in) financing activities (368,068) (935,953) (595,889) (648,202) (336,037) 54 Table of Contents FLEET DATA 2021 2022 2023 2024 2025 Average number of vessels 125.4 128.0 123.3 144.3 144.3 Total ownership days for fleet 45,759 46,720 44,999 52,796 52,654 Total available days for fleet 44,059 44,207 43,357 50,649 50,031 Charter-in days for fleet 571 913 756 2,974 3,841 AVERAGE DAILY RESULTS (In U.S. Dollars) Time charter equivalent $ 26,978 $ 25,461 $ 15,824 $ 18,392 $ 15,360 Vessel operating expenses 4,560 4,893 4,919 5,209 5,112 Time Charter Equivalent Rate (TCE rate) Time charter equivalent rate (the “TCE rate”) represents the weighted average daily TCE rates of our operating fleet (including owned fleet and fleet under charter-in arrangements). 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) voyage revenues (net of voyage expenses, charter-in hire expenses and 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 forward freight agreements (“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. In the calculation of TCE rates, 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 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 rate may not necessarily be comparable to TCE rates of other companies due to differences in methods of calculation. We include TCE rate, a non-GAAP measure, as it provides additional meaningful information in conjunction with voyage revenues, the most directly comparable GAAP measure, and it assists our management in making decisions regarding the deployment and use of our operating vessels and assists investors and our management in evaluating our financial performance. 55 Table of Contents The following table reflects the calculation and reconciliation of TCE rate to voyage revenues as reflected in the consolidated income statement: Year ended December 31, 2023 Year ended December 31, 2024 Year ended December 31, 2025 Voyage revenues $ 949,269 $ 1,265,458 $ 1,042,499 Less: Voyage expenses (253,843) (266,225) (215,015) Charter-in hire expenses (17,656) (58,003) (63,466) Realized gain/(loss) on FFAs/bunker swaps 8,326 (9,704) 4,455 Total $ 686,096 $ 931,526 $ 768,473 Available days 43,357 50,649 50,031 Daily Time Charter Equivalent Rate (“TCE”) $ 15,824 $ 18,392 $ 15,360 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. 56 Table of Contents 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. Impairment Loss When indicators of impairment are present for the Company’s vessels and the undiscounted cash flows estimated to be generated by those vessels are less than their carrying value, the carrying value is reduced to its estimated fair value and the difference is recorded under “Impairment loss”. Furthermore, vessels agreed to be sold or actively marketed as of the end of the reporting period are measured at the lower of their carrying amount or fair value less cost to sell and the difference, if any, is recorded under “Impairment loss” in the consolidated income statements. Loss on Write-Down of Inventory Loss on write-down of inventory results from the valuation of the bunkers remaining onboard our vessels following the decrease of bunkers’ net realizable value compared to their historical cost as of each period end. Other Operational Loss and Other Operational Gain Other operational loss and other operational gain include loss and gain, respectively, from all other operating activities which are not related to the principal activities of the Company, such as loss/gain from insurance claims. 57 Table of Contents (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 year. 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 finance 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. Gain/(Loss) on Derivative Financial Instruments, net We may enter into interest rate swap transactions to manage interest costs and risks associated with changing interest rates with respect to our variable interest loans and credit facilities. Interest rate swaps are recorded in the balance sheet as either assets or liabilities, measured at their fair value (Level 2), with changes in such fair value recognized in earnings under “Gain/(Loss) on Derivative Financial Instruments, net”, unless specific hedge accounting criteria are met. When interest rate swaps are designated and qualify as cash flow hedges, the effective portion of the unrealized gains/losses from those swaps is recorded in Other Comprehensive Income / (Loss) while any ineffective portion is recorded under “Gain/(Loss) on Derivative Financial Instruments, net”. Gain/(Loss) on Debt Extinguishment, net The gain or loss arising from the repayment, refinancing, or restructuring of debt before its maturity is recorded under “Gain/(Loss) on Debt Extinguishment, net.” This may include penalties or premiums paid for early repayment, the write-off of unamortized debt issuance costs, the write-off of cumulative gains on hedging instruments previously recognized in equity following the prepayment of the corresponding loans, and any differences between the carrying value of the debt and the amount paid to settle it. 58 Table of Contents Foreign Exchange Fluctuations Please see “Item 11. Quantitative and Qualitative Disclosures about Market Risk.” Year ended December 31, 2025 