Core Viewpoint - The energy sector, particularly oil, is expected to experience increased volatility and potential price recovery, driven by lower interest rates and rising demand, which could benefit transportation stocks like Star Bulk Carriers, ZIM Integrated, and Tidewater [1][2][3]. Group 1: Oil Market Dynamics - The current low oil prices may soon rise due to favorable conditions such as interest rate cuts by the Federal Reserve and other central banks, which typically boost oil demand [2][3]. - Increased oil demand will likely necessitate more shipping services, benefiting companies in the transportation sector [3]. Group 2: Star Bulk Carriers - Star Bulk Carriers is projected to have a 12-month stock price forecast of $23.80, indicating a 27.10% upside potential, with a high target of $28.00 [5]. - Analysts at Jefferies Financial Group have reiterated a Buy rating for Star Bulk, reflecting confidence in its earnings potential linked to the energy sector [5][6]. - The stock has seen a decline in short interest, suggesting a shift in market sentiment towards bullishness, alongside a dividend yield of 14.8% [7]. Group 3: ZIM Integrated - ZIM Integrated faces a 12-month stock price forecast of $15.22, representing a downside of 37.25%, with significant geopolitical risks affecting its operations [10]. - Despite risks, ZIM could benefit from pricing power due to increased demand on its shipping routes, which may allow it to command higher prices [11]. - The stock trades at a price-to-book ratio of 1.3x, offering a discount compared to the transportation sector average of 2.2x [12]. Group 4: Tidewater - Tidewater is positioned as a direct energy transport play with a 12-month stock price forecast of $102.25, indicating a potential upside of 95.08% [14]. - Analysts have recognized Tidewater as a Buy, with some institutions increasing their holdings, reflecting confidence in its growth potential [15][16]. - The stock's price-to-book ratio stands at 2.6x, which is below the overall transportation sector average, suggesting it may be undervalued [16].

[Management's Discussion and Analysis of Financial Condition and Results of Operations](index=1&type=section&id=MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) [Overview](index=1&type=section&id=Overview) Star Bulk, a global dry bulk shipping company, completed an all-stock merger with Eagle Bulk Shipping Inc. on April 9, 2024 - The company operates as a global shipping provider in the dry bulk sector, transporting commodities like iron ore, coal, grain, bauxite, and fertilizers[2](index=2&type=chunk) - On April 9, 2024, Star Bulk completed its all-stock merger with Eagle Bulk Shipping Inc. ("Eagle"), issuing **2.6211 shares** of Star Bulk for each Eagle share[2](index=2&type=chunk)[3](index=3&type=chunk) [Our Fleet](index=1&type=section&id=Our%20Fleet) As of November 18, 2024, Star Bulk's fleet comprises 156 vessels with 15.0 million dwt, expanded by the Eagle Merger and including five newbuilds [Fleet Details and Changes](index=1&type=section&id=Fleet%20Details%20and%20Changes) The fleet expanded by 52 vessels from the Eagle Merger, reaching 156 operating vessels with 15.0 million dwt, and 97% scrubber-fitted - Acquired a fleet of **52 dry bulk Supramax/Ultramax vessels** through the Eagle Merger[5](index=5&type=chunk) - Sold and delivered **12 vessels** during the nine-month period ended September 30, 2024[4](index=4&type=chunk) Owned Fleet Summary (as of Nov 18, 2024) | Metric | Value | | :--- | :--- | | **Operating Vessels** | 156 | | **Aggregate Capacity** | ~15.0 million dwt | | **Scrubber-Fitted** | 97% | [Chartered-in Vessels](index=6&type=section&id=Time%20charter-in%20vessels%20and%20time%20charter-in%20newbuilding%20vessels) Star Bulk has seven vessels under long-term charter-in agreements, with periods extending from 2028 to 2031 - Star Bulk has **seven vessels** under long-term charter-in agreements, with a total capacity of **640,000 dwt**[14](index=14&type=chunk)[15](index=15&type=chunk) [Vessels Under