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]

Financial Data and Key Metrics Changes - For Q4 2024, the company reported a net income of $42 million, with an adjusted net income of $41 million or $0.35 adjusted earnings per share [5][6] - Adjusted EBITDA for the quarter was $104 million [6] - The excess cash flow for the quarter amounted to $17.6 million, leading to a declared dividend of $0.09 per share [7][8] - Pro forma total cash as of the call was $452 million, while total debt stood at $1.3 billion [8] Business Line Data and Key Metrics Changes - The time charter equivalent (TCE) rate was $16,129 per vessel per day, with combined daily operating expenses and net cash G&A expenses per vessel at $6,320 [10] - The integration of Eagle Bulk has resulted in approximately $22 million in synergies, with a run rate of $50 million in annualized synergies achieved ahead of schedule [10][17] Market Data and Key Metrics Changes - The global dry bulk trade expanded by 3.3% in tons and 5% in ton miles during 2024, supported by high coal, iron ore, and minor bulk exports [34] - China's total dry bulk imports increased by 19.5% over the last two years, driven by post-COVID recovery [35] - The average steaming speed of the fleet decreased to 10.8 knots, influenced by reduced earnings and stricter environmental regulations [32] Company Strategy and Development Direction - The company has amended its dividend policy to allocate up to 60% of excess cash flow towards dividends, with the remainder for share buybacks and growth initiatives [6][7] - The fleet renewal strategy includes selling older vessels and investing in energy-efficient upgrades, with a focus on maintaining a competitive edge in the market [20][21] 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 recent stimulus measures from the Chinese government [44] - The company is focused on managing its fleet to capitalize on emerging market opportunities amid geopolitical uncertainties [44] Other Important Information - The company received the Deal of the Year Award at the Lloyd's List Greek Shipping Awards for the merger with Eagle Bulk [29] - The fleet consists of 155 vessels with an average age of 11.8 years, positioning the company among the largest dry bulk fleets in the U.S. and Europe [24] Q&A Session Summary Question: Future savings from Eagle Bulk merger - Management indicated there is still room for improvement in operating expenses, particularly in crew wages, and that significant efficiencies are yet to be realized [49][50] Question: Impact of potential trade war on grain trade - Management estimated that Brazilian soybeans could have a ton-mile advantage of about 10% to 15% over U.S. soybeans, potentially leading to increased congestion at South American ports [54] Question: Fleet renewal program and market appetite - Management noted that prices for older vessels have fallen, but they expect the market to improve in the coming months, allowing for continued divestment of less efficient vessels [56] Question: Clarification on capital allocation and excess cash definition - Management confirmed that excess cash is calculated as operating cash flow minus debt payments and scheduled dry docks, with flexibility in using cash for dividends or share buybacks [60][61] Question: Long-term chartering contracts - Management confirmed that the seven long-term charter contracts are at fixed rates for an initial seven-year duration, with about 50% of the $26 million in chartering expenses attributable to these vessels [71][75]

FINANCIAL RESULTS Q4 2024 February 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 a ...

Financial Performance - Star Bulk Carriers reported quarterly earnings of $0.34 per share, missing the Zacks Consensus Estimate of $0.42 per share, and down from $0.73 per share a year ago, representing an earnings surprise of -19.05% [1] - The company posted revenues of $308.92 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 7.62%, compared to year-ago revenues of $263.46 million [2] - Over the last four quarters, the company has not surpassed consensus EPS estimates, but has topped consensus revenue estimates three times [2] Stock Performance and Outlook - Star Bulk Carriers shares have increased by approximately 7.7% since the beginning of the year, outperforming the S&P 500's gain of 4% [3] - The company's earnings outlook is uncertain, with current consensus EPS estimates at -$0.05 on $186.71 million in revenues for the coming quarter and $1.93 on $1.05 billion in revenues for the current fiscal year [7] Industry Context - The Transportation - Shipping industry, to which Star Bulk Carriers belongs, is currently in the bottom 20% of the Zacks industry rankings, indicating potential challenges ahead [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Star Bulk Carriers' stock performance [5][6]