Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq:
SBLK), a global shipping company focusing on the transportation of
dry bulk cargoes, today announced its unaudited financial and
operating results for the third quarter of 2023. Unless otherwise
indicated or unless the context requires otherwise, all references
in this press release to "we," "us," "our," or similar references,
mean Star Bulk Carriers Corp. and, where applicable, its
consolidated subsidiaries.
Financial Highlights
(Expressed in
thousands of U.S. dollars, except for daily rates and per share
data) |
|
|
|
|
Third quarter 2023 |
Third quarter 2022 |
Nine months ended September 30, 2023 |
Nine months ended September 30, 2022 |
Voyage Revenues |
$223,087 |
$364,136 |
$685,808 |
$1,142,353 |
Net income |
$43,655 |
$109,693 |
$133,849 |
$480,203 |
Adjusted Net income (1) |
$33,141 |
$136,257 |
$118,709 |
$516,340 |
Net cash provided by operating activities |
$67,103 |
$184,475 |
$247,173 |
$653,562 |
EBITDA (2) |
$96,880 |
$163,807 |
$283,785 |
$635,941 |
Adjusted EBITDA (2) |
$84,188 |
$189,850 |
$265,175 |
$674,030 |
Earnings per share basic |
$0.46 |
$1.08 |
$1.31 |
$3.67 |
Earnings per share diluted |
$0.45 |
$1.07 |
$1.30 |
$3.66 |
Adjusted earnings per share basic (1) |
$0.35 |
$1.34 |
$1.16 |
$3.95 |
Adjusted earnings per share diluted (1) |
$0.34 |
$1.33 |
$1.15 |
$3.94 |
Dividend per share for the relevant period |
$0.22 |
$1.20 |
$0.97 |
$4.50 |
Average Number of Vessels |
|
121.5 |
|
128.0 |
|
125.1 |
|
128.0 |
TCE Revenues (3) |
$162,505 |
$266,720 |
$494,168 |
$909,140 |
Daily Time Charter Equivalent Rate ("TCE") (3) |
$15,068 |
$24,365 |
$15,035 |
$27,418 |
Daily OPEX per vessel (4) |
$4,914 |
$5,107 |
$4,895 |
$5,036 |
Daily OPEX per vessel (excl. non recurring expenses) (4) |
$4,851 |
$4,769 |
$4,772 |
$4,730 |
Daily Net Cash G&A expenses per vessel (5) |
$1,024 |
$950 |
$1,045 |
$1,008 |
|
|
|
|
|
(1) Adjusted Net income and Adjusted
earnings per share are non-GAAP measures. Please see EXHIBIT I at
the end of this release for a reconciliation to Net income and
earnings per share, which are the most directly comparable
financial measures calculated and presented in accordance with
generally accepted accounting principles in the United States (“
U.S. GAAP”), as well as for the definition of each measure.
(2) EBITDA and Adjusted EBITDA are non-GAAP liquidity
measures. Please see EXHIBIT I at the end of this release for a
reconciliation of EBITDA and Adjusted EBITDA to Net Cash Provided
by / (Used in) Operating Activities, which is the most directly
comparable financial measure calculated and presented in accordance
with U.S. GAAP, as well as for the definition of each measure. To
derive Adjusted EBITDA from EBITDA, we exclude certain non-cash
gains / (losses). (3) Daily Time Charter Equivalent Rate
(“TCE”) and TCE Revenues are non-GAAP measures. Please see EXHIBIT
I at the end of this release for a reconciliation to Voyage
Revenues, which is the most directly comparable financial measure
calculated and presented in accordance with U.S. GAAP, as well as
for the definition of each measure. (4) Daily OPEX per
vessel is calculated by dividing vessel operating expenses by
Ownership days (defined below). Daily OPEX per vessel (which
excludes non-recurring expenses) is calculated by dividing vessel
operating expenses minus any non-recurring items (such as,
increased costs due to the COVID-19 pandemic or pre-delivery
expenses, if any) by Ownership days. In the future we may incur
expenses that are the same as or similar to certain non-recurring
expenses that were previously excluded. (5) Daily Net
Cash G&A expenses per vessel is calculated by (1) adding
the Management fee expense to the General and Administrative
expenses (net of share-based compensation expense and other
non-cash charges) and (2) then dividing the result by the sum
of Ownership days and Charter-in days (defined below). Please see
EXHIBIT I at the end of this release for a reconciliation to
General and administrative expenses, which is the most directly
comparable financial measure calculated and presented in accordance
with U.S. GAAP.
Petros Pappas, Chief Executive Officer
of Star Bulk, commented:
“During the third quarter, Star Bulk reported
Net Income of $43.7 million and TCE of $15,068 / day per vessel,
exceeding the fleet-weighted average Baltic indices by 28.6%.
Coverage for Q4 is at ~65% of our available days at a TCE of
~$17,200 / day per vessel. Our Board of Directors has approved a
dividend distribution of $0.22 / share, consistent with our stated
capital allocation strategy.
The agreements to repurchase in aggregate 20
million Company shares from Oaktree at an average price of $19 per
share represent an important milestone for Star Bulk. We believe we
have utilized a variety of tools to create value and we expect
these transactions to be accretive to NAV per share, EPS and
DPS:
- We were able to repurchase a large
block of shares at a significant discount to our Net Asset
Value.
- We have funded the above repurchase
mostly from vessel sales at attractive historical prices during
2023.
- Recently we sold shares through our
ATM program at an average price of $19.81/share, locking in a
favorable arbitrage.
We have decided to take further steps towards
our fleet renewal, having designed with the selected shipyard and
subsequently ordering 2 latest generation Eco Kamsarmax vessels
with the option to order two additional vessels. The vessels are to
be built in China to a high specification, fitted with the latest
fuel-efficient engine coming into production in 2024, a shaft
generator as well as Alternate Marine Power provisions reducing
vessels’ energy requirements. The above will help to ensure
best-in-class fuel consumptions and emissions. On the sales front,
we continue to dispose of vessels opportunistically, having agreed
to sell five vessels, reducing our average fleet age and improving
overall fleet efficiency.
We remain optimistic about the prospects of the
dry bulk market due to increasingly favorable supply dynamics, the
improving macro sentiment and large global infrastructure
investment needs for the world’s green transition. We intend to
remain focused on actively managing our scrubber fitted and diverse
fleet to take advantage of market opportunities and continue
creating value for our shareholders.”
Recent Developments
Declaration of Dividend
On November 13, 2023, pursuant to our dividend
policy, our Board of Directors declared a quarterly cash dividend
of $0.22 per share, payable on or about December 18, 2023 to all
shareholders of record as of December 5, 2023. The ex-dividend date
is expected to be December 4, 2023.