Construction](index=7&type=section&id=Vessels%20Under%20Construction) Five 82,000 dwt Kamsarmax newbuilding vessels are under construction, with deliveries expected from November 2025 to August 2026 - The company has **five 82,000 dwt Kamsarmax newbuilding vessels** under construction, with expected deliveries from November 2025 to August 2026[16](index=16&type=chunk)[17](index=17&type=chunk) [Liquidity and Capital Resources](index=7&type=section&id=Liquidity%20and%20Capital%20Resources) As of November 18, 2024, Star Bulk had **$432.5 million in cash** and **$1,295.9 million in borrowings**, with sufficient liquidity for operations and newbuild financing Financial Position (as of Nov 18, 2024) | Metric | Amount (USD) | | :--- | :--- | | **Total Cash** | $432.5 million | | **Outstanding Borrowings** | $1,295.9 million | - Principal sources of funds include cash flow from operations, equity offerings, and various debt facilities, used for capital expenditures, working capital, debt payments, and dividends[18](index=18&type=chunk) - In October 2024, the company secured a committed term sheet for up to **$130.0 million** to finance the five Kamsarmax vessels currently under construction[24](index=24&type=chunk) [Dividend Policy](index=8&type=section&id=Dividend%20Policy) On November 19, 2024, the Board declared a quarterly cash dividend of **$0.60 per share**, subject to financial condition and market factors - On November 19, 2024, the Board declared a quarterly cash dividend of **$0.60 per share**, payable around December 18, 2024, to shareholders of record as of December 5, 2024[26](index=26&type=chunk) - Dividend payments are at the discretion of the Board of Directors and depend on earnings, market conditions, capital requirements, and limitations under debt agreements[27](index=27&type=chunk) [Operating Results](index=9&type=section&id=Operating%20Results) Operating results for the nine months ended September 30, 2024, improved with a **TCE rate of $19,209**, driven by stronger market conditions and fleet expansion [Key Operating Metrics](index=9&type=section&id=Key%20Operating%20Metrics) Key operating metrics for 9M 2024 showed significant growth, with average vessels increasing to **141.3** and TCE rate rising **27.8% to $19,209** Operating Data Comparison (Nine-month period ended Sep 30) | Metric | 2023 | 2024 | Change | | :--- | :--- | :--- | :--- | | **Average number of vessels** | 125.1 | 141.3 | +12.9% | | **Ownership days** | 34,159 | 38,708 | +13.3% | | **Available days** | 32,867 | 37,210 | +13.2% | | **TCE rate (USD)** | $15,035 | $19,209 | +27.8% | [Factors Affecting Our Results of Operations](index=10&type=section&id=Factors%20Affecting%20Our%20Results%20of%20Operations) Results are influenced by vessel count, charter rates, and charter mix, with key expenses including voyage, operating, and financing costs, and derivative impacts - Revenue is primarily driven by the number of vessels, charter rates, and the mix of spot versus time charters[34](index=34&type=chunk) - Key expenses include voyage expenses, vessel operating costs, dry docking, depreciation, G&A, and interest and finance costs[36](index=36&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk)[50](index=50&type=chunk) - The company uses Forward Freight Agreements (FFAs) and bunker swaps as economic hedges, with realized and unrealized gains/losses affecting earnings[43](index=43&type=chunk)[44](index=44&type=chunk) [Results of Operations Comparison (9M 2024 vs. 9M 2023)](index=13&type=section&id=Results%20of%20Operations%20Comparison) For 9M 2024, voyage revenues increased to **$956.5 million** and net income to **$262.2 million**, driven by fleet expansion and higher TCE rates Income Statement Highlights (Nine-month period ended Sep 30) | Line Item (in millions USD) | 2023 | 2024 | | :--- | :--- | :--- | | **Voyage Revenues** | $685.8 | $956.5 | | **Vessel Operating Expenses** | $167.2 | $202.2 | | **General & Admin Expenses** | $36.3 | $51.8 | | **Interest & Finance Costs** | $49.8 | $70.5 | | **Net Income** | $133.8 | $262.2 | [Cash Flow Analysis](index=14&type=section&id=Cash%20Flow%20Analysis) Net cash from operations was **$394.9 million** in 9M 2024, investing provided **$313.6 million**, and financing used **$497.7 million**, ending with **$472.5 million** cash Cash Flow Summary (Nine-month period ended Sep 30) | Cash Flow Activity (in millions USD) | 2023 | 2024 | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | $247.2 | $394.9 | | **Net Cash from Investing Activities** | $186.0 | $313.6 | | **Net Cash used in Financing Activities** | ($417.2) | ($497.7) | [Unaudited Interim Condensed Consolidated Financial Statements](index=16&type=section&id=UNAUDITED%20INTERIM%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) [Financial Statements Overview](index=17&type=section&id=Financial%20Statements%20Overview) Unaudited consolidated financial statements for 9M 2024 reflect the Eagle Merger's impact, with total assets at **$4.16 billion** and net income at **$262.2 million** [Consolidated Balance Sheets](index=17&type=section&id=Consolidated%20Balance%20Sheets) As of September 30, 2024, total assets reached **$4.16 billion**, liabilities **$1.65 billion**, and equity **$2.51 billion**, largely due to the Eagle Merger Balance Sheet Summary (in thousands USD) | Account | Dec 31, 2023 | Sep 30, 2024 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $227,481 | $453,564 | | **Vessels and other fixed assets, net** | $2,539,743 | $3,287,229 | | **Total Assets** | **$3,028,255** | **$4,156,949** | | **Long-term bank loans, net** | $970,039 | $1,104,022 | | **Total Liabilities** | **$1,368,185** | **$1,645,255** | | **Total Shareholders' Equity** | **$1,660,070** | **$2,511,694** | [Consolidated Income Statements](index=19&type=section&id=Consolidated%20Income%20Statements) For 9M 2024, voyage revenues were **$956.5 million** and net income **$262.2 million**, with diluted EPS at **$2.48**, significantly up from 2023 Income Statement Summary (Nine months ended Sep 30, in thousands USD) | Account | 2023 | 2024 | | :--- | :--- | :--- | | **Voyage revenues** | $685,808 | $956,542 | | **Operating income** | $179,222 | $320,771 | | **Net income** | $133,849 | $262,208 | | **Earnings per share, diluted** | $1.30 | $2.48 | [Consolidated Statements of Cash Flows](index=22&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations was **$394.9 million** in 9M 2024, investing provided **$313.6 million**, and financing used **$497.7 million**, ending with **$472.5 million** cash Cash Flow Summary (Nine months ended Sep 30, in thousands USD) | Activity | 2023 | 2024 | | :--- | :--- | :--- | | **Net cash provided by Operating Activities** | $247,173 | $394,856 | | **Net cash provided by Investing Activities** | $185,962 | $313,594 | | **Net cash used in Financing Activities** | ($417,163) | ($497,663) | | **Net increase in cash** | $15,972 | $210,787 | | **Cash and restricted cash at end of period** | $302,316 | $472,537 | [Notes to Financial Statements](index=24&type=section&id=Notes%20to%20Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the Eagle Merger's accounting, fleet changes, new debt facilities, share capital activities, and subsequent events like dividend declarations [Note 1: Basis of Presentation and Eagle Merger](index=24&type=section&id=Note%201.%20Basis%20of%20Presentation%20and%20General%20Information) Note 1 details the Eagle Merger, completed April 9, 2024, accounted for as an asset acquisition with **$665.6 million** consideration for **$805.8 million** fair value of net assets - The Eagle Merger was accounted for as an asset acquisition, with assets and liabilities recorded at cost based on their relative fair value[99](index=99&type=chunk) Eagle Merger Consideration (April 9, 2024) | Metric | Value | | :--- | :--- | | **Total Star Bulk common stock issued** | 28,082,319 shares | | **Star Bulk closing price per share** | $23.70 | | **Consideration transferred** | $665.6 million | - The fair value of net assets acquired (**$805.8 million**) exceeded the consideration transferred (**$665.6 million**) by **$140.2 million**, allocated to reduce acquired vessel value[103](index=103&type=chunk)[104](index=104&type=chunk) [Note 5: Vessels, Fixed Assets, and Construction](index=31&type=section&id=Note%205.