Star Bulk Carriers Corp. · NASDAQ:SBLK
Star Bulk Carriers — Q1 2023 Earnings Presentation
15 slides from Star Bulk Carriers's earnings presentation, May 17, 2023
Slide 1: Financial Results Q1 2023
FINANCIAL RESULTS Q1 2023 May 2023
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: Q1 2023 Company Highlights
Q1 2023 Company Highlights Q1 Financial highlights Q1 Daily Figures • Net Income of $46 million and Adjusted Net Income(1) of $37 million, or $0.36 per basic share TCE per vessel(3) $14,199 • Adjusted EBITDA(2) of $85 million • Declared dividend of $0.35 per share payable on or Avg. daily OPEX per v
Slide 4: Cash walk Q1 2023
Cash walk Q1 2023 Q1 2023 Cash Flow Bridge (USD million) $450.0 ($42.9 ) $83.2 $2.6 $400.0 ($62.1 ) $350.0 $330.5 ($5.4 ) ($44.4 ) $51.4 $305.9 $300.0 ($7.0 ) $254.6 $250.0 $200.0 $150.0 $100.0 $50.0 $0.0 Adjusted Cash Cash from Other Scheduled debt Dividend ESD & BWTS Sold Vessels Repurchase of Cas
Slide 5: Continued Improvement of Balance Sheet
Continued Improvement of Balance Sheet Balance Sheet Snapshot Healthy cash and competitive financing • Proforma total liquidity(1) of ~$375 million • $101 million of positive trade working capital and MtM of • Total debt and lease obligations(1) of $1,232 million derivatives as of 31, March 2023 • N
Slide 6: Proactive Interest Rate Management
Proactive Interest Rate Management Interest costs overview • Simple capital structure focused on senior debt and selected • Swap outstanding notional balance of $637 million under capital leases ensures lowest finance costs among peers interest rate swaps, and an average remaining maturity • Since 2
Slide 7: Bunker Benefit Analysis
Bunker Benefit Analysis Scrubber Investment repaid in June 2022 • 118 vessels fitted with scrubbers Hi5 Bunker Annualized Scrubber Scrubber Benefit per Spread benefit day(1) • Approximately 137,000 scrubber operating days so far $100 $68,500,000 $1,590 • Scrubber system availability 99.5% $150 $102,
Slide 8: Continued Operational Excellence
Continued Operational Excellence We operate a fleet with one of the lowest average daily OPEX among our peers without compromising quality • For Q1 2023 vessel OPEX(1) were $4,696 per vessel per day • Net cash G&A(2) expenses per vessel per day were $1,059 for Q1 2023 • We are consistently in the to
Slide 9: Scaled Fleet with Significant Operating Leverage
Scaled Fleet with Significant Operating Leverage Fleet Snapshot Fleet Breakdown(1) (by DWT) Leverage to market strength and fuel spreads • Largest dry bulk fleet among U.S. and European listed peers with 132 vessels on a fully delivered(1) basis, with an 39 vessels average age of ~10.7 years 40 vess
Slide 10: Leading in the industry’s ESG efforts
Leading in the industry’s ESG efforts In collaboration with our partners in the Iron Ore Consortium, we have completed the first feasibility study on the West Australia – East Asia Green Corridor: • Developments in vessels and fuel supply could allow bulk carriers powered by clean ammonia* to be dep
Slide 11: Dry Bulk Supply Update
Dry Bulk Supply Update o Dry bulk NET fleet growth running at +2.9% during the last 12 months Dry Bulk Fleet Growth • Jan-Apr 2023 deliveries: 12.7 mil. dwt / Up from 11.3 mil. dwt • Jan-Apr 2023 demolition: 1.9 mil. dwt / Up from 1.5 mil. dwt o Orderbook at a record low of ~6.9% of the fleet (~67.5
Slide 12: Dry Bulk Demand Update
Dry Bulk Demand Update o Dry bulk trade in 2023, projected to expand +1.8% in tons and +2.5% ton-miles. Dry Bulk Trade 2018 2019 2020 2021 2022 2023 (f) 2024 (f) • Following the lift of strict COVID restrictions in December, China GDP growth rose 4.5% in (Million tons) Q1, up from 2.9% in Q4 2022. T
Slide 13: Appendix
APPENDIX STAR BULK 13
Slide 14: Q2 2023 Fleet Coverage
Q2 2023 Fleet Coverage Fleet coverage for Q2 2023 Vessel Segment Coverage • Fleet wide coverage for Q2 2023 of 61% at a TCE of Newcastlemax/Capesize 39 vessels $17,477/day (1) • Flexible chartering policy diversified across vessel segments $20,693/day 55% • Profitable rates locked across all vessel
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