compared to the year ended December 31, 2024 Voyage revenues and related direct expenses: Voyage revenues for the year ended December 31, 2025 decreased to $1,042.5 million from $1,265.5 million for the year ended December 31, 2024. Voyage expenses for the year ended December 31, 2025 decreased to $215.0 million from $266.2 million for the year ended December 31, 2024 mainly due to lower bunker fuel prices during 2025 compared to 2024, as well as a higher proportion of vessels operating under time charter arrangements, which resulted in decreased voyage expenses in 2025 compared to 2024. The decrease in voyage revenues, although the average number of vessels in our fleet remained the same (144.3) during the relevant periods, was primarily attributable to the decline in charter rates. As a result, TCE rate for the year ended December 31, 2025 decreased to $15,360 compared to $18,392 for the year ended December 31, 2024. Charter-in hire expenses: Charter-in hire expenses increased to $63.5 million for the year ended December 31, 2025 from $58.0 million for the year ended December 31, 2024, mainly due to the increase in charter-in days to 3,841 in the year 2025 from 2,974 in the year 2024. Loss on write-down of inventory: Our results for the year ended December 31, 2025 include a loss on write-down of inventories of nil compared to a loss of $6.3 million included in our results for the year ended December 31, 2024, in connection with the revaluation of the bunkers remaining on board our vessels, as a result of the bunkers’ lower net realizable value compared to their historical cost. Vessel operating expenses: For the years ended December 31, 2025 and 2024, vessel operating expenses were $269.2 million and $275.0 million, respectively. Vessel operating expenses for the year ended December 31, 2025 demonstrated a decrease compared to the corresponding period in 2024, primarily driven by a) a decrease in crew wages and related costs of $4.2 million in connection with the Eagle fleet, reflecting the gradual transition from third-party crew managers to in house management as well as a lower number of crew changes in 2025 compared to the corresponding period in 2024 and b) a decrease in maintenance and various stores expenses of $2.9 million, primarily due to the normalization of previously high operating expenses of Eagle fleet, following the realization of synergies and economies of scale achieved from the Eagle Merger. These decreases were partially offset by an increase in pre-delivery expenses of $2.0 million related to the change of management of certain vessels. Dry docking expenses: Dry docking expenses for the years ended December 31, 2025 and 2024, were $92.2 million and $62.7 million, respectively. The increase was primarily due to a higher number of vessels completing their periodic dry docking surveys during the year ended December 31, 2025, with 52 vessels compared to 38 vessels in the corresponding period in 2024. Depreciation: For the years ended December 31, 2025 and 2024, depreciation expense increased to $168.3 million from $164.1 million. The increase is attributable to the higher average book value of vessels during the year ended December 31, 2025, primarily resulting from the acquisition of the Eagle fleet, compared to the year ended December 31, 2024, although the average number of vessels in our fleet remained the same (144.3) during both periods. Impairment loss: During the year ended December 31, 2025, no impairment loss was incurred. During the year ended December 31, 2024, an impairment loss of $1.8 million was incurred, related to the vessel Bittern, which was actively marketed before year-end and agreed to be sold in February 2025. 59 Table of Contents General and administrative expenses and Management fees: General and administrative expenses for the years ended December 31, 2025 and 2024 remained relatively stable at $70.5 million and $70.8 million, respectively, which included share-based compensation of $17.8 million and $18.3 million, respectively. Management fees for the year ended December 31, 2025 and 2024 were $23.2 million and $19.0 million, respectively. The increase in management fees is primarily attributable to the transition of certain vessels from in-house management to third-party and related-party management. (Gain)/Loss on forward freight agreements and bunker swaps, net: For the year ended December 31, 2025, we incurred a net gain on FFAs and bunker swaps of $4.9 million, consisting of unrealized gain of $0.5 million and realized gain of $4.4 million. For the year ended December 31, 2024, we incurred a net loss on forward freight agreements and bunker swaps of $4.0 million, consisting of unrealized gain of $5.7 million and realized loss of $9.7 million. (Gain)/loss on sale of vessels: Our results for the year ended December 31, 2025, include an aggregate net loss of $18.3 million which resulted from the completion of the sale of vessels (Star Omicron, Strange Attractor, Bittern, Puffin Bulker, Oriole, Star Canary, Star Petrel, Star Georgia, Star Nighthawk, Star Runner, Star Danai, Star Goal, Star Sandpiper, Star Emily and Star Owl). Our results for the year ended December 31, 2024, include an aggregate net gain of $43.3 million which resulted from the completion of the sale of vessels (Big Fish, Star Glory, Pantagruel, Star Bovarius, Big Bang, Star Iris, Star Dorado, Star Audrey, Star Pyxis, Star Paola, Crowned Eagle, Crested Eagle, Stellar Eagle, Star Triumph, Imperial Eagle, Diva and Star Hydrus). Other operational gain: Other operational gain for the year ended December 31, 2025 of $15.0 million, mainly consisting of $2.3 million insurance proceeds pursuant to war risk insurance policy in connection with the prolonged detainment of one of our vessels in Ukraine in 2022, $9.3 million related to the write-off of previously recorded accruals and liabilities that the Company no longer expects to require settlement and $3.3 million derived from various insurance claims. Other operational gain for the year ended December 31, 2024 of $4.7 million mainly related to gains from insurance claims. Interest and finance costs net of interest income and other income/(loss): Interest and finance costs net of interest income and other income/(loss) for the years ended December 31, 2025 and 2024 were $52.3 million and $75.4 million, respectively. The driving factor for this decrease is the lower weighted average outstanding indebtedness, along with a lower weighted average interest rate during the year ended December 31, 2025, compared to corresponding period in 2024, which was partially offset by the decrease in swap interest income since, as of the third quarter of 2025, we had no interest rate swaps designated as cash flow hedges. Gain/(Loss) on debt extinguishment, net: For the year ended December 31, 2025, we incurred a loss on debt extinguishment of $0.4 million consisting mainly of a $1.1 million write-off of unamortized debt issuance costs and a gain of $0.8 million related to early termination of interest rate swap agreements associated with debt prepaid during the year 2025. For the year ended December 31, 2024, we incurred a loss on debt extinguishment of $1.1 million which was primarily due to the write-off of deferred finance fees associated with debt prepaid during the year 2024. Gain/(Loss) on derivative financial instruments, net: Gain/(Loss) on derivative financial instruments, net for the year ended December 31, 2025 mainly included a gain of $1.0 million associated with interest rate swaps that do not meet the hedging relationship criteria. The relevant amount for the year ended December 31, 2024 was equal to a loss of $1.9 million. Year ended December 31, 2024 compared to the year ended December 31, 2023 For a discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023, please refer to “Item 5. Operating and Financial Review and Prospects” in our Annual Report on Form 20-F for the year ended December 31, 2024, or our “2024 20-F”. Recent Accounting Pronouncements For recent accounting pronouncements that we have evaluated and determined to have an impact on our audited consolidated financial statements, see Note 2 to our audited consolidated financial statements. 60 Table of Contents B. 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 our share price is trading at a significant discount to the estimated net liquidation value of our vessels. 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, and 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 16 to our audited consolidated financial statements included in this annual report for further discussion on our contractual commitments as of December 31, 2025. As of February, 25, 2026, we had total cash of $406.8 million and $950.8 million of outstanding borrowings (including lease financing agreements). We believe that our current cash balance, together with undrawn amounts under our revolving credit facilities with National Bank of Greece S.A. (“NBG”) and ABN AMRO Bank N.V., as well as a net amount of approximately $30.0 million expected to result from the refinancing of the existing NBG facility (please refer to Note 22(g) to our audited consolidated financial statements included in this annual report), 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 ESD, telemetry equipment and other upgrades on our vessels, as well as the remaining contractual commitments for the eight vessels under construction (for details please refer to Note 6 to our audited consolidated financial statements included in this annual report). Furthermore, in April 2025, we entered into the ESUN $130.0 million Facility, for the post-delivery financing of five of our Kamsarmax vessels currently under construction. Finally, following the completion of the refinancing and the prepayments described in Note 22 to our audited consolidated financial statements included in this annual report we have 27 unencumbered vessels, which may be used to secure additional financing if needed to enhance our liquidity. We may seek additional indebtedness to finance future vessel acquisitions and our newbuilding program in order 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 vessels 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 vessels and the selective sale of older ones. These acquisitions and newbuilding contracts will be principally subject to management’s expectation of future market conditions as well as our ability to acquire vessels 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 (see “Item 8. Financial Information––A. Consolidated statements and other financial information—Dividend Policy”). 