NASDAQ:
Recent Price (03/05/14):
52-Week Price Range:
Market Capitalization:
SBLK
$15.12
$4.388-$15.88
439.4M
Corporate Fact Sheet / March 5, 2014
Shares Outstanding:
29,059,671
Fiscal Year Ends:
December 31
3 Month Average Volume:
248,263
CUSIP
Y8162K121
Website: www.starbulk.com
* Stock price on a split adjusted basis. 1 for 15 reverse stock split became effective on October 15, 2012
COMPANY PROFILE
Star Bulk Carriers Corp. (“Star Bulk”, “Company”), is a global shipping company providing worldwide seaborne transportation solutions in the
dry bulk sector. Star Bulk's vessels transport major bulks, which include iron ore, coal and grain and minor bulks which include bauxite,
fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in
Athens, Greece. Its common stock trades on the Nasdaq Global Select Market under the symbol "SBLK". Star Bulk owns a fleet of seventeen
dry bulk carriers, consisting of five Capesize, two Post Panamax, two Ultramax and eight Supramax dry bulk vessels with a combined cargo
carrying capacity of 1,610,935 deadweight tons and an average age of approximately 8.9 years. In addition, Star Bulk provides vessel
management services to fourteen third party dry bulk vessels, including five Capesize, two Post Panamax, two Kamsarmax, two Panamax and
three Supramax vessels with a combined cargo carrying capacity of 1,569,255 deadweight tons. The Company has also entered into
agreements for the construction of eleven fuel efficient dry bulk vessels, five Newcastlemax vessels, two Capesize vessels and four Ultramax
vessels, with a combined cargo carrying capacity of 1,643,000 deadweight tons. All of the newbuilding vessels are expected to be delivered
during 2015 and early 2016.
BUSINESS STRATEGY
Star Bulk focuses on Capesize, Panamax and Supramax dry bulk carriers with emphasis on larger vessels which are expected to benefit
mostly from a broad freight market recovery due to the economies of scale they provide in transportation of cargoes. Star Bulk's fleet profile
enables it to serve its customers in both major and minor bulk trades and its vessels are able to trade worldwide in a multitude of trade routes
carrying a wide range of cargoes. Star Bulk uses a moderate, adaptive and flexible strategy of employing a portion of the fleet on longer period
charters securing stable cash flows and the rest of the fleet at spot employments or short period time charters. This strategy enables the
Company to benefit from the market’s upside potential or to seek additional charter coverage in the event of adverse market movements.
Star Bulk has a newbuilding program for eleven dry bulk vessels, all with fuel efficient specifications, ordered at top quality yards in Japan and
China, with deliveries in 2015 and early 2016. Furthermore, Star Bulk will seek to capitalize on any additional opportunities in the second hand
market through timely and selective acquisitions of vessels in a manner that it determines would be accretive. Star Bulk expects to fund its
newbuilding program as well as any acquisitions of additional vessels using cash on hand, cash flow from operations, as well as proceeds
from new debt financing.
COMPETITIVE STRENGTHS
Extensive Industry Visibility Star Bulk's non-executive Chairman, Mr. Petros Pappas, has extensive experience and relationships in the
shipping industry particularly with charterers and industrial players, with emphasis in the Far East. Star Bulk intends to capitalize on these
relationships and contacts for both market intelligence and for identifying chartering opportunities with leading industry players.
Established Customer Relationships Star Bulk’s Chairman, directors and management team have established relationships with leading
charterers as well as chartering, sales and purchase brokerage houses around the world. The Chairman, directors and management team
have maintained relationships with, and have achieved acceptance by, major governmental and private industrial users, commodity producers
and traders.
Experienced, Dedicated Management and BOD Team Star Bulk's Management and Board of Directors collectively have more than 100
years shipping experience during which they have developed strong industry relationships with leading charterers, financial institutions,
shipyards, insurance underwriters, protection and indemnity associations.
Efficient, Transparent Ship Management Starbulk SA, a wholly owned subsidiary of the Company contracts the full technical management
of the vessels in-house. Through Starbulk S.A., the Company further provides high quality ship management services to 14 third party
vessels, further boosting and diversifying its consolidated income stream. The Company's wholly owned subsidiary, Star Bulk Management
Inc. performs the commercial management and all other management functions of all of the Company's vessels.
Modern High Quality Fleet Star Bulk’s modern, high quality fleet reduces operating costs, caters to safety and provides it with a competitive
advantage in obtaining employment for its vessels. Star Bulk takes a pro-active approach to safety and environmental protection by
implementing comprehensive planned maintenance systems, preventive maintenance programs and by retaining and training qualified crews.