At-The-Market Offering Program, Share
Repurchase Program & Shares Outstanding
Update
During October 2023, we issued and sold 678,282
common shares under our effective at-the-market offering programs
at an average price of $19.81 per share, resulting in gross
proceeds of $13.43 million.
On September 21, 2023 and on October 30, 2023 we
agreed to repurchase 10 million of our common shares at a price of
$18.50 per common share (the “First Oaktree Share Repurchase”) and
10 million of our common shares at a price of $19.50 per common
share (the “Second Oaktree Share Repurchase”), respectively, from
affiliates of Oaktree Capital Management, L.P. (“Oaktree”). The
First Oaktree Share Repurchase was completed in early October, with
the repurchased shares being withdrawn and cancelled. Closing of
the Second Oaktree Share Repurchase is expected to occur on
December 1, 2023 after which the 10 million repurchased shares will
be withdrawn and cancelled.
As of the date of this release, we have
93,861,792 shares outstanding or 83,861,792 as adjusted for the
closing of the Second Oaktree Share Repurchase and the expected
cancellation of the repurchased common shares.
Fleet Update
In September 2023, we agreed to sell the vessel
Star Zeta, which was delivered to her new owner in October
2023.
In addition, in October and November 2023 we
agreed to sell the vessels Star Athena, Star Glory, Star Theta and
Star Jennifer. The vessels are expected to be delivered to their
new owners in November and December 2023. The total gross proceeds
from the sale of the above five vessels will be $72.5 million with
a corresponding gain of $15.6 million expected to be recognized in
the fourth quarter of 2023.
Lastly, as we look towards fleet renewal, in
October 2023 we entered into two firm and two optional (exercisable
until December 13, 2023) shipbuilding contracts with Qingdao
Shipyard Co., Ltd. for the construction of four 82,000 dwt
Kamsarmax newbuilding vessels. The expected delivery dates for the
two firm shipbuilding contracts are November 2025 and June 2026
respectively, whereas delivery dates for the two optional
shipbuilding contracts are December 2025 and August 2026,
respectively. The newbuild vessels meet the latest requirements of
Energy Efficiency Design Index (EEDI Phase 3) in relation to carbon
intensity (CO2) and comply with the latest NOX regulations, NOX
TIER III. In addition, these vessels are fitted with the latest
available and most fuel efficient main engine produced by MAN
B&W delivering from 2024 along with a shaft generator and
Alternate Marine Power optionality, all of which help to ensure
best-in-class daily fuel consumptions and emissions reduction. We
have also the option to equip the vessels with Exhaust Gas Cleaning
Systems (“EGCS” or “scrubbers”) before delivery.
Financing
In September 2023, we entered into a syndicated
loan facility with E.SUN commercial Bank Ltd. as Agent for an
amount of $140.0 million (the “ESUN $140.0 million Facility”). The
ESUN $140.0 million Facility was drawn in October 2023 and is
repayable in 28 equal consecutive quarterly installments of $3.8
million and a balloon payment of $32.9 million due in October 2030,
along with the last installment. The loan is secured by first
priority mortgages on the vessels Mackenzie, Kennadi, Honey Badger,
Wolverine, Star Antares, Gargantua, Goliath and Maharaj, the lease
financing of which had been prepaid in September 2023.
In October 2023, we entered into a committed
termsheet with CTBC Bank Co., Ltd. for a loan facility of up to
$50.0 million (the “CTBC $50.0 million Facility”). The facility
will be used to refinance the outstanding amounts under other loan
agreements and is expected to be drawn by the end of November 2023.
The CTBC $50.0 million Facility is expected to be drawn in two
tranches and will mature 5 years after the drawdown.
In November 2023, we entered into a committed
termsheet with ING Bank N.V., London Branch for a senior secured
bridge loan facility of $125.0 million (the “ING $125.0 million
Bridge Facility”). The facility will be used to fund part of the
consideration for the Second Oaktree Share Repurchase, as described
above. The ING $125.0 million Bridge Facility is expected to be
drawn in December 2023 and will mature one year after the
drawdown.
As of the date of this press release we are in
final stage of negotiations with National Bank of Greece S.A. for a
loan facility of up to $156.4 million (the “NBG $156.4 million
Facility”). The purpose of the facility is to refinance the
outstanding amount under the existing $125.0 million loan agreement
with NBG and to provide us with additional liquidity of $70.0
million which we expect to use to finance part of the consideration
for the Second Oaktree Share Repurchase. The NBG $156.4 million
Facility is expected to be drawn by December 31, 2023 and will
mature three years after the drawdown.
In addition, following a number of interest rate
swaps we have entered into, we have an outstanding total notional
amount of $331.3 million under our financing agreements with an
average fixed rate of 42 bps and an average maturity of 1.0 year.
As of September 30, 2023 the Mark-to-Market value of our
outstanding interest rate swaps stood at $15.6 million which are
all designated as and qualify for hedge accounting.
Change in the Board of Directors
Pursuant to the previously announced First
Oaktree Share Repurchase and the resulting reduction of Oaktree’s
shareholding percentage in the Company, Oaktree has caused one
of its designee directors, Mr. Ryan Lee, to resign from our
Board of Directors. Mr. Lee served on our Board since
August 30, 2023 as a Class B director and was a member of the
Nomination and Corporate Governance Committee. The size of the
Board is reduced to 10 members.
Vessel Employment Overview
Time Charter Equivalent Rate (“TCE rate”) is a
non-GAAP measure. Please see EXHIBIT I at the end of this release
for a reconciliation to Voyage Revenues, which is the most directly
comparable financial measure calculated and presented in accordance
with U.S. GAAP.
Our TCE rate per day per main vessel category was as
follows:
|
|
Third quarter 2023 |
|
|
Nine months ended September 30, 2023 |
|
|
|
|
|
|
Capesize / Newcastlemax Vessels: |
|
$ |
17,007 |
|
|
$ |
18,110 |
|
Post Panamax / Kamsarmax /
Panamax Vessels: |
|
$ |
14,862 |
|
|
$ |
14,046 |
|
Ultramax / Supramax
Vessels: |
|
$ |
13,082 |
|
|
$ |
13,266 |
|
|
|
|
|
|
Amounts shown throughout the press release and
variations in period–over–period comparisons are derived from the
actual unaudited numbers in our books and records. Reference to per
share figures below are based on 96,139,203 and 102,541,314
weighted average diluted shares for the third quarter of 2023 and
2022, respectively.
