Star Bulk Carriers Corp. · NASDAQ:SBLK
Star Bulk Carriers — Q4 2024 Earnings Presentation
15 slides from Star Bulk Carriers's earnings presentation, Feb 19, 2025
Slide 1: Financial Results Q4 2024
FINANCIAL RESULTS Q4 2024 February 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains certain forward-looking statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may include statements concerning the Company’s plans, objectives, goals
Slide 3: Q4 2024 Company Highlights
Q4 2024 Company Highlights Q4 Financial Highlights Q4 Daily Figures • Net Income of $42 million and Adjusted Net Income(1) of $41 million TCE per vessel(3) $16,129 • Adjusted EBITDA(2) of $104 million Avg. daily OPEX per vessel(4) $5,056 • Declared dividend of $0.09 per share with record date of Mar
Slide 4: Creating Value for Shareholders
Creating Value for Shareholders Total Shareholder Value Creation (in $million) Dividends (in $million) Total actions of $2.6 billion in shareholders value creation since 2021 $1,344 $1,095 $249 $961 $134 Dividend $770 Payments $526 $435 Share $1,344 Buybacks $435 Regular Debt $449 Amortization 2021
Slide 5: Cash walk Q4 2024
Cash walk Q4 2024 Q4 2024 Cash Flow Bridge (USD million) ($ 16.5) $600.0 ($ 70.8) $49.9 ($ 57.1) $500.0 $76.3 ($ 6.1) ($ 7.4) $400.0 $300.0 $440.9 $472.5 $200.0 $104.3(1) $268.5 $100.0 $0.0 Cash at Beginning Cash from Cash proceeds Debt Prepayments Dividend Payment Scheduled debt Repurchase of ESD &
Slide 6: Integration with Eagle Bulk Focuses on Synergies
Integration with Eagle Bulk Focuses on Synergies Operating Expenses We have realized significant savings in Operating Expenses as we continue taking in-house the crewing of the former Eagle fleet, phasing out third party managers, and having centralized procurement of all stores, spare parts, bunker
Slide 7: 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 Q4 2024 vessel OPEX(1) were $5,056 per vessel per day • Net cash G&A(2) expenses per vessel per day were $1,264 for Q4 2024 • We are consistently in the to
Slide 8: Investing in Upgrading and Renewing our fleet
Investing in Upgrading and Renewing our fleet Fleet Lifetime Upgrades Newbuilding and Efficiency Upgrades CAPEX Schedule • CAPEX for vessel upgrades focused on sustainable shipping and compliance with $80.4 $78.0 emissions regulations: ‐ ESD installation program: During Q4 2024 we had 14 vessels fit
Slide 9: Scaled Fleet with Significant Operating Leverage
Scaled Fleet with Significant Operating Leverage Fleet Update • One of the largest dry bulk fleet among U.S. and European listed peers with 155 vessels, on a fully delivered basis(1), with an average age of ~11.8 years • We have five firm shipbuilding contracts with Qingdao Shipyard for the construc
Slide 10: Leading in the industry's ESG efforts
Leading in the industry’s ESG efforts • Star Bulk has sustained its B score (effective environmental management) in the 2024 Carbon Disclosure Project submission and has also attained a B score on Water Management, a new requirement under the CDP submitted for the first time. • We achieved the Sapph
Slide 11: Dry Bulk Supply Update
Dry Bulk Supply Update o Dry bulk NET fleet growth +3.0% in 2024 vs +3.1% in 2023 Dry Bulk Fleet Growth • Full 2024 deliveries: 33.8 mil. dwt / Down from 35.3 mil. dwt • Full 2024 demolition: 3.8 mil. dwt / Down from 5.4 mil. dwt o Orderbook still relatively low at ~10.5% of the fleet (~108.4 mil. d
Slide 12: Dry Bulk Demand Update
Dry Bulk Demand Update o TOTAL dry bulk trade in 2024, estimated at +3.3% in tons / +5.0% in ton-miles. Dry Bulk Trade 2019 2020 2021 2022 2023 2024 (e) 2025 (f) • Dry bulk trade supported by record high coal, iron ore and minor bulk exports. Strong (Million tons) Atlantic exports and canal ineffici
Slide 13: Appendix
APPENDIX STAR BULK 13
Slide 14: Q1 2025 Fleet Coverage
Q1 2025 Fleet Coverage Fleet coverage for Q1 2025 Vessel Segment Coverage • Fleet wide coverage for Q1 2025 of 80.1% at a TCE of Newcastlemax /Capesize 34 vessels $12,305/day (1) • Flexible chartering policy diversified across vessel 28% segments $19,131/day 72% ▪ Fixed days % Vessel Segment Coverag
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