Solid Balance Sheet Profile Star Bulk's relatively healthy balance sheet provides the Company with the financial power to implement its
growth plans. As of February 28, 2014, the company’s total cash position (including restricted cash) stood at $52.6 million and outstanding
debt amounted to $260.3 million, while newbuilding deposits paid stood at $79.3 million.
Corporate Fact Sheet / March 5, 2014
OWNED FLEET PROFILE (AS OF MARCH 5, 2014)
Vessel Name
Type
DWT
Year Built
Star Aurora
Capesize
171,199
2000
Star Big
Capesize
168,404
1996
Star Borealis
Capesize
179,678
2011
Star Mega
Capesize
170,631
1994
Star Polaris
Capesize
179,546
2011
Star Sirius
Post Panamax
98,681
2011
Star Vega
Post Panamax
98,681
2011
Star Challenger
Ultramax
61,462
2012
Star Fighter
Ultramax
61,455
2013
Star Cosmo
Supramax
52,247
2005
Star Delta
Supramax
52,434
2000
Star Epsilon
Supramax
52,402
2001
Star Gamma
Supramax
53,098
2002
Star Kappa
Supramax
52,055
2001
Star Omicron
Supramax
53,489
2005
Star Theta
Supramax
52,425
2003
Star Zeta
Supramax
52,994
2003
17
1,610,935
Type
DWT
Expected Delivery Date
Hull 1372
Newcastlemax
208,000
November 2015
Hull 1342
Newcastlemax
208,000
January 2016
Hull 1371
Newcastlemax
208,000
February 2016
Hull NE 198
Newcastlemax
209,000
March 2016
Hull 1343
Newcastlemax
208,000
April 2016
Hull 1338
Capesize
180,000
October 2015
Hull 1339
Capesize
180,000
January 2016
Hull 5040
Ultramax
60,000
June 2015
Hull 5043
Ultramax
60,000
September 2015
Hull NE 196
Ultramax
61,000
October 2015
Hull NE 197
Total
Ultramax
11
61,000
1,643,000
November 2015
Total
Newbuildings
Vessel Name
THIRD PARTY VESSELS UNDER MANAGEMENT (AS OF MARCH 5, 2014)
Drybulk Vessels
Vessel #
Type
DWT
Year Built
1
Capesize
174,109
2007
2
Capesize
177,662
2004
3
Capesize
176,990
2006
4
Capesize
181,433
2011
5
Capesize
180,181
2004
6
Post panamax
98,681
2011
7
Post panamax
98,681
2011
8
Kamsarmax
81,545
2011
9
Kamsarmax
82,619
2006
10
Panamax
74,470
2001
11
Panamax
74,732
1999
12
Supramax
58,722
2012
13
Supramax
53,688
2006
14
Total
Supramax
14
55,742
1,569,255
2006
Corporate Fact Sheet / March 5, 2014
FLEET DATA (AS OF MARCH 5, 2014)
Average number of vessels
Average age of operational
fleet (in years)
Ownership days
Twelve
Months
Ended
December
31, 2013
13.3
Twelve
Months
Ended
December
31, 2012
14.2
Twelve
Months
Ended
December
31, 2011
12.26
Twelve
Months
Ended
December
31, 2010
10.81
Twelve
Months
Ended
December
31,2009
11.97
Twelve
Months
Ended
December
31,2008
10.76
9.6
10.8
10.6
10.4
10.0
9.7
4,868
5,192
4,475
3,945
4,370
3,933
Available days
4,763
4,879
4,377
3,847
4,240
3,712
Voyage days for fleet
4,651
4,699
4,336
3,829
4,117
3,618
Fleet utilization
Average per-day TCE rate in
US$
98%
96%
99%
99%
97%
98%
$14,427
$15,419
$19,989
$26,859
$29,450
$42,799
FINANCIAL HIGHLIGHTS
Condensed Consolidated Statement
of Operations & Balance Sheets
(Dollars in thousands, except per
share data)
Twelve
Months
Ended
December
31, 2013
Twelve
Months
Ended
December
31, 2012
Twelve
Months
Ended
December
31, 2011
Twelve
Months
Ended
December
31, 2010
Twelve
Months
Ended
December 31,
2009
Twelve
Months
Ended
December 31,
2008
Voyage Revenues
68,296
85,684
106,912
121,042
142,351
238,883
Adjusted EBITDA
32,331
40,358
53,972
89,453
80,386
120,673
Operating (loss)/income
8,434
(306,929)
(64,769)
260
(49,307)
142,775
Net Income / (Loss)
1,850
(314,521)
(69,559)
(5,131)
(58,415)
133,738
Adjusted Net Income / (loss)
9,686
(279)
(1,042)
37,125
12,980
60,586
Earnings per share, basic
0.13
(58.32)
(14.69)
(1.25)
(14.39)
38.23
Earnings per share, diluted
0.13
(58.32)
(14.69)
(1.25)
(14.39)
36.84
Adjusted Earnings per share, diluted
