Star Bulk Carriers Corp. · NASDAQ:SBLK

Star Bulk Carriers — Investor Presentation (December 2016)

16 slides from Star Bulk Carriers's investor presentation, December 2016

  1. Slide 1: Corporate Presentation

    NASDAQ: SBLK Corporate Presentation December 2016

  2. 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,

  3. Slide 3: Investment Highlights

    Investment Highlights Low cash breakeven levels gives runway into 2019 even under existing market conditions  Agreement with banks enhances liquidity Strong Financial Position  Continued low operating cost  Fleetwide cash breakeven rates reduced to ~$7,800 per day  Total cash of $ ~200.0 million

  4. Slide 4: Corporate Update: Agreement with Banks

    Corporate Update Agreement with Banks  Push back debt repayments of $223.9 million – 100% amortization waiver of principal repayments for 25 months from all Banks (for period starting June 1st, 2016 and ending June 30th, 2018) – Extension of HSH and Commerzbank facilities from September / October 2

  5. Slide 5: Strong Liquidity Position

    Strong Liquidity Position Fleet-wide Net TCE FCF Breakeven Rate Reduction Cash & Debt position(1) Fleet-wide Net TCE FCF Breakeven Rate $12,000 ~$10,900  Total Cash (including minimum liquidity) (1) : $ 203.9 m $10,000 ~$7,800 $8,000  Total Debt & Capital lease obligations(1) : $ 968.7 m $6,000 $4

  6. Slide 6: All Bank Principal Deferred Past Q2 2018

    All Bank Principal Deferred Past Q2 2018 • Total principal amount deferred of $223.9 million(1) Bank debt principal repayment deferral by quarter (2) $60.0 $57.0 $49.6 $50.0 $40.0 $30.0 $19.6 $19.6 $19.6 $19.6 $19.6 $19.6 $20.0 $10.0 $- June- September Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018

  7. Slide 7: Continued Operational Excellence

    Continued Operational Excellence • Vessel OPEX(1) were $3,784 per day in Q3 2016, reduced by ~10.7% compared to the respective $4,237 for Q3 2015 and $3,722 for the 9M 2016 • Net cash G&A expenses per vessel per day were $1,047 in Q3 2016, and $1,116 for the 9M 2016 • Over 90% of managed vessels(3)

  8. Slide 8: Industry Leading OPEX 9M 2016

    Industry Leading OPEX 9M 2016 OPEX Benchmarking $10,000 200,000 105,008 108,798 113,955 91,627 72,705 74,679 $9,000 93,098 55,930 133,990 - $8,000 $7,000 (200,000) $6,000 (4) $5,288 $5,078 $4,923 $5,000 $4,523 $4,552 $4,858 (400,000) $4,702 (1) (3) $4,000 $3,722 $3,694 (600,000) $3,000 $2,000 (800,0

  9. Slide 9: Low Dry Bulk Asset Values

    Low Dry Bulk Asset Values 5 year Old Dry Bulk Asset values $ million Capesize Panamax Supramax $70.0 $60.0 Low asset values, attractive $50.0 entry point $40.0 $30.0 $20.0 $10.0 $0.0 Capesize Panamax Supramax  5 Year Old prices bottomed at $23  5 Year Old prices bottomed at $13  5 Year Old prices

  10. Slide 10: Dry Bulk Supply Update

    Dry Bulk Supply Update • 2016 Fleet growth running at +2.0% y-o-y Dry Bulk Demolition  Demolition activity: approx. 27.5 million dwt Million DWT  Slippage is estimated to affect more than 40% of scheduled deliveries • Orderbook currently estimated below 12.0% from 18.0% last year YTD  YTD Contrac

  11. Slide 11: Dry Bulk Demand Update

    Dry Bulk Demand Update • Commodity prices found a bottom during the first half of 2016: Dry Bulk Trade – Full Year Growth (Tons)  From Q1 lows: Iron ore prices +98%, Steel product prices +68.0% Thermal coal prices +100.0% and Coking coal +300% • Total dry bulk ton miles projected to increase 2.0% d

  12. Slide 12: Appendix

    eS BstarBulk Appendix : —

  13. Slide 13: World class Institutional Shareholders

    (1) World class Institutional Shareholders Shareholder Base Breakdown Oaktree Capital Management L.P. 51.8% • One of the largest private equity firms with $100 billion assets under management • Extensive involvement in shipping over the last decade 35.8% 51.8% Caspian Capital L.P. 5.8% 6.6% • $4.7 b

  14. Slide 14: Fleet Update

    Fleet Update On a fully delivered basis, our fleet will consist of 73 vessels with 8.2 million dwt with average age of 8.1 years (1) 100 80 71 73 68 70 # of OTW vessels 9 9 9 9 60 14 14 14 14 3 3 3 3 40 18 18 18 18 4 4 4 20 4 14 14 14 14 8 11 6 9 0 21/Nov/2016 Q1 2017 Q3 2017 Q1 2018 Newcastlemax Ca

  15. Slide 15: Fleet Employment Update

    Fleet Employment Update From Q3 onwards we have fixed 15 vessels on period charters: • Average fixed rate of ~ $8,000 • Average remaining duration of 7.0 months Fleet Employment 2016 2017 Gross TC Vessel Size Charterer 4Q 1Q 2Q 3Q 4Q Rate Star Angie Major Shipping Company $8,150 Star Aurora CAPESIZE

  16. Slide 16: 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

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