Star Bulk Carriers Corp. · NASDAQ:SBLK
Star Bulk Carriers — Investor Presentation (September 2026)
47 slides from Star Bulk Carriers's investor presentation, September 2026
Slide 1: Corporate Presentation
Corporate Presentation September 2026 1
Slide 2: Disclaimer
Disclaimer THESE MATERIALS DO NOT CONTAIN OR CONSTITUTE AN OFFER FOR SALE OR THE SOLICITATION OF AN OFFER TO PURCHASE SECURITIES IN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA. This presentation (“Presentation”) has been prepared by Star Bulk Carriers Corp. (“Star Bul
Slide 3: Table of Contents
Table of Contents 1 Who We Are: Our Company and Management 2 Corporate Strategy 3 Financial & KPIs 4 Dry Bulk Shipping: Market Dynamics 5 Appendix 3
Slide 4: Who We Are: Our Company and Management
Who We Are: Our Company and Management 4
Slide 5: Key Investment Highlights
Key Investment Highlights The largest US-listed dry bulk company in terms of aggregate deadweight(1), combining scale, operational excellence, financial strength and disciplined capital allocation to create long-term shareholder value The Leading US-Listed Dry Bulk Platform • #1 US-listed dry bulk c
Slide 6: Star Bulk at a Glance
Star Bulk at a Glance The leading US-listed dry bulk platform with industry-leading scale, operational excellence and financial discipline 145 3 ~12.0 Vessels (1) on a fully delivered Newbuilding Kamsarmax vessels Fleet average age basis 95.4% $4.5bn ~72m Fleet utilization F l e e t m a r k e t v a
Slide 7: Transformational Milestones
Transformational Milestones Two decades of strategic acquisitions, operational excellence, and disciplined capital allocation, culminating in industry leadership June 2014: Transformational 2021: Added 10 vessels merger with Oceanbulk, through two strategic combining dry bulk investment acquisitions
Slide 8: Fleet Overview (I/II)
Fleet Overview (I/II) A modern, diversified fleet supported by best-in-class technical and commercial operations and global reach Fleet and Operations (1) Star Bulk Fleet Breakdown (1) 31 145 14.4m ~12.0 years Newcastlemax/ vessels on a fully deadweight average age of Capesize delivered basis tonnag
Slide 9: Fleet Overview (II/II)
Fleet Overview (II/II)(1) Balanced fleet composition across key dry bulk vessel sizes, supporting a diversified contribution to revenue and Adjusted EBITDA. Fleet Size Ownership % Market TCE Revenue % TCE Revenue Adj. EBITDA(4)(5) % Adj. EBITDA Q2 2026 Days Value(2) Q2 2026 ($m)(3) Contribution Q2 2
Slide 10: Market Position – Global & Greek Ranking
Market Position – Global & Greek Ranking Star Bulk is the largest US-listed dry bulk shipping company by aggregate deadweight, the 3rd largest dry bulk group globally by number of vessels and the 6th largest shipping group in Greece by fleet size Top 10 Dry Bulk Ship Owners Globally – July 2026(1) T
Slide 11: Experienced Management Team
Experienced Management Team Highly experienced leadership with deep industry expertise, a proven track record and value creation Non-executive Chairman of Star Bulk’s Board of Directors CEO since July 2014 and previously Non- and Director since July 2014 Executive Chairman until July 2014 From
Slide 12: Committed Shareholder & Robust Corporate Governance
Committed Shareholder & Robust Corporate Governance Backed by an experienced founding shareholder and a robust governance framework supporting long-term value creation | 40+ years in shipping Solid Corporate Governance Framework The Company maintains a robust corporate governance | 300+ transactions
Slide 13: Corporate Strategy
PSTAR BULK Corporate Strategy 13
Slide 14: Key Pillars of the Company’s Strategy
