Star Bulk Carriers Corp.NASDAQ: SBLK

Corporate Presentation March 2026

Mar 5, 2026 at 10:11 AM UTC · MarketScreener

Watch Star Bulk Carriers explain itStar Bulk Carriers Corp. (SBLK) Q2 2026 Earnings Call · Replay · Aug 6

CORPORATE PRESENTATION

March 2026

STAR BULK COMPANY PROFILE

Star Bulk Fleet Breakdown (1)

Long-term

charter-in vessels term

1 Capesize

4 Kamsarmax 2 Ultramax

Newcastlemax / Capesize

Post Panamax/ Kamsarmax

Ultramax / Supramax

Newbuilding

Kamsarmax vessels

Financial overview( 1 )

$ 3 . 0 b

M a r k e t C a p

$ 768 m

T C E R e v e n u e s (2)

$ 28m

D a i l y T r a d i n g L i q u i d i t y

Fleet and Operations (1)

14.0 mil

deadweight tonnage

141

vessels on a fully delivered basis

~12.1 years

average age of our fleet

Our Commercial Model (2)

> 8 M

Nautical miles

traveled

95 %

Fleet utilization

Countries

visited

50,031

Available days

~72.1 M

Tonnes of Cargo carried in 2025

3,277

Port Calls

KEY INVESTMENT HIGHLIGHTS

The largest, most liquid US-listed dry bulk company with significant operating leverage to a market with strong fundamentals

The Largest US-Listed Dry Bulk Company

The largest market capitalization and greatest liquidity among US-listed peers
141 vessels on a fully delivered basis with an average age of ~12.1 years
Fleet of 80 "Eco" vessels and 98% scrubber fitted, providing leverage to fuel price spreads
Consolidator in the dry bulk industry, through 9 mergers since 2018
Fully Integrated Management Platform
Amongst the lowest OPEX and G&A operators while maintain highest Rightship ranking
Strong Balance Sheet
Fleet Size (2) (DWT)
4.6M
4.6M
4.1M
14.0M

Peer 2 Peer 1 Peer 3
Cash (1)of ~$459 million and debt and lease obligations(1)of $1,007 million
Additional liquidity of $110 million is available through an Undrawn Revolver Facility proforma liquidity of almost $570 million
Net debt per vessel below scrap value per vessel, reduced by ~50% since 2020
Shareholder's Friendly Capital Allocation Policy
Dividend Distribution: We intent to distribute 100% of Free Cash Flow, subject to a minimum cash of $2.1 million per vessel. A minimum dividend of $0.05/share per quarter will remain in place
We authorized a new share repurchase program of up to an aggregate of $100.0 million on substantially the same terms and conditions as the previous share repurchase program.
Solid Corporate Governance
Strong shareholder-friendly governance: majority independent board
Management incentives aligned with shareholders
ESG Pioneer
Leader in industry's effort to decarbonize
Market Cap (2) ($ billions)
$3.0
$1.0
$0.7
$0.3

Peer 1 Peer 2 Peer 3
Daily Trading Liquidity (2) (average 90-day $ millions)
$27.7
$8.9
$3.3
$1.2

Peer 1 Peer 2 Peer 3
BUILDING AN INSTITUTIONAL DRY BULK COMPANY
Development of fleet, market cap. and trading volume

Successful track record of acquiring fleets by issuing shares at or above NAV
Acquired 3 newbuilding Newcastlemax
vessels from Ocean Bulk Carriers
Acquired a fleet of 15 vessels
from Songa Bulk Acquired 3 vessels from E.R.
Capital Holdings and 7
Merged with Eagle Bulk, from which we acquired 52 Supramax vessels
Since 2023-YTD sold 47 vessels, part of our fleet renewal strategy to dispose older
tonnage
~$3.0
Bn

8 Kamsarmax newbuilding

Acquired a fleet of 16 vessels from Augustea Atlantica and York Capital Management

Acquired 3 vessels from E.R. Capital Holdings

vessels from Scorpio

Bulkers

orders with deliveries in

2026

Acquired 11 vessels from Delphin Shipping

~$27.7

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

Mar-20

May-20

Jul-20

Sep-20

Nov-20

Jan-21

Mar-21

May-21

Jul-21

Sep-21

Nov-21

Jan-22

Mar-22

May-22

Jul-22

Sep-22

Nov-22

Jan-23

Mar-23

May-23

Jul-23

Sep-23

Nov-23

Jan-24

Mar-24

May-24

Jul-24

Sep-24

Nov-24

Jan-25

Mar-25

May-25

Jul-25

Sep-25

Nov-25

Jan-26

Mar-26

90day Avg. Value ($) Market Cap.