Third Quarter 2023 and 2022 Results
For the third quarter of 2023, we had a net
income of $43.7 million, or $0.45 earnings per share, compared to a
net income for the third quarter of 2022 of $109.7 million, or
$1.07 earnings per share. Adjusted net income, which excludes
certain non-cash items, was $33.1 million, or $0.34 earnings per
share, for the third quarter of 2023, compared to an adjusted net
income of $136.3 million for the third quarter of 2022, or $1.33
earnings per share.
Net cash provided by operating activities for
the third quarter of 2023 was $68.5 million, compared to $184.5
million for the third quarter of 2022. Adjusted EBITDA, which
excludes certain non-cash items, was $84.2 million for the third
quarter of 2023, compared to $189.9 million for the third quarter
of 2022.
Voyage revenues for the third quarter of 2023
decreased to $223.1 million from $364.1 million in the third
quarter of 2022 and Time charter equivalent revenues (“TCE
Revenues”)1 were $162.5 million for the third quarter of 2023,
compared to $266.7 million for the third quarter of 2022. TCE rate
for the third quarter of 2023 was $15,068 per day compared to
$24,365 per day for the third quarter of 2022 which is indicative
of the weaker market conditions continuing to prevail during the
recent quarter.
For the third quarters of 2023 and 2022, vessel
operating expenses were $54.9 million and $60.1 million,
respectively. The decrease is mainly due to the decrease in the
average number of vessels in our fleet to 121.5 in the third
quarter of 2023 from 128.0 for the corresponding quarter of 2022.
Vessel operating expenses for the third quarter of 2023 included
additional $0.7 million pre-delivery expenses, due to change of
management of certain vessels from third party to in-house. Vessel
operating expenses for the third quarter of 2022 included
additional crew expenses related to the increased number and cost
of crew changes performed during the period as a result of COVID-19
related restrictions estimated to be $1.9 million and pre-delivery
expenses due to change of management of $2.1 million.
Drydocking expenses for the third quarters of
2023 and 2022 were $11.6 million and $9.8 million, respectively.
During both periods eight vessels completed their periodic dry
docking surveys.
General and administrative expenses for the
third quarters of 2023 and 2022 were $13.6 million and $18.4
million, respectively. The stock based compensation expense for the
third quarter of 2023 decreased to $6.3 million compared to $11.9
million for the corresponding quarter in 2022. Vessel management
fees for the third quarter of 2023 decreased to $4.3 million from
$4.9 million for the third quarter of 2022, due to the change of
management of certain vessels, from third party to in-house, as
described above. Our daily net cash general and administrative
expenses per vessel (including management fees and excluding
share-based compensation and other non-cash charges) for the third
quarters of 2023 and 2022 were $1,024 and $950, respectively.
Depreciation expense decreased to $34.5 million
for the third quarter of 2023 compared to $39.6 million for the
corresponding period in 2022. The decrease is primarily driven by
the change in the estimated scrap rate per light weight ton from
$300 to $400 effective January 1, 2023, which resulted in lower
depreciation expense by $3.9 million in the third quarter of 2023,
together with the decrease in the average number of vessels in our
fleet.
Our results for the third quarters of 2023 and
2022 include a loss on write-down of inventories of $0.8 million
and $14.9 million, respectively, in connection with the valuation
of the bunkers remaining on board our vessels, as a result of their
lower net realizable value compared to their historical cost.
Our results for the third quarter of 2023
include an aggregate net gain of $18.9 million which resulted from
the completion of the sale of vessels Star Polaris, Star Centaurus,
Star Columba, Star Aquila, Star Cepheus and Star Hercules.
Interest and finance costs for the third
quarters of 2023 and 2022 were $18.1 million and $13.4 million,
respectively. The driving factor for this increase is the
significant increase in variable interest rates, which was
partially offset by the positive effect from our interest rate
swaps and the decrease in our weighted average outstanding
indebtedness as well as the recent refinancings of older facilities
with more favorable terms. Interest income and other income/(loss)
for the third quarters of 2023 and 2022 amounted to $3.7 million
and $0.2 million, respectively. The increase of interest income is
attributable to both higher interest rates earned and higher cash
balances maintained during the third quarter of 2023 compared to
the corresponding period in 2022 as well as due to lower foreign
exchange losses recognized in the current period compared to the
corresponding period in 2022.
Loss on debt extinguishment for the third
quarters of 2023 and 2022 were $4.3 million and $1.3 million,
respectively and was primarily affected by increased write-offs of
unamortized debt issuance costs and other expenses incurred in
connection with the loan and lease prepayments in 2023 compared to
the corresponding period in 2022.
___________________________________
1 Please see the table at the end of this
release for the calculation of the TCE Revenues.
