Star Bulk Carriers Corp. · NASDAQ:SBLK
Star Bulk Carriers — Q3 2021 Earnings Presentation
13 slides from Star Bulk Carriers's earnings presentation, Nov 17, 2021
Slide 1: Financial Results Q3 2021
NASDAQ: SBLK Financial Results Q3 2021 November 2021 1
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 2021 Company Highlights
Q3 2021 Company Highlights Financial highlights Daily Figures Record historical performance on a quarterly basis • Net Income of $220.4 million and Adjusted Net Income(1) TCE per vessel(3) $30,626 of $224.7, or $2.20 per basic share • Adjusted EBITDA(2) of $277.8 million Avg. daily OPEX per vessel(4
Slide 4: Significant Cash from Operations in Q3 2021
Significant Cash from Operations in Q3 2021 Q3 2021 Cash Flow Bridge $700 $147.5 ($94.5 ) $600 ($50.0 ) $0.7 ($47.2 ) $500 $251.0 ($5.8 ) ($0.9 ) ($71.9 ) $400 $371.7 $300 $242.8 $200 $100 $0 Cash at Cash from Insurance New Debt Gross Debt 8.3% Notes Regular Debt BWTS CAPEX Other Q2 2021 Cash at end
Slide 5: Simple, Transparent Dividend Policy: (A-B) / C
Simple, Transparent Dividend Policy: (A-B) / C Q3 2021 Dividend Calculation Summary Dividend Policy All figures in $ millions except for Number of Owned Vessels and per share figures Dividend Policy On November 20, 2019, the Company’s Board of Directors (A) Total Cash Balance ($ millions) $371.7 aut
Slide 6: Continued Improvement of Balance Sheet
Continued Improvement of Balance Sheet Balance Sheet Snapshot Recent Developments Healthy liquidity and competitive financing • Year-to-date dividends per share of $2.25 • Proforma total liquidity(1) of $531.7 million, including • Completed four refinancings, which raised ~$400 $30 million undrawn w
Slide 7: Operating Leverage and Cash Flow potential
Operating Leverage and Cash Flow potential Illustrative 2022 Free Cash Flow Yield at Various Daily TCE Levels(1), (2), (3) $10.0 41% $9.0 40% $8.0 34% $7.8 $7.0 Approximate Daily Free cash flow /share ($/share) TCE rate with 30% current FFA curve 27% $6.5 $6.0 Cash yield % $5.0 20% $5.2 20% $4.0 $3.
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 9M 2021 vessel OPEX(1) were $4,288 per vessel per day • Net cash G&A(2) expenses per vessel per day were $1,053 for 9M 2021 • We are consistently in the to
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 peers with 128 vessels with an average age of ~9.7 y
Slide 10: Update on Star Bulk ESG Activities
Update on Star Bulk ESG Activities 1. We published our third annual Environmental, Social and Governance (ESG) Report, assured by EY’s Climate Change and Sustainability Services. 2. We joined the Maritime Anti-Corruption Network (MACN), a global business network with more than 160 companies globally
Slide 11: Dry Bulk Supply Update
Dry Bulk Supply Update o Dry bulk NET fleet growth running at +3.5% during the last 12 months Dry Bulk Demolition • Jan-Oct 2021 deliveries: 32.9 mil. dwt / Down from 42.3 mil. dwt • Jan-Oct 2021 demolition: 4.9 mil. dwt / Down from 12.2 mil. dwt o Orderbook at ~6.8% of the fleet (~63.8 mil. dwt) cl
Slide 12: Dry Bulk Demand Update
Dry Bulk Demand Update o During 2021, TOTAL dry bulk ton-miles projected to rebound +4.8% Dry Bulk Trade 2016 2017 2018 2019 2020 2021 (f) 2022 (f) • Strong global economic recovery supported by global vaccination against COVID19 (Million tons) and synchronized global economic stimulus. 1,418 1,472
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