Financial Data and Key Metrics Changes - For Q1 2025, the company reported a net income of $500,000 with an adjusted net loss of $7,800,000, equating to an adjusted loss per share of $0.07. Adjusted EBITDA was $49,000,000 for the quarter [4][5] - The company repurchased 1,300,000 shares for a total consideration of $19,600,000 and declared a dividend of $0.05 per share [4][5] - Pro forma total cash stands at $437,000,000, while pro forma total debt is $1,200,000,000, resulting in pro forma liquidity of almost $500,000,000 [5][6] Business Line Data and Key Metrics Changes - The time charter equivalent (TCE) rate was $12,439 per vessel per day, with combined daily operating expenses and net cash G&A expenses per vessel at $6,217, leading to a TCE less OpEx and cash G&A of approximately $6,220 per day per vessel [5] - Operating expenses for Q1 2025 were $4,898 per vessel per day, with net cash G&A expenses at $13.19 per vessel per day [12] Market Data and Key Metrics Changes - The dry bulk trade is projected to contract by 1.2% in tons and 0.4% in ton miles during 2025, with the IMF revising its global economic growth forecast to 2.8% [22][24] - Total dry bulk volumes were up year on year in Q1, supported by strong bauxite and minor bulk shipments, while iron ore, coal, and grains volumes combined declined by 3.5% year on year [24][25] Company Strategy and Development Direction - The company continues to focus on capital allocation to strengthen its position, having taken actions totaling $2,600,000,000 in dividends, share buybacks, and debt repayments since 2021 [6] - The company is investing in energy-saving technologies and fleet upgrades to comply with IMO carbon reduction regulations, with 42 installations completed and another 21 planned for 2025 [14] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the medium-term outlook for the dry bulk market, citing favorable supply conditions and stricter environmental regulations as potential positives [33] - The geopolitical landscape and macroeconomic factors were highlighted as influencing market conditions, with potential reconstruction efforts in conflict areas seen as a positive catalyst for trade [40][41] Other Important Information - The company has completed the integration of the Eagle Bulk transaction, achieving almost $40,000,000 in cumulative cost synergies since its completion [10][11] - The average age of the fleet is 11.9 years, with plans to dispose of non-eco vessels to improve overall fleet efficiency [15] Q&A Session Summary Question: Market outlook and asset values - Management acknowledged the current holding pattern in dry bulk rates and asset values, indicating that something must give in the future [36][37] Question: Timing for asset sales and cash inflow - The company confirmed that proceeds from announced vessel sales will be fully received in the second and early third quarters of 2025 [52] Question: Use of sales proceeds - The priority for the use of sales proceeds will be on share buybacks as long as shares trade at a meaningful discount to NAV [53] Question: Future demolition rates - Management indicated that environmental regulations could lead to increased demolition rates in the future, particularly for older, less efficient vessels [62]

Company Performance - Star Bulk Carriers reported a quarterly loss of $0.07 per share, significantly better than the Zacks Consensus Estimate of a loss of $0.23, and down from earnings of $0.87 per share a year ago, indicating an earnings surprise of 69.57% [1] - The company posted revenues of $230.65 million for the quarter ended March 2025, exceeding the Zacks Consensus Estimate by 9.56%, but down from $259.39 million in the same quarter last year [2] - Over the last four quarters, Star Bulk Carriers has surpassed consensus revenue estimates four times, but has only exceeded consensus EPS estimates once [2] Stock Performance - Star Bulk Carriers shares have increased approximately 9.9% since the beginning of the year, outperforming the S&P 500, which gained only 0.1% [3] - The current consensus EPS estimate for the upcoming quarter is $0.32 on revenues of $276.4 million, and for the current fiscal year, it is $1.31 on revenues of $1.05 billion [7] Industry Outlook - The Transportation - Shipping industry, to which Star Bulk Carriers belongs, is currently ranked in the bottom 19% of over 250 Zacks industries, indicating potential challenges ahead [8] - The outlook for the industry can significantly impact the stock's performance, as historical data shows that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [8]

FINANCIAL RESULTS Q1 2025 May 2025 Forward-Looking Statements This presentation contains certain forward-looking statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may include statements concerning the Company's plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, identified by words such as "be ...

