Star Bulk Carriers Corp. · NASDAQ:SBLK
Star Bulk Carriers — Q2 2024 Earnings Presentation
15 slides from Star Bulk Carriers's earnings presentation, Aug 8, 2024
Slide 1: Financial Results Q2 2024
FINANCIAL RESULTS Q2 2024 AUGUST 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: Q2 2024 Company Highlights
Q2 2024 Company Highlights Q2 Financial Highlights Q2 Daily Figures • Net Income of $106 million and Adjusted Net Income(1) of $89 million TCE per vessel(3) $19,268 • Adjusted EBITDA(2) of $153 million • Declared dividend of $0.70 per share with record date of Avg. daily OPEX per vessel(4) $5,319 Au
Slide 4: Cash walk Q2 2024
Cash walk Q2 2024 Q2 2024 Cash Flow Bridge (USD million) $1,200.0 $388.1 ($398.1 ) $1,000.0 $800.0 $129.0 ($84.8 ) $600.0 $142.6 ($47.1 ) ($13.7 ) ($3.4 ) $485.5 $372.8 $400.0 $104.3(1) $200.0 $268.5 $0.0 Cash at Beginning Cash from Cash proceeds New debt drawn Debt Dividend Payment Scheduled debt V
Slide 5: Creating Value for Shareholders
Creating Value for Shareholders Net Debt Reduction (in $million) Dividends (in $million) 155 160 $1,263 $2, 000 128 $1, 800 126 126 140 $1,095 $1, 600 $168 $1,407 $961 $134 120 $1, 400 (2) $1,209 100 $1, 200 $1,005 $937 $1, 000 $865 80 $526 $80 0 60 $435 $60 0 40 $40 0 20 $435 $20 0 $0 0 (1) Q2 2021
Slide 6: Integration with Eagle Bulk Focuses on Synergies
Integration with Eagle Bulk Focuses on Synergies • Global presence of combined entity solidified in three different continents: ‐ Far East: Singapore offices have merged into one and continue as a commercial and technical management hub aligning ship management practices, covering Asia/ Pacific ‐ US
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 Q2 2024 vessel OPEX(1) were $5,319 per vessel per day • Net cash G&A(2) expenses per vessel per day were $1,371 for Q2 2024 • We are consistently in the to
Slide 8: Investing in Upgrading and Renewing our fleet
Investing in Upgrading and Renewing our fleet Fleet Lifetime Upgrades Upcoming Dry Docks • CAPEX for vessel upgrades focused on $21.6 sustainable shipping and compliance with $19.6 emissions regulations: $15.2 ‐ ESD installation program: During Q2 ($ million) 2024 we had 3 vessels fitted with $9.8 E
Slide 9: 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 159 vessels, on a fully delivered basis(1), with an average age of ~11.3 years • We have five firm shipbuilding contracts with Qingdao Shipyard for the construc
Slide 10: Leading in the industry's ESG efforts
Leading in the industry’s ESG efforts During Q2 2024, we completed the measurement of the company’s 2023 GHG emissions. Scope 1 GHG emissions were reduced by ~4%, while the respective CII of our fleet reduced by ~5.7% compared to 2022. Scope 3 emissions, measured for a consecutive year, were ~9.5 %
Slide 11: 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-June 2024 deliveries: 18.8 mil. dwt / Down from 19.3 mil. dwt • Jan-June 2024 demolition: 2.1 mil. dwt / Down from 2.6 mil. dwt o Orderbook still at relatively low levels of ~9.8
Slide 12: Dry Bulk Demand Update
Dry Bulk Demand Update o Dry bulk trade in 2024, projected to expand +2.6% in tons and +4.4% in ton-miles. Dry Bulk Trade 2019 2020 2021 2022 2023 2024 (f) 2025 (f) (Million tons) • During H1 dry bulk trade volumes increased by +5.8% supported by record iron ore, coal and minor bulk exports. Ton-mil
Slide 13: Appendix
APPENDIX STAR BULK 13
Slide 14: Q3 2024 Fleet Coverage
Q3 2024 Fleet Coverage Fleet coverage for Q3 2024 Vessel Segment Coverage • Fleet wide coverage for Q3 2024 of 65% at a TCE of Newcastlemax/Capesize 34 vessels $19,388/day (1) • Flexible chartering policy diversified across vessel segments 41% $27,937/day 59% ▪ Fixed days % Vessel Segment Coverage P
Slide 15: 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