Boston, MA 10/01/2013 (wallstreetpr) – According to Zacks, Star Bulk Carriers Corp. (NASDAQ:SBLK) is the number one global shipping company that is engaged in transporting major bulk items like coal, steel, iron ore, grain and fertilizer. The company owns 8 Supramax ships, 5 Capesize and also administers 6 other dry bulk vessels for third party. In addition to this, Star Bulk has also been sub contracted for managing 7 product tankers.
Star Bulk is expanding each day and now has entered in to agreements to build 2 Capesize dry bulk vessels weighing 180000 dead weight ton. These Capesizes are to be delivered by 4Q2015 and 1Q 2016. The company also has letters of intent for building 2 Ultramax dry bulk vessels weighing 60000 deadweight ton to be delivered by 2015. It is anticipated that all these new vessels will consume eight times lesser fuel than the other conventional models at slow steaming. At higher speeds, the fuel savings could double.
One of the most important factor that makes Star Bucks as number 1 rank holder for Zacks is the upward reconsideration of 2013 and 2014 estimation of earnings per share. Over the past 30 days, the earnings per share estimate for Zacks has increased $0.73 to $0.57 and similarly, the 2014 viewpoint has increased $0.74 to $0.43 over the same time span. The viewpoint for profits has changed from loss to profit. The company also has a positive history of sharing positive earnings and the company has surpassed the earnings estimates 15 consecutive quarters.
Star Bulk Carriers Corp has specified that its total fleet coverage for this year is around 86% and for the year 2014, it will be around 21%. The company is also looking forward for getting good prospects in the Chinese coal import market.
