Star Bulk Carriers Corp. · NASDAQ:SBLK
Star Bulk Carriers — Q2 2021 Earnings Presentation
12 slides from Star Bulk Carriers's earnings presentation, Aug 6, 2021
Slide 1: Financial Results Q2 2021
NASDAQ: SBLK Financial Results Q2 2021 August 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: Q2 2021 Financial Highlights
Q2 2021 Financial Highlights Q2 2021 Q2 2020 TCE Revenues (1) $254.9m $97.1m EBITDA $179.8m $8.9m Adjusted EBITDA $182.5m $35.2m Net Income $124.2m $(44.1)m Adjusted Net Income $128.8m $(18.0)m TCE $22,927 $9,402 Average daily OPEX per vessel (2) $4,307 $4,027 Average daily Net Cash G&A expenses per
Slide 4: Refinancing Update – Significant Annual Cost Savings
Refinancing Update – Significant Annual Cost Savings • Total existing facilities refinanced / committed to be refinanced -$333.7 million • Redemption of Baby Bond -$ 50.0 million • New senior secured facilities $391.7 million • Average margin of existing facilities to be refinanced 2.9% • Average ma
Slide 5: Q2 2021 Cash Flow Generation
Q2 2021 Cash Flow Generation Q2 2021 Cash Flow Breakdown $500.00 $125.0 ($99.0 ) $450.00 ($49.6 ) $400.00 $3.6 $350.00 ($44.2 ) $140.5 $300.00 ($7.4 ) ($2.0 ) ($30.7 ) $250.00 $200.00 $206.6 $150.00 $242.8 $100.00 $50.00 0 Debt amortization Cash from Operations New Debt Gross Proceeds Debt Prepaymen
Slide 6: Evolution of Net Debt
Evolution of Net Debt • Since the beginning of the year, we have been able to reduce our Net Debt by more than ~$228 million due to strong cash flow from operations SBLK (Adjusted) Net Debt Evolution Notes: The above graph figures are adjusted historically for any vessel acquisitions 6
Slide 7: Freight and Bunker Operating Leverage
Freight and Bunker Operating Leverage Additional annual EBITDA generation from freight Additional annual EBITDA generation from fuels increase spread increase (in million) (in million) $419 $372 $326 $279 $233 $160 $140 $186 $120 $140 $100 $80 $93 $60 $40 $20 Increase Increase in TCE $2,000 $3,000 $
Slide 8: Continued Operational Excellence
Continued Operational Excellence • For H1 2021 vessel OPEX(1) were $4,280 per vessel per day • Net cash G&A(2) expenses per vessel per day were $1,087 for H1 2021 • We are consistently in the top 5 dry bulk operators amongst our peer group in Rightship Ratings We operate a fleet with one of the lowe
Slide 9: Drydock & BWTS Schedule
Drydock & BWTS Schedule Dry dock & BWTS Expense $6.9 BWTS ($ million) DD $7.3 $3.1 $8.5 $12.3 $7.4 $6.3 $1.8 Q3 2021 E Q4 2021 E Q1 2022 Q2 2022 Q3 2021 E Q4 2021 E Q1 2022 E Q2 2022 E Offhire days due to DD/BWTS 261 46 342 176 9
Slide 10: Dry Bulk Supply Update
Dry Bulk Supply Update o Dry bulk NET fleet growth running at +3.1% during the last 12 months Dry Bulk Demolition • Jan-June 2021 deliveries: 21.5 mil. dwt / Down from 29.2 mil. dwt • Jan-June 2021 demolition: 4.4 mil. dwt / Down from 7.5 mil. dwt o Orderbook at ~6.0% of the fleet (~56.3 mil. dwt) c
Slide 11: Dry Bulk Demand Update
Dry Bulk Demand Update o TOTAL dry bulk trade in 2021, projected to expand +4.3% in ton-miles. Dry Bulk Trade 2015 2016 2017 2018 2019 2020 (e) 2021 (f) 2022 (f) (Million tons) • Gradual vaccination supporting strong global economic recovery in 2021-22. Iron ore 1,364 1,418 1,473 1,476 1,456 1,503 1
Slide 12: 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