Star Bulk Carriers Corp. · NASDAQ:SBLK
Star Bulk Carriers — Q2 2018 Earnings Presentation
15 slides from Star Bulk Carriers's earnings presentation, August 2018
Slide 1: Financial Results Q2 2018
NASDAQ: SBLK Financial Results Q2 2018 August 2018 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements Except for the historical information contained herein, this presentation contains among other things, certain forward-looking statements, that involve risks and uncertainties. Such statements may include, without limitation, statements with respect to the Company’s plans,
Slide 3: Q2 2018 Financial Highlights
Q2 2018 Financial Highlights 3-months 3-months Increase / period ended period ended (Decrease) % June 30, 2018 June 30, 2017 Voyage Revenues $132.6m $78.6m 68.7% TCE Revenues $90.0m $61.1m 47.3% EBITDA $49.4m $22.7m - Adjusted EBITDA $52.0m $25.7m 102.2% Net Income/(Loss) $10.7m $(10.3)m - Adjusted
Slide 4: Solid Cash Flow Generation
Solid Cash Flow Generation $400.00 $25m FCF from OTW vessels $60.0 $34.7 $350.00 $44.4 $29.5 $4.5 $300.00 $30.0 $250.00 $0.2 $200.00 $150.00 $264.3 $240.4 $100.00 $50.00 0 Cash at Cash from Regular Proceeds from Balloon CAPEX Q1 2018 Cash Other CFs from Cash at end of Beginning of Operations Repayme
Slide 5: Strong Liquidity Position
Strong Liquidity Position Fleet-wide Net TCE FCF Breakeven Rate (2) Pro Forma Cash & Debt position(1) $21,000 $25,000 $20,000 Total Cash (including minimum liquidity) (1) : $ 232.0 m $14,450 $15,000 $13,000 $10,000 Total Debt & Capital lease obligations(1) : $ 1.49b $11,450 $5,000 $0 Capesize 1y
Slide 6: Continued Operational Excellence
Continued Operational Excellence • For Q2 2018 vessel OPEX were $3,996(1) per vessel per day • Net cash G&A(2) expenses per vessel per day were $1,072 for Q2 2018 • We are consistently in the top 5 dry bulk operators in Rightship Ratings We operate a fleet with one of the lowest average …without com
Slide 7: Industry Leading OPEX H1 2018
Industry Leading OPEX H1 2018 OPEX Benchmarking based on latest published financial statements $10,000 170 ,000 $9,000 138,349 91,548 116,747 120 ,000 110,305 $8,000 89,885 78,091 68,869 70, 000 $7,000 57,348 20, 000 $6,000 $5,248 $4,781 $5,196 (3) $4,840 -30,000 $5,000 $4,473 $4,527 (2) $4,401 (4)
Slide 8: Vessels Fixed on Period Charters
32 Vessels Fixed on Period Charters • We have fixed 32 vessels on period charters: Fleet Employment 2018 2019 Vessel Size Charter Rate 3Q 4Q 1Q 2Q 3Q ABOY Karlie Newcastlemax Redel i very da te: Q4 2020 $18,250 Star Triumph $17,500 ABY Scarlett $12,500 Star Angie Capesize $17,600 Star Aurora $16,050
Slide 9: Dry Bulk Supply Update
Dry Bulk Supply Update • Fleet growth is currently running at +2.1% down from +3.8% during the Dry Bulk Demolition same period in 2017 Million DWT YTD Demolition activity has declined to 2.6 mdwt from 9.9 mdwt during Jan-Jul 2017 YTD Deliveries activity has declined to 17.4 mdwt down from 30.0 m
Slide 10: Dry Bulk Demand Update
Dry Bulk Demand Update Dry Bulk Trade 2014 2015 2016 2017(e) 2018 (f) • Dry Bulk trade seasonally improved during Q2, despite ongoing (Million tons) supply disruptions in Brazil amid strikes Iron ore 1,340 1,364 1,418 1,473 1,512 • Dry bulk demand fundamentals look solid for the rest of the year, Co
Slide 11: Appendix
APPENDIX 11
Slide 12: Diverse Fleet Covering All Segments
Diverse Fleet Covering All Segments Million DWT • Fully delivered fleet of 108 vessels 4.8% Newcastlemax 1.2% 8.1% • 39,420 ownership days on a fully delivered basis 28.9% Capesize • Average age of ~7.4 years Post Panamax Kamsarmax • 35 Newcastlemax / Capesize vessels 23.5% Panamax Ultramax Supramax
Slide 13: Industry Leading Dry Bulk Owner
Industry Leading Dry Bulk Owner • The largest US listed owner (by dwt) of drybulk vessels • Market capitalization >$1.25 billion Peer Comparison according to DWT Peer Comparison according to Market Cap(1) 1.40 Billions $1.31 14,000 $1.26 Thousands 1.20 12,000 1.00 10,000 0.80 8,000 $0.61 0.60 $0.54
Slide 14: Income Statement 2nd Quarter 2018
Income Statement 2nd Quarter 2018 3-months period Non-cash 3-months period 3-months period (in $000's) ended June 30, 2018 Adjustments ended June 30, 2018 ended June 30, 2017 REVENUES: 132,604 - 132,604 78,605 EXPENSES: Voyage expenses (19,891) - (19,891) (16,650) Charter in expense (24,293) - (24,2
Slide 15: Thank You
THANK YOU Contacts Company: Simos Spyrou, Christos Begleris Co ‐ Chief Financial Officers Star Bulk Carriers Corp. c/o Star Bulk Management Inc. 40 Ag. Konstantinou Av. Maroussi 15124 Athens, Greece Tel. +30 (210) 617-8400 Email: info@starbulk.com www.starbulk.com Investor Relations / Financial Medi