Star Bulk Carriers Corp. · NASDAQ:SBLK
Star Bulk Carriers — Investor Presentation (September 2015)
19 slides from Star Bulk Carriers's investor presentation, September 2015
Slide 1: Corporate Presentation
NASDAQ: SBLK Corporate Presentation September 2015
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: Executive Summary
Executive Summary Actively managing newbuilding program Actively Improving Capex deferrals of $334.2 million of installments from 2015 to 2016 Liquidity NAV benefit of $58.4 million from delivery postponement, capex reduction / cancelations Completed the sale of ten ’90s built vessels and ag
Slide 4: Actively Improving Liquidity
Actively Improving Liquidity Actively Managing Newbuilding Program Deferred $334.2 million of installments from 2015 to 2016 and delayed vessel deliveries by 91 months (~4.6 months per vessel) Reduction of purchase price on a number of our newbuilding vessels, totaling $25.8 million Agreed to cancel
Slide 5: Strong Relationships with Blue Chip Charterers
Strong Relationships with Blue Chip Charterers Charterers Formed Capesize Chartering Ltd., a platform to improve trading efficiency for Capesize vessels Diverse set of dry bulk charterers Cargo owners (mining companies & grain houses) End users (steel producers and power utilities) Trading com
Slide 6: Continued Operational Excellence
Continued Operational Excellence Vessel OPEX(1) were $4,311 per day for Q2 2015, reduced by 17.2% compared to the respective figure of $5,208 for Q2 2014 In Q2 2015 average daily net cash G&A expenses per vessel were reduced by 13.8% YTD, to $1,110 Over 85% of managed vessels have a 5 star Rig
Slide 7: Public Company OPEX Benchmarking
Public Company OPEX Benchmarking Starbulk has the lowest OPEX amongst its peers Average peer daily OPEX for H1 2015 was $5,455 compared to Starbulk’s daily OPEX of $4,372 H1 Public Company OPEX(1) Benchmarking Daily OPEX Average size (in $ /per day) (in DWT) $12,000 140K 125K $10,000 110K 120K 102
Slide 8: Continuously Improving Terms with Yards
Continuously Improving Terms with Yards As of today, we have deferred ~$334.2 million of installments from 2015 to 2016 Cancellation of one newbuilding vessel, without any penalties, reducing our equity CAPEX by $11.6 million Reduction in total of $25.8 million in CAPEX for newbuilding vessels Incre
Slide 9: Cash & Debt Position
Cash & Debt Position Total Cash (including minimum liquidity amounts)(1) : $ 251.8 million Total Debt & Capital lease obligations (1): $ 1,010.1 million Net Debt (1): $ 758.3 million Expected equity proceeds from sale of committed vessels : $ 30.8 million (of which ~20.0 million in September
Slide 10: Sound Business Strategy
Sound Business Strategy Flexible strategy of employing a portion of the fleet on longer period charters and the rest of the fleet at spot employments or short period time charters Increase TC Charter vessels in an active and sophisticated manner Coverage Diverse fleet profile enables to us serve cus
Slide 11: Market Update
Market Update
Slide 12: Supply Update
Supply Update 2015 Fleet growth revised downwards Dry Bulk Demolition Projected between 2.0% and 3.0% Million DWT Record high demolition activity: approx. 20.5 million dwt Additional 1.5 million dwt reported as sold for demolition Slippage expected to affect approx. 30% of scheduled deliveri
Slide 13: Dry bulk Demand
Dry bulk Demand 2015 projected to be transition year for trade growth Dry Bulk Trade – Full Year Growth (Tons) First half trade growth affected from commodity price correction, lower steel consumption and destocking Second half demand growth projected to recover Trade expected to find support
Slide 14: Appendix
® Star Bulk
Slide 15: Best-In-Class Management Team
Best-In-Class Management Team Founded Oceanbulk’s predecessors in 2012 Petros Founded Star Bulk in 2007 Pappas Founded Oceanbulk Maritime in 1989, operating and managing more than 60 vessels Founder & CEO Managing Director of Drytank S.A. from 1986 to 1989 Director of Overlink Maritime fro
Slide 16: Fleet Update
Fleet Update On a fully delivered basis, our fleet will consist of 90 vessels with 10.5 million dwt with average age of 6.3 years (2) 100 90 10 80 76 # of OTW vessels 70 16 10 62 10 60 11 5 12 10 5 2 5 20 9 40 20 4 20 18 4 4 23 20 4 21 18 17 12 3 5 0 (1) Q4 2014 Current Q4 2015 Q3 2016 Newcastlemax
Slide 17: Fleet Employment Profile
Fleet Employment Profile 40,000 Fleet Spot Days 35,000 32,471 29,863 30,000 9,432 25,000 9,216 20,000 10,391 15,000 9,750 10,000 5,206 5,000 10,897 12,648 1,475 1,628 - 2,103 (1) FY 2015 FY 2016 FY 2017 Newcastlemax / Capesize Post Panamax / Kamsarmax/Panamax Ultramax / Supramax / Handymax 2015 2016
Slide 18: Flexible Chartering Strategy
Flexible Chartering Strategy Capesize / Panamax 1 Year TC (2011– 2015) since merger Since the merger in H2 2014, the $35,000 charter rates have been in a downward trend $30,000 Current 1-Year T/C rates for Capesize and Panamax $25,000 vessels reached historical $20,000 lows which is a reflection
Slide 19: Thank you
NASDAQ: SBLK Thank you
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