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Star Bulk Carriers Corp. Studies Web Revenue of $170.4

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ATHENS, Greece, Could 24, 2022 (GLOBE NEWSWIRE) — Star Bulk Carriers Corp. (the “Firm” or “Star Bulk”) (Nasdaq: SBLK), a world delivery firm specializing in the transportation of dry bulk cargoes, in the present day introduced its unaudited monetary and working outcomes for the primary quarter of 2022. Except in any other case indicated or except the context requires in any other case, all references on this press launch to “we,” “us,” “our,” or related references, imply Star Bulk Carriers Corp. and, the place relevant, its consolidated subsidiaries.

Monetary Highlights

     
(Expressed in hundreds of U.S. {dollars}, aside from day by day charges and per share knowledge) First quarter First quarter
  2022 2021
Voyage Revenues $ 360,883 $ 200,467
Web earnings/(loss) $ 170,364 $ 35,763
Adjusted Web earnings / (loss) (1) $ 175,562 $ 35,744
Web money supplied by working actions $ 229,156 $ 79,176
EBITDA (2) $ 220,683 $ 84,499
Adjusted EBITDA (2) $ 225,881 $ 84,667
Earnings / (loss) per share primary and diluted $ 1.67 $ 0.36
Adjusted earnings / (loss) per share primary (1) $ 1.72 $ 0.36
Adjusted earnings / (loss) per share diluted (1) $ 1.72 $ 0.36
Common Variety of Vessels   128.0   119.3
TCE Revenues (3) $ 304,904 $ 156,394
Day by day Time Constitution Equal Price (“TCE”) (3) $ 27,405 $ 15,462
Day by day OPEX per vessel (4) $ 4,988 $ 4,410
Day by day OPEX per vessel (excl. non recurring bills) (4) $ 4,747 $ 4,251
Day by day Web Money G&A bills per vessel (5) $ 1,065 $ 1,087
     

(1) Adjusted Web earnings / (loss) and Adjusted earnings / (loss) per share primary and diluted are non-GAAP measures. Please see the desk on the finish of this launch for a reconciliation to Web earnings / (loss), which is probably the most straight comparable monetary measure calculated and introduced in accordance with usually accepted accounting rules in america (“ U.S. GAAP”), in addition to for the definition of every measure.
(2) EBITDA and Adjusted EBITDA are non-GAAP measures. Please see the desk on the finish of this launch for a reconciliation of EBITDA and Adjusted EBITDA to Web Money Offered by / (Utilized in) Working Actions, which is probably the most straight comparable monetary measure calculated and introduced in accordance with U.S. GAAP in addition to for the definition of every measure. To derive Adjusted EBITDA from EBITDA, we exclude non-cash beneficial properties / (losses).
(3) Day by day Time Constitution Equal Price (“TCE”) and TCE Revenues are non-GAAP measures. Please see the desk on the finish of this launch for a reconciliation to Voyage Revenues, which is probably the most straight comparable monetary measure calculated and introduced in accordance with U.S. GAAP, in addition to for the definition of every measure.
(4) Day by day OPEX per vessel is calculated by dividing vessel working bills by Possession days (outlined beneath). Day by day OPEX per vessel (which excludes non-recurring bills) is calculated by dividing vessel working bills minus any non-recurring gadgets (similar to, elevated prices because of the COVID-19 pandemic or pre-delivery bills for every vessel at acquisition, if any) by Possession days. Sooner or later we could incur bills which can be the identical as or much like sure non-recurring bills that had been beforehand excluded.
(5) Day by day Web Money G&A bills per vessel is calculated by (1) deducting the Administration charge Earnings (if any), from, and (2) including the Administration charge expense to, the Common and Administrative bills (web of share-based compensation expense and different non-cash costs) and (3) then dividing the outcome by the sum of Possession days and Constitution-in days. Please see the desk on the finish of this launch for a reconciliation to Common and administrative bills, which is probably the most straight comparable monetary measure calculated and introduced in accordance with U.S. GAAP.

