Star Bulk Carriers Corp. · NASDAQ:SBLK
Star Bulk Carriers — Q1 2025 Earnings Presentation
15 slides from Star Bulk Carriers's earnings presentation, May 15, 2025
Slide 1: Financial Results Q1 2025
FINANCIAL RESULTS Q1 2025 May 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: Q1 2025 Company Highlights
Q1 2025 Company Highlights Q1 Financial Highlights Q1 Daily Figures • Net Income of $0.5 million and Adjusted Net Loss(1) of $7.8 million TCE per vessel(3) $12,439 • Adjusted EBITDA(2) of $49 million Avg. daily OPEX per vessel(4) $4,898 • Declared dividend of $0.05 per share with record date of June
Slide 4: Creating Value for Shareholders
Creating Value for Shareholders Total Shareholder Value Creation (in $million) Dividends & Share Buybacks (in $million) Total actions of $2.6 billion in shareholders value creation since 2021 $546 $527 $445 Dividend Payments $20.1 $822 $10.3 Share Buybacks $275 $393.1 $525.9 $25.3 $1,350 Regular Deb
Slide 5: Cash walk Q1 2025
Cash walk Q1 2025 Q1 2025 Cash Flow Bridge (USD million) $800.0 ($ 207.6) $700.0 $228.0 $600.0 ($ 10.4) ($ 52.4) $500.0 $16.7 ($ 19.6) $440.9 $48.5 ($ 7.3) $436.8 $400.0 $300.0 $104.3(1) $200.0 $268.5 $100.0 $0.0 Cash at Cash from Cash proceeds New loan Debt Dividend 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, aiming to complete by Q3 2025 and having centralized procurement of a
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 Q1 2025 vessel OPEX(1) were $4,898 per vessel per day • Net cash G&A(2) expenses per vessel per day were $1,319 for Q1 2025 • 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 $130.0 and compliance with emissions regulations: $124.1 ‐ ESD installation program: • During Q1 2025 we had 3 vessels
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 150 vessels, on a fully delivered basis(1), with an average age of ~11.9 years • We have five firm shipbuilding contracts with Qingdao Shipyard for the construc
Slide 10: ESG – Preparing for a global GHG pricing mechanism
ESG – Preparing for a global GHG pricing mechanism • The 83rd session of the IMO’s MEPC* introduced a new Net-Zero Framework, marking a major regulatory milestone toward achieving climate neutrality in international shipping by 2050. • The new regulation introduces a GHG fuel intensity (GFI) metric,
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 2025 deliveries: 12.2 mil. dwt / Down from 12.8 mil. dwt • Jan-Apr 2025 demolition: 1.1 mil. dwt / Down from 1.5 mil. dwt o Orderbook still relatively low at ~10.3% of the fl
Slide 12: Dry Bulk Demand Update
Dry Bulk Demand Update o Dry bulk trade in 2025, projected to contract -1.2% in tons and -0.4% ton-miles. Dry Bulk Trade 2020 2021 2022 2023 2024 2025 (f) 2026 (f) • Elevated uncertainty in traditional forecasting models due to Trump's aggressive tariff (Million tons) negotiations and policy shifts
Slide 13: Appendix
APPENDIX STAR BULK 13
Slide 14: Q2 2025 Fleet Coverage
Q2 2025 Fleet Coverage Fleet coverage for Q2 2025 Vessel Segment Coverage • Fleet wide coverage for Q2 2025 of 74% at a TCE of Newcastlemax /Capesize 34 vessels $13,908/day (1) • Flexible chartering policy diversified across vessel 29% segments $22,568/day 71% ▪ Fixed days % Vessel Segment Coverage
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