Star Bulk Carriers Corp. · NASDAQ:SBLK
Star Bulk Carriers — Merger or Acquisition (June 2014)
20 slides from Star Bulk Carriers's merger presentation, Jun 16, 2014
Slide 1: Creating the Largest U.S. Listed Drybulk Company
Exhibit 99.4 NASDAQ: Creating June 16, 2014 theSBLK Largest U.S. Listed Drybulk Company
Slide 2: Forward-Looking Statements
Forward-Looking Except limitation, “anticipates”, uncertainties, set Forward-looking control). The Star Future, Dry Certain time materials. certain measures distributions We 2light statements. forth undertake effectuation delivery bulk Bulk’s make of estimated for pending the financial inmarket prov
Slide 3: Additional Information
Additional This the Transaction, to and www.sec.gov, Investor Star Information will ended 3statement, read proposed other be Bulk report December the set Relations. relevant and when forth proxy Information does regarding Star merger its atinavailable, not Star directors, 31, Bulk statement material
Slide 4: Star Bulk announces merger with Oceanbulk and fleet purchase
Starnewbuild venture Purchase shares Acquisition 15 Fleet 26 4(1) ships Includes Bulk of (collectively, 41 currently price announces modern Highlights of Milena contracts avalue high-quality, on-the-water vessels, Maria is agreement “Acquisition from based Pappas, of reputable on modern which to bro
Slide 5: Experienced Management Team and Board of Directors
Experienced Chairman CEO: President: COO: 5Co-CFOs: Petros Nicosof Hamish Simos Rescos Management the Pappas Board Spyrou Norton of&Directors: Team Christos Spyros BeglerisCapralos
Slide 6: Transaction seeks to create a leader in drybulk
Seeks 69 Dry advantage Consolidation Aligned Large Eco Significant Star markets (1) 6Sellers vessels Unaudited, vessel bulk Bulk fleet toinfor interest create fleet the believes in approximating type with Merger earnings market delivery operational transaction.) of seeks based the helps spot of 39th
Slide 7: Acquisition of Oceanbulk: stock-for-stock consideration and share issuance
Acquisition Stock-for-stock Share 48.396 one own Pappas, issuance 7Source: Kamsarmax 61.3%, issuance million Merger respectively, of shares, of Petros Oceanbulk shares atAgreement consideration 2.116 a Star Pappas’ modest regarding issued million Bulk (I) discount family to would shares acquire keya
Slide 8: Merger Agreement negotiated and approved; conditions and expected closing
Acquisition Merger Negotiated Conditioned Expected 8Source: agreement Merger closing and of onOceanbulk approved Agreement affirmative inapproved July 2014 by (II) vote Star by Star of Bulk’s the Bulk’s holders Transaction Board (other of Committee Directors than Oceanbulk, (disinterested Pappas and
Slide 9: Acquiring High-Quality, Ultra-Modern Fleet
Acquiring Highlights On-the-water 15 5Newbuilds: 28 friendly Vessel Newbuilds Supramax 55,742 December age: Fleet scheduled 2016: 9Note: Capesize vessels of 4.9 age 41 Includes 3.6 Type: dwt design years vessels upon years deliveries High-Quality, to 2014 Acquisition 6to 26Newcastlemax Kamsarmax (OT
Slide 10: Pro Forma Fleet: Diversified and Modern
Pro45813 Diversified Million 11% 25 20 15 New SBLK Source: (1) 10 Represents Forma 13 7 6% castlemax 20 6Fleet 2DWT SBLK 631% 216 Star but Acquired 10 6% Ultramax 2015E management concentration Bulk Capesize 6 5% 10 Fleet 241% dwt Fleet 8999 Post weighted Supramax on Panamax larger average vessels 5
Slide 11: Modern Fleet: Current and Post-Transaction DWT
Modern 8,000,000 9,000,000 69 10,000,000 DWT 547,000,000 35 34,000,000 210 2,000,000 1,000,000 6-13 Current Newcastlemax On Source: (1) 11 ,000,000 — 44Represents a— 20 fully-delivered Q4 SBLK Fleet 612014 16 432 10 616 13 Focused 2015E management Capesize 19Q4 basis, 2015 dwt onPost Larger weighted
Slide 12: Industry Leading Owner of Capesize Vessels
Industry Star 5Owned 10 15 20 25 30 35 40 45 943V 11 28 0833 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 EGLE SB BALT NMM GNK NM DRYS DSX SALT 1,351 2,451 2,502 3,810 3,904 3,981 4,379 4,627 6,985(1) 8,664 Deadweight Source: (1) 12 9(1) ,701 LCCF Includes Bulk VLCCF Newcastlemax Com
Slide 13: Strategic Focus: Capitalize, Operate, Expand
Strategic Capitalize Operate Active Voyage Expanding Fleet Continue Leverage prices Industry optimize Minimize Operating We Our including Maintain Balance A secondhand 13focus expect opex remote growth vessel employment on vessels sheet relationships our Focus ato moderate management’s per consumpti
Slide 14: Differentiating Operating Approach: Sophisticated Vessel Monitoring
Differentiating Real Sophisticated How Particular parameters Operational Speed consumables Benefits days Better enhance Dept large Implementation buildings Vessel 14 time xled does public maintenance optimization Monitoring 69preventive Significant by as vessels remote emphasis itof senior efficienc
Slide 15: Newcastlemax Vessels: Commercial Benefits
Newcastlemax Port To On Newcastlemaxes New 69,691 $80,000 $60,000 21,929 $40,000 $20,000 $20 $0 Note: 15 achieve the per operations Baltic For Brazil-China 24,325 ton 53,395 14,016 the aCape $40 time Old Vessels designs efficiency per have JMU charter Baltic ton round become Offer Cape will Capesize
Slide 16: Fleet Employment Profile: Current and Post-Transaction
Fleet Current Post 2014 million Vessel 1Q Big Kymopolia Obelix Pantagruel Amami Madredeus Magnum Mercurial Pendulum Tsu $8,200 $12,500 Maiden Strange Star (1) 16 Does 2Q Ebisu Bang Fish Aurora Vega Theta Big Borealis Mega Polaris Sirius Challenger Fighter Cosmo Delta Epsilon Gamma Kappa Omicron Zeta
Slide 17: Significant Free Cash Flow Leverage to Spot Rate Changes
Significant 30,000 25,000 25,006 6,867 3,650 15,162 9,408 5,365 -1,117 FY Change Capesize $1,000 5,000 10,000 15,000 20,000 40,000 Source: Note: (1) 172,072 Excluding 2014 6,105 Figures 2,825 2,190 2,176 2,000 Fleet 23,434 9,446 $400 4,000 6,000 8,000 16,000 SBLK inFY TCE / Freight EBITDA Newcastlem
Slide 18: Pro Forma Balance Sheet and Financing
Balance Total $Outstanding Pro Net Newbuilds 800 700 Advances Under Committed Target 500 (60% 280 (excl. 200 Funding (incl. Note: (1) facility. debt/cash total consideration The 18MMAs Forma Outstanding 375 326 163 Pro payment debt Pro working of Figures working of Construction Remaining — Forma She
Slide 19: Expected Key Execution Timetable
Expected Key Execution Record 19 Dates date Timetable offor Merger special Agreements: meeting of June shareholders 16, 2014for approve transactions: June 17, 2014 Date of special meeting: July 11, 2014 Closing Date: Upon satisfaction of conditions to the transactions
Slide 20: Thank you
_ Star Bulk
Star Bulk Carriers — Merger or Acquisition (June 2014) on 6ix