Slide 1: Financial Results Q3 2024
FINANCIAL RESULTS Q3 2024 November 2024
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: Q3 2024 Company Highlights
Q3 2024 Company Highlights Q3 Financial Highlights Q3 Daily Figures • Net Income of $81 million and Adjusted Net Income(1) of $83 million TCE per vessel(3) $18,843 • Adjusted EBITDA(2) of $143 million Avg. daily OPEX per vessel(4) $5,114 • Declared dividend of $0.60 per share with record date of Dec
Slide 4: Why Star Bulk?
Why Star Bulk? The largest, most liquid US-listed dry bulk company with significant operating leverage to a market with strong fundamentals The Largest US-Listed Dry Bulk Company Fleet Size (1) (DWT) • One of the largest market capitalization and greatest liquidity among US- 14.8M listed peers 11.7M
Slide 5: Creating Value for Shareholders
Creating Value for Shareholders Total Shareholder Value Creation (in $million) Dividends (in $million) Total actions of $2.5 billion in shareholders value creation since 2021 $1,334 $1,095 $239 $961 $134 $713 Dividend Payments $526 $435 Share Buybacks $1,334 $435 $443 Regular Debt Amortization 2021
Slide 6: Cash walk Q3 2024
Cash walk Q3 2024 Q3 2024 Cash Flow Bridge (USD million) $700.0 ($ 11.9) ($ 83.4) $33.3 $600.0 $138.0 ($ 57.6) $485.5 ($ 19.2) $500.0 ($ 12.2) $472.5 $400.0 $300.0 $200.0 $104.3(1) $268.5 $100.0 $0.0 Cash at Cash from Cash proceeds Debt Dividend Scheduled debt Repurchase of NB, ESD & Cash at end of
Slide 7: Integration with Eagle Bulk Focuses on Synergies
Integration with Eagle Bulk Focuses on Synergies • Technical and commercial management of the ex-Eagle fleet has been established across three Star Bulk offices, Athens (HQ), Singapore, and Stamford, USA, leveraging the combined global presence. • Commercial teams for the Supramax and Ultramax vesse
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 2024 vessel OPEX(1) were $5,114 per vessel per day • Net cash G&A(2) expenses per vessel per day were $1,262 for Q3 2024 • We are consistently in the to
Slide 9: 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 and compliance with $83.2 emissions regulations: $73.3 ‐ ESD installation program: During Q3 2024 we had 4 vessels fitt
Slide 10: 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 156 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 11: Leading in the industry's ESG efforts
Leading in the industry’s ESG efforts The 6th annual Star Bulk ESG Report was published in accordance with the latest GRI* requirements, developed with PwC's guidance, and has received limited assurance provided by EY. Key highlights include: • Impact materiality assessment through engagement of int
Slide 12: Dry Bulk Supply Update
Dry Bulk Supply Update Dry bulk NET fleet growth running at +3.0% during the last 12 months Dry Bulk Fleet Growth • Jan-Oct 2024 deliveries: 29.4 mil. dwt / Down from 31.0 mil. dwt • Jan-Oct 2024 demolition: 2.9 mil. dwt / Down from 4.8 mil. dwt Orderbook still relatively low at ~10.3% of the fleet
Slide 13: Dry Bulk Demand Update
Dry Bulk Demand Update o During 2024, TOTAL dry bulk ton-miles projected to increase +5.2%. Dry Bulk Trade 2019 2020 2021 2022 2023 2024 (f) 2025 (f) • During the first three quarters of 2024 dry bulk trade volumes increased by +5.4%, supported (Million tons) by record iron ore, coal and minor bulk
Slide 14: Appendix
APPENDIX STAR BULK 14
Slide 15: Q4 2024 Fleet Coverage
Q4 2024 Fleet Coverage Fleet coverage for Q4 2024 Vessel Segment Coverage • Fleet wide coverage for Q4 2024 of 76% at a TCE of Newcastlemax /Capesize $17,010/day (1) 34 vessels • Flexible chartering policy diversified across vessel 21% segments $25,668/day 79% ▪ Fixed days % Vessel Segment Coverage
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