Star Bulk Carriers Corp. · NASDAQ:SBLK
Star Bulk Carriers — Q1 2022 Earnings Presentation
13 slides from Star Bulk Carriers's earnings presentation, May 25, 2022
Slide 1: Financial Results Q1 2022
FINANCIAL RESULTS Q1 2022 MAY 2022
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 2022 Company Highlights
Q1 2022 Company Highlights Financial highlights Daily Figures Strongest Q1 results in SBLK history TCE per vessel(3) $27,405 • Net Income of $170.4 million and Adjusted Net Income(1) of $175.6, or $1.72 per basic share Avg. daily OPEX per vessel(4) $4,747 • Adjusted EBITDA(2) of $225.9 million • Dec
Slide 4: Record Cash from Operations in Q1 2022
Record Cash from Operations in Q1 2022 Q1 2022 Cash Flow Bridge (USD million) $800 ($0.5 ) ($52.8 ) $700 $229.2 ($204.8 ) $600 $500 $473.3 $400 $444.4 $300 $200 $100 $0 Cash at Beginning of Cash from Operations Other Regular Debt Q4 2021 Dividend Cash at end of Period Period Q1 2022 Repayment Paymen
Slide 5: Simple, Transparent Dividend Policy: (A-B) / C
Simple, Transparent Dividend Policy: (A-B) / C Q1 2022 Dividend Calculation Summary Dividend Policy All figures in $ millions except for Number of Owned Vessels and per share figures Dividend Policy On November 20, 2019, the Company’s Board of Directors (A) Total Cash Balance (million) $440.1 author
Slide 6: Continued Improvement of Balance Sheet
Continued Improvement of Balance Sheet Balance Sheet Snapshot Healthy liquidity and competitive financing • Six unlevered vessels and no debt maturities until Q3 2023 • Proforma total liquidity(1) of ~$533 million • We have fixed ~55% of floating interest rate exposure to • Total debt and lease obli
Slide 7: Operating Leverage and Cash Flow Potential
Operating Leverage and Cash Flow potential Illustrative Annual Free Cash Flow Yield at Various Daily TCE Levels(1), (2), (3) $11.0 40% 31% Approximate Daily TCE rate with current FFA $9.9 curve 27% $9.0 $8.7 30% 23% Free cash flow /share ($/share) $7.0 $7.4 19% Cash yield % $6.1 15% $5.0 20% $4.8 11
Slide 8: 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 2022 vessel OPEX(1) were $4,747 per vessel per day • Net cash G&A(2) expenses per vessel per day were $1,065 for Q1 2022 • We are consistently in the to
Slide 9: Scaled Fleet with Significant Operating Leverage
Scaled Fleet with Significant Operating Leverage Fleet Snapshot Fleet Breakdown (by DWT) Leverage to market strength and fuel spreads Ultramax / Newcastlemax / Supramax, 15.6% Capesize, 54.6% • Largest dry bulk fleet among U.S. and European listed 37 vessels 41 vessels peers with 128 vessels with an
Slide 10: Leading in the industry’s ESG efforts
Leading in the industry’s ESG efforts Green Corridor for the iron ore trade between Australia and East Asia • Consistent with the Star Bulk decarbonization strategy to lead in the industry’s efforts to phase out GHG emissions, we have signed and announced the company’s participation in an Iron Ore C
Slide 11: Dry Bulk Supply Update
Dry Bulk Supply Update o Dry bulk NET fleet growth running at +3.4% during the last 12 months Dry Bulk Demolition • Jan-Apr 2022 deliveries: 11.0 mil. dwt / Down from 15.3 mil. dwt • Jan-Apr 2022 demolition: 1.5 mil. dwt / Down from 4.0 mil. dwt o Orderbook at a record low of ~6.6% of the fleet (~63
Slide 12: Dry Bulk Demand Update
Dry Bulk Demand Update o Dry bulk trade in 2022, projected to expand +0.3% & +1.6% in tons & ton-miles. Dry Bulk Trade 2017 2018 2019 2020 2021 2022 (f) 2023 (f) (Million tons) • First half 2022 trade volumes affected from the Indonesia export ban on coal, China winter Olympics and zero COVID policy
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