Unaudited Consolidated Income Statements
(Expressed in thousands of
U.S. dollars except for share and per share data) |
|
Third quarter 2023 |
|
|
Third quarter 2022 |
|
|
Nine months ended September 30, 2023 |
|
|
Nine months ended September 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
Voyage revenues |
|
$ |
223,087 |
|
|
$ |
364,136 |
|
|
$ |
685,808 |
|
|
$ |
1,142,353 |
|
Total
revenues |
|
|
223,087 |
|
|
|
364,136 |
|
|
|
685,808 |
|
|
|
1,142,353 |
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
Voyage expenses |
|
|
(57,587 |
) |
|
|
(92,310 |
) |
|
|
(186,222 |
) |
|
|
(212,095 |
) |
Charter-in hire expenses |
|
|
(4,231 |
) |
|
|
(4,843 |
) |
|
|
(13,926 |
) |
|
|
(17,793 |
) |
Vessel operating expenses |
|
|
(54,922 |
) |
|
|
(60,140 |
) |
|
|
(167,225 |
) |
|
|
(175,987 |
) |
Dry docking expenses |
|
|
(11,605 |
) |
|
|
(9,844 |
) |
|
|
(30,466 |
) |
|
|
(29,013 |
) |
Depreciation |
|
|
(34,474 |
) |
|
|
(39,555 |
) |
|
|
(104,549 |
) |
|
|
(117,024 |
) |
Management fees |
|
|
(4,278 |
) |
|
|
(4,864 |
) |
|
|
(12,738 |
) |
|
|
(14,664 |
) |
Loss on bad debt |
|
|
- |
|
|
|
- |
|
|
|
(300 |
) |
|
|
- |
|
General and administrative
expenses |
|
|
(13,645 |
) |
|
|
(18,367 |
) |
|
|
(36,320 |
) |
|
|
(44,279 |
) |
Gain/(Loss) on forward freight
agreements and bunker swaps, net |
|
|
2,170 |
|
|
|
322 |
|
|
|
6,377 |
|
|
|
(3,617 |
) |
Impairment loss |
|
|
- |
|
|
|
- |
|
|
|
(7,700 |
) |
|
|
- |
|
Other operational loss |
|
|
(283 |
) |
|
|
(288 |
) |
|
|
(609 |
) |
|
|
(1,062 |
) |
Other operational gain |
|
|
148 |
|
|
|
4,788 |
|
|
|
33,824 |
|
|
|
6,891 |
|
Gain on sale of vessels |
|
|
18,867 |
|
|
|
- |
|
|
|
18,833 |
|
|
|
- |
|
Loss on write-down of
inventory |
|
|
(822 |
) |
|
|
(14,901 |
) |
|
|
(5,565 |
) |
|
|
(14,901 |
) |
|
|
|
|
|
|
|
|
|
Operating
income |
|
|
62,425 |
|
|
|
124,134 |
|
|
|
179,222 |
|
|
|
518,809 |
|
|
|
|
|
|
|
|
|
|
Interest and finance
costs |
|
|
(18,058 |
) |
|
|
(13,448 |
) |
|
|
(49,789 |
) |
|
|
(37,756 |
) |
Interest income and other
income/(loss) |
|
|
3,672 |
|
|
|
168 |
|
|
|
10,265 |
|
|
|
229 |
|
Gain/(Loss) on interest rate
swaps, net |
|
|
- |
|
|
|
- |
|
|
|
(507 |
) |
|
|
- |
|
Gain/(Loss) on debt
extinguishment, net |
|
|
(4,289 |
) |
|
|
(1,272 |
) |
|
|
(5,177 |
) |
|
|
(1,143 |
) |
Total other expenses,
net |
|
|
(18,675 |
) |
|
|
(14,552 |
) |
|
|
(45,208 |
) |
|
|
(38,670 |
) |
|
|
|
|
|
|
|
|
|
Income before taxes
and equity in income/(loss) of investee |
|
$ |
43,750 |
|
|
$ |
109,582 |
|
|
$ |
134,014 |
|
|
$ |
480,139 |
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
|
(78 |
) |
|
|
(7 |
) |
|
|
(181 |
) |
|
|
(44 |
) |
|
|
|
|
|
|
|
|
|
Income before equity
in income/(loss) of investee |
|
|
43,672 |
|
|
|
109,575 |
|
|
|
133,833 |
|
|
|
480,095 |
|
|
|
|
|
|
|
|
|
|
Equity in income/(loss) of
investee |
|
|
(17 |
) |
|
|
118 |
|
|
|
16 |
|
|
|
108 |
|
|
|
|
|
|
|
|
|
|
Net
income |
|
$ |
43,655 |
|
|
$ |
109,693 |
|
|
$ |
133,849 |
|
|
$ |
480,203 |
|
|
|
|
|
|
|
|
|
|
Earnings per share, basic |
|
$ |
0.46 |
|
|
$ |
1.08 |
|
|
$ |
1.31 |
|
|
$ |
3.67 |
|
Earnings per share,
diluted |
|
$ |
0.45 |
|
|
$ |
1.07 |
|
|
$ |
1.30 |
|
|
$ |
3.66 |
|
Weighted average number of
shares outstanding, basic |
|
|
95,664,267 |
|
|
|
101,945,181 |
|
|
|
102,434,767 |
|
|
|
130,715,574 |
|
Weighted average number of
shares outstanding, diluted |
|
|
96,139,203 |
|
|
|
102,541,314 |
|
|
|
102,825,781 |
|
|
|
131,141,620 |
|
|
|
|
|
|
|
|
|
|
Unaudited Consolidated Condensed Balance Sheet
Data
(Expressed in
thousands of U.S. dollars) |
|
ASSETS |
|
September 30, 2023 |
|
|
December 31, 2022 |
|
Cash and cash equivalents and restricted cash, current |
|
$ |
300,295 |
|
|
|
284,323 |
|
Other current assets |
|
|
195,161 |
|
|
|
217,769 |
|
TOTAL CURRENT
ASSETS |
|
|
495,456 |
|
|
|
502,092 |
|
|
|
|
|
|
Vessels and other fixed
assets, net |
|
|
2,637,583 |
|
|
|
2,881,551 |
|
Restricted cash, non
current |
|
|
2,021 |
|
|
|
2,021 |
|
Other non-current assets |
|
|
36,873 |
|
|
|
47,960 |
|
TOTAL
ASSETS |
|
$ |
3,171,933 |
|
|
$ |
3,433,624 |
|
|
|
|
|
|
Current portion of long-term
bank loans and lease financing |
|
$ |
167,303 |
|
|
$ |
181,947 |
|
Other current liabilities |
|
|
176,317 |
|
|
|
100,608 |
|
TOTAL CURRENT
LIABILITIES |
|
|
343,620 |
|
|
|
282,555 |
|
|
|
|
|
|
Long-term bank loans and lease
financing non-current (net of unamortized deferred finance fees of
$7,163 and $11,694, respectively) |
|
|
846,324 |
|
|
|
1,103,233 |
|
Other non-current
liabilities |
|
|
169,423 |
|
|
|
28,494 |
|
TOTAL
LIABILITIES |
|
$ |
1,359,367 |
|
|
$ |
1,414,282 |
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY |
|
|
1,812,566 |
|
|
|
2,019,342 |
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
$ |
3,171,933 |
|
|
$ |
3,433,624 |
|
|
|
|
|
|
Unaudited Consolidated Condensed Cash Flow
Data
(Expressed in
thousands of U.S. dollars) |
|
Nine months ended September 30, 2023 |
|
|
Nine months ended September 30, 2022 |
|
|
|
|
|
|
|
Net cash
provided by / (used in) operating activities |
|
$ |
247,173 |
|
|
$ |
653,562 |
|
|
|
|
|
|
|
|
Acquisition of other fixed assets |
|
|
(123 |
) |
|
|
(261 |
) |
|
Capital expenditures for
vessel modifications/upgrades and other equipment |
|
|
(12,550 |
) |
|
|
(19,008 |
) |
|
Cash proceeds from vessel
sales and total loss |
|
|
198,078 |
|
|
|
- |
|
|
Hull and machinery insurance
proceeds |
|
|
558 |
|
|
|
2,393 |
|
Net cash
provided by / (used in) investing activities |
|
|
185,963 |
|
|
|
(16,876 |
) |
|
|
|
|
|
|
|
Proceeds from vessels' new
debt |
|
|
142,000 |
|
|
|
242,000 |
|
|
Scheduled vessels' debt
repayment |
|
|
(131,087 |
) |
|
|
(151,696 |
) |
|
Debt prepayment |
|
|
(271,120 |
) |
|
|
(256,702 |
) |
|
Financing and debt
extinguishment fees paid |
|
|
(4,289 |
) |
|
|
(5,140 |
) |
|
Offering expenses |
|
|
(55 |
) |
|
|
(293 |
) |
|
Proceeds from issuance of
common stock |
|
|
- |
|
|
|
19,792 |
|
|
Repurchase of common
shares |
|
|
(13,056 |
) |
|
|
(20,068 |
) |
|
Dividends paid |
|
|
(139,556 |
) |
|
|
(545,140 |
) |
Net cash
provided by / (used in) financing activities |
|
|
(417,163 |
) |
|
|
(717,247 |
) |
|
|
|
|
|
|
Summary of Selected Data
|
Third quarter 2023 |
|
Third quarter 2022 |
|
Nine months ended September 30, 2023 |
|
Nine months ended September 30, 2022 |
Average
number of vessels (1) |
121.5 |
|
128.0 |
|
