By Maria Armental

Star Bulk Carriers Corp.'s profit surged in the latest period and revenue more than doubled amid a supply-chain crunch that has helped dry bulk volumes recover.

Third-quarter profit rose to $220.4 million from $23.3 million a year earlier. On a per-share basis, profit was $2.15, or $2.19 as adjusted.

Total revenue climbed to $415.7 million from $200.2 million a year earlier.

Time charter equivalent revenues, which exclude voyage expenses and other items, also more than doubled to $349.3 million.

Analysts surveyed by FactSet expected an adjusted profit of $2.13 a share and $349 million in TCE revenues.

The global shipping company, which focuses on the transport of dry bulk cargoes, has pointed to strong momentum for dry bulk shippers.

"Despite the short-term volatility, our overall outlook for the dry bulk market remains constructive," Chief Executive Petros Pappas said in a statement, adding: "Strong global growth and increased infrastructure spending has led to a healthy rise in demand for commodities which, combined with a historically low orderbook, create favorable long term dynamics for our industry."

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

11-16-21 1732ET