Petros Pappas, Chief Govt Officer of Star Bulk, commented:

“Star Bulk reported sturdy outcomes for the primary quarter of 2022, with Web Earnings of $170.4 million, EBITDA of $220.7 million and TCE Revenues of $304.9 million. TCE for the quarter was $27,405 / day per vessel, a rise of 77% YoY. This outcome marks our strongest day by day TCE efficiency for the primary quarter of a yr, when charges are historically weaker, since 2009. Trying to the following quarter, we now have coated 74.3% of our obtainable days for Q2 at a TCE of $29,759 / day per vessel.

We proceed to return earnings to our shareholders, with the Board of Administrators approving a dividend of $1.65 per share as per the Firm’s present dividend coverage. Over the past 4 quarters, we now have distributed a dividend of $5.60 per share to our shareholders.

Dry bulk market prospects are favorable, however the difficult international financial situations. Foremost driver stays the restricted provide development with the traditionally low vessel orderbook and the upcoming environmental laws additional suppressing orders and speeds. Demand continues to be strong with continued sturdy commodity flows over longer distances as a consequence of infrastructure investments and commerce dislocations.”

Current Developments

Declaration of Dividend
As of March 31, 2022, we owned 128 vessels and our Whole Money Steadiness was $444.4 million. Taking into consideration the Minimal Money Steadiness per Vessel of $2.10 million and deducting additionally the online proceeds of $4.3 million for the shares issued and offered below our efficient at-the-market providing applications throughout the quarter (as described beneath), on Could 24, 2022, pursuant to our dividend coverage, our Board of Administrators declared a quarterly money dividend of $1.65 per share, payable on or about June 16, 2022 to all shareholders of report as of June 3, 2022. The ex-dividend date is predicted to be June 2, 2022.

Shares Excellent Replace 
Throughout 2022 and thru the date of this launch, we now have issued and offered 654,690 widespread shares below the efficient at-the-market providing applications at a mean value of $30.85 per share, leading to web proceeds of $19.8 million, of which we acquired $4.3 million as of March 31, 2022.

In April 2022, we repurchased 450,011 widespread shares in open market transactions at a mean value of $26.07 per share for an mixture consideration of $11.7 million, pursuant to the beforehand introduced $50.0 million share repurchase program, all of which had been cancelled and faraway from our share capital as of the date of this launch. As of in the present day, we now have $28.0 million excellent below the approved share repurchase program (the “Share Repurchase Program”).

Financing 
On Could 24, 2022, we repaid the excellent quantities of $83.6 million below the lease agreements of the seven vessels acquired in February 2021 from Eneti Inc. We have now acquired credit score committee approval from a serious European Financial institution for an quantity of as much as $100.0 million to replenish the money used for the prepayment of the excellent lease quantities of the aforementioned vessels and refinance two extra vessels with an impressive debt steadiness of $16.1 million as of in the present day. Because of the brand new facility, we anticipate to avoid wasting roughly $1.5 million per yr in curiosity prices.

Vessel Employment Overview

Day by day Time Constitution Equal Price (“TCE”) is a non-GAAP measure. Please see the desk on the finish of this launch for a reconciliation to Voyage Revenues, which is probably the most straight comparable monetary measure calculated and introduced in accordance with U.S. GAAP.

For the primary quarter of 2022 our TCE charge was:
Capesize / Newcastlemax Vessels:   $26,236 per day.
Publish Panamax / Kamsarmax / Panamax Vessels:   $27,994 per day.
Ultramax / Supramax Vessels:   $27,169 per day.

Quantities proven all through the press launch and variations in interval–on–interval comparisons are derived from the precise unaudited numbers in our books and data. Reference to per share figures beneath are based mostly on 102,257,673 and 99,019,944 weighted common diluted shares for the primary quarter of 2022 and 2021, respectively.

First Quarter 2022 and 2021 Outcomes

For the primary quarter of 2022, we had a web earnings of $170.4 million, or $1.67 earnings per share, in comparison with a web earnings for the primary quarter of 2021 of $35.8 million, or $0.36 earnings per share.

