10 Oversold Global Stocks To Buy Right Now

7. Star Bulk Carriers Corp. (NASDAQ:SBLK)

14-day RSI Score: 23.85

Number of Hedge Fund Investors In Q3 2024: 24

Star Bulk Carriers Corp. (NASDAQ:SBLK) is a Greece-based dry bulk cargo carrier. The firm transports metals, minerals, fertilizers, grain, and other products with its cargo fleet. As a result, it depends on global economic health and friendlier trade between countries to generate tailwinds. Star Bulk Carriers Corp. (NASDAQ:SBLK)’s shares are down 23% year-to-date as the firm has struggled on several fronts such as attacks on its ships in the Red Sea. However, the fact that it has 153 vessels in its fleet means that Star Bulk Carriers Corp. (NASDAQ:SBLK)  enjoys a significant moat in its industry. The firm’s merger with carrier Eagle Bulk in 2023 also expanded its fleet and allowed it to achieve more than $9 million in synergies. Star Bulk Carriers Corp. (NASDAQ:SBLK) is also aiming to cut down costs by using efficient energy platforms for its operations, and should the cost tailwinds materialize, then the firm’s stock could benefit.

Star Bulk Carriers Corp. (NASDAQ:SBLK)’s management provided details about the new energy initiatives during the Q3 2024 earnings call. Here is what they said:

“Regarding our energy-saving devices retrofit program, we have completed 41 installations, with three more remaining for retrofit by the end of 2024. We plan to retrofit 126 vessels with ESDs within next year. The above numbers are based on current estimates around dry bulk and retrofit planning, lesser employment and yard capacity. Please turn to slide 10, an update on our fleet sales. On a vessel sales front, we continue disposing of vessels opportunistically at historically attractive levels. In 2024, we have sold 13 vessels for total gross proceeds of $233 million, reducing our average age and improving overall fleet efficiency. Following the rollout of the Eagle Bulk existing chartering contracts, we now have a total of 10 chartering vessels.”