Financial Data and Key Metrics Changes - In Q1 2025, the company reported total net revenues of $9.2 million, a 26.2% decrease from $14.4 million in Q1 2024, attributed to lower time charter rates and a reduced number of vessels operated [6][28] - The net loss attributable to controlling shareholders was $3.7 million, compared to a loss of $1.8 million in the same period last year, resulting in a loss per share of $1.35 [6][28] - Adjusted EBITDA for Q1 2025 was negative $1 million, down from $2.1 million in Q1 2024 [6][28] Business Line Data and Key Metrics Changes - The fleet currently consists of 12 vessels with an average age of 13.6 years and a total capacity of approximately 843,000 deadweight tons [9] - Fixed rate coverage for the remainder of the year is approximately 22%, excluding vessels under index-linked charters [11] Market Data and Key Metrics Changes - The dry bulk market has softened in Q1 2025, with average spot rates for Panamax vessels below $8,000 per day and one-year time charter rates around $12,000 per day [12] - The Baltic Panamax Index and Baltic Dry Index saw notable contractions, declining approximately 27% year-on-year [12] - The IMF revised global GDP growth forecasts for 2025 down to 2.8% from 3.3%, reflecting increased risks from tariffs and geopolitical tensions [13][14] Company Strategy and Development Direction - The company aims to modernize its fleet by selling older vessels and replacing them with younger ones, with plans to take delivery of two new vessels in 2027 [7][44] - The strategy includes opportunistic share repurchases to reflect confidence in long-term value [7] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the dry bulk sector outlook, citing geopolitical instability and a slowdown in key markets as contributing factors [18][22] - The company anticipates a softer market for the remainder of 2025, particularly in China, where dry bulk import volumes are not expected to replicate previous growth [22] Other Important Information - The company has repurchased 334,000 shares totaling $5.3 million as part of a $10 million share repurchase program initiated in August 2022 [7] - As of March 31, 2025, the company's outstanding debt was $105.2 million, with a projected cash flow breakeven level of approximately $11,935 per vessel per day [32][34] Q&A Session Summary Question: Will vessel operating expenses continue at the current level? - Management indicated that operating expenses were slightly over budget in Q1 but it is premature to predict future spending based on one quarter [39][40] Question: What is the forecast for scheduled off-hire days? - Management expects only one dry docking this year and anticipates minimal commercial off-hire days [41][43] Question: How is the fleet being managed regarding acquisitions and sales? - The company plans to sell older vessels and replace them with younger ones, depending on market conditions [44] Question: Are there opportunities to scrap older vessels? - Currently, there are no immediate candidates for scrapping, but management noted a slight increase in scrap activity in the market [48][49] Question: Have trade patterns changed due to tariffs? - Management noted no significant changes in trade patterns or loading/unloading times due to tariffs [52][55] Question: What is the status of the newbuild program? - The company expects to make a payment towards the end of the year for newbuilds, with further payments scheduled for 2026 [58][60] Question: Why was there no stock buyback in Q1? - Limited liquidity and expectations of market improvement were cited as reasons for not executing buybacks in Q1 [61]

Star Bulk Carriers (SBLK) Q1 2025 Earnings Call May 15, 2025 11:00 AM ET Company Participants Christos Begleris - Co-CFONicos Rescos - Chief Operating OfficerCharis Plakantonaki - Chief Strategy OfficerPetros Pappas - CEO & DirectorOmar Nokta - Managing DirectorDouglas Smith - Chairman Conference Call Participants Christopher Robertson - Equity Research Analyst - Vice President Operator Thank you for standing by, ladies and gentlemen, and welcome to the Star Bulk Carriers Conference Call on the First Quarte ...

Star Bulk Carriers (SBLK) Q1 2025 Earnings Call May 15, 2025 11:00 AM ET Company Participants Christos Begleris - Co-CFONicos Rescos - Chief Operating OfficerCharis Plakantonaki - Chief Strategy OfficerPetros Pappas - CEO & DirectorOmar Nokta - Managing DirectorDouglas Smith - Chairman Conference Call Participants Christopher Robertson - Equity Research Analyst - Vice President Operator Thank you for standing by, ladies and gentlemen, and welcome to the Star Bulk Carriers Conference Call on the First Quarte ...

Star Bulk Carriers (SBLK) Q1 2025 Earnings Call May 15, 2025 11:00 AM ET Speaker0 Thank you for standing by, ladies and gentlemen, and welcome to the Star Bulk Carriers Conference Call on the First Quarter twenty twenty five Financial Results. We have with us Petros Papas, Chief Executive Officer Mr. Hamish Norton, President Mr. Simo Spiro and Mr. Christos Begleris, Co Chief Executive Officers Mr. Nikos Rescos, Chief Operating Officer and Ms. Charz Plakapanaki, Chief Strategy Officer of the company. At this ...