Adjusted web earnings, which excludes sure non-cash gadgets, was $175.6 million, or $1.72 earnings per share, for the primary quarter of 2022, in comparison with an adjusted web earnings for the primary quarter of 2021 of $35.7 million, or $0.36 earnings per share.

Web money supplied by working actions for the primary quarter of 2022 was $229.2 million, in comparison with $79.2 million for the primary quarter of 2021. Adjusted EBITDA, which excludes sure non-cash gadgets, was $225.9 million for the primary quarter of 2022, in comparison with $84.7 million for the primary quarter of 2021.

Voyage revenues for the primary quarter of 2022 elevated to $360.9 million from $200.5 million within the first quarter of 2021 and Time constitution equal revenues (“TCE Revenues”)1 had been $304.9 million for the primary quarter of 2022, in comparison with $156.4 million for the primary quarter of 2021. TCE charge for the primary quarter of 2022 was $27,405 in comparison with $15,462 for the primary quarter of 2021 which is indicative of the considerably improved market situations prevailing throughout the latest quarter.

For the primary quarters of 2022 and 2021, vessel working bills had been $57.5 million and $47.4 million, respectively, primarily pushed by the rise within the common variety of vessels in our fleet to 128.0 vessels within the first quarter of 2022 from 119.3 vessels for the respective quarter of 2021. Vessel working bills for the primary quarter of 2022 included extra crew bills associated to the elevated quantity and price of crew adjustments carried out throughout the interval because of COVID-19 restrictions estimated to be $2.8 million. Vessel working bills for the primary quarter of 2021 included COVID-19 associated bills of $1.3 million and pre-delivery and pre-joining bills of $0.5 million. Excluding non-recurring bills such because the elevated prices as a consequence of COVID-19 and pre-delivery and pre-joining bills, our day by day working bills per vessel for the primary quarters of 2022 and 2021 had been $4,747 and $4,251, respectively. This enhance was primarily pushed by greater restore and upkeep prices because of the preventive upkeep program of our fleet, guaranteeing high quality service to our purchasers and minimizing off rent time.

Common and administrative bills for the primary quarters of 2022 and 2021 had been $8.8 million and $7.3 million, respectively, primarily because of the enhance within the inventory based mostly compensation expense to $1.2 million from $0.3 million and the common variety of vessels in our fleet. Vessel administration charges for the primary quarters of 2022 and 2021 had been $4.8 million and $4.7 million, respectively. Our day by day web money common and administrative bills per vessel (together with administration charges and excluding share-based compensation and different non-cash costs) for the primary quarters of 2022 and 2021 had been $1,065 and $1,087, respectively.

Curiosity and finance prices web of curiosity and different earnings/(loss) for the primary quarters of 2022 and 2021 had been $11.8 million and $12.7 million, respectively. This lower is primarily attributable to the decline within the common rate of interest on our excellent indebtedness, primarily pushed by the refinancing of sure of our debt agreements and the redemption of our excellent 8.30% Senior Notes in July 2021, in addition to the lower within the weighted common excellent debt steadiness throughout the corresponding intervals.

___________________________________________
1
Please see the desk on the finish of this launch for the calculation of the TCE Revenues.

Unaudited Consolidated Assertion of Operations

(Expressed in hundreds of U.S. {dollars} aside from share and per share knowledge)   First quarter 2022   First quarter 2021
         
         
Revenues:        
Voyage revenues   $ 360,883     $ 200,467  
Whole revenues     360,883       200,467  
         
Bills:        
Voyage bills     (53,404 )     (40,052 )
Constitution-in rent expense     (4,012 )     (2,943 )
Vessel working bills     (57,466 )     (47,354 )
Dry docking bills     (8,727 )     (12,191 )
Depreciation     (38,461 )     (36,233 )
Administration charges     (4,839 )     (4,667 )
Common and administrative bills     (8,765 )     (7,297 )
Achieve/(Loss) on ahead freight agreements and bunker swaps     (2,623 )     (2,085 )
Different operational loss     (614 )     (1,340 )
Different operational acquire     267       1,017  
Achieve on time constitution settlement termination           1,102  
         