Key Pillars of the Company’s Strategy Star Bulk’s corporate strategy is underpinned by five key principles which dictate the Company’s direction Commercial Optimization Star Bulk maximizes its fleet’s revenue by actively managing its vessels in the spot market through long-haul voyage charters or sh
Slide 15: Commercial Optimization (I/II)
Commercial Optimization (Ι/ΙΙ) Star Bulk charters its vessels in a manner that maximizes the fleet’s revenue potential Star Bulk’s Chartering Approach Star Bulk’s exposure to voyage charters, under which it bears fuel Star Bulk actively employs its vessels in the spot market through a costs, enables
Slide 16: Commercial Optimization
Commercial Optimization Star Bulk’s chartering approach has yielded consistent results amidst the volatile dry bulk market Capesize Performance Capesize / Avg 5 T/C Routes for BCI-180 (1) Newcastlemax TCE Rate Panamax Performance Supramax Performance Post Panamax / Avg 5 T/C Routes for BPI-82 Ultram
Slide 17: Fleet Growth & Renewal
Fleet Growth & Renewal Star Bulk seeks to grow its fleet through opportunistic acquisitions of high-quality vessels at attractive prices Vessel Acquisition Strategy Average Number of Owned Vessels by Year Star Bulk continuously screens the market for acquisition opportunities, prioritizing 144 144
Slide 18: Balance Sheet Strength
Balance Sheet Strength Star Bulk maintains a healthy and secure balance sheet, leaving ample room for additional growth and leverage Key Balance Sheet Figures $1,041m $565m $4.5bn $476m Outstanding Total Cash(2) Fleet Value(3) Net Debt(4) Borrowings(1) Plus $50m additional liquidity Implying a Net L
Slide 19: Cost & Quality Leadership
Cost & Quality Leadership Star Bulk is a leader in securing efficient and competitive costs while ensuring uncompromised quality standards Main Highlights Continuous Cost Monitoring In-house Technical Management Scale Synergies Operating, voyage and general and An experienced technical team and Inte
Slide 20: A Solid and Transparent ESG Strategy
A Solid and Transparent ESG Strategy Star Bulk is committed in being an ESG leader in the dry bulk shipping segment To be the global leader in sustainable dry bulk shipping The Star Bulk • Signatory to the United Nations Global Compact, endorsing its Ten Principles Vision • Contributing to the advan
Slide 21: Financial & KPIs
PSTAR BULK Financial & KPls 21
Slide 22: H1 2026 Company Financial Highlights
H1 2026 Company Financial Highlights Strong H1 2026 financial performance, underpinned by robust voyage revenues, EBITDA and operating cash flow growth, substantial liquidity, and disciplined capital allocation supporting both fleet investment and shareholder returns H1 2026 Financial Highlights Key
Slide 23: Delivering Long-Term Shareholder Value
Delivering Long-Term Shareholder Value Star Bulk offers a long-term value creation story, combining consistent dividends with opportunistic buybacks Dividends & Share Buybacks $1.6bn ~$620m Dividend Declared (since 2021) Total Share Buybacks (since 2018) ~50% of the current Market Cap. (as of 20 A
Slide 24: Investing in Upgrading & Renewing the Fleet
Investing in Upgrading & Renewing the Fleet Star Bulk invests in fleet renewal and efficiency upgrading its operation, capabilities and efficiency Fleet Renewal Lifetime Upgrades Newbuilding and Efficiency Upgrades CAPEX Schedule ($m) For our 5 Newbuilding Kamsarmax contracts, we have an expected
Slide 25: Dry Bulk Shipping: Market Dynamics
Dry Bulk Shipping: Market Dynamics 25
Slide 26: Dry bulk Fleet