61 Table of Contents Cash Flows Cash and cash equivalents as of December 31, 2025 were $488.5 million, compared to $425.1 million as of December 31, 2024. We define working capital as current assets minus current liabilities, including the current portion of long-term bank loans and lease financing. Our working capital surplus as of December 31, 2025 and 2024 was $299.7 million and $259.2 million, respectively. The increase in working capital surplus is primarily attributable to an increase in cash and cash equivalents of $63.4 million as of December 31, 2025, compared to prior year’s cash balance, as well as a decrease in current liabilities counterbalanced by lower inventory levels and other current assets as of December 31, 2025 compared to 2024 driven by the lower amount of vessels in our fleet at year-end 2025 compared to 2024. As of December 31, 2025, and 2024, we were required to maintain minimum liquidity, not legally restricted, of $68.0 million and $75.5 million, respectively, which is included within “Cash and cash equivalents” in the 2025 and 2024 balance sheets, respectively. The respective decrease is driven from the lower number of vessels in our fleet at year-end 2025 compared to 2024. In addition, as of December 31, 2025 and 2024, we were required to maintain minimum liquidity, legally restricted, of $13.4 million and of $15.8 million, respectively, which is included within “Restricted cash” in the 2025 and 2024 balance sheets, respectively. The decrease is mainly due to the release of a bank guarantee held in connection with the settlement of a claim during the year ended December 31, 2025. Year ended December 31, 2025 compared to the year ended December 31, 2024 Net Cash Provided By / (Used In) Operating Activities Net cash provided by operating activities for the twelve months ended December 31, 2025 and 2024 was $295.9 million and $471.2 million, respectively. The decrease was primarily driven by lower revenues resulting from the decrease in the average TCE rates and the increased drydocking activity during the year ended December 31, 2025 as compared to the corresponding period in 2024.The decrease was also affected by a negative change in working capital of $15.7 million for the year ended December 31, 2025, compared to a positive change of $0.4 million during the corresponding period in 2024. These factors were partially offset by lower interest and financing costs and interest income, net, during the year ended December 31, 2025 compared to the corresponding period in 2024. Net Cash Provided By / (Used In) Investing Activities Net cash provided by investing activities for the year ended December 31, 2025 was $101.2 million, and net cash provided by investing activities for the year ended December 31, 2024 was $356.2 million. The decrease was mainly attributable to a) the decreased vessel sale proceeds of $174.4 million in the year ended December 31, 2025 compared to the $303.2 million in 2024, b) the $104.3 million in cash received in connection with the Eagle Merger during the year ended December 31, 2024, c) the increased amount of cash paid in connection with the advances for vessels under construction and vessel upgrades of $84.0 million in the year ended December 31, 2025 compared to $55.1 million in 2024, and d) the cash paid regarding investments in debt securities during the year ended December 31, 2025 equal to $1.4 million offset by an increase in hull and machinery proceeds received of $12.2 million during the year ended December 31, 2025 as compared to $3.7 million for the corresponding period in 2024. Net Cash Provided By / (Used In) Financing Activities Net cash used in financing activities decreased to $336.0 million for the year ended December 31, 2025, compared to $648.2 million for the year ended December 31, 2024. The decrease was primarily driven by significantly lower dividends paid during 2025, which amounted to $34.4 million compared to $277.0 million in 2024, as well as lower net cash outflows related to credit facilities of $201.6 million in 2025 compared to $342.0 million in 2024. These decreases were partially offset by increased cash outflows of $98.1 million related to the repurchase of common shares during 2025, compared to $25.3 million in 2024. Year ended December 31, 2024 compared to the year ended December 31, 2023 For a discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023, please refer to “Item 5. Operating and Financial Review and Prospects” in our 2024 20-F. 62 Table of Contents Senior Secured Credit Facilities We operate in a capital intensive industry which requires significant amounts of investment, and we fund a portion of this investment through long-term bank loans and revolving credit facilities. During 2025, we entered into five new senior secured credit facilities, the proceeds of which were generally used to refinance existing indebtedness and to finance working capital requirements, and into one new senior secured credit facility, the ESUN $130.0 million Facility, for the post-delivery financing of five of