Star Bulk Carriers Corp. · NASDAQ:SBLK
Star Bulk Carriers — Q2 2022 Earnings Presentation
12 slides from Star Bulk Carriers's earnings presentation, Aug 5, 2022
Slide 1: Financial Results Q2 2022
FINANCIAL RESULTS Q2 2022 AUGUST 2022
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 2022 Company Highlights
Q2 2022 Company Highlights Financial highlights Daily Figures Strongest Q2 results in SBLK history • Net Income of $200.2 million and Adjusted Net TCE per vessel(3) $30,451 Income(1) of $204.5, or $1.96 per basic share Avg. daily OPEX per vessel(4) $4,674 • Adjusted EBITDA(2) of $258.3 million • Dec
Slide 4: Record Cash from Operations in Q2 2022
Record Cash from Operations in Q2 2022 Q2 2022 Cash Flow Bridge (USD million) $800 ($5.8 ) $700 ($54.5 ) $239.9 ($60.1 ) $600 ($7.9 ) ($170.5 ) $500 $400 $444.4 $385.6 $300 $200 $100 $0 Cash at Cash from CAPEX Regular Debt Refinancings & Other Q1 2022 Cash at end of Beginning of Operations Repayment
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 ~$474 million • Twelve unlevered vessels and no debt maturities until • Total debt and lease obligations(1) of $1,410 million 2024 • Refinanced ~$310 million of old f
Slide 6: Scrubber Profitability Analysis
Scrubber Profitability Analysis Scrubber Investment repaid in June 2022 • 120 vessels fitted with scrubbers • Consume about 700,000 tons of HSFO per year • $250 million scrubber investment inclusive of CAPEX and Approximate offhire costs HSFO/ VLSFO Scrubber Benefit per Annualized Scrubber Spread da
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 Q2 2022 vessel OPEX(1) were $4,674 per vessel per day • Net cash G&A(2) expenses per vessel per day were $1,010 for Q2 2022 • We are consistently in the to
Slide 8: Scaled Fleet with Significant Operating Leverage
Scaled Fleet with Significant Operating Leverage Fleet Snapshot Fleet Breakdown (by DWT) Leverage to market strength and fuel spreads Ultramax / Newcastlemax / Supramax, 15.6% Capesize, 54.6% • Largest dry bulk fleet among U.S. and European listed 37 vessels 41 vessels peers with 128 vessels with an
Slide 9: Leading in the industry's ESG efforts
Leading in the industry’s ESG efforts Star Bulk has taken part for a second year in the annual assessment cycle for the Carbon Disclosure Project, which enables us to identify ways to manage our own environmental risks and opportunities and also to provide climate related information to our customer
Slide 10: Dry Bulk Supply Update
Dry Bulk Supply Update o Dry bulk NET fleet growth running at +3.0% during the last 12 months Dry Bulk Demolition • Jan-June 2022 deliveries: 15.6 mil. dwt / Down from 22.1 mil. dwt • Jan-June 2022 demolition: 1.8 mil. dwt / Down from 4.3 mil. dwt o Orderbook at a record low of ~7.1% of the fleet (~
Slide 11: Dry Bulk Demand Update
Dry Bulk Demand Update o Dry bulk trade in 2022, projected to expand +0.1% & +1.4% in tons & ton-miles. Dry Bulk Trade 2017 2018 2019 2020 2021 2022 (f) 2023 (f) • First half 2022 trade volumes affected from exports disruptions in Indonesia, Australia and (Million tons) Brazil, the war in Ukraine an
Slide 12: 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