%20Vessels%20and%20other%20fixed%20assets%2C%20net%20and%20Advances%20for%20vessels%20under%20construction) Note 5 details fixed asset changes, including the **52-vessel Eagle fleet acquisition**, **$32.0 million gain** from vessel sales, and **$156.7 million** in newbuild commitments - Acquired a fleet of **52 dry bulk vessels** through the Eagle Merger[118](index=118&type=chunk) - Recognized a net gain of **$32.0 million** from the sale of vessels during the nine-month period ended September 30, 2024[121](index=121&type=chunk) - As of September 30, 2024, the remaining contracted price for five vessels under construction was **$156.7 million**, payable through August 2026[126](index=126&type=chunk) [Note 8: Debt and Convertible Notes](index=35&type=section&id=Note%208.%20Long-term%20bank%20loans%20and%20Convertible%20Notes) Note 8 details **$388.1 million** in new loans to refinance Eagle debt and the conversion of Eagle Convertible Notes into **5.97 million** Star Bulk shares - Entered into new loan facilities totaling **$388.1 million** in April 2024 to refinance the debt assumed from Eagle[137](index=137&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk)[142](index=142&type=chunk) - The assumed Eagle Convertible Notes matured on August 1, 2024, and were converted into **5,971,284 shares** of Star Bulk common stock[151](index=151&type=chunk) [Note 9: Share Capital](index=40&type=section&id=Note%209.%20Preferred%20and%20Common%20Shares%20and%20Additional%20Paid-in%20Capital) Note 9 outlines share capital changes, including **28.1 million shares** issued for the Eagle Merger, **$19.2 million** in share repurchases, and **$206.2 million** in dividends paid - Issued **28,082,319 common shares** as consideration for the Eagle Merger[83](index=83&type=chunk)[95](index=95&type=chunk) - Repurchased **933,004 common shares** for an aggregate consideration of **$19.2 million**[159](index=159&type=chunk) - Declared and paid cash dividends of **$206.2 million**, equivalent to **$1.90 per common share**[160](index=160&type=chunk) [Note 12: Commitments and Contingencies](index=43&type=section&id=Note%2012.%20Commitments%20and%20Contingencies) As of September 30, 2024, future minimum charter revenues are **$121.6 million**, with commitments of **$99.0 million** for charter-in and vessel upgrades Future Commitments (as of Sep 30, 2024) | Commitment Type | Total Amount (USD) | | :--- | :--- | | **Future Minimum Charter Revenues (Inflows)** | $121.6 million | | **Charter-in & Upgrade Expenses (Outflows)** | ($99.0 million) | [Note 15: Subsequent Events](index=49&type=section&id=Note%2015.%20Subsequent%20Events) Subsequent events include delivery of two newbuild vessels, securing **$130 million** financing for Kamsarmax newbuilds, and a **$0.60 per share** quarterly dividend declaration - Took delivery of two newbuilding vessels, Star Illusion and Star Thetis, under long-term charter-in agreements[200](index=200&type=chunk) - Secured a committed term sheet for up to **$130 million** for post-delivery financing of five Kamsarmax vessels under construction[200](index=200&type=chunk) - On November 19, 2024, the Board declared a quarterly cash dividend of **$0.60 per share**[200](index=200&type=chunk)

Star Bulk Carriers Corp. (NASDAQ:SBLK) Q3 2024 Earnings Conference Call November 20, 2024 11:00 AM ET Company Participants Petros Pappas - Chief Executive Officer Hamish Norton - President Simos Spyrou - Co-Chief Financial Officer Christos Begleris - Co-Chief Financial Officer Nicos Rescos - Chief Operating Officer Charis Plakantonaki - Chief Strategy Officer Conference Call Participants Omar Nokta - Jefferies Ben Nolan - Stifel Nicolaus Christopher Robertson - Deutsche Bank Bendik Folden Nyttingnes - Clark ...

November 2024 FINANCIAL RESULTS Q3 2024 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 ...