our Kamsarmax vessels currently under construction. All of the Company’s credit facilities bear interest at SOFR plus a margin. The obligations under our credit facilities are secured by a first-priority ship mortgage on the financed vessels under each facility and general and specific assignments and guaranteed by the Company and its subsidiaries. For a description of all of our Senior Secured Credit Facilities, see Note 9 (Long-term bank loans & Revolving facilities) and Note 22 (Subsequent Events) to our consolidated financial statements included herein for more information. Credit Facilities Covenants: Our outstanding credit facilities generally contain customary affirmative and negative covenants, on a subsidiary level, including limitations to: · pay dividends if there is an event of default under our credit facilities; · incur additional indebtedness, including the issuance of guarantees, refinance or prepay any indebtedness, unless certain conditions exist; · create liens on our assets, unless otherwise permitted under our credit facilities; · change the flag, class or management of our vessels or terminate or materially amend the management agreement relating to each vessel; · acquire new or sell vessels, unless certain conditions exist; · merge or consolidate with, or transfer all or substantially all our assets to, another person; or · enter into a new line of business. Furthermore, our credit facilities contain financial covenants requiring us to maintain various financial ratios, including among others: · a minimum percentage of vessel value to secured loan amount (security cover ratio or “SCR”); · a maximum ratio of total liabilities to market value adjusted total assets; · a minimum liquidity; and · a minimum market value adjusted net worth. As of December 31, 2025, we were in compliance with the applicable financial and other covenants contained in our debt agreements. Bareboat Lease Agreements Our bareboat lease agreements contain financial covenants similar to those included in our credit facilities, as described above. For a description of all of our Bareboat Lease Agreements, see Note 8 (Lease financing), to our consolidated financial statements included herein for more information. C. Research and Development, Patents and Licenses Not Applicable. 63 Table of Contents D. Trend Information Please see “Item 4. Information on the Company––B. Business Overview, “Item 5. Operating and Financial Review and Prospects––A. Operating Results––Key Performance Indicators” and the remaining part of this section “Item 5. Operating and Financial Review and Prospects.” E. Critical Accounting Estimates We make certain estimates and judgments in connection with the preparation of our consolidated financial statements, which are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), that affect the reported amount of assets and liabilities, revenues and expenses and related disclosure of contingent assets and liabilities at the date of our consolidated financial statements. Actual results may differ from these estimates under different assumptions or conditions. Critical accounting estimates are those that reflect significant judgments or uncertainties, and potentially result in materially different results under different assumptions and conditions. We have described below what we believe are the most critical accounting estimates that involve a high degree of judgment and the methods of their application. For a description of all of our significant accounting policies, see Note 2 (Significant Accounting Policies) to our consolidated financial statements included herein for more information. Impairment of long-lived assets: We follow guidance related to the impairment or disposal of long-lived assets, which addresses financial accounting and reporting for such impairment or disposal. The standard requires that long-lived assets held for use by an entity be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The guidance calls for an impairment loss when the estimate of future undiscounted net operating cash flows, excluding interest charges, expected to be generated by the use and eventual disposition of the asset is less than its carrying amount to the extent that its carrying amount is higher than its fair market value. The impairment loss is determined by the difference between the carrying amount of the asset and the fair value of the asset. The Company determines the fair value of its assets based on management estimates and assumptions and by making use of available market data and taking into consideration agreed sale prices and third-party valuations. In this respect, management regularly reviews the carrying amount of each vessel, including newbuilding contracts, if any, when events and circumstances indicate that the carrying amount of a vessel or a newbuilding contract might not be recoverable (such as vessel sales and purchases, business plans, obsolescence or damage to the asset and overall market conditions). Based on the same accounting standard, management also is required to test carrying amount of its right-of-use assets when events or changes in circumstances indicate that their carrying amount may not be recoverable (such as a significant