Star Bulk Carriers Corp. · NASDAQ:SBLK
Star Bulk Carriers — Q1 2021 Earnings Presentation
12 slides from Star Bulk Carriers's earnings presentation, May 20, 2021
Slide 1: Financial Results Q1 2021
NASDAQ: SBLK Financial Results Q1 2021 May 2021 1
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: Q1 2021 Financial Highlights
Q1 2021 Financial Highlights Q1 2021 Q1 2020 TCE Revenues (1) $156.6m $100.3m EBITDA $84.5m $57.6m Adjusted EBITDA $84.7m $32.6m Net Income $35.8m $2.8m Adjusted Net Income $35.7m $(22.3)m TCE $15,461 $10,949 Average daily OPEX per vessel $4,410 $4,047 Average daily OPEX per vessel (2) $4,251 $4,047
Slide 4: Q1 2021 Cash Flow Generation
Q1 2021 Cash Flow Generation Q1 2021 Cash Flow Breakdown $450.00 ($43.4 ) $122.9 $400.00 ($140.4 ) $350.00 $300.00 $4.5 $79.2 ($11.4 ) $250.00 ($0.4 ) $200.00 $195.5 $150.00 $100.00 $206.6 $50.00 0 Cash from Operations Other Debt amortization Vessel Acquisitions(1) Scrubber & BWTS CAPEX (2) Insuranc
Slide 5: Evolution of Net Debt
Evolution of Net Debt • During the last 12 months we have been able to reduce our Net Debt by more than ~$220 million due to strong cash flow from operations SBLK (Adjusted) Net Debt Evolution Notes: The above graph figures are adjusted historically for any vessel acquisitions completed until 19th M
Slide 6: Dividend Policy
Dividend Policy Q1 2021 Dividend Declaration • Dividend of $0.30 per share declared with respect to Q1 2021, announced on 19th May 2021 – Payable on or about June 14, 2021 – Record Date as of May 31, 2021 – The ex-dividend date is expected to be May 30, 2021 Dividend Policy • Dividend (D) will be de
Slide 7: Freight and Bunker Operating Leverage
Freight and Bunker Operating Leverage Additional annual EBITDA generation from freight Additional annual EBITDA generation from fuels increase spread increase (in million) (in million) $405 $360 $315 $270 $225 $160 $140 $180 $120 $135 $100 $80 $90 $60 $40 $20 Increase Increase in TCE $2,000 $3,000 $
Slide 8: Continued Operational Excellence
Continued Operational Excellence • For Q1 2020 vessel OPEX(1) were $4,251 per vessel per day • Net cash G&A(2) expenses per vessel per day were $1,087 for Q1 2021 and $1,064 for Q1 2020 • We are consistently in the top 5 dry bulk operators amongst our peer group in Rightship Ratings We operate a fle
Slide 9: Drydock & BWTS Schedule
Drydock & BWTS Schedule Dry dock & BWTS Expense $7.6 BWTS ($ million) DD $7.8 $4.2 12.3 $7.3 $4.7 $4.5 $1.9 Q2 2021 E Q3 2021 E Q4 2021 E Q1 2022 Q2 2021 E Q3 2021 E Q4 2021 E Q1 2022 E Offhire days due to DD/BWTS 184 197 68 342 9
Slide 10: Dry Bulk Supply Update
Dry Bulk Supply Update o Dry bulk NET fleet growth running at +3.3% during the last 12 months Dry Bulk Demolition • Jan-Apr 2021 deliveries: 14.8 mil. dwt / Down from 18.8 mil. dwt • Jan-Apr 2021 demolition: 4.0 mil. dwt / Down from 4.2 mil. dwt o Orderbook at a record low of ~5.7% of the fleet (~52
Slide 11: Dry Bulk Demand Update
Dry Bulk Demand Update o TOTAL dry bulk trade in 2021, projected to expand +4.0% in ton-miles. Dry Bulk Trade 2015 2016 2017 2018 2019 2020 (e) 2021 (f) 2022 (f) • Vaccination for COVID-19 supporting strong 2021-22 global economic rebound. (Million tons) Iron ore 1,364 1,418 1,473 1,476 1,456 1,503
Slide 12: 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