Core Viewpoint - Star Bulk Carriers Corp. reported a significant decline in financial performance for Q1 2025 compared to Q1 2024, with a net income of $0.5 million and a decrease in voyage revenues, while announcing a new minimum quarterly dividend policy of $0.05 per share [1][4][8]. Financial Performance - Voyage revenues decreased to $230.7 million in Q1 2025 from $259.4 million in Q1 2024 [20]. - Net income fell sharply to $0.5 million in Q1 2025 from $74.9 million in Q1 2024 [18]. - Adjusted net loss for Q1 2025 was $7.7 million, compared to an adjusted net income of $73.2 million in Q1 2024 [18][46]. - EBITDA decreased to $58.0 million in Q1 2025 from $126.3 million in Q1 2024 [19][42]. - Adjusted EBITDA was $49.0 million in Q1 2025, down from $123.0 million in Q1 2024 [19][42]. Operational Metrics - The average number of vessels increased to 150.7 in Q1 2025 from 113.3 in Q1 2024 [34]. - Daily Time Charter Equivalent (TCE) rate dropped to $12,439 per day in Q1 2025 from $19,627 per day in Q1 2024, reflecting weaker market conditions [20][35]. - Daily operating expenses per vessel (as adjusted) were $4,898 in Q1 2025, slightly down from $4,962 in Q1 2024 [22][35]. Dividend and Share Repurchase - The Board declared a quarterly cash dividend of $0.05 per share, marking the 17th consecutive quarter of capital returns [5][8]. - Approximately 1.3 million shares were repurchased at an average price of $15.24 per share during Q1 2025, totaling $19.6 million [9]. Fleet and Asset Management - The company agreed to sell five Supramax vessels as part of its strategy to dispose of older and smaller tonnage [6]. - Following recent vessel sales, the company will have 13 unencumbered vessels and expects to collect total net proceeds of approximately $44.4 million in Q2 2025 [14]. Financial Position - The company reported over $500 million in liquidity and net debt below scrap value [7]. - As of March 31, 2025, total assets were $4.02 billion, with total liabilities of $1.56 billion [32].

Company Overview - Star Bulk Carriers Corp. is a global shipping company specializing in seaborne transportation solutions within the dry bulk sector, transporting major and minor bulk commodities such as iron ore, minerals, grain, bauxite, fertilizers, and steel products [3] - The company was incorporated in the Marshall Islands on December 13, 2006, and has executive offices located in Athens, New York, Stamford, and Singapore [3] - Star Bulk's common stock is traded on the Nasdaq Global Select Market under the symbol "SBLK" [3] Fleet Information - As of the date of the release, Star Bulk owns a fleet of 150 vessels with an aggregate capacity of 14.7 million deadweight tons (dwt) [3] - The fleet composition includes 17 Newcastlemax, 15 Capesize, 1 Mini Capesize, 7 Post Panamax, 44 Kamsarmax, 1 Panamax, 48 Ultramax, and 17 Supramax vessels, with carrying capacities ranging from 55,569 dwt to 209,537 dwt [3] Recent Corporate Actions - The Annual Meeting of Shareholders was held in Cyprus on May 14, 2025, where several proposals were approved [1] - The re-election of Messrs. Petros Pappas, Arne Blystad, and Raffaele Zagari as Class C Directors on the Board of Directors was confirmed [1] - DELOITTE CERTIFIED PUBLIC ACCOUNTANTS S.A. was appointed as the independent auditors for the fiscal year ending December 31, 2025 [2]

Core Viewpoint - Star Bulk Carriers Corp. will release its financial results for Q1 2025 on May 14, 2025, and will host a conference call on May 15, 2025, to discuss these results [1]. Company Overview - Star Bulk is a global shipping company specializing in seaborne transportation solutions in the dry bulk sector, transporting major and minor bulk commodities [5]. - The company was incorporated in the Marshall Islands on December 13, 2006, and has executive offices in Athens, New York, Stamford, and Singapore [5]. - Star Bulk's common stock trades on the Nasdaq Global Select Market under the symbol "SBLK" [5]. - As of the release date, the company owns a fleet of 152 vessels with an aggregate capacity of 14.8 million deadweight tons (dwt), including various types of bulk carriers [5].