Dry bulk Fleet Meaningful presence across the global dry bulk fleet, led by Panamax and Supramax exposure Sub Sector Capesize Panamax Supramax Handysize Size Range 100k+ dwt 70-100k dwt 45-70k dwt 10-45k dwt Gear Gearless Gearless Geared Geared Modern Workhorse Newcastlemax Kamsarmax Ultramax Handys
Slide 27: Dry bulk Trade
Dry bulk Trade Global dry bulk trade is concentrated in the key cargo categories carried primarily by Capesize and Panamax vessels, aligning well with Star Bulk’s fleet exposure Annual Volumes (m.tons) Share (%) Major Exporters Major Importers Primary Carriers 1 China 74.8% Australia 55.2% Iron Ore
Slide 28: Market Dynamics of Dry Bulk Market
Market Dynamics of Dry Bulk Market Star Bulk operates a diversified dry bulk fleet across global trade routes, with performance driven by fleet supply, commodity demand and trade flows which are the major supply and demand drivers Supply Side Demand Side Fleet Growth Economic Growth Newbuilding ve
Slide 29: Appendix
PSTAR BULK Appendix 29
Slide 30: Non-GAAP Figures - Reconciliation Methods
Non-GAAP Figures - Reconciliation Methods EBITDA & Adjusted EBITDA EBITDA (earning before interest, taxes, depreciation and amortization) and Adjusted EBITDA are non-GAAP liquidity measures. Adjusted EBITDA is derived from EBITDA by excluding certain non-cash gains/(losses) such as those related to
Slide 31: Balance Sheet
Balance Sheet Consolidated Balance Sheet In thousands of U.S. Dollars 31.12.2024 31.12.2025 31.12.2024 31.12.2025 Current Assets Current Liabilities Current portion of long-term bank loans & revolving Cash and cash equivalents 425,066 488,511 221,147 226,137 facilities Restricted cash, current 11,21
Slide 32: Income Statement
Income Statement Consolidated Income Consolidated Statement Balance Sheet In thousands of U.S. Dollars, Dollars except per share and share data 31.12.2024 31.12.2025 01.01-31.12.2024 01.01-31.12.2025 31.12.2024 31.12.2025 Voyage Current revenues Assets Current Liabilities 1,265,458 1,042,499 Current
Slide 33: Cash Flow Statement
Cash Flow Statement Consolidated Statements of Cash Flows In thousands of U.S. Dollars 01.01-31.12.2024 01.01-31.12.2025 01.01-31.12.2024 01.01-31.12.2025 Cash Flows from Operating Activities: Cash Flows from Investing Activities: Advances for vessels acquisitions, vessels under Net income 304,654 8
Slide 34: Interim Consolidated Balance Sheet as of H1 2026
Interim Consolidated Balance Sheet as of H1 2026 Interim Consolidated Balance Sheet In thousands of U.S. Dollars 31.12.2025 30.06.2026 31.12.2025 30.06.2026 Current Assets Current Liabilities Current portion of long-term bank loans & revolving Cash and cash equivalents 488,511 498,165 226,137 230,85
Slide 35: Interim Consolidated Income Statement as of H1 2026
Interim Consolidated Income Statement as of H1 2026 Interim Condensed Consolidated Income Statement In thousands of U.S. Dollars, except per share and share data 01.01-30.06.2025 01.01-30.06.2026 Voyage revenues 478,058 638,564 Voyage expenses 112,164 110,373 Charter-in hire expenses 33,210 27,103 V
Slide 36: Interim Consolidated Cash Flow Statement
Interim Consolidated Cash Flow Statement Interim Condensed Consolidated Statements of Cash Flows In thousands of U.S. Dollars 01.01-30.06.2025 01.01-30.06.2026 01.01-30.06.2025 01.01-30.06.2026 Cash Flows from Operating Activities: Cash Flows from Investing Activities: Advances for vessels acquisiti
Slide 37: Quarterly Dividend Distribution History
Quarterly Dividend Distribution History Dividends Amount per Share ($ per Share) Annualized Dividend Yield % (1) 5.6% 12.3% 23.4% 29.8% 24.9% 33.5% 24.3% 10.7% 8.0% 9.1% 4.1% 7.5% 12.1% 14.1% 16.0% 2.3% 1.2% 1.0% 2.4% 6.5% 7.5% n/a 0.9 14.89 0.5 0.37 0.09 0.05 0.05 0.11 0.6 0.7 0.75 0.45 0.4 0.22 0.
