Star Bulk Carriers : Corporate Presentation April 2025

Published: 2025-03-31 07:55:20 ET SBLK

CORPORATE PRESENTATION

APRIL 2025

KEY INVESTMENT HIGHLIGHTS

The largest, most liquid US-listed dry bulk company with significant operating leverage to a market with strong fundamentals

The Largest US-Listed Dry Bulk Company

• One of the largest market capitalization and greatest liquidity among US-listed peers

• 153 vessels with an average age of ~11.7 years

• Fleet of 80 "Eco" vessels and 98% scrubber fitted, providing leverage to fuel price spreads

• Consolidator in the dry bulk industry, through 9 mergers since 2018

Fully Integrated Management Platform

• Amongst the lowest OPEX and G&A operators while maintain highest Rightship ranking

Strong Balance Sheet

• Net debt/vessel below scrap value/vessel, reduced by ~50% since 2020

Shareholder's Friendly Capital Allocation Policy

• High dividend payout according to clear policy; Since 2021, dividend distributions have been over $1.344 billion

• Total share buybacks of $468 million acquiring discounted shares using proceeds from vessel sales

Solid Corporate Governance

• Strong shareholder-friendly governance: majority independent board

• Management incentives aligned with shareholders

ESG Pioneer

• Leader in industry's effort to decarbonize

Fleet Size (1) (DWT)

14.6M

13.8M

Peer 1

Market Cap (1) ($ billions)

Peer 3

Peer 2

Peer 4

$2.0

$1.5

Peer 1

Peer 2

Trading Liquidity (1) (90-day $ millions)

Peer 3

Peer 4

$36.3

$28.7

Peer 1

Peer 2

Peer 3

Peer 4

(1) As of March 19th , 2025

BUILDING AN INSTITUTIONAL DRY BULK COMPANY

Development of fleet, market cap. and trading volume

100,000 Successful track record of acquiring fleets by issuing shares at or above NAV

90,000

80,000

70,000

60,000

50,000

40,000

30,000

20,000

10,000

0

Jan-18

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

Source: Bloomberg, As of March 19th , 2025

May-19

4,000

3,500

3,000

2,500

2,000

~$2.0

Bn

1,500

~$36.3

Mn

1,000

500

-

Jul-19

Sep-19

Nov-19

Jan-20

Mar-20

May-20

Jul-20

Sep-20

Nov-20

Jan-21

Mar-21

May-21

90day Avg. Value ($)

Jul-21

Sep-21

Nov-21

Jan-22

Mar-22

Market Cap.

May-22

Jul-22

Sep-22

Nov-22

Jan-23

Mar-23

May-23

Jul-23

Sep-23

Nov-23

Jan-24

Mar-24

May-24

Jul-24

Sep-24

Nov-24

Jan-25

Mar-25

CREATING VALUE FOR SHAREHOLDERS

Total Shareholder Value Creation (in $million)

Total actions of $2.6 billion in shareholders value creation since 2021

Net Debt Reduction per vessel (in $million)

Dividend Payments Share Buybacks Regular Debt Amortization

Dividends (in $million)

$1,344

2021

2022

Dividend Declared

2023

2024

Cumulative dividend payments

$20.0

$18.0

$16.0

$14.0

$12.0

$10.0

$8.0

$6.0

$4.0

$2.0

$0.0

Q4 2020

Q4 2021

Net Debt / vessel

Notes:

(1) Indicative scrap values for SBLKs fleet (2.3 million lightweight) based on current market scrap prices of $435/ldt

Q4 2022

Q4 2023

(1S) crap Value/ vessel

Q4 2024

CONTINUED OPERATIONAL EXCELLENCE

We operate a fleet with one of the lowest average daily OPEX among our peers without compromising quality

• For Q4 2024 vessel OPEX(1) were $5,056 per vessel per day

• Net cash G&A(2) expenses per vessel per day were $1,264 for Q4 2024

• We are consistently in the top 3 dry bulk operators amongst our peer group in Rightship Ratings (3)

Average Daily OPEX(1)

Average Rightship safety score (December 2024)

$10,000

$9,000

152,281

$8,000

$7,000

$6,000

$5,000

$4,000

$3,000

$2,000

$1,000

$5,056

$4,834

$0

Peer A

SBLK

Peer B Daily OPEX

Average dwt

(1) Figures exclude pre-delivery expenses, based on latest available public figures

(2) Excludes share incentive plans, includes management fees

(3) Star Bulk S.A.

Source: Company filings

150,000

4.21

4.17

4.16

3.76

100,000

2.93

50,000

0

-50,000

-100,000

Peer C

Peer D

SBLK

PEER 1

PEER 2

PEER 3

PEER 4

INTEGRATION WITH EAGLE BULK FOCUSES ON SYNERGIES

Operating Expenses

We have realized significant savings in Operating Expenses as we continue taking in-house the crewing of the former Eagle fleet, phasing out third party managers, and having centralized procurement of all stores, spare parts, bunkers and lubricants.

General & Administrative Expenses

Oversight of technical management of the former Eagle fleet has been centralized in the company's headquarters in Athens, along with the implementation of uniform maintenance protocols and marine safety standards.

Dry Dock Expenses

Due to our scale and relationships with yards and service providers, we