125.1 |
|
128.0 |
Number
of vessels (2) |
120 |
|
128 |
|
120 |
|
128 |
Average
age of operational fleet (in years) (3) |
11.7 |
|
10.6 |
|
11.7 |
|
10.6 |
Ownership days (4) |
11,177 |
|
11,776 |
|
34,159 |
|
34,944 |
Available days (5) |
10,785 |
|
10,947 |
|
32,867 |
|
33,158 |
Charter-in days (6) |
204 |
|
212 |
|
633 |
|
717 |
Daily
Time Charter Equivalent Rate (7) |
$15,068 |
|
$24,365 |
|
$15,035 |
|
$27,418 |
Daily
OPEX per vessel (8) |
$4,914 |
|
$5,107 |
|
$4,895 |
|
$5,036 |
Daily
OPEX per vessel (excl. non recurring expenses) (8) |
$4,851 |
|
$4,769 |
|
$4,772 |
|
$4,730 |
Daily
Net Cash G&A expenses per vessel (9) |
$1,024 |
|
$950 |
|
$1,045 |
|
$1,008 |
|
|
|
|
|
|
|
|
(1) Average number of vessels is the number of
vessels that constituted our owned fleet for the relevant period,
as measured by the sum of the number of days each operating vessel
was a part of our owned fleet during the period divided by the
number of calendar days in that period. (2) As of the last day of
the periods reported.(3) Average age of our operational fleet is
calculated as of the end of each period.(4) Ownership days are the
total calendar days each vessel in the fleet was owned by us for
the relevant period, including vessels subject to sale and
leaseback transactions and finance leases. (5) Available days for
the fleet are the Ownership days after subtracting off-hire days
for major repairs, dry docking or special or intermediate surveys,
change of management and vessels’ improvements and upgrades. The
available days for each period presented were also decreased by
off-hire days relating to disruptions in connection with crew
changes as a result of the COVID-19 pandemic. Our method of
computing Available Days may not necessarily be
comparable to Available Days of other companies. (6) Charter-in
days are the total days that we charter-in vessels, not owned by
us.(7) Time charter equivalent rate represents the weighted average
daily TCE rates of our operating fleet (including owned fleet and
fleet under charter-in arrangements). TCE rate is a measure of the
average daily net revenue performance of our vessels. Our method of
calculating TCE rate is determined by dividing (a) TCE Revenues,
which consists of Voyage Revenues net of voyage expenses,
charter-in hire expense, amortization of fair value of above/below
market acquired time charter agreements, if any, as well as
adjusted for the impact of realized gain/(loss) on forward freight
agreements (“FFAs”) and bunker swaps by (b) Available days for the
relevant time period. Available days do not include the Charter-in
days as per the relevant definitions provided above. Voyage
expenses primarily consist of port, canal and fuel costs that are
unique to a particular voyage, which would otherwise be paid by the
charterer under a time charter contract, as well as commissions. In
the calculation of TCE Revenues, we also include the realized
gain/(loss) on FFAs and bunker swaps as we believe that this method
better reflects the chartering result of our fleet and is more
comparable to the method used by our peers. TCE Revenues and TCE
rate, which are non-GAAP measures, provide additional meaningful
information in conjunction with Voyage Revenues, the most directly
comparable GAAP measure, because they assist our management in
making decisions regarding the deployment and use of our vessels
and because we believe that they provide useful information to
investors regarding our financial performance. TCE rate is a
standard shipping industry performance measure used primarily to
compare period-to-period changes in a shipping company's
performance despite changes in the mix of charter types (i.e.,
voyage charters, time charters, bareboat charters and pool
arrangements) under which its vessels may be employed between the
periods. Our method of computing TCE Revenues and TCE rate
may not necessarily be comparable to those of other companies.
For a detailed calculation please see Exhibit I at the end of this
release with the reconciliation of Voyage Revenues to TCE. (8)
Daily OPEX per vessel is calculated by dividing vessel operating
expenses by Ownership days. Daily OPEX per vessel (excluding non-
recurring expenses) is calculated by dividing vessel operating
expenses minus any non-recurring expenses or other additional
expenses due to conditions outside of the Company’s control (such
as pre-delivery expenses for each vessel at acquisition or at
change of management or increased costs due to the COVID-19
pandemic, if any ) by Ownership days. We exclude the abovementioned
expenses that may occur occasionally from our Daily OPEX per
vessel, since these generally represent items that we would not
anticipate occurring as part of our normal business on a regular
basis. We believe that Daily OPEX per vessel (excluding
non-recurring expenses) is a useful measure for our management and
investors for period to period comparison with respect to our
operating cost performance since such measure eliminates the
effects of non-recurring items which may vary from period to
period, are not part of our daily business and derive from reasons
unrelated to overall operating performance. In the future we may
incur expenses that are the same as or similar to certain
non-recurring expenses that were previously excluded. Vessel
operating expenses for the nine month period ended September 30,
2023 and 2022 included additional crew expenses related to the
increased number of crew changes performed during the period as a
result of COVID-19 restrictions imposed in 2020 estimated to be
$2.1 million and $7.5 million, respectively. In addition vessel
operating expenses for the nine month period ended September 30,
2023 and 2022 included pre-delivery expenses due to change of
management of $2.1 million and $3.2 million, respectively.(9)
Please see Exhibit I at the end of this release for the
reconciliation to General and administrative expenses, the most
directly comparable GAAP measure. We believe that Daily Net Cash
G&A expenses per vessel is a useful measure for our management
and investors for period to period comparison with respect to our
financial performance since such measure eliminates the effects of
non-cash items which may vary from period to period, are not part
of our daily business and derive from reasons unrelated to overall
operating performance.