Slide 38: Positive Supply Fundamentals: Short and Long Term
Positive Supply Fundamentals: Short and Long Term NB orderbook growth and fleet expansion underpin efficient demand coverage across the market Short term: Fleet growth quarterly pace (Y-o-Y) Long term: Fleet distribution Nominal fleet growth at around 3.9% per annum in 2026-27 NB Orderbook at 13
Slide 39: Demand to Remain Healthy in the Medium Term
Demand to Remain Healthy in the Medium Term Longer trade routes, driven primarily by Atlantic exports and inefficiencies, support demand in the medium term Total Dry Bulk trade volumes (Moving Quarter) Demand growth breakdown (Y-o-Y % - tons) Demand in ton-miles projected to grow by 3.8% during 20
Slide 40: Strong & Long-Lasting Relationships Across the Shipping Spectrum
Strong & Long-Lasting Relationships Across the Shipping Spectrum Major Charterers Financial Institutions Operators Miners / Oil Majors Traders Shipyards 40
Slide 41: Fleet List – Owned Vessels
Fleet List – Owned Vessels Star Bulk Fleet List – Dry Bulk Vessels # Vessel Name Flag Year Built DWT Vessel Type Yard 1 Goliath Liberia 2015 209,537 Newcastlemax NACKS 2 Gargantua Liberia 2015 209,529 Newcastlemax NACKS 3 Star Gina 2GR Liberia 2016 209,475 Newcastlemax NACKS 4 Maharaj Liberia 2015 2
Slide 42: Fleet List – Owned Vessels
Fleet List – Owned Vessels Star Bulk Fleet List – Dry Bulk Vessels # Vessel Name Flag Year Built DWT Vessel Type Yard 31 Kymopolia Marshall Islands 2006 176,990 Capesize Namura 32 Amami Marshall Islands 2011 98,681 Post Panamax Tsuneishi Zhoushan 33 Madredeus Marshall Islands 2011 98,681 Post Panama
Slide 43: Fleet List – Owned Vessels
Fleet List – Owned Vessels Star Bulk Fleet List – Dry Bulk Vessels # Vessel Name Flag Year Built DWT Vessel Type Yard 61 Star Ellie Liberia 2026 82,114 Kamsarmax Hengli Shipyard 62 Star Alessia Liberia 2017 81,944 Kamsarmax Sanoyas 63 Star Calypso Marshall Islands 2014 81,918 Kamsarmax Tsuneishi Zos
Slide 44: Fleet List – Owned Vessels
Fleet List – Owned Vessels Star Bulk Fleet List – Dry Bulk Vessels # Vessel Name Flag Year Built DWT Vessel Type Yard 91 Star Hong Kong Liberia 2016 63,472 Ultramax Jiangsu New Yangzijiang 92 Idee Fixe Liberia 2015 63,458 Ultramax Jiangsu New YZJ 93 Star Shanghai Liberia 2016 63,438 Ultramax Jiangsu
Slide 45: Fleet List – Owned Vessels
Fleet List – Owned Vessels Star Bulk Fleet List – Dry Bulk Vessels # Vessel Name Flag Year Built DWT Vessel Type Yard 121 Star Tokyo Liberia 2015 61,225 Ultramax Tadotsu Imabari 122 Star Monica Liberia 2015 60,935 Ultramax JMU 123 Star Aquarius Liberia 2015 60,916 Ultramax JMU 124 Star Pisces Liberi
Slide 46: Fleet List - Chartered In & Vessels on Order
Fleet List - Chartered In & Vessels on Order Star Bulk Fleet List – Dry Bulk Vessels # Vessel Name Flag Year Built DWT Vessel Type Yard 1 Star Shibumi Panama 2021 180,000 Capesize - 2 Star Explorer Panama 2024 82,000 Kamsarmax - Chartered-In 3 Star Voyager Panama 2024 82,000 Kamsarmax - Vessels 4 St
Slide 47: 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
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