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GRIN - Star Bulk VS. Grindrod And Golden Ocean: A Comparison Between Peers
Grindrod Shipping Holdings Ltd.
I estimate a 1Q 2022 TCE per day of $26397 and 1Q 2021 revenue of $316 million for Star Bulk Carriers.
Using the new quarterly data, I updated my valuation on Star Bulk to $30 per share.
As long as time charter rates go up, Star Bulk can operate better than GRIN and GOGL in the upcoming quarters.
Compared with GOGL’s fleet average age of six years and GRIN’s fleet average age of six years, Star Bulk’s fleet average age could turn to a problem in the long term.