Star Bulk Carriers Corp. · NASDAQ:SBLK
Star Bulk Carriers — Merger or Acquisition (December 2023)
10 slides from Star Bulk Carriers's merger presentation, Dec 11, 2023
Slide 1: Star Bulk & Eagle Bulk: Creating a Global Leader in Dry Bulk Shipping
Star Bulk & Eagle Bulk Creating a Global Leader in Dry Bulk Shipping DECEMBER 11, 2023
Slide 2: Important Information and Where to Find It
Important Information and Where to Find It This presentation may be deemed to be solicitation material in respect of the proposed transaction between Star Bulk Carriers Corp. (“Star Bulk”) and Eagle Bulk Shipping Inc. (“Eagle”). In connection with the proposed transaction, Star Bulk intends to file
Slide 3: Transaction Overview
Structure & Ownership All-stock transaction on NAV-to-NAV basis; ~$2.1B pro forma market capitalization1 Eagle shareholders to receive 2.6211 Star Bulk shares per share of Eagle Total Eagle consideration of ~$52.60 per share; 17% premium to Eagle closing share price on December 8, 2023 Star Bulk and
Slide 4: Creating a Global Leader in Dry Bulk Shipping
Market Capitalization (as of December 8, 2023) Fleet Size by Vessel Count (as of December 8, 2023) Higher trading share liquidity and free float Largest U.S. listed dry bulk company Creating a Global Leader in Dry Bulk Shipping 169 117 95 47 52 55 43 SBLK + EGLE GOGL SBLK GNK EGLE SB DSX $2,132 $1,7
Slide 5: Diversified and Scrubber-Fitted Fleet
17 22 48 19 9 30 22 2 Cape Newcastlemax Capesize & Baby Post-Panamax, Kamsarmax & Panamax Ultramax Supramax SBLK EGLE NB Vessels 169 combined owned-vessels ~97% of combined fleet equipped with scrubbers 7 latest generation eco vessels long-term chartered-in 2 eco kamsarmax vessels on order ~11 years
Slide 6: Creating Best-in-Class Operating Platform
Creating Best-in-Class Operating Platform Combined Company Expected to Lead the Industry Across Commercial and Technical Management, Optimizing Vessel Utilization and Performance Without Compromising Quality or Safety Low-Cost Operator Expect to reduce average daily OpEx across combined fleet Indust
Slide 7: Significant Cost and Revenue Synergies
Significant Cost and Revenue Synergies Majority of synergies to come from operational efficiencies: OpEx Savings G&A Savings Dry Dock Savings Revenue Synergies Targeting at Least $50M in Cost and Revenue Synergies Within 12-18 Months Post-Close $50M+ Cost and Revenue Synergies 4
Slide 8: Compelling Value Creation Opportunity
Creating leading, diversified fleet of scrubber-fitted vessels with greater scale World-class technical and commercial fleet management capabilities to optimize performance, deliver on safety objectives and maximize earnings Significant cost and revenue synergies Increased pro forma market capitaliz
Slide 9: Appendix: Net Debt Bridge
9 Appendix: Net Debt Bridge As of Sep. 30th Debt Vessel Sales Share Issuances Share Repurchases Dividend 30.9 As Adjusted Cash $302,260 $260,333 $53,810 $13,434 $(380,000) $249,837 Debt $1,036,667 $260,333 $1,297,000 Net Debt $734,407 $1,047,163 Star Bulk SBLK (30.9 As Adjusted) EGLE (30.9 As Adjust
Slide 10: Thank You
THANK YOU Star Bulk 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 / Fina
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