Working earnings/(loss)     182,239       48,424  
         
Curiosity and finance prices     (12,082 )     (14,440 )
Curiosity and different earnings/(loss)     261       1,750  
Loss on debt extinguishment, web            
Whole different bills, web     (11,821 )     (12,690 )
         
Earnings/(Loss) earlier than fairness in investee     170,418       35,734  
         
Fairness in earnings/(loss) of investee     (17 )     29  
         
Earnings/(Loss) earlier than taxes   $ 170,401     $ 35,763  
         
Earnings taxes     (37 )      
         
Web earnings/(loss)   $ 170,364     $ 35,763  
         
Earnings/(loss) per share, primary and diluted   $ 1.67     $ 0.36  
Weighted common variety of shares excellent, primary     101,981,583       98,712,581  
Weighted common variety of shares excellent, diluted     102,257,673       99,019,944          
         

Unaudited Consolidated Condensed Steadiness Sheet Knowledge

(Expressed in hundreds of U.S. {dollars})
 
ASSETS   March 31, 2022   December 31, 2021
Money and money equivalents and restricted money, present   $ 442,385     471,250
Different present property     221,516     211,674
TOTAL CURRENT ASSETS     663,901     682,924
         
Vessels and different fastened property, web     2,982,610     3,013,038
Restricted money, non present     2,021     2,021
Different non-current property     62,162     56,736
TOTAL ASSETS   $ 3,710,694   $ 3,754,719
         
Present portion of long-term financial institution loans and lease financing   $ 205,830   $ 207,135
Different present liabilities     105,960     83,661
TOTAL CURRENT LIABILITIES     311,790     290,796
         
Lengthy-term financial institution loans and lease financing non-current (web of unamortized deferred finance charges of $14,841 and $16,171, respectively)     1,284,472     1,334,593
Different non-current liabilities     46,516     49,312
TOTAL LIABILITIES   $ 1,642,778   $ 1,674,701
         
SHAREHOLDERS’ EQUITY     2,067,916     2,080,018
         
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 3,710,694   $ 3,754,719
         
         

Unaudited Consolidated Condensed Money Stream Knowledge

               
(Expressed in hundreds of U.S. {dollars}) First quarter 2022     First quarter 2021
 
           
               
       
Web money supplied by / (utilized in) working actions $ 229,156     $ 79,176  
       
Acquisition of vessels and different fastened property    (101 )     (53,436 )
Capital expenditures for vessel modifications/upgrades    (6,313 )     (11,395 )
Insurance coverage Proceeds    1,600       4,544  
Web money supplied by / (utilized in) investing actions   (4,814 )     (60,287 )
       
Proceeds from vessels’ new debt          36,000  
Scheduled vessels’ debt compensation    (52,756 )     (43,416 )
Financing charges          (1,340 )
Refund of financing premia          903  
Shares issued    4,350        
Dividend funds    (204,801 )      
Web money supplied by / (utilized in) financing actions   (253,207 )     (7,853 )
       
       

Abstract of Chosen Knowledge

         
  First quarter 2022   First quarter 2021  
Common variety of vessels (1)   128.0     119.3  
Variety of vessels (2)   128     125  
Common age of operational fleet (in years) (3)   10.1     9.3  
Possession days (4)   11,520     10,737  
Obtainable days (5)   11,126     10,115  
Constitution-in days (6)   199     175  
Day by day Time Constitution Equal Price (7) $ 27,405   $ 15,462  
Day by day OPEX per vessel (8) $ 4,988   $ 4,410  
Day by day OPEX per vessel (excl. non recurring bills) (8) $ 4,747   $ 4,251  
Day by day Web Money G&A bills per vessel (9) $ 1,065   $ 1,087  
         