decrease in the market price of a similar asset, a significant change in the manner in which the asset is being used and historical operating cash flow losses or forecast that demonstrates continuing losses associated with the use of the asset), using the same methodology with the other group of assets described below. When impairment indicators are present, we determine if the carrying value of each asset is recoverable by comparing (A) the future undiscounted net operating cash flows for each asset, using a probability weighted approach between the Value-In-Use method and the fair market value of the vessel when alternative courses of action are under consideration (i.e. sale or continuing operation of a vessel), to (B) the carrying value for such asset. Our management’s subjective judgment is required in making assumptions and estimates used in forecasting future operating results for this calculation. Such judgment is based on current market conditions, historical industry’s and Company’s specific trends, as well as expectations regarding future charter rates, vessel operating expenses, vessel’s residual value and vessel’s utilization over the remaining useful life of the vessel. These estimates are also consistent with the plans and forecasts used by the management to conduct our business. The future undiscounted net operating cash flows are determined by considering the charter revenues from existing time charters for the fixed vessel days and an estimated daily time charter equivalent rate for the unfixed days over the estimated remaining economic life of each vessel, net of brokerage and address commissions. Estimates of the daily time charter equivalent rate for the unfixed days are based on the prevailing, as of end of each reporting period, FFA rates of the respective calendar year for each of the first three years, average of the FFA rate of the third year and the historical average market rate of similar size vessels for the fourth year, and historical average market rates of similar size vessels for the period thereafter. The expected cash inflows from charter revenues are based on an assumed fleet utilization rate of approximately 96.6% for the unfixed days, also taking into account expected technical off-hire days. In addition, in light of our investment in EGCS, an estimate of an additional daily revenue for each scrubber-fitted vessel was also included, reflecting additional compensation from charterers due to the fuel cost savings that these vessels provide. 64 Table of Contents In assessing expected future cash outflows, management forecasts vessel operating expenses, which are based on our internal budget for the first annual period, and thereafter assume an annual inflation rate of up to 2.4% (escalating to such level during the first three-year period and capped at the tenth year thereafter), management fees and vessel expected maintenance costs (for dry docking and special surveys), as well as expected costs for the installations of ESD and other upgrades, where applicable. The estimated salvage value of each vessel is $400 per light weight ton, in accordance with our vessel depreciation policy. We use a probability weighted approach for developing estimates of future cash flows used to test our vessels for recoverability when alternative courses of action are under consideration (i.e. sale or continuing operation of a vessel). If our estimate of future undiscounted net operating cash flows for any vessel is lower than the vessel’s carrying value, the carrying value is written down to the vessel’s fair market value with a charge recorded in earnings. Using the framework for estimating future undiscounted net operating cash flows described above, we completed our impairment analysis for the years ended December 31, 2024 and 2025, for those vessels held for use whose carrying values were above their respective market values. Our impairment analysis as of December 31, 2024 and 2025, indicated that the carrying amount of our vessels was recoverable, and therefore concluded that no impairment charge was necessary. Although we believe that the assumptions used to evaluate potential asset impairment are based on historical trends and are reasonable and appropriate, such assumptions are highly subjective. To minimize such subjectivity, our analysis for the year ended December 31, 2025 also involved sensitivity analysis to the model input we believe is most important, being the historical rates. In particular, in terms of our estimates for the charter rates for the unfixed period, we consider that the FFA as of December 31, 2025, which is applied in our model for the first three years period, approximates the levels of charter rates at which the Company could fix all of its unfixed vessels currently, should management opt for a fully hedged chartering strategy over the next three years. We, however, sensitized our model with regards to freight rate assumptions for the unfixed period beyond the first three years and until the end of the remaining useful life. Our sensitivity analysis revealed that, to the extent the historical rates would not decline by more than a range of 29% to 46%, depending on the vessel, we would not be required to