Star Bulk Carriers Corp. · NASDAQ:SBLK
Star Bulk Carriers — Q3 2022 Earnings Presentation
13 slides from Star Bulk Carriers's earnings presentation, Nov 17, 2022
Slide 1: Financial Results Q3 2022
FINANCIAL RESULTS Q3 2022 NOVEMBER 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: Q3 2022 Company Highlights
Q3 2022 Company Highlights Financial highlights Daily Figures • Net Income of $109.7 million and Adjusted Net Income(1) of $136.3, or $1.34 per basic share TCE per vessel(3) $24,365 • Adjusted EBITDA(2) of $189.9 million Avg. daily OPEX per vessel(4) $4,769 • Declared dividend of $1.20 per share pay
Slide 4: Cash walk Q3 2022
Cash walk Q3 2022 Q3 2022 Cash Flow Bridge (USD million) $700.00 $184.5 ($44.4 ) $600.00 ($6.2 ) ($2.2 ) ($169.9 ) $500.00 $400.00 $431.0 $392.7 $300.00 $200.00 $100.00 0 Cash at Beginning of Cash from Regular Debt CAPEX Other Q2 2022 Dividend Cash at end of (1) Period Q2 2022 Operations Repayment P
Slide 5: Q4 2022 Fleet Coverage
Q4 2022 Fleet Coverage Fleet coverage for Q4 2022 Vessel Segment Coverage • Fleet wide coverage for Q4 2022 of 66% at a TCE of Newcastlemax/Capesize 22,772/day (1) 41 vessels • Flexible chartering policy diversified across vessel segments • Healthy rates locked across all vessel segments QTD $26,328
Slide 6: Continued Improvement of Balance Sheet
Continued Improvement of Balance Sheet Balance Sheet Snapshot Healthy cash and competitive financing • Next twelve months debt amortization of ~$186 million • Proforma total liquidity(1) of ~$417 million • Thirteen unlevered vessels and no debt maturities until 2024 • Total debt and lease obligation
Slide 7: Bunker Benefit Analysis
Bunker Benefit Analysis Scrubber Investment repaid in June 2022 • 120 vessels fitted with scrubbers • Approximately 116,000 scrubber operating days so far Hi5 Bunker Annualized Scrubber Scrubber Benefit per • Scrubber system availability 99.5% Spread benefit day • Average Hi5 spread of $311 per ton
Slide 8: 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 Q3 2022 vessel OPEX(1) were $4,769 per vessel per day • Net cash G&A(2) expenses per vessel per day were $950 for Q3 2022 • We are consistently in the top
Slide 9: 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 10: Leading in the industry's ESG efforts
Leading in the industry’s ESG efforts For a fourth consecutive year, Star Bulk has published its annual ESG Report which provides a transparent and comprehensive account of the company’s strategy, objectives and performance, across the full ESG spectrum. Specifically, the Report: • Has been prepared
Slide 11: Dry Bulk Supply Update
Dry Bulk Supply Update o Dry bulk NET fleet growth running at +2.8% during the last 12 months Dry Bulk Demolition • Jan-Oct 2021 deliveries : 26.0 mil. dwt / Down from 33.4 mil. dwt • Jan-Oct 2022 demolition: 3.6 mil. dwt / Down from 4.9 mil. dwt o Orderbook at a record low of ~6.9% of the fleet (~6
Slide 12: Dry Bulk Demand Update
Dry Bulk Demand Update o During 2022, TOTAL dry bulk ton-miles projected to contract -0.5% Dry Bulk Trade 2017 2018 2019 2020 2021 2022 (f) 2023 (f) • Trade volumes affected by the war in Ukraine, the slowdown of Chinese imports amid (Million tons) lingering COVID19 impacts and weaker global economi
Slide 13: 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