Financial Performance - Net Income was $42 million and Adjusted Net Income was $41 million[10] - Adjusted EBITDA reached $104 million[10] - A dividend of $009 per share was declared, with a record date of March 4th, 2025[10] - TCE per vessel was $16,129, while average daily OPEX per vessel was $5,056[9] - Average daily net cash G&A expenses per vessel were $1,264, resulting in TCE less OPEX less G&A expenses of $9,809[9] Eagle Bulk Merger & Synergies - Synergies achieved from the Eagle Bulk integration have resulted in more than $22 million in savings to date[10] - Q4 2024 synergies from the Eagle Bulk integration amounted to $126 million, implying an annualized run-rate of $50 million[26] Capital Allocation & Liquidity - Proforma cash was approximately $452 million, and proforma debt and lease obligations were $1266 million as of February 17th, 2025[10] - Additional liquidity of $50 million is available through an undrawn Revolver Facility, bringing proforma liquidity to almost $05 billion[10] - Thirteen debt-free vessels have an aggregate market value of $250 million[10] - Total actions of $26 billion in shareholder value creation since 2021[12] Fleet & Coverage - The company has one of the largest dry bulk fleets among U S and European listed peers, with 155 vessels on a fully delivered basis[39] - Fleet-wide coverage for Q1 2025 is 801% at a TCE of $12,305 per day[63] Market Dynamics - Dry bulk NET fleet growth was +30% in 2024, compared to +31% in 2023[48] - Total dry bulk trade in 2024 is estimated at +33% in tons and +50% in ton-miles[49]

Group 1 - The company is focused on closing the valuation gap through buybacks funded by asset sales, aiming to align stock trading closer to its $24 NAV [1] - A strong dividend policy is expected to support the stock's performance and valuation [1] Group 2 - The analyst has a long position in the shares of SBLK, indicating a positive outlook on the company's stock [2] - The article reflects the analyst's personal opinions and is not influenced by external compensation [2]

Company Overview - Star Bulk Carriers Corp. 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 has executive offices in Athens, New York, Stamford, and Singapore [2] - Star Bulk operates a fleet of 146 vessels with a total capacity of 14.4 million deadweight tons (dwt), including various types of bulk carriers [2] Share Buyback Announcement - The company has repurchased 1,985,169 shares since March 31, 2025, for a total of $32.22 million, at an average price of $16.21 per share [1] - Following the cancellation of the repurchased shares, the total number of issued and outstanding shares is now 115,603,652 [1]

Company Performance - Star Bulk Carriers (SBLK) closed at $17.40, marking a +2.29% increase from the previous day, outperforming the S&P 500 which fell by 1.13% [1] - Over the past month, shares of Star Bulk Carriers have appreciated by 1.25%, while the Transportation sector experienced a slight loss of 0.07% and the S&P 500 gained 3.55% [1] Financial Forecast - The upcoming financial results for Star Bulk Carriers are expected to show an EPS of $0.04, reflecting a significant 94.87% decrease from the same quarter last year [2] - Revenue is forecasted to be $243.45 million, indicating a 31.01% decline compared to the previous year’s quarter [2] Annual Projections - For the full year, Zacks Consensus Estimates project earnings of $1.32 per share and revenue of $1.02 billion, representing declines of 49.81% and 19.64% respectively from the prior year [3] - Recent adjustments to analyst estimates for Star Bulk Carriers are important as they indicate changing near-term business trends, with positive revisions seen as a favorable sign for the business outlook [3] Valuation Metrics - Star Bulk Carriers has a Forward P/E ratio of 12.89, which is a premium compared to the industry average Forward P/E of 9.41 [6] - The Transportation - Shipping industry, which includes Star Bulk Carriers, holds a Zacks Industry Rank of 178, placing it in the bottom 28% of over 250 industries [6] Zacks Rank System - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), currently ranks Star Bulk Carriers as 4 (Sell) [5] - The Zacks Consensus EPS estimate has increased by 6.09% in the past month, indicating some positive momentum despite the overall ranking [5]

Core Viewpoint - ZIM Integrated Shipping is positioned favorably due to its asset-light model and strong operational efficiency, while Star Bulk Carriers is benefiting from improving trade relations and fleet expansion, but faces challenges in earnings consistency [2][3][10][12]. Group 1: ZIM Integrated Shipping - ZIM operates an asset-light model focusing on leasing vessels, which allows it to maintain strong pricing power and profitability by avoiding low-margin segments [3]. - The company has a high dividend yield, with a regular dividend of approximately $382 million or $3.17 per share declared in the December quarter, and $89 million or 74 cents per share in the first quarter of 2025, reflecting about 30% of the quarter's net income [4]. - ZIM has consistently beaten earnings expectations, demonstrating resilience despite challenging market conditions [5]. - Ongoing trade tensions, particularly with significant exposure to China and the U.S., pose risks, but ZIM's business model allows it to shift capacity to more profitable routes if needed [6][16]. - Elevated spot and contracted rates are expected to support ZIM's performance in 2025, making it a more attractive investment compared to SBLK [17]. Group 2: Star Bulk Carriers - Star Bulk has grown to be one of the largest dry bulk shipping companies, focusing on operational efficiency and environmental sustainability [9]. - The company declared a dividend of 5 cents per share in March, marking its 17th consecutive quarter of capital returns, and is also active in share buybacks [11]. - Easing U.S.-China trade relations are expected to positively impact the dry bulk market, with strong economic growth in China likely to boost demand for commodities like iron ore and coal [10]. - However, SBLK has not demonstrated a strong earnings surprise history, missing earnings estimates twice in the last four quarters [12]. - SBLK may face significant risks from ongoing trade conflicts, particularly with China, which could lead to lower import demand for key commodities [16].