recognize additional impairment. Our Fleet - Illustrative Comparison of Possible Excess of Carrying Value over Estimated Charter-Free Market Value of Certain Vessels In “Item 5. Operating and Financial Review and Prospects—E. Critical Accounting Estimates—Impairment of long-lived assets,” we discuss our policy for impairing the carrying values of our vessels. During the past few years, the market values of vessels have experienced particular volatility, with substantial declines in many vessel classes. As a result, the charter-free market value, or basic market value, of certain of our vessels may have declined below those vessels’ carrying value. We would, however, not impair those vessels’ carrying value under our accounting impairment policy, due to our belief that future undiscounted net operating cash flows expected to be earned by such vessels over their operating lives would exceed such vessels’ carrying amounts. The table set forth below indicates: (i) the carrying value of each of our vessels as of December 31, 2024 and 2025, and (ii) which of our vessels we believe have a market value below their carrying value. As of December 31, 2025, we have 2 out of our 136 operating vessels (6 out of 151 of our operating vessels as of December 31, 2024) that we believe have a market value below their carrying value. The aggregate difference between the carrying value of these vessels and their market value of $0.3 million ($4.0 million in 2024), represents the amount by which we believe we would have to reduce our net income if we sold these vessels in the current environment, on industry standard terms, in cash transactions, and to a willing buyer where we are not under any compulsion to sell, and where the buyer is not under any compulsion to buy. For purposes of this calculation, we have assumed that the vessels would be sold at a price that reflects our estimate of their charter-free market values as of December 31, 2025. However, we are not holding our vessels for sale, unless expressly stated. Our estimates of charter-free market value assume that our vessels are all in good and seaworthy condition without need for repair and if inspected would be certified in class without notations of any kind. Our estimates are based on information available from various industry sources, including: · reports by industry analysts and data providers that focus on our industry and related dynamics affecting vessel values; · news and industry reports of similar vessel sales; 65 Table of Contents · news and industry reports of sales of vessels that are not similar to our vessels, where we have made certain adjustments in an attempt to derive information that can be used as part of our estimates; · approximate market values for our vessels or similar vessels that we have received from shipbrokers, whether solicited or unsolicited, or that shipbrokers have generally disseminated; · offers that we may have received from potential purchasers of our vessels; and · vessel sale prices and values of which we are aware through both formal and informal communications with ship owners, shipbrokers, industry analysts and various other shipping industry participants and observers. As we obtain information from various industry and other sources, our estimates of charter-free market value are inherently uncertain. In addition, vessel values are highly volatile; as such, our estimates may not be indicative of the current or future charter-free market value of our vessels or prices that we could achieve if we were to sell them. Vessel Name DWT Year Built Carrying Value as of December 31, 2024 (in millions of U.S dollars) Carrying Value as of December 31, 2025 (in millions of U.S dollars) Goliath 209,537 2015 44 43 Gargantua 209,529 2015 44 42 Star Gina 2GR 209,475 2016 31 30 Maharaj 209,472 2015 45 43 Star Leo 207,939 2018 43 41 Star Laetitia 207,896 2017 40 39 Star Ariadne 207,812 2017 44 43 Star Virgo 207,810 2017 42 40 Star Libra 207,765 2016 42 41 Star Sienna 207,721 2017 40 39 Star Marisa 207,709 2016 43 42 Star Karlie 207,566 2016 41 40 Star Eleni 207,555 2018 38 37 Star Magnanimus 207,526 2018 46 44 Debbie H 206,861 2019 43 42 Star Ayesha 206,852 2019 44 43 Katie K 206,839 2019 43 42 Leviathan 182,511 2014 28 27 Peloreus 182,496 2014 28 27 Star Claudine 181,258 2011 26 25 Star Ophelia 180,716 2010 24 23 Star Pauline 180,274 2008 21 20 Star Martha 180,274 2010 29 27 Star Lyra 179,147 2009 22 21 Star Borneo 178,978 2010 19 19 Star Bueno 178,978 2010 18 19 Star Marilena 178,978 2010 18 19 Star Janni 178,978 2010 21 21 Star Marianne 178,906 2010 19 19 Star Angie 177,931 2007 23 ** 21 Kymopolia 176,990 2006 21 ** 19 Star Scarlett 175,649 2014 30 29 Star Eva 106,659 2012 18 17 Amami 98,681 2011 20 19 Madredeus 98,681 2011 20 19 66 Table of Contents Vessel Name DWT Year Built Carrying Value as of December 31, 2024 (in millions of U.S dollars) Carrying Value as of December 31, 2025 (in millions of U.S dollars) Star Sirius 98,681 2011 20 19 Star Vega 98,681 2011 21 19 * Star Aphrodite 92,006 2011 17 16 Star Piera 91,951 2010 16 15 Star Despoina 91,951 2010 16 15 Star Electra 83,494 2011 17 16 Star Angelina 82,981 2006 13 ** 12 Star Gwyneth 82,790 2006 14 ** 13 Star Kamila 82,769 2005 12 10 Star