(1) Common variety of vessels is the variety of vessels that constituted our owned fleet for the related interval, as measured by the sum of the variety of days every working vessel was part of our owned fleet throughout the interval divided by the variety of calendar days in that interval.
(2) As of the final day of the intervals reported.
(3) Common age of our operational fleet is calculated as of the tip of every interval.
(4) Possession days are the overall calendar days every vessel within the fleet was owned by us for the related interval, together with vessels topic to sale and leaseback transactions and finance leases.
(5) Obtainable days for the fleet are the Possession days after subtracting off-hire days for main repairs, dry docking or particular or intermediate surveys and for vessels’ enhancements and upgrades. The obtainable days for every interval introduced had been additionally decreased by off-hire days referring to disruptions in reference to crew adjustments because of COVID-19. Our methodology of computing Obtainable Days could not essentially be corresponding to Obtainable Days of different corporations as a consequence of variations in strategies of calculation.
(6) Constitution-in days are the overall days that we charter-in vessels, not owned by us.
(7) Time constitution equal charge represents the weighted common day by day TCE charges of our working fleet (together with owned fleet and fleet below charter-in preparations). TCE charge is a measure of the common day by day web income efficiency of our vessels. Our methodology of calculating TCE charge is decided by dividing (a) TCE Revenues, which consists of voyage revenues web of voyage bills, charter-in rent expense, amortization of honest worth of above/beneath market acquired time constitution agreements, if any, in addition to adjusted for the influence of realized acquire/(loss) on ahead freight agreements (“FFAs”) and bunker swaps by (b) Obtainable days for the related time interval. Obtainable days don’t embrace the Constitution-in days as per the related definitions supplied above. Voyage bills primarily encompass port, canal and gas prices which can be distinctive to a selected voyage, which might in any other case be paid by the charterer below a time constitution contract, in addition to commissions. Within the calculation of TCE Revenues, we additionally embrace the realized acquire/(loss) on FFAs and bunker swaps as we consider that this methodology higher displays the chartering results of our fleet and is extra corresponding to the tactic utilized by our friends. TCE Revenues and TCE charge, that are non-GAAP measures, present extra significant info along side voyage revenues, probably the most straight comparable GAAP measure, as a result of they help our administration in making selections relating to the deployment and use of our vessels and since we consider that they supply helpful info to buyers relating to our monetary efficiency. TCE charge is an ordinary delivery business efficiency measure used primarily to match period-to-period adjustments in a delivery firm’s efficiency regardless of adjustments within the mixture of constitution varieties (i.e., voyage charters, time charters, bareboat charters and pool preparations) below which its vessels could also be employed between the intervals. Our methodology of computing TCE Revenues and TCE charge could not essentially be corresponding to these of different corporations as a consequence of variations in strategies of calculation. For an in depth calculation please see the desk on the finish of this launch with the reconciliation of Voyage Revenues to TCE.
(8) Day by day OPEX per vessel is calculated by dividing vessel working bills by Possession days. Day by day OPEX per vessel (excluding non- recurring bills) is calculated by dividing vessel working bills minus any non-recurring bills or different extra bills as a consequence of situations exterior of the Firm’s management (similar to pre-delivery bills for every vessel at acquisition or elevated prices because of the COVID-19 pandemic, if any) by Possession days. We exclude non-recurring bills that will happen often from our Day by day OPEX per vessel, since these usually signify gadgets that we’d not anticipate occurring as a part of our regular enterprise regularly. We consider that Day by day OPEX per vessel (excluding non-recurring bills) is a helpful measure for our administration and buyers for interval to interval comparability with respect to our working price efficiency since such measure eliminates the results of non-recurring gadgets which can differ from interval to interval, are usually not a part of our day by day enterprise and derive from causes unrelated to general working efficiency. Sooner or later we could incur bills which can be the identical as or much like sure non-recurring bills that had been beforehand excluded.
(9) Please see the desk on the finish of this launch for the reconciliation to Common and administrative bills, probably the most straight comparable GAAP measure. We consider that Day by day Web Money G&A bills per vessel is a helpful measure for our administration and buyers for interval to interval comparability with respect to our monetary efficiency since such measure eliminates the results of non-cash gadgets which can differ from interval to interval, are usually not a part of our day by day enterprise and derive from causes unrelated to general working efficiency.

EBITDA and Adjusted EBITDA Reconciliation

We embrace EBITDA herein since it’s a foundation upon which we assess our liquidity place. It’s also utilized by our lenders as a measure of our compliance with sure mortgage covenants and we consider that it presents helpful info to buyers relating to our skill to service and/or incur indebtedness.