Star Bulk Carriers (SBLK) closed the latest trading day at $14.80, indicating a +0.41% change from the previous session's end. The stock trailed the S&P 500, which registered a daily gain of 0.63%. At the same time, the Dow added 0.21%, and the tech-heavy Nasdaq gained 1.52%.Shares of the shipping company have depreciated by 5.81% over the course of the past month, underperforming the Transportation sector's loss of 5.27% and the S&P 500's loss of 0.7%.Investors will be eagerly watching for the performance ...

Company Performance - Star Bulk Carriers (SBLK) closed at $14.51, reflecting a +0.42% change from the previous trading day, underperforming the S&P 500's gain of 0.74% [1] - The stock has decreased by 9.18% over the past month, compared to a loss of 7.86% in the Transportation sector and a 4.77% loss in the S&P 500 [1] Earnings Expectations - The upcoming earnings disclosure is expected to show an EPS of -$0.28, representing a 132.18% decline year-over-year [2] - Quarterly revenue is anticipated to be $203.25 million, down 21.64% from the same period last year [2] Full-Year Estimates - Full-year Zacks Consensus Estimates project earnings of $1.28 per share and revenue of $1.09 billion, indicating year-over-year declines of -51.33% and -14.14%, respectively [3] Analyst Projections - Recent shifts in analyst projections for Star Bulk Carriers should be monitored, as they reflect short-term business trends and can influence stock performance [4] - Upward revisions in estimates indicate analysts' positive outlook on the company's operations and profit generation capabilities [4] Zacks Rank and Valuation - The Zacks Rank system currently rates Star Bulk Carriers at 4 (Sell), with a 16.63% decrease in the consensus EPS estimate over the last 30 days [6] - The company has a Forward P/E ratio of 11.29, which is higher than the industry average of 9.6 [7] Industry Context - The Transportation - Shipping industry holds a Zacks Industry Rank of 224, placing it in the bottom 10% of over 250 industries [7] - The Zacks Industry Rank assesses the strength of industry groups based on the average Zacks Rank of individual stocks [8]

Group 1 - The Company, Star Bulk Carriers Corp., filed its annual report on Form 20-F with the SEC on March 19, 2025, which includes audited financial statements for the fiscal year ended December 31, 2024 [1] - Star Bulk is a global shipping company specializing in seaborne transportation solutions in the dry bulk sector, transporting major and minor bulk commodities [2] - The Company was incorporated in the Marshall Islands in 2006 and operates a fleet of 150 vessels with a total capacity of 15.0 million deadweight tons (dwt) upon delivery of five Kamsarmax vessels currently under construction [2]