CONTINUED OPERATIONAL EXCELLENCE We operate a fleet with one of the lowest average daily OPEX among our peers without compromising quality

For Q4 2025 vessel OPEX(1)were $5,045 per vessel per day
Net cash G&A(2)expenses per vessel per day were $1,399 for Q4 2025
We are consistently in the top 3 dry bulk operators amongst our peer group in Rightship Ratings
Average Daily OPEX(1)Average Rightship safety score (December 2025)
4.3
4.2
110,811 110,214
99,217
101,040

3.9
3.8
3.5
$6,466
$6,014
$5,045
$5,057
SBLK Peer A Peer B Peer C
PEER 1 SBLK(3)
PEER 2 PEER 3 PEER 4
Daily OPEX Average dwt
1. Figures exclude pre-delivery expenses, based on latest available public figures
2. Excludes share incentive plans, includes management fees
3. Star Bulk S.A. Source: Company filings
CREATING VALUE FOR SHAREHOLDERS Total Shareholder Value Creation (in $million) Dividends & Share Buybacks (in $million)
Total actions of $3.0 billion in shareholders value creation since 2021
$978
$1,409
$585
$445
$10.3
$546 $527
$435.0

$525.9

$134.0

$249.2

$65.3

$20.1

$393.1

Dividend Payments

Share Buybacks

Regular Debt Amortization

$275

$25.3

$163

$98.1

$37.9

2021 2022 2023 2024 2025 YTD

Net Debt Reduction (in $million)

128 128

116

Dividend Declared Share Buyback 151

136

$1,085

$1,011

$966

$838

$860

(1)

$576

Notes:

Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q4 2025

Net Debt Scrap Value # vessels

REVENUE EFFICIENCY THROUGH OPTIMIZED FLEET MIX

Ultramax /

Supramax

27%

23%

33%

Post Panamax /

Panamax / Kamsarmax

37%

42%

43%

36%

35%

24%

Newcastlemax /

Capesize

Revenue Contribution

Market Value Contribution

Number of vessels

26%

48%

25%

Adjusted EBITDA Contribution Higher Adj. EBITDA contribution from larger vessels

Note : Number of vessels includes OTW vessels as of 31.12.2025, 136 vessels

Balanced fleet mix reduces exposure to single-segment volatility.
Capesize segment outperforms: 24% of vessels → 42% of market value / 36% of revenue and 48% adj.
EBITDA contribution
Panamax fleet remains stable: performance broadly aligned with fleet share.
Ultramax/Supramax provide consistency: largest fleet share with steady value and revenue contribution.
Strong alignment between market value and revenue shows disciplined deployment and asset selection.

OPERATING LEVERAGE AND CASH FLOW POTENTIAL

Illustrative Annual Free Cash Flow Yield at Various Daily TCE Levels(1), (2), (3)

$5.3

Approximate Daily TCE rate with

current FFA curve

$4.7

$4.0

$3.4

$2.7

$2.1

$17,000

$20,000

Daily TCE rate ($/day)

$21,500

$23,000

$24,500

18.7%

21.3%

$18,500

16.1%

8.3%

10.9%

13.5%

$6.0

$5.0

20.0%

Free cash flow /share ($/share)

$4.0

Cash yield %

$3.0

10.0%

$2.0

$1.0

$0.0 0.0%

Illustrative Annual Free cash flow /share Illustrative Free cash flow yield %

Please refer to our Financial Statements for a reconciliation regarding Daily TCE rate and Adjusted EBITDA to the closest comparable GAAP metric
Free cash flow is defined as : Adjusted EBITDA less the aggregate of a) cash interest expense, b) scheduled debt amortization and c) BWTS, ESD and other CAPEX

MARKET UPDATE

POSITIVE SUPPLY FUNDAMENTALS: SHORT AND LONG TERM

Nominal fleet growth during 2026-27 between 3.3% and 3.6% p.a.
Slow steaming and increased dry-dock off hires, driven by an aging fleet, to reduce effective fleet growth by at least 0.5% per year.
Port congestion fully normalized during 2023-24 with a neutral or positive impact on effective fleet growth moving forward.
NB Orderbook at 12.5% of the fleet - Contracting under control.
50%+ of the current fleet will be above 15 years old by end 2027.
Limited shipyard capacity dedicated for dry bulk until 2029.
Environmental regulations to increasingly incentivize slow steaming, non-ECO upgrades and fleet renewal.
Short term: Fleet growth annual pace (Y-o-Y) Long term: Fleet distribution

Source: Clarkson Research Services Ltd. (Shipping Intelligence Network, database), Starbulk research
Source: Clarkson Research Services Ltd. (Shipping Intelligence Network, database)
DEMAND EXPECTED TO REMAIN HEALTHY IN THE MEDIUM TERM
- Strong recovery across all vessel sizes during second half 2025, with export volumes rising 5% y-o-y. Seasonal downturn taking place during Q1 2026, with ton-mile growth providing support.
- US trade agreements and de-escalation of tensions between US and China should help reduce policy uncertainty, supporting global growth and raw-materials consumption during 2026.
- New Iron ore and Bauxite mines in Guinea and Brazil to add more than 100 mt by 2028 and generate strong ton-miles for Capesize.

China's total dry bulk imports remained stable in 2025, with a 4.2% decline in H1 largely offset by a 4.1% rebound in H2. Elevated Chinese stockpiles across various commodities could pose downside risks.
Imports to the Rest of the world rose 3.2% and recovered for a second consecutive year, supported by lower commodity prices, a weaker US dollar and resilient demand in key regions. Growth was mainly driven by Southeast Asia, India, and the Middle East, with additional support from Africa and intra-Asian trade.

Total Export volumes (tons) Import volumes China vs RoW (tons)

Source: S&P global, Starbulk market research Source: S&P global, Starbulk market research

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 https://www.starbulk.com

Investor Relations / Financial Media:

Nicolas Bornozis President Capital Link, Inc.

230 Park Avenue, Suite 1536 New York, NY 10169

Tel. (212) 661-7566

E-mail: starbulk@capitallink.com

https://www.capitallink.com

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