Star Bulk Carriers Corp. · NASDAQ:SBLK
Star Bulk Carriers — Q1 2024 Earnings Presentation
16 slides from Star Bulk Carriers's earnings presentation, May 23, 2024
Slide 1: Financial Results Q1 2024
FINANCIAL RESULTS Q1 2024 MAY 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: Q1 2024 Company Highlights
Q1 2024 Company Highlights Q1 Financial Highlights Q1 Daily Figures • Net Income of $75 million and Adjusted Net Income(1) of $73 million TCE per vessel(3) $19,627 • Adjusted EBITDA(2) of $123 million • Declared dividend of $0.75 per share with record date of Avg. daily OPEX per vessel(4) $4,962 Jun
Slide 4: Cash walk Q1 2024
Cash walk Q1 2024 Q1 2024 Cash Flow Bridge (USD million) $500.0 $94.6 ($97.4 ) $450.0 $400.0 $114.3 ($44.6 ) $350.0 ($38.0 ) $300.0 ($19.1 ) ($3.0 ) $268.5 $261.8 $250.0 $200.0 $150.0 $100.0 $50.0 $0.0 Cash at Beginning Cash from Cash proceeds Sold Vessels Debt Scheduled debt Dividend Payment ESD &
Slide 5: Creating Value for Shareholders
Creating Value for Shareholders Net Debt Reduction (in $million) Dividends (in $million) $1,180 $1,454 $1,095 $961 $85 $134 $1,061 $951 $835 $526 $435 $435 Q1 2021 Q1 2022 Q1 2023 Q1 2024 2021 2022 2023 Q1 2024 Dividend Declared Cumulative dividend payments Buybacks & Vessel Sales (in $million) Tota
Slide 6: Eagle Bulk Integration Overview
Eagle Bulk Integration Overview Focus on Integration and Synergies • Leveraging strong global presence of new combined entity in three different continents: ‐ Singapore offices to merge into one and continue as a commercial and technical management hub ‐ Stamford office to remain both for commercial
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 Q1 2024 vessel OPEX(1) were $4,962 per vessel per day • Net cash G&A(2) expenses per vessel per day were $1,223 for Q1 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 Newbuilding and Efficiency Upgrades CAPEX Schedule • CAPEX for vessel upgrades focused on sustainable shipping and compliance with emissions regulations: $83.7 $70.5 ‐ ESD installation program: During Q1 2024 we had 4 vessels fitt
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 161 vessels, on a fully delivered basis(1), with an average age of ~11.2 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 The Star Bulk Sustainalytics’ ESG Risk Smart Score has further improved from 21.3 (Medium Risk) to 19.0 (Low Risk), maintaining Star Bulk’s number 1 ranking among US-listed peers and positioning the company as one of the best-performing companies globally in the
Slide 11: Dry Bulk Supply Update
Dry Bulk Supply Update o Dry bulk NET fleet growth running at +2.9% during the last 12 months Dry Bulk Fleet Growth • Jan-Apr 2024 deliveries: 12.1 mil. dwt / Down from 13.4 mil. dwt • Jan-Apr 2024 demolition: 1.6 mil. dwt / Down from 1.7 mil. dwt o Orderbook close to historical low of ~9.3% of the
Slide 12: Dry Bulk Demand Update
Dry Bulk Demand Update Dry Bulk Trade o Dry bulk trade in 2024, projected to expand +1.6% in tons and +2.4% ton- 2019 2020 2021 2022 2023 2024 (f) 2025 (f) (Million tons) miles. • During Q1 dry bulk trade volumes increased by +5.5% supported by iron ore, coal and Iron ore 1,457 1,508 1,529 1,478 1,5
Slide 13: Appendix
APPENDIX STAR BULK 13
Slide 14: Q2 2024 Fleet Coverage
Q2 2024 Fleet Coverage Fleet coverage for Q2 2024 Vessel Segment Coverage • Fleet wide coverage for Q2 2024 of 79% at a TCE of Newcastlemax/Capesize 34 vessels $19,574/day (1) • Flexible chartering policy diversified across vessel 29% segments $28,950/day 71% ▪ Fixed days % Vessel Segment Coverage P
Slide 15: Eagle Bulk - Q1 2024 Financial figures
Eagle Bulk- Q1 2024 Financial figures Repayments & Adjustments due to New debt proceeds Balance Sheet Data (in $000) As of March 31, refinancing of Eagle & new deferred As adjusted 2024 Debt financing fees after refinancing ASSETS Cash (current & non-current portion) $ 110,196 $ (375,500) $ 385,312
Slide 16: 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