Financial Data and Key Metrics Changes - The company reported a net income of $500,000 with an adjusted net loss of $7,800,000 or $0.07 adjusted loss per share for Q1 2025 [4] - Adjusted EBITDA for the quarter was $49,000,000 [4] - Pro forma total cash stands at $437,000,000, while pro forma total debt is $1,200,000,000 [5] - The average net debt per vessel decreased from $11,600,000 to $5,400,000 since 2021, a reduction of over 50% [7] 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 [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 - Total dry bulk trade is projected to contract by 1.2% in tons and 0.4% in ton miles during 2025 [22] - Chinese dry bulk imports contracted by 8.3% year on year during Q1 2025, driven by elevated inventories and rising domestic production [26] - Iron ore trade is projected to contract by 1.3% in tons and 0.6% in ton miles during 2025 [28] Company Strategy and Development Direction - The company continues to prioritize returns to shareholders through dividends and share buybacks, having taken actions totaling $2,600,000,000 since 2021 [6] - The integration of the Eagle Bulk transaction has resulted in almost $40,000,000 in synergies since its completion [5][10] - The company plans to invest in energy-saving technologies and fleet upgrades to comply with IMO carbon reduction regulations [14] Management 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 [34] - The geopolitical landscape and potential reconstruction efforts in conflict areas could positively impact trade and demand [40] - However, challenges such as reduced coal imports from China and uncertainties in global trade dynamics were noted as potential negatives [44] Other Important Information - The company has completed 42 installations of energy-saving technologies, with another 21 planned for 2025 [14] - The average steaming speed of the fleet has reached a record low of 10.8 knots, influenced by soft freight rates and environmental regulations [21] Q&A Session Summary Question: Market outlook and asset values - Management acknowledged the current holding pattern in dry bulk rates and the stability of asset values, indicating that something must give in the market [36][38] Question: Timing for asset sales and cash flow - The company confirmed that proceeds from announced vessel sales will be received in the second and early third quarters of 2025, totaling approximately $38,500,000 [51] Question: Use of sales proceeds - The priority for the use of sales proceeds will be share buybacks as long as shares trade at a significant discount to net asset value [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 [61] Question: Buyers' intentions for older ships - The company noted that buyers are not scrapping older vessels as long as they are not making a loss, and the return on investment for these vessels is not sufficient for the company [59]

Financial Data and Key Metrics Changes - The company reported a net income of $500,000 with an adjusted net loss of $7,800,000 or $0.07 adjusted loss per share for Q1 2025 [4] - Adjusted EBITDA for the quarter was $49,000,000 [4] - Pro forma total cash stands at $437,000,000, while pro forma total debt is $1,200,000,000 [5] - The average net debt per vessel decreased from $11,600,000 to $5,400,000 since 2021, a reduction of over 50% [7] 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 [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 - Total dry bulk trade is projected to contract by 1.2% in tons and 0.4% in ton miles during 2025 [22] - Chinese dry bulk imports contracted by 8.3% year on year during Q1 2025, driven by elevated inventories and rising domestic production [25] - The average steaming speed of the fleet reached a new record low of 10.8 knots in February due to soft freight rates and environmental regulations [21] Company Strategy and Development Direction - The company continues to prioritize returns to shareholders, having taken actions totaling $2,600,000,000 in dividends, share buybacks, and debt repayments since 2021 [6] - The integration of the Eagle Bulk transaction has resulted in almost $40,000,000 in cumulative cost synergies [11] - The company plans to invest in energy-saving technologies and upgrade its fleet to comply with IMO carbon reduction regulations [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 [34] - The geopolitical landscape and macroeconomic factors are seen as potential positives, while challenges include reduced coal imports from China and uncertainties in global trade [40][44] - The company anticipates a moderate year with potential upward movement if geopolitical tensions ease [46] Other Important Information - The company has completed the integration process of the Eagle Bulk transaction across all departments [5] - The expected drydock expense schedule for the remainder of 2025 is estimated at $47,000,000 for 38 vessels [13] Q&A Session Summary Question: Market outlook and asset values - Management noted that while rates are stable, asset values are holding up well, and the market may see gradual progress in the coming quarters [36][38] Question: Timing for asset sales and cash inflow - The company confirmed that proceeds from announced vessel sales will be received in the second and early third quarters of 2025, totaling approximately $38,500,000 [51] Question: Use of sales proceeds - The priority for the use of sales proceeds will be share buybacks as long as shares trade at a significant discount to NAV [52] Question: Demolition rates and future outlook - Management indicated that environmental regulations could lead to increased scrapping of older vessels, but the immediate effect will be on operational speeds and drydock delays [60][62] Question: Buyers' intentions for older ships - The company explained that as long as vessels are not making a loss, they are not scrapped, and buyers may have different return expectations [58]

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 ...