EXHIBIT I: Non-GAAP Financial Measures
EBITDA and Adjusted EBITDA Reconciliation
We include EBITDA (earnings before interest,
taxes, depreciation and amortization) herein since it is a basis
upon which we assess our liquidity position and we believe that it
presents useful information to investors regarding our ability to
service and/or incur indebtedness.
To derive Adjusted EBITDA from EBITDA, we
exclude non-cash gains/(losses) such as those related to sale of
vessels or vessel total loss, share based compensation expense,
impairment loss, loss from bad debt, change in fair value of
forward freight agreements and bunker swaps, the equity in
income/(loss) of investee and other non-cash charges, if any, which
may vary from period to period and for different companies and
because these items do not reflect operational cash inflows and
outflows of our fleet.
EBITDA and Adjusted EBITDA do not represent and
should not be considered as alternatives to cash flow from
operating activities or Net income, as determined by United States
generally accepted accounting principles, or U.S. GAAP. Our method
of computing EBITDA and Adjusted EBITDA may not necessarily be
comparable to other similarly titled captions of other
companies.
The following table reconciles net cash provided
by operating activities to EBITDA and Adjusted EBITDA:
(Expressed in thousands of
U.S. dollars) |
|
Third quarter 2023 |
|
|
Third quarter 2022 |
|
|
Nine months ended September 30, 2023 |
|
|
Nine months ended September 30, 2022 |
|
Net cash provided by/(used in) operating activities |
|
$ |
67,103 |
|
|
$ |
184,475 |
|
|
$ |
247,173 |
|
|
$ |
653,562 |
|
Net decrease / (increase)
in current assets |
|
|
11,742 |
|
|
|
(13,520 |
) |
|
|
1,831 |
|
|
|
11,760 |
|
Net increase / (decrease) in
operating liabilities, excluding current portion of long term
debt |
|
|
(8,239 |
) |
|
|
6,830 |
|
|
|
(21,445 |
) |
|
|
(24,679 |
) |
Impairment loss |
|
|
- |
|
|
|
- |
|
|
|
(7,700 |
) |
|
|
- |
|
Gain/(Loss) on debt
extinguishment, net |
|
|
(4,289 |
) |
|
|
(1,272 |
) |
|
|
(5,177 |
) |
|
|
(1,143 |
) |
Share – based
compensation |
|
|
(6,341 |
) |
|
|
(11,908 |
) |
|
|
(12,701 |
) |
|
|
(23,388 |
) |
Amortization of debt (loans
& leases) issuance costs |
|
|
(811 |
) |
|
|
(1,159 |
) |
|
|
(2,801 |
) |
|
|
(3,800 |
) |
Unrealized gain / (loss) on
forward freight agreements and bunker swaps |
|
|
934 |
|
|
|
585 |
|
|
|
(2,131 |
) |
|
|
(292 |
) |
Total other expenses, net |
|
|
18,675 |
|
|
|
14,552 |
|
|
|
45,208 |
|
|
|
38,670 |
|
Gain from insurance proceeds
relating to vessel total loss |
|
|
- |
|
|
|
- |
|
|
|
28,163 |
|
|
|
- |
|
Loss on bad debt |
|
|
- |
|
|
|
- |
|
|
|
(300 |
) |
|
|
- |
|
Income tax |
|
|
78 |
|
|
|
7 |
|
|
|
181 |
|
|
|
44 |
|
Gain on sale of vessels |
|
|
18,867 |
|
|
|
- |
|
|
|
18,833 |
|
|
|
- |
|
Gain from Hull & Machinery
claim |
|
|
- |
|
|
|
- |
|
|
|
200 |
|
|
|
- |
|
Loss on write-down of
inventory |
|
|
(822 |
) |
|
|
(14,901 |
) |
|
|
(5,565 |
) |
|
|
(14,901 |
) |
Equity in income/(loss) of
investee |
|
|
(17 |
) |
|
|
118 |
|
|
|
16 |
|
|
|
108 |
|
EBITDA |
|
$ |
96,880 |
|
|
$ |
163,807 |
|
|
$ |
283,785 |
|
|
$ |
635,941 |
|
|
|
|
|
|
|
|
|
|
Equity in (income)/loss of
investee |
|
|
17 |
|
|
|
(118 |
) |
|
|
(16 |
) |
|
|
(108 |
) |
Unrealized (gain)/loss on
forward freight agreements and bunker swaps |
|
|
(934 |
) |
|
|
(585 |
) |
|
|
2,131 |
|
|
|
292 |
|
(Gain) on sale of vessels |
|
|
(18,867 |
) |
|
|
- |
|
|
|
(18,833 |
) |
|
|
- |
|
Loss on write-down of
inventory |
|
|
822 |
|
|
|
14,901 |
|
|
|
5,565 |
|
|
|
14,901 |
|
Gain from insurance proceeds
relating to vessel total loss |
|
|
- |
|
|
|
- |
|
|
|
(28,163 |
) |
|
|
- |
|
Share-based compensation |
|
|
6,341 |
|
|
|
11,908 |
|
|
|
12,701 |
|
|
|
23,388 |
|
Loss on bad debt |
|
|
- |
|
|
|
- |
|
|
|
300 |
|
|
|
- |
|
Impairment loss |
|
|
- |
|
|
|
- |
|
|
|
7,700 |
|
|
|
- |
|
Other non-cash charges |
|
|
(71 |
) |
|
|
(63 |
) |
|
|
5 |
|
|
|
(384 |
) |
Adjusted
EBITDA |
|
$ |
84,188 |
|
|
$ |
189,850 |
|
|
$ |
265,175 |
|
|
$ |
674,030 |
|
|
|
|
|
|
|
|
|
|
Net income and Adjusted Net income Reconciliation and
Calculation of Adjusted Earnings Per Share
To derive Adjusted Net Income and Adjusted
Earnings Per Share from Net Income, we exclude non-cash items, as
provided in the table below. We believe that Adjusted Net Income
and Adjusted Earnings Per Share assist our management and investors
by increasing the comparability of our performance from period to
period since each such measure eliminates the effects of such
non-cash items as gain/(loss) on sale of assets, unrealized
gain/(loss) on derivatives, impairment loss and other items which
may vary from period to period, for reasons unrelated to overall
operating performance. In addition, we believe that the
presentation of the respective measure provides investors with
supplemental data relating to our results of operations, and
therefore, with a more complete understanding of factors affecting
our business than with GAAP measures alone. Our method of computing
Adjusted Net Income and Adjusted Earnings Per Share may not
necessarily be comparable to other similarly titled captions of
other companies.
(Expressed in
thousands of U.S. dollars except for share and per share data) |
|
|
|
|
|
|
|
|
|
Third quarter 2023 |
|
|
Third quarter 2022 |
|
|
Nine months ended September 30, 2023 |
|
|
Nine months ended September 30, 2022 |
|
Net income |
|
$ |
43,655 |
|
|
$ |
109,693 |
|
|
$ |
133,849 |
|
|
$ |
480,203 |
|
Loss on bad debt |
|
|
- |
|
|
|
- |
|
|
|
300 |
|
|
|
- |
|
Share – based
compensation |
|
|
6,341 |
|
|
|
11,908 |
|
|
|
12,701 |
|
|
|
23,388 |
|
Other non-cash charges |
|
|
(71 |
) |
|
|
(63 |
) |
|
|
5 |
|
|
|
(384 |
) |
Unrealized (gain) / loss on
forward freight agreements and bunker swaps, net |
|
|
(934 |
) |
|
|
(585 |
) |
|
|
2,131 |
|
|
|
292 |
|
Unrealized (gain) / loss on
interest rate swaps, net |
|
|
- |
|
|
|
- |
|
|
|
507 |
|
|
|
- |
|
(Gain) on sale of vessels |
|
|
(18,867 |
) |
|
|
- |
|
|
|
(18,833 |
) |
|
|
- |
|
Impairment loss |
|
|
- |
|
|
|
- |
|
|
|
7,700 |
|
|
|
- |
|
Gain from insurance proceeds
relating to vessel total loss |
|
|
- |
|
|
|
- |
|
|
|
(28,163 |
) |
|
|
- |
|
Loss on write-down of
inventory |
|
|
822 |
|
|
|
14,901 |
|
|
|
5,565 |
|
|
|
14,901 |
|
(Gain)/Loss on debt
extinguishment, net (non-cash) |
|
|
2,178 |
|
|
|
521 |
|
|
|
2,963 |
|
|
|
(1,952 |
) |
Equity in (income)/loss of
investee |
|
|
17 |
|
|
|
(118 |
) |
|
|
(16 |
) |
|
|
(108 |
) |
Adjusted Net
income |
|
$ |
33,141 |
|
|
$ |
136,257 |
|
|
$ |
118,709 |
|
|
$ |
516,340 |
|
Weighted average number of
shares outstanding, basic |
|
|
95,664,267 |
|
|
|
101,945,181 |
|
|
|
102,434,767 |
|
|
|
130,715,574 |
|
Weighted average number of
shares outstanding, diluted |
|
|
96,139,203 |
|
|
|
102,541,314 |
|
|
|
102,825,781 |
|
|
|
131,141,620 |
|
Adjusted Basic
Earnings Per Share |
|
$ |
0.35 |
|
|
$ |
1.34 |
|
|
$ |
1.16 |
|
|
$ |
3.95 |
|
Adjusted Diluted
Earnings Per Share |
|
$ |
0.34 |
|
|
$ |
1.33 |
|
|
$ |
1.15 |
|
|
$ |
3.94 |
|
|
|
|
|
|
|
|
|
|
Voyage Revenues to Daily Time Charter Equivalent (“TCE”)
Reconciliation
(In thousands of U.S. Dollars,
except for TCE rates) |
|
Third quarter 2023 |
|
|
Third quarter 2022 |
|
|
Nine months ended September 30, 2023 |
|
|
Nine months ended September 30, 2022 |
|
Voyage revenues |
|
$ |
223,087 |
|
|
$ |
364,136 |
|
|
$ |
685,808 |
|
|
$ |
1,142,353 |
|
Less: |
|
|
|
|
|
|
|
|
Voyage expenses |
|
|
(57,587 |
) |
|
|
(92,310 |
) |
|
|
(186,222 |
) |
|
|
(212,095 |
) |
Charter-in hire expenses |
|
|
(4,231 |
) |
|
|
(4,843 |
) |
|
|
(13,926 |
) |
|
|
(17,793 |
) |
Realized gain/(loss) on
FFAs/bunker swaps, net |
|
|
1,236 |
|
|
|
(263 |
) |
|
|
8,508 |
|
|
|
(3,325 |
) |
Time Charter
equivalent revenues |
|
$ |
162,505 |
|
|
$ |
266,720 |
|
|
$ |
494,168 |
|
|
$ |
909,140 |
|
|
|
|
|
|
|
|
|
|
Available days |
|
|
10,785 |
|
|
|
10,947 |
|
|
|
32,867 |
|
|
|
33,158 |
|
Daily Time Charter
Equivalent Rate ("TCE") |
|
$ |
15,068 |
|
|
$ |
24,365 |
|
|
$ |
15,035 |
|
|
$ |
27,418 |
|
|
|
|
|
|
|
|
|
|
Daily Net Cash G&A expenses per vessel
Reconciliation
(In thousands of
U.S. Dollars, except for daily rates) |
Third quarter 2023 |
|
|
Third quarter 2022 |
|
|
Nine months ended September 30, 2023 |
|
|
Nine months ended September 30, 2022 |
|
General and administrative expenses |
|
$ |
13,645 |
|
|
$ |
18,367 |
|
|
$ |
36,320 |
|
|
$ |
44,279 |
|
Plus: |
|
|
|
|
|
|
|
|
Management fees |
|
|
4,278 |
|
|
|
4,864 |
|
|
|
12,738 |
|
|
|
14,664 |
|
Less: |
|
|
|
|
|
|
|
|
Share – based
compensation |
|
|
(6,341 |
) |
|
|
(11,908 |
) |
|
|
(12,701 |
) |
|
|
(23,388 |
) |
Other non-cash charges |
|
|
71 |
|
|
|
63 |
|
|
|
(5 |
) |
|
|
384 |
|
Net Cash G&A
expenses |
|
$ |
11,653 |
|
|
$ |
11,386 |
|
|
$ |
36,352 |
|
|
$ |
35,939 |
|
|
|
|
|
|
|
|
|
|
Ownership days |
|
|
11,177 |
|
|
|
11,776 |
|
|
|
34,159 |
|
|
|
34,944 |
|
Charter-in days |
|
|
204 |
|
|
|
212 |
|
|
|
633 |
|
|
|
717 |
|
Daily Net Cash G&A
expenses per vessel |
|
$ |
1,024 |
|
|
$ |
950 |
|
|
$ |
1,045 |
|
|
$ |
1,008 |
|
|
|
|
|
|
|
|
|
|
Conference Call details:Our management team
will host a conference call to discuss our financial results on
Tuesday, November 14, 2023 at 11:00 a.m., Eastern Time (ET).
Participants should dial into the call 10
minutes before the scheduled time using the following numbers: +1
877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and
Standard International Dial In), or +0 800 756 3429 (UK Toll Free
Dial In). Please quote “Star Bulk Carriers” to the operator and/or
conference ID 13742046. Click here for additional participant
International Toll-Free access numbers.
Alternatively, participants can register for the
call using the “call me” option for a faster connection to join the
conference call. You can enter your phone number and let the system
call you right away. Click here for the “call me” option.
Slides and audio webcast: There
will also be a live, and then archived, webcast of the conference
call and accompanying slides, available through the Company’s
website. To listen to the archived audio file, visit our website
www.starbulk.com and click on Events & Presentations.
Participants to the live webcast should register on the website
approximately 10 minutes prior to the start of the webcast.
About Star BulkStar Bulk is a
global shipping company providing worldwide seaborne transportation
solutions in the dry bulk sector. Star Bulk’s vessels transport
major bulks, which include iron ore, minerals and grain, and minor
bulks, which include bauxite, fertilizers and steel products. Star
Bulk was incorporated in the Marshall Islands on December 13, 2006
and maintains executive offices in Athens, New York, Limassol,
Singapore and Germany. Its common stock trades on the Nasdaq Global
Select Market under the symbol “SBLK”. As of November 13, 2023 and
as adjusted for the delivery of a) the five agreed to be sold
vessels to their new owner as discussed above and b) the two firm
Kamsarmax vessels currently under construction, Star Bulk operates
a fleet of 117 vessels, with an aggregate capacity of 13.2 million
dwt, consisting of 17 Newcastlemax, 20 Capesize, 2 Mini Capesize, 7
Post Panamax, 41 Kamsarmax, 2 Panamax, 19 Ultramax and 9 Supramax
vessels with carrying capacities between 53,489 dwt and 209,529
dwt.
In addition, as of the date of this release, we
have entered into long-term charter-in arrangements with respect to
four Kamsarmax newbuildings and two Ultramax newbuildings which are
expected to be delivered during 2024 with an approximate duration
of seven years per vessel plus optional years. In addition, in
November 2021 we took delivery of the Capesize vessel Star Shibumi,
under a long-term charter-in contract for a period up to November
2028.
Forward-Looking
StatementsMatters discussed in this press release may
constitute forward looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts.
We desire to take advantage of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and is including this cautionary statement in connection with this
safe harbor legislation. Words such as, but not limited to,
“believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,”
“targets,” “projects,” “likely,” “will,” “would,” “could,”
“should,” “may,” “forecasts,” “potential,” “continue,” “possible”
and similar expressions or phrases may identify forward-looking
statements.
The forward-looking statements in this press
release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without
limitation, examination by our management of historical operating
trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were
reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond our control, we
cannot assure you that we will achieve or accomplish these
expectations, beliefs or projections.
In addition to these important factors, other
important factors that, in our view, could cause actual results to
differ materially from those discussed in the forward-looking
statements include general dry bulk shipping market conditions,
including fluctuations in charter rates and vessel values; the
strength of world economies; the stability of Europe and the Euro;
fluctuations in currencies, interest rates and foreign exchange
rates; business disruptions due to natural disasters or other
disasters outside our control, such as the ongoing novel
coronavirus (“COVID-19”) pandemic (and variants that may emerge);
the length and severity of epidemics and pandemics, including
COVID-19 and its impact on the demand for seaborne transportation
in the dry bulk sector; changes in supply and demand in the dry
bulk shipping industry, including the market for our vessels and
the number of newbuildings under construction; the potential for
technological innovation in the sector in which we operate and any
corresponding reduction in the value of our vessels or the charter
income derived therefrom; changes in our expenses, including bunker
prices, dry docking, crewing and insurance costs; changes in
governmental rules and regulations or actions taken by regulatory
authorities; potential liability from pending or future litigation
and potential costs due to environmental damage and vessel
collisions; the impact of increasing scrutiny and changing
expectations from investors, lenders, charterers and other market
participants with respect to our Environmental, Social and
Governance (“ESG”) practices; our ability to carry out our ESG
initiatives and thereby meet our ESG goals and targets; new
environmental regulations and restrictions, whether at a global
level stipulated by the International Maritime Organization, and/or
regional/national level imposed by regional authorities such as the
European Union or individual countries; potential cyber-attacks
which may disrupt our business operations; general domestic and
international political conditions or events, including “trade
wars”, the ongoing conflict between Russia and Ukraine and the
conflict between Israel and Hamas; the impact on our common shares
and reputation if our vessels were to call on ports located in
countries that are subject to restrictions imposed by the U.S. or
other governments; potential physical disruption of shipping routes
due to accidents, climate-related reasons (acute and chronic),
political events, public health threats, international hostilities
and instability, piracy or acts by terrorists; the availability of
financing and refinancing; the failure of our contract
counterparties to meet their obligations; our ability to meet
requirements for additional capital and financing to grow our
business; the impact of our indebtedness and the compliance with
the covenants included in our debt agreements; vessel breakdowns
and instances of off‐hire; potential exposure or loss from
investment in derivative instruments; potential conflicts of
interest involving our Chief Executive Officer, his family and
other members of our senior management and our ability to complete
acquisition transactions as and when planned and upon the expected
terms and the impact of port or canal congestion or disruptions.
Please see our filings with the Securities and Exchange Commission
for a more complete discussion of these and other risks and
uncertainties. The information set forth herein speaks only as of
the date hereof, and the Company disclaims any intention or
obligation to update any forward‐looking statements as a result of
developments occurring after the date of this communication.
Contacts
Company: |
Investor Relations / Financial Media: |
Simos Spyrou, Christos Begleris |
Nicolas Bornozis |
Co ‐ Chief Financial Officers |
President |
Star Bulk Carriers Corp. |
Capital Link, Inc. |
c/o Star Bulk Management Inc. |
230 Park Avenue, Suite 1536 |
40 Ag. Konstantinou Av. |
New York, NY 10169 |
Maroussi 15124 |
Tel. (212) 661‐7566 |
Athens, Greece |
E‐mail: starbulk@capitallink.com |
Email: info@starbulk.com |
www.capitallink.com |
www.starbulk.com |
|
|
|
Grafico Azioni Star Bulk Carriers (NASDAQ:SBLK)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Star Bulk Carriers (NASDAQ:SBLK)
Storico
Da Giu 2023 a Giu 2024