0.69
(0.05)
(0.22)
9.06
3.20
17.32
14,051,344
5,393,131
4,736,485
4,099,277
4,058,228
3,498,530
14,116,389
5,393,191
4,736,485
4,099,277
4,058,228
3,629,866
Weighted average number of shares
outstanding, basic
Weighted average number of shares
outstanding, diluted
Total current assets
Total fixed assets
54,429
37,963
31,397
23,918
60,828
42,273
326,674
291,207
638,532
654,290
668,698
821,284
Total current liabilities
29,734
42,450
52,154
43,235
71,092
57,287
Total non-current liabilities
172,248
195,510
231,561
171,763
190,292
273,949
Total Stockholders’ equity
266,106
116,746
434,213
488,252
499,257
560,140
RECENT PRESS RELEASES
07-Mar
Star Bulk Takes Delivery of its Second Post-Panamax Bulk Carrier, Star Sirius
05-Mar
Star Bulk Carriers Corp. Reports Profits for the Fourth Quarter and the Year Ended December 31, 2013
26-Feb
Star Bulk Charters Two Fuel Efficient Newbuilding Newcastlemax Vessels Under Ten Year Bareboat Charters with Purchase Obligation
14-Feb
29-Jan
Star Bulk Takes Delivery of its First Post-Panamax Bulk Carrier, Star Vega
Star Bulk Announces the Acquisition of Two Modern Post-Panamax Vessels with Employment Contracts and Agreement for a New Secured
Credit Facility
07-Jan
Star Bulk Takes Delivery of its Second Ultramax Bulk Carrier, Star Fighter and Reaches Agreement for a New Credit Facility
Corporate Fact Sheet / March 5, 2014
ANALYST COVERAGE
Clarksons Capital Markets
Urs M.F.E. Dur
Global Hunter Securities
Omar Nokta
Maxim Group LLC
Noah Parquette
Morgan Stanley Research
Fotis Giannakoulis
Pareto Securities
Eirik Haavaldsen
Stifel
Benjamin J. Nolan,
CFA
CONTACTS
MANAGEMENT
Spyros Capralos
President and
Chief Executive Officer
EXECUTIVE OFFICES
40 Ag. Konstantinou Av.
Maroussi 15124
Athens, Greece
COMPANY CONTACT
Simos Spyrou
Simos Spyrou
Chief Financial Officer
LEGAL COUNSEL
AUDITORS
TRANSFER AGENT
Seward & Kissel LLP
Ernst & Young (Hellas) Certified
Auditors – Accountants S.A.
American Stock Transfer & Trust
Company
INVESTOR RELATIONS
Nicolas Bornozis
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, NY 10169
Tel. (212) 661-7566
E-mail: [email protected]
One Battery Park Plaza, New York, NY 10004
11th National Road Athens-Lamia, 14451
Metamorfossi Athens, Greece
Phone: (212) 574 1200
59 Maiden Lane, New York, NY 10038
Phone: (212) 9365100
Phone: +30 210 288 6000
FORWARD-LOOKING STATEMENTS
Matters discussed in this Corporate Fact Sheet may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to
future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying
assumptions and other statements, which are other than statements of historical facts. The forward-looking statements herein are based upon various
assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends,
data contained in our records and other data available from third parties. Although Star Bulk Carriers believes that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond
our control, Star Bulk Carriers cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view,
could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies,
general market conditions, including changes in charter hire rates and vessel values, changes in demand that may affect attitudes of time charterers to scheduled
and unscheduled drydocking, changes in Star Bulk Carriers operating expenses, including bunker prices, dry-docking and insurance costs, or actions taken by
regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to
accidents and political events or acts by terrorists. Risks and uncertainties are further described in reports filed by Star Bulk Carriers with the US Securities and
Exchange Commission.