Star Bulk Carriers Corp. · NASDAQ:SBLK
Star Bulk Carriers — Q4 2023 Earnings Presentation
14 slides from Star Bulk Carriers's earnings presentation, Feb 13, 2024
Slide 1: Financial Results Q4 2023
FINANCIAL RESULTS Q4 2023 FEBRUARY 2024
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains certain forward-looking statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may include statements concerning the Company’s plans, objectives, goals
Slide 3: Q4 2023 Company Highlights
Q4 2023 Company Highlights Q4 Financial Highlights Q4 Daily Figures • Net Income of $40 million and Adjusted Net Income(1) of $64 million TCE per vessel(3) $18,296 • Adjusted EBITDA(2) of $114 million Avg. daily OPEX per vessel(4) $4,977 • Declared dividend of $0.45 per share with record date of Mar
Slide 4: Cash walk Q4 2023
Cash walk Q4 2023 Q4 2023 Cash Flow Bridge (USD million) $800.0 $299.4 ($41.9 ) ($48.4 ) $700.0 ($18.5 ) ($5.4 ) ($2.4 ) ($366.9 ) $600.0 $500.0 $55.0 $88.6 $400.0 $302.3 $20.1 $281.9 $300.0 $200.0 $100.0 $0.0 Cash at Cash from Cash proceeds New debt Scheduled Sold Vessels Dividend ESD & BWTS & Othe
Slide 5: Eagle Bulk Transaction Overview
Eagle Bulk Transaction Overview • All-stock transaction on NAV-to-NAV basis; ~$2.6B pro forma market capitalization1 Structure & • Eagle shareholders to receive 2.6211 Star Bulk shares per share of Eagle Ownership • 17% premium to Eagle closing share price on December 8, 2023 • Star Bulk and Eagle s
Slide 6: 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 2023 vessel OPEX(1) were $4,977 per vessel per day • Net cash G&A(2) expenses per vessel per day were $1,104 for Q4 2023 • We are consistently in the to
Slide 7: Scaled Fleet with Significant Operating Leverage
Scaled Fleet with Significant Operating Leverage Fleet Update • One of the largest dry bulk fleet among U.S. and European listed peers with 122 vessels, on a fully delivered basis(1), with an average age of ~10.5 years • In December, we entered into an additional three firm shipbuilding contracts wi
Slide 8: Investing in Upgrading and Renewing our fleet
Investing in Upgrading and Renewing our fleet Fleet Lifetime Upgrades Newbuilding and Efficiency Upgrades CAPEX Schedule • CAPEX for vessel upgrades focused on sustainable shipping and compliance with emissions regulations: $81.7 ‐ ESD installation program: By end of 2023, 31 vessels $67.5 were fitt
Slide 9: Leading in the industry's ESG efforts
Leading in the industry’s ESG efforts Star Bulk, along with four other leading shipowners in Greece, have joined the Lloyd’s Register Foundation in establishing the Maritime Emissions Reduction Centre (M-ERC), an Athens-based non-profit organization. The M-ERC will support the development and adopti
Slide 10: Dry Bulk Supply Update
Dry Bulk Supply Update o Dry bulk NET fleet growth +3.1% in 2023 vs +2.9 in 2022 Dry Bulk Fleet Growth • Full 2023 deliveries: 35.3 mil. dwt / Up from 31.5 mil. dwt • Full 2023 demolition: 5.4 mil. dwt / Up from 4.3 mil. dwt o Orderbook close to historical low of ~8.5% of the fleet (~85.8 mil. dwt)
Slide 11: Dry Bulk Demand Update
Dry Bulk Demand Update o TOTAL dry bulk trade in 2023, estimated at +3.6% in tons / +4.4% in ton-miles. Dry Bulk Trade 2018 2019 2020 2021 2022 2023 (f) 2024 (f) • Dry bulk trade volumes increased, supported by record coal and iron ore exports and a (Million tons) recovery of minor bulk trade. Atlan
Slide 12: Appendix
APPENDIX STAR BULK 12
Slide 13: Q1 2024 Fleet Coverage
Q1 2024 Fleet Coverage Fleet coverage for Q1 2024 Vessel Segment Coverage • Fleet wide coverage for Q1 2024 of 70% at a TCE of Newcastlemax/Capesize $19,100/day (1) 36 vessels • Flexible chartering policy diversified across vessel segments 50% $27,000/day 50% ▪ Fixed days % Vessel Segment Coverage P
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