To derive Adjusted EBITDA from EBITDA, we exclude non-cash beneficial properties/(losses) similar to these associated to sale of vessels, share based mostly compensation expense, impairment loss, loss from dangerous debt, change in honest worth of ahead freight agreements and bunker swaps and the fairness in earnings/(loss) of investee and different non-cash costs, if any, which can differ from interval to interval and for various corporations and since this stuff don’t replicate operational money inflows and outflows of our fleet.

EBITDA and Adjusted EBITDA don’t signify and shouldn’t be thought of as options to money circulate from working actions or web earnings, as decided by United States usually accepted accounting rules, or U.S. GAAP. Our methodology of computing EBITDA and Adjusted EBITDA could not essentially be corresponding to different equally titled captions of different corporations as a consequence of variations in strategies of calculation.

The next desk reconciles web money supplied by working actions to EBITDA and Adjusted EBITDA:

(Expressed in hundreds of U.S. {dollars})   First quarter 2022   First quarter 2021
Web money supplied by/(utilized in) working actions   $ 229,156     $ 79,176  
Web lower / (enhance)  in present property     6,119       26,623  
Web enhance / (lower) in working  liabilities, excluding present portion of long run debt     (19,801 )     (30,697 )
Share – based mostly compensation     (1,233 )     (313 )
Amortization of deferred finance costs     (1,339 )     (1,815 )
Unrealized acquire / (loss) on ahead freight agreements and bunker swaps     (4,060 )     (1,194 )
Whole different bills, web     11,821       12,690  
Earnings tax     37        
Fairness in earnings/(loss) of investee     (17 )     29  
EBITDA   $ 220,683     $ 84,499  
         
Fairness in (earnings)/lack of investee     17       (29 )
Achieve on time constitution settlement termination           (1,102 )
Unrealized (acquire)/loss on ahead freight agreements and bunker swaps     4,060       1,194  
Share-based compensation     1,233       313  
Different non-cash costs     (112 )     (208 )
Adjusted EBITDA   $ 225,881     $ 84,667  
         

Web earnings/(Loss) and Adjusted Web earnings/(Loss) Reconciliation and calculation of Adjusted Earnings/(Loss) Per Share

To derive Adjusted Web Earnings/(Loss) and Adjusted Earnings/(Loss) Per Share from Web Earnings/(Loss), we exclude non-cash gadgets, as supplied within the desk beneath. We consider that Adjusted Web Earnings/(Loss) and Adjusted Earnings/(Loss) Per Share help our administration and buyers by growing the comparability of our efficiency from interval to interval since every such measure eliminates the results of such non-cash gadgets as acquire/(loss) on sale of property, unrealized acquire/(loss) on derivatives, impairment loss and different gadgets which can differ from yr to yr, for causes unrelated to general working efficiency. As well as, we consider that the presentation of the respective measure offers buyers with supplemental knowledge referring to our outcomes of operations, and subsequently, with a extra full understanding of things affecting our enterprise than with GAAP measures alone. Our methodology of computing Adjusted Web Earnings/(Loss) and Adjusted Earnings/ (Loss) Per Share could not essentially be corresponding to different equally titled captions of different corporations as a consequence of variations in strategies of calculation.

The next desk reconciles Web earnings / (loss) to Adjusted Web earnings / (loss):

(Expressed in hundreds of U.S. {dollars} aside from share and per share knowledge)
    First quarter 2022   First quarter 2021
Web earnings / (loss)   $ 170,364     $ 35,763  
Amortization of honest worth of above/beneath market acquired time constitution agreements, web           (187 )
Share – based mostly compensation     1,233       313  
Different non-cash costs     (112 )     (208 )
Unrealized (acquire) / loss on ahead freight agreements and bunker swaps     4,060       1,194  
Fairness in earnings/(loss) of investee     17       (29 )
Achieve on time constitution settlement termination           (1,102 )
Adjusted Web earnings / (loss)   $ 175,562     $ 35,744  
Weighted common variety of shares excellent, primary     101,981,583       98,712,581  
Weighted common variety of shares excellent, diluted     102,257,673       99,019,944  
Adjusted Earnings / (Loss) Per Share, primary and diluted   $ 1.72     $ 0.36  
         

