February 23, 2010 / 10:39 PM / 8 years ago

UPDATE 1-Star Bulk Q4 loss wider than expected

* Q4 adj loss/shr $0.06 vs est loss/shr $0.03

* Q4 rev fell 57 pct to $31.2 mln

* Average TCE rate per day fell 45 pct

Feb 23 (Reuters) - Dry bulk carrier Star Bulk Carriers Corp (SBLK.O) posted a wider-than-expected quarterly loss, hurt by lower charter rates.

The company's net loss for the fourth quarter was $4.6 million, or 7 cents a share, compared with earnings of $50.2 million, or 89 cents a share, in the year-ago quarter.

Excluding items, the company posted loss of 6 cents a share.

Revenue fell 57 percent to $31.2 million.

Analysts on an average were looking for loss of 3 cents a share, before items, on revenue of $28.1 million, according to Thomson Reuters I/B/E/S.

Average time charter equivalent rate per day fell 45 percent to $23,012 in the fourth quarter.

Star Bulk shares closed at $2.75 Tuesday on Nasdaq. (Reporting by Arundhati Ramanathan in Bangalore)

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