分组1 - Star Bulk Carriers reported quarterly earnings of $0.71 per share, matching the Zacks Consensus Estimate, and showing an increase from $0.34 per share a year ago [1] - The company posted revenues of $344.28 million for the quarter ended September 2024, exceeding the Zacks Consensus Estimate by 0.57%, and up from $223.09 million year-over-year [2] - Star Bulk Carriers has surpassed consensus revenue estimates three times over the last four quarters [2] 分组2 - The stock has underperformed, losing about 3.9% since the beginning of the year, while the S&P 500 has gained 23.6% [3] - The current consensus EPS estimate for the coming quarter is $0.74 on revenues of $347.76 million, and for the current fiscal year, it is $3.04 on revenues of $1.3 billion [7] - The Zacks Industry Rank for Transportation - Shipping is in the bottom 19% of over 250 Zacks industries, indicating potential challenges for stock performance [8] 分组3 - The estimate revisions trend for Star Bulk Carriers is currently unfavorable, resulting in a Zacks Rank 5 (Strong Sell) for the stock, suggesting expected underperformance in the near future [6] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Star Bulk Carriers (SBLK) .Star Bulk Carriers currently has an average bro ...

Wall Street expects a year-over-year increase in earnings on higher revenues when Star Bulk Carriers (SBLK) reports results for the quarter ended September 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, ...

Star Bulk Carriers (SBLK) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.Shares of this shipping company have returned -16.3% over the past month versus the Zacks S&P 500 composite's +1% change. The Zacks Transportation - Shipping industry, to which Star Bulk Carriers belongs, has lost 8% over this period. Now the key question is: Where could the stock be headed i ...

Company Performance - Star Bulk Carriers (SBLK) closed at $19.03, reflecting a -1.65% change from the previous day, underperforming the S&P 500's gain of 0.27% [1] - The company has experienced a significant decline of 17.8% in share price over the past month, while the Transportation sector lost 1.57% and the S&P 500 gained 2% during the same period [1] Upcoming Earnings - Star Bulk Carriers is expected to report earnings of $0.71 per share, indicating a year-over-year growth of 108.82% [2] - The Zacks Consensus Estimate for revenue is projected at $342.34 million, which represents a 53.45% increase from the previous year [2] Annual Forecast - For the entire year, the Zacks Consensus Estimates predict earnings of $3.04 per share and revenue of $1.3 billion, reflecting increases of +65.22% and +37.2% respectively compared to the prior year [3] Analyst Estimates - Recent changes to analyst estimates for Star Bulk Carriers suggest a positive outlook, as these revisions often indicate analysts' confidence in the company's performance [4] - The Zacks Rank system, which incorporates these estimate changes, currently rates Star Bulk Carriers at 5 (Strong Sell), indicating a negative sentiment [6] Valuation Metrics - Star Bulk Carriers is currently trading at a Forward P/E ratio of 6.38, which is lower than the industry average Forward P/E of 7.66, suggesting a valuation discount [7] - The Transportation - Shipping industry holds a Zacks Industry Rank of 175, placing it in the bottom 31% of over 250 industries [7]

Company Overview - Star Bulk Carriers (SBLK) closed at $19.91, reflecting a -1.04% change from the previous day's closing price, underperforming the S&P 500 which had a daily loss of 0.05% [1] - The stock has decreased by 7.11% over the past month, while the Transportation sector gained 0.67% and the S&P 500 increased by 2.76% during the same period [1] Earnings Forecast - The upcoming earnings release is anticipated to show an EPS of $0.73, representing a significant increase of 114.71% compared to the same quarter last year [1] - Revenue is projected to reach $344.28 million, marking a 54.32% increase from the year-ago period [1] Annual Estimates - For the annual period, earnings are expected to be $3.53 per share, indicating a growth of 91.85% year-over-year, with revenue estimated at $1.35 billion, reflecting a 41.9% increase from the previous year [2] Analyst Estimates and Stock Performance - Recent modifications to analyst estimates are crucial as they reflect near-term business trends, with positive revisions indicating a favorable business outlook [2] - The Zacks Rank system, which includes estimate changes, currently ranks Star Bulk Carriers as 3 (Hold), with an unchanged EPS estimate over the last 30 days [3] Valuation Metrics - Star Bulk Carriers has a Forward P/E ratio of 5.7, which is lower than the industry average Forward P/E of 7.64, suggesting a valuation discount [3] Industry Context - The Transportation - Shipping industry, to which Star Bulk Carriers belongs, ranks in the top 40% of all industries according to the Zacks Industry Rank, which is based on the average Zacks Rank of individual stocks [3]