Voyage Revenues to Day by day Time Constitution Equal (“TCE”) Reconciliation

           
(In hundreds of U.S. {Dollars}, aside from TCE charges)  
         
    First quarter 2022   First quarter 2021  
Voyage revenues   $ 360,883     $ 200,467    
Much less:          
Voyage bills     (53,404 )   $ (40,052 )  
Constitution-in rent expense     (4,012 )   $ (2,943 )  
Realized acquire/(loss) on FFAs/bunker swaps     1,437     $ (891 )  
Amortization of honest worth of beneath/above market acquired time constitution agreements, web         $ (187 )  
Time Constitution equal revenues   $ 304,904     $ 156,394    
           
Obtainable days     11,126     $ 10,115    
Day by day Time Constitution Equal Price (“TCE”)   $ 27,405     $ 15,462    
           

Day by day Web Money G&A bills per vessel Reconciliation

           
(In hundreds of U.S. {Dollars}, aside from day by day charges)      
         
    First quarter 2022   First quarter 2021  
Common and administrative bills   $ 8,765     $ 7,297    
Plus:          
Administration charges     4,839       4,667    
Much less:          
Share – based mostly compensation     (1,233 )     (313 )  
Different non-cash costs     112       208    
Web Money G&As bills   $ 12,483     $ 11,859    
           
Possession days     11,520       10,737    
Constitution-in days     199       175    
Day by day Web Money G&A bills per vessel   $ 1,065     $ 1,087    
           

Convention Name particulars:
Our administration crew will host a convention name to debate our monetary outcomes on Wednesday, Could 25, 2022 at 11:00 a.m., Japanese Time (ET).

Individuals ought to dial into the decision 10 minutes earlier than the scheduled time utilizing the next numbers: 1(877) 553-9962 (US Toll Free Dial In), 0(808) 238-0669 (UK Toll Free Dial In) or + (44) (0) 2071 928 592 (Normal Worldwide Dial In). Please quote “Star Bulk.”

Slides and audio webcast:
There will even be a stay, after which archived, webcast of the convention name and accompanying slides, obtainable by way of our web site. To take heed to the archived audio file, go to our web site www.starbulk.com and click on on Occasions & Displays. Individuals to the stay webcast ought to register on the web site roughly 10 minutes previous to the beginning of the webcast. The content material on our web site or in our convention name just isn’t included by reference into this launch.

About Star Bulk
Star Bulk is a world delivery firm offering worldwide seaborne transportation options within the dry bulk sector. Star Bulk’s vessels transport main bulks, which embrace iron ore, minerals and grain, and minor bulks, which embrace bauxite, fertilizers and metal merchandise. Star Bulk was included within the Marshall Islands on December 13, 2006 and maintains government workplaces in Athens, New York, Limassol, Singapore and Germany. Its widespread inventory trades on the Nasdaq World Choose Market below the image “SBLK”. Star Bulk operates a fleet of 128 vessels, with an mixture capability of 14.1 million dwt, consisting of 17 Newcastlemax, 22 Capesize, 2 Mini Capesize, 7 Publish Panamax, 41 Kamsarmax, 2 Panamax, 20 Ultramax and 17 Supramax vessels with carrying capacities between 52,425 dwt and 209,529 dwt.

Ahead-Wanting Statements
Issues mentioned on this press launch could represent ahead trying statements. The Personal Securities Litigation Reform Act of 1995 offers protected harbor protections for forward-looking statements with a purpose to encourage corporations to supply potential details about their enterprise. Ahead-looking statements embrace statements regarding plans, goals, objectives, methods, future occasions or efficiency, and underlying assumptions and different statements, that are apart from statements of historic info.

