Star Bulk Carriers Corp. · NASDAQ:SBLK
Star Bulk Carriers — Q4 2021 Earnings Presentation
12 slides from Star Bulk Carriers's earnings presentation, Feb 17, 2022
Slide 1: Financial Results Q4 & FY 2021
FINANCIAL RESULTS Q4 & FY 2021 FEBRUARY 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: Q4 2021 Company Highlights
Q4 2021 Company Highlights Financial highlights Daily Figures Record historical performance on a quarterly basis TCE per vessel(3) $37,406 • Net Income of $300.2 million and Adjusted Net Income(1) of $302.4, or $2.96 per basic share Avg. daily OPEX per vessel(4) $4,373 • Adjusted EBITDA(2) of $355.1
Slide 4: Record Cash from Operations in Q4 2021
Record Cash from Operations in Q4 2021 Q4 2021 Cash Flow Bridge $900 ($158.1 ) $800 $157.5 ($48.3 ) $700 ($7.9 ) ($10.3 ) $296.4 ($127.6 ) $600 $500 $473.3 $400 $371.7 $300 $200 $100 $0 Cash at Cash from New Debt Net Debt Regular Debt BWTS CAPEX Share Buyback Q3 2021 Cash at end of Beginning of Oper
Slide 5: Simple, Transparent Dividend Policy: (A-B) / C
Simple, Transparent Dividend Policy: (A-B) / C Q4 2021 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 ($ millions) $473.3 aut
Slide 6: Continued Improvement of Balance Sheet
Continued Improvement of Balance Sheet Balance Sheet Snapshot Healthy liquidity and competitive financing • Five unlevered vessels and no debt maturities until Q3 2023 • Proforma total liquidity(1) of $593.7 million • Year-to-date dividends per share of $4.25 • Total debt and lease obligations(1) of
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) $10.0 35% $9.0 Approximate Daily TCE rate with current FFA 40% $9.1 curve 30% $8.0 $7.8 $7.0 24% Free cash flow /share ($/share) 30% $6.0 $6.4 Cash yield % 19% $5.0 $5.1 20% 1
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 FY 2021 vessel OPEX(1) were $4,310 per vessel per day • Net cash G&A(2) expenses per vessel per day were $1,050 for FY2021 • We are consistently in the top
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 peers with 128 vessels with an average age of ~9.7 3
Slide 10: Dry Bulk Supply Update
Dry Bulk Supply Update o Best supply side dynamics in decades with slowing fleet growth and Dry Bulk Demolition anticipated impacts of environmental regulations o Dry bulk NET fleet growth +3.6% in 2021 vs +3.8 in 2020 • Full 2021 deliveries: 38.0 mil. dwt / Down from 48.9 mil. dwt • Full 2021 demol
Slide 11: Dry Bulk Demand Update
Dry Bulk Demand Update o TOTAL dry bulk trade in 2021, estimated at +3.8% in tons / +4.2% in ton-miles Dry Bulk Trade 2016 2017 2018 2019 2020 2021 2022 (f) • Strong global economic recovery supported by vaccination programs against (Million tons) COVID19 and a synchronized global economic stimulus.
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