Luna 82,687 2008 13 12 Star Bianca 82,672 2008 13 12 Pendulum 82,619 2006 13 12 Star Maria 82,598 2007 12 11 Star Markella 82,594 2007 13 12 Star Danai (1) 82,574 2006 12 - Star Jeannette 82,566 2014 21 20 Star Elizabeth 82,403 2021 24 23 Star Georgia (1) 82,298 2006 11 - Star Sophia 82,269 2007 12 11 Star Mariella 82,266 2006 12 11 Star Moira 82,257 2006 11 10 Star Nina 82,224 2006 10 9 Star Renee 82,221 2006 10 10 Star Nasia 82,220 2006 13 12 Star Laura 82,209 2006 10 9 Star Mona 82,188 2012 18 17 Star Helena 82,187 2006 10 9 Star Astrid 82,158 2012 17 16 Star Alessia 81,944 2017 24 23 Star Calypso 81,918 2014 20 19 Star Suzanna 81,711 2013 14 14 Star Charis 81,711 2013 14 13 Mercurial Virgo 81,545 2013 19 19 * Stardust 81,502 2011 17 16 Star Sky 81,466 2010 16 15 67 Table of Contents Vessel Name DWT Year Built Carrying Value as of December 31, 2024 (in millions of U.S dollars) Carrying Value as of December 31, 2025 (in millions of U.S dollars) Star Lambada 81,272 2016 20 19 Star Carioca 81,262 2015 19 18 Star Capoeira 81,253 2015 19 18 Star Macarena 81,198 2016 20 19 Star Lydia 81,187 2013 19 18 Star Nicole 81,120 2013 19 18 Star Virginia 81,061 2015 21 20 Star Genesis 80,705 2010 16 15 Star Flame 80,448 2011 16 16 Star Emily (1) 76,417 2004 10 - Star Cape Town 63,707 2015 23 22 Star Vancouver 63,670 2020 28 28 Star Oslo 63,655 2015 23 22 Star Rotterdam 63,629 2017 26 24 Star Halifax 63,618 2020 28 27 Star Helsinki 63,605 2015 23 22 Star Gibraltar 63,576 2015 22 21 Star Valencia 63,556 2015 23 22 Star Dublin 63,550 2015 23 22 Star Santos 63,536 2015 23 22 Star Antwerp 63,530 2015 23 22 Star Sydney 63,523 2015 24 23 Star Copenhagen 63,495 2015 23 22 Star Hong Kong 63,472 2016 25 24 Idee Fixe 63,458 2015 22 21 Star Shanghai 63,438 2016 25 24 Star Roberta 63,426 2015 23 21 Laura 63,399 2015 22 22 Star Singapore 63,386 2017 26 24 Star Westport 63,344 2015 23 23 Star Hamburg 63,334 2014 23 ** 22 Star Fairfield 63,301 2013 22 20 Star Greenwich 63,301 2013 22 20 Star Groton 63,301 2013 22 20 Star Madison 63,301 2013 22 20 68 Table of Contents Vessel Name DWT Year Built Carrying Value as of December 31, 2024 (in millions of U.S dollars) Carrying Value as of December 31, 2025 (in millions of U.S dollars) Star Mystic 63,301 2013 22 20 Star Rowayton 63,301 2013 21 20 Star Southport 63,301 2013 21 20 Star Stonington (2) 63,301 2012 21 ** 20 Kaley 63,283 2015 23 22 Star Stockholm 63,275 2016 25 24 Kennadi 63,262 2016 23 23 Mackenzie 63,226 2016 15 15 Star New London 63,140 2015 24 23 Star Apus 63,123 2014 16 15 Star Subaru 61,571 2015 17 16 Star Stamford 61,530 2016 25 23 Star Wave 61,491 2017 22 21 Star Challenger 61,462 2012 20 19 Star Fighter 61,455 2013 20 19 Star Lutas 61,347 2016 22 21 Honey Badger 61,320 2015 22 21 Wolverine 61,292 2015 23 22 Star Antares 61,258 2015 21 21 Star Tokyo 61,225 2015 25 24 Star Monica 60,935 2015 21 20 Star Aquarius 60,916 2015 18 17 Star Pisces 60,916 2015 17 17 Star Nighthawk (1) 57,809 2011 15 - Oriole (1) 57,809 2011 15 - Owl (1) 57,809 2011 15 - Petrel Bulker (1) 57,809 2011 15 - Puffin Bulker (1) 57,809 2011 15 - Star Runner (1) 57,809 2011 15 - Star Sandpiper (1) 57,809 2011 15 - Crane 57,809 2010 14 13 Egret Bulker 57,809 2010 14 13 Gannet Bulker 57,809 2010 14 13 Grebe Bulker 57,809 2010 14 13 Ibis Bulker 57,809 2010 14 13 69 Table of Contents Vessel Name DWT Year Built Carrying Value as of December 31, 2024 (in millions of U.S dollars) Carrying Value as of December 31, 2025 (in millions of U.S dollars) Jay 57,809 2010 14 13 Kingfisher 57,809 2010 14 13 Martin 57,809 2010 14 13 Bittern (1) 57,809 2009 11 - Star Canary (1) 57,809 2009 13 - Star Cleo 56,582 2013 12 11 Star Pegasus 56,540 2013 12 11 Star Goal (1) 55,989 2010 16 - Strange Attractor (1) 55,742 2006 12 - Star Bright 55,569 2010 11 11 Star Omicron (1) 53,489 2005 9 - 3,208 (3) 2,873 (4) (1) Vessel agreed to be sold and delivered to her new owners during the year ended December 31, 2025, as further described in Note 6 of our audited consolidated financial statements. (2) Vessel agreed to be sold as of December 31, 2025 and delivered to her new owners during the first quarter of 2026, as further described in Note 6 of our audited consolidated financial statements. (3) Total of $3,208 represents carrying values of 151 operating vessels as of December 31, 2024. (4) Total of $2,873 represents carrying values of 136 operating vessels as of December 31, 2025. * Indicates dry bulk carrier vessels for which we believe, as of December 31, 2025, the basic charter-free market value is lower than the vessel’s carrying value. ** Indicates dry bulk carrier vessels for which we believe, as of December 31, 2024, the basic charter-free market value is lower than the vessel’s carrying value. We refer you to the risk factor entitled “A variety of shipping industry factors, including among our competitors, along with general economic conditions may cause a decline in the market values of our vessels which could limit the amount of funds that we can borrow, cause us to breach certain financial covenants in our credit facilities, result in impairment charges or losses on sale” and the discussion herein under the headings “Critical Accounting Estimates—Impairment of long-lived assets”.