We need to make the most of the protected harbor provisions of the Personal Securities Litigation Reform Act of 1995 and is together with this cautionary assertion in reference to this protected harbor laws. Phrases similar to, however not restricted to, “consider,” “anticipate,” “anticipate,” “estimate,” “intend,” “plan,” “targets,” “initiatives,” “seemingly,” “would,” “may,” “ought to,” “could,” “forecasts,” “potential,” “proceed,” “potential” and related expressions or phrases could determine forward-looking statements.

The forward-looking statements on this press launch are based mostly upon numerous assumptions, lots of that are based mostly, in flip, upon additional assumptions, together with with out limitation, examination by our administration of historic working tendencies, knowledge contained in our data and different knowledge obtainable from third events. Though we consider that these assumptions had been cheap when made, as a result of these assumptions are inherently topic to vital uncertainties and contingencies that are troublesome or unattainable to foretell and are past our management, we can not guarantee you that we’ll obtain or accomplish these expectations, beliefs or projections.

Along with these necessary components, different necessary components that, in our view, may trigger precise outcomes to vary materially from these mentioned within the forward-looking statements embrace common dry bulk delivery market situations, together with fluctuations in constitution charges and vessel values; the energy of world economies; the steadiness of Europe and the Euro; fluctuations in currencies, rates of interest and international trade charges, and the influence of the discontinuance of the London Interbank Provided Price for US {Dollars}, or LIBOR, after June 30, 2023 on any of our debt referencing LIBOR within the rate of interest; enterprise disruptions as a consequence of pure disasters or different disasters exterior our management, similar to the continuing international outbreak of the novel coronavirus (“COVID-19”); the size and severity of epidemics and pandemics, together with COVID-19 and its influence on the demand for seaborne transportation within the dry bulk sector; adjustments in provide and demand within the dry bulk delivery business, together with the marketplace for our vessels and the variety of newbuildings below development; the potential for technological innovation within the sector during which we function and any corresponding discount within the worth of our vessels or the constitution earnings derived therefrom; adjustments in our working bills, together with bunker costs, dry docking, crewing and insurance coverage prices; adjustments in governmental guidelines and laws or actions taken by regulatory authorities; potential legal responsibility from pending or future litigation and potential prices as a consequence of environmental harm and vessel collisions; the influence of accelerating scrutiny and altering expectations from buyers, lenders, charterers and different market members with respect to our Environmental, Social and Governance practices; common home and worldwide political situations or occasions, together with “commerce wars” and the latest conflicts between Russia and Ukraine; the influence on our widespread shares and popularity if our vessels had been to name on ports positioned in international locations which can be topic to restrictions imposed by the U.S. or different governments; potential bodily disruption of delivery routes as a consequence of accidents, climate-related (acute and continual), political occasions, public well being threats, worldwide hostilities and instability, piracy or acts by terrorists; the supply of financing and refinancing; the failure of our contract counterparties to satisfy their obligations; our skill to satisfy necessities for added capital and financing to develop our enterprise; the influence of our indebtedness and the compliance with the covenants included in our debt agreements; vessel breakdowns and cases of off‐rent; potential publicity or loss from funding in spinoff devices; potential conflicts of curiosity involving our Chief Govt Officer, his household and different members of our senior administration and our skill to finish acquisition transactions as and when deliberate. Please see our filings with the Securities and Trade Fee for a extra full dialogue of those and different dangers and uncertainties. The data set forth herein speaks solely as of the date hereof, and the Firm disclaims any intention or obligation to replace any ahead‐trying statements because of developments occurring after the date of this communication.

Contacts

Firm:
Simos Spyrou, Christos Begleris
Co ‐ Chief Monetary Officers
Star Bulk Carriers Corp.
c/o Star Bulk Administration Inc.
40 Ag. Konstantinou Av.
Maroussi 15124
Athens, Greece
Electronic mail: information@starbulk.com
www.starbulk.com

Investor Relations / Monetary Media:

Nicolas Bornozis
President
Capital Hyperlink, Inc.
230 Park Avenue, Suite 1536
New York, NY 10169
Tel. (212) 661‐7566
E‐mail: starbulk@capitallink.com
www.capitallink.com

 

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