Star Bulk Carriers (SBLK) Corporate Presentation summary

Financial performance and highlights

• Net income reached $106 million, with adjusted net income of $89 million and adjusted EBITDA of $153 million for Q2 2024.

• Dividend of $0.70 per share declared, with cumulative dividends since 2021 exceeding $1.25 billion and share buybacks over $0.4 billion.

• Total cash stood at approximately $516 million, with total debt and lease obligations at $1,378 million as of August 6, 2024.

• Q2 TCE per vessel was $19,268, daily OPEX per vessel $5,319, and daily net cash G&A expenses $1,371.

• Cash flow benefited from $104.3 million received post-Eagle Merger, with significant cash from operations and vessel sales offset by debt payments and dividends.

Strategic transactions and integration

• Eagle Bulk merger completed in April 2024, with Eagle vessels contributing for 83 days in Q2 and $104.3 million cash received.

• Eagle Bulk's convertible notes converted to 5.97 million shares; share lending agreement shares returned and cancelled.

• Integration efforts focus on global office consolidation, commercial and technical management, and procurement centralization.

• Crewing management is being internalized, targeting $600/vessel/day cost reduction by Q2 2025.

• Systems integration and standardization of safety and technical processes are underway to drive synergies.

Fleet and operational updates

• Fleet consists of 159 vessels on a fully delivered basis, including five newbuildings; average fleet age is ~11.3 years.

• Ten vessels sold in 2024 for $180 million; two to be delivered in Q3.

• Eight long-term charter-in contracts and two newbuilding charter-ins expected in H2 2024.

• Q3 2024 fleet coverage at 65% with a TCE of $19,388/day, diversified across vessel segments.