Revenue and Fleet Growth - Voyage revenues increased to $1,265.5 million in 2024 from $949.3 million in 2023, a growth of approximately 33.3%[356] - The average number of vessels in the fleet rose to 144.3 in 2024 from 123.3 in 2023, resulting in an increase in available days to 50,649 from 43,357[356] Operating Expenses - Vessel operating expenses increased to $275.0 million in 2024 from $221.3 million in 2023, reflecting higher costs associated with the increased fleet size[359] - Dry docking expenses rose to $62.7 million in 2024 from $42.0 million in 2023, attributed to more vessels undergoing dry docking[360] - Depreciation expense increased to $164.1 million in 2024 from $138.4 million in 2023, driven by the larger fleet size[361] - General and administrative expenses increased to $70.8 million in 2024 from $54.4 million in 2023, largely due to the expanded fleet[363] Cash Flow and Financial Performance - Net cash provided by operating activities was $471.2 million in 2024, up from $335.8 million in 2023, primarily due to higher charter rates and increased fleet size[380] - The company reported a net gain of $43.3 million from vessel sales in 2024, compared to a gain of $29.4 million in 2023[365] - Net cash provided by investing activities increased to $356.2 million in 2024 from $235.5 million in 2023, driven by higher vessel sale proceeds of $303.2 million compared to $251.0 million in 2023 and $104.3 million received from the Eagle Merger[382] - Net cash used in financing activities rose to $648.2 million in 2024 from $595.9 million in 2023, primarily due to increased net debt outflows of $342.0 million in 2024 compared to $51.2 million in 2023 and higher dividends paid of $277.0 million versus $158.1 million in 2023[383] Debt Facilities and Refinancing - The ABN $67.9 million Facility was refinanced, extending the repayment date to June 2027 and secured by seven vessels, with a prepayment of $6.3 million made in April 2024[386] - The CEXIM $106.5 million Facility, drawn in November 2019, is repayable in 40 equal quarterly installments of $0.7 million, secured by three vessels[388] - The DNB $107.5 million Facility, drawn in September 2021, is repayable in 20 equal quarterly principal payments of $2.2 million, with a balloon payment of $19.7 million due in September 2026[391] - The ABN AMRO $97.1 million Facility was fully drawn and secured by four vessels, with the second tranche maturing in October 2024[392] - The Credit Agricole $62.0 million Facility is repayable in 20 quarterly installments, with a balloon payment of $8.8 million due in November 2026, secured by five vessels[394] - As of December 31, 2024, the ING Facility is secured by a total of 18 vessels following various prepayments made throughout 2023 and 2024[397] - The company made significant prepayments in 2024, including $58.5 million related to the vessel Star Pavlina and $9.1 million for the vessel Star Bovarius[396] - The company assumed $375.5 million of bank loans as part of the Eagle Merger, which were refinanced using various facilities totaling $388.1 million[420] Vessel Valuation and Impairment Risks - The company has 6 out of 151 operating vessels with a market value below their carrying value, with an aggregate difference of $4.0 million[443] - The company has identified several dry bulk carrier vessels whose market value is lower than their carrying value as of December 31, 2023, indicating potential impairment risks[457] - The risk factors include potential declines in market values of vessels due to shipping industry conditions, which could affect borrowing capacity and lead to impairment charges[458] Management and Governance - The company appointed Mr. Gary Weston to the Board of Directors following the Eagle Merger on April 9, 2024, indicating ongoing strategic changes[461] - The company has a diverse Board of Directors with extensive experience in shipping and finance, which supports its strategic decision-making[462] - The Chief Executive Officer, Petros Pappas, has been with the company since its inception and has significant experience in vessel acquisitions and disposals[464] - The company has a strong focus on developing and executing vessel acquisitions and dispositions, with over 200 transactions managed by the Chief Operating Officer, Nicos Rescos[470] Employee and Director Compensation - Total compensation for senior management in 2024 was $2.5 million, with non-employee directors receiving an annual cash retainer of $15,000 each[483] - The aggregate compensation of the Board of Directors for 2024 was approximately $0.2 million[483] - The company does not have a retirement plan for its officers or directors[483] - The company awarded 435,450 common shares to key employees as of December 31, 2024, with a closing stock price of $14.95[492] Shareholder Agreements and Ownership - The company repurchased a total of 20 million common shares, reducing Oaktree's ownership from approximately 25.3% to 7.3%[523] - As of July 2, 2024, Oaktree shareholders beneficially own approximately 4.6% of the company's common shares, leading to the termination of the Oaktree Shareholders Agreement[524] - The Pappas shareholders beneficially own approximately 3.6% of the total issued and outstanding common shares as of February 17, 2025[525] - The Pappas Shareholders Agreement restricts the Pappas shareholders from engaging in certain transactions until terminated[530] Compliance and Financial Covenants - As of December 31, 2024, the company was in compliance with all financial covenants in its debt agreements[427] - The company is involved in ongoing discussions regarding financial covenants in credit facilities, which may be influenced by market conditions and vessel valuations[458]