Slide 1: Financial Results Q4 2022
FINANCIAL RESULTS Q4 2022 February 2023
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: Q4 2022 Company Highlights
Q4 2022 Company Highlights Q4 Financial highlights Q4 Daily Figures • Net Income of $86 million and Adjusted Net Income(1) of $93, or $0.84 per basic share TCE per vessel(3) $19,590 • Adjusted EBITDA(2) of $135 million • Declared dividend of $0.60 per share payable on or Avg. daily OPEX per vessel(4
Slide 4: Cash walk Q4 2022
Cash walk Q4 2022 Q4 2022 Cash Flow Bridge (USD million) $700.00 $600.00 $73.0 ($118.0 ) $2.1 $116.3 $500.00 ($49.7 ) $392.7 ($123.6 ) $400.00 $44.2 $330.5 ($6.1 ) ($0.5 ) $286.3 $300.00 $200.00 $100.00 0 Cash at Cash from Insurance New Debt Vessel Debt Scheduled Dividend ESD & BWTS Other Cash at en
Slide 5: Continued Improvement of Balance Sheet
Continued Improvement of Balance Sheet Balance Sheet Snapshot Healthy cash and competitive financing • Next twelve months debt amortization of ~$186 million • Proforma total liquidity(1) of ~$356 million • Thirteen unlevered vessels and no debt maturities until 2024 • Total debt and lease obligation
Slide 6: Bunker Benefit Analysis
Bunker Benefit Analysis Scrubber Investment repaid in June 2022 • 120 vessels fitted with scrubbers • Approximately 131,000 scrubber operating days so far Hi5 Bunker Annualized Scrubber Scrubber Benefit per • Scrubber system availability 99.5% Spread benefit day • Average Hi5 spread of $311 per ton
Slide 7: 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 Q4 2022 vessel OPEX(1) were $4,205 per vessel per day • Net cash G&A(2) expenses per vessel per day were $977 for Q4 2022 • We are consistently in the top
Slide 8: 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 • Largest dry bulk fleet among U.S. and European listed Ultramax / Newcastlemax / Capesize, 54.6% peers with 128 vessels with an average age of ~10.9 years Supramax,
Slide 9: Leading in the industry's ESG efforts
Leading in the industry’s ESG efforts For a second year in a row, Star Bulk has participated in the Carbon Disclosure Project (CDP), which enables companies to understand their standing on climate governance, to identify areas which require attention, and to make progress towards environmental stewa
Slide 10: Dry Bulk Supply Update
Dry Bulk Supply Update o Dry bulk NET fleet growth +2.8% in 2022 vs +3.6 in 2021 Dry Bulk Demolition • Full 2022 deliveries: 31.2 mil. dwt / Down from 38.2 mil. dwt • Full 2022 demolition: 4.5 mil. dwt / Down from 5.2 mil. dwt o Orderbook at record low levels of ~7.3% of the fleet (~70.7 mil. dwt) •
Slide 11: Dry Bulk Demand Update
Dry Bulk Demand Update o TOTAL dry bulk trade in 2022, estimated at -2.7% in tons / -1.9% in ton- Dry Bulk Trade 2017 2018 2019 2020 2021 2022 (e) 2023 (f) miles (Million tons) • Trade volumes affected by the war in Ukraine, the slowdown of Chinese imports Iron ore 1,476 1,475 1,455 1,501 1,517 1,48
Slide 12: Appendix
APPENDIX STAR BULK 12
Slide 13: Q1 2023 Fleet Coverage
Q1 2023 Fleet Coverage Fleet coverage for Q1 2023 Vessel Segment Coverage • Fleet wide coverage for Q1 2023 of 71% at a TCE of Newcastlemax/Capesize 41 vessels $15,123/day (1) • Flexible chartering policy diversified across vessel segments $18,126/day • Profitable rates locked across all vessel segm
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