Star Bulk Carriers Corp. · NASDAQ:SBLK
Star Bulk Carriers — Q3 2023 Earnings Presentation
13 slides from Star Bulk Carriers's earnings presentation, Nov 14, 2023
Slide 1: Financial Results Q3 2023
FINANCIAL RESULTS Q3 2023 NOVEMBER 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: Q3 2023 Company Highlights
Q3 2023 Company Highlights Q3 Financial Highlights Q3 Daily Figures • Net Income of $44 million or $0.46 per basic share and Adjusted Net Income(1) of $33 million, or $0.34 per basic TCE per vessel(3) $15,068 share • Adjusted EBITDA(2) of $84 million Avg. daily OPEX per vessel(4) $4,851 • Declared d
Slide 4: Strategic Transactions Driving Shareholder Value
Strategic Transactions Driving Shareholder Value Share Buyback and ATM • As of today, we have agreed to repurchase 20 million shares from Oaktree affiliates at an average price of $19.00 per share • Given that the shares repurchased have been mostly financed by vessel sales at attractive prices, we
Slide 5: 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 Q3 2023 vessel OPEX(1) were $4,851 per vessel per day • Net cash G&A(2) expenses per vessel per day were $1,024 for Q3 2023 • We are consistently in the to
Slide 6: Scaled Fleet with Significant Operating Leverage
Scaled Fleet with Significant Operating Leverage Fleet Snapshot Fleet Breakdown(1) (by DWT) Leverage to market strength and fuel spreads 40 vessels • Largest dry bulk fleet among U.S. and European listed 30 vessels Newcastlemax peers with 124 vessels, on a fully delivered(1) basis and upon the deliv
Slide 7: Newbuilding Vessels
Newbuilding Vessels Vessel Specifications NB CAPEX • Shipyard: Qingdao • Design: SDARI 82k Kamsarmax • Vessels: 2 firm (HN15/17) + 2 options (HN16/18) $39.05 • Firm vessels delivery dates: November 2025 and June 2026 $21.30 • Optional vessels delivery dates: December 2025 $7.10 $3.55 and August 2026
Slide 8: Leading in the industry's ESG efforts
Leading in the industry’s ESG efforts For a fifth consecutive year, Star Bulk has published its annual ESG Report which provides a transparent and comprehensive account of the company’s ESG performance, strategy and objectives. Specifically, the Report: • Has been prepared in accordance with the lat
Slide 9: Dry Bulk Supply Update
Dry Bulk Supply Update o Dry bulk NET fleet growth running at +3.0% during the last 12 months Dry Bulk Fleet Growth • Jan-Oct 2023 deliveries: 30.7 mil. dwt / Up from 26.5 mil. dwt • Jan-Oct 2023 demolition: 4.9 mil. dwt / Up from 3.1 mil. dwt o Orderbook close to historical low of ~8.1% of the flee
Slide 10: Dry Bulk Demand Update
Dry Bulk Demand Update o During 2023, TOTAL dry bulk ton-miles projected to increase +4.6%. Dry Bulk Trade 2018 2019 2020 2021 2022 2023 (f) 2024 (f) • During the first three quarters of 2023 dry bulk trade volumes increased 3.1%, (Million tons) supported by record coal and minor bulk trade and a re
Slide 11: Appendix
APPENDIX STAR BULK 11
Slide 12: Q4 2023 Fleet Coverage
Q4 2023 Fleet Coverage Fleet coverage for Q4 2023 Vessel Segment Coverage • Fleet wide coverage for Q4 2023 of 64% at a TCE of Newcastlemax/Capesize 40 vessels $17,230/day (1) • Flexible chartering policy diversified across vessel segments 46% $21,100/day 54% ▪ Fixed days % Vessel Segment Coverage P
Slide 13: 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