Star Bulk Carriers Corp. · NASDAQ:SBLK
Star Bulk Carriers — Investor Presentation (April 2019)
14 slides from Star Bulk Carriers's investor presentation, April 2019
Slide 1: Corporate Presentation April 2019
NASDAQ: SBLK OSF: SBLK Corporate Presentation April 2019 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: Investment Highlights
Investment Highlights Largest US Listed Dry Bulk Company • Star Bulk is the largest U.S. listed dry bulk company with a fleet of 109 high quality vessels on a fully delivered basis and an average age of approximately 7.8 years Strong Financial Position • Total cash of over ~$207(1) million, one of t
Slide 4: Diverse Fleet Covering All Segments
Diverse Fleet Covering All Segments Million DWT 4.4% Newcastlemax • Fully delivered fleet of 109 vessels 1.2% 8.5% • 39,785 ownership days on a fully delivered basis 28.4% Capesize • Average age of ~7.8 years Post Panamax 23.1% • 36 Newcastlemax / Capesize vessels Kamsarmax Panamax 7.2% 27.3% Ultram
Slide 5: Strong Liquidity Position
Strong Liquidity Position Fleet-wide Net TCE FCF Breakeven Rate (1) Pro Forma Cash & Debt Position(1) $25,000 $20,000 Total Cash (including minimum liquidity)(2): $ 207.4m $15,000 Total Debt & Capital lease obligations(2): $ 1.49b $10,000 $11,300 $5,000 $0 Remaining NB Capex - Fully Financed Per
Slide 6: Q4 Cash Flow Generation
Q4 Cash Flow Generation Q4 Cash Flow Breakdown $600.00 ($247.8 ) $500.00 $29.7 m $260.7 FCF from OTW vessels $400.00 $59.8 $1.8 ($40.9 ) ($32.0 ) $300.00 ($18.6 ) ($4.2 ) $3.2 $200.00 $238.2 $100.00 $213.9 0 (1) Cash at Cash from Insurance Regular Proceeds from Balloon CAPEX Final Payment Arrangemen
Slide 7: Continued Operational Excellence
Continued Operational Excellence • For Q4 2018 vessel OPEX were $3,938(1) per vessel per day and $3,994 for 2018 • Net cash G&A(2) expenses per vessel per day were $969 for Q4 2018 and $1,004 for 2018 • We are consistently in the top 5 dry bulk operators in Rightship Ratings We operate a fleet with
Slide 8: Industry Leading OPEX 12M 2018
Industry Leading OPEX 12M 2018 OPEX Benchmarking based on latest published financial statements $10,000 200,000 139,114 109,832 118,474 92,117 87,244 69,104 58,011 $9,000 94,011 - $8,000 $7,000 (200,000) $6,000 (1) (4) $5,000 $5,200 $5,247 (400,000) $4,723 (3) $4,646 $4,725 (2) (1) $4,000 $4,379 $4,
Slide 9: Star Bulk to Install Scrubbers on its Entire Fleet
Star Bulk to Install Scrubbers on its Entire Fleet • SBLK will have its entire fleet scrubber fitted before 2020 • 15 vessels in operation are already fitted with scrubbers Fully Scrubber Fitted Fleet • Two high quality scrubber manufacturers have been selected with more than 230 marine scrubber ins
Slide 10: Scrubber Economics
Scrubber Economics • Star Bulk’s commercial strategy will focus on voyage charters through which the full fuel savings are captured, thus reducing payback period • Daily Opex increase is negligible • Below we present illustrative payback sensitivities(1) across the vessel classes Capesize Panamax Su
Slide 11: Scrubber CAPEX
Scrubber CAPEX(1) • We have completed the installation of scrubbers on 15 of our larger vessels enabling us to have our fleet scrubber fitted ahead of the January 1st 2020 implementation date. • We have started preparatory work in numerous vessels in order to minimize off hire period • Remaining Scr
Slide 12: Dry Bulk Supply Update
Dry Bulk Supply Update • Fleet growth is currently running at +2.6% y-o-y down from +2.9% in 2018 Dry Bulk Demolition YTD deliveries activity has declined to 7.5 mdwt vs 8.7 mdwt during Million DWT Jan-Mar 2018 Demolition activity has increased to 3.3 mdwt from 1.7 mdwt during Jan-Mar 2018 Con
Slide 13: Dry Bulk Demand Update
Dry Bulk Demand Update • Full Year 2018 dry bulk trade is estimated to have grown +2.3% y-o-y. Ton-miles Dry Bulk Trade grew at a slightly higher pace of approx. +2.9% y-o-y. 2014 2015 2016 2017 2018 2019 (f) 2020 (f) (Million tons) Iron ore 1,340 1,364 1,418 1,473 1,473 1,480 1,501 • During 2019, d
Slide 14: 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
Star Bulk Carriers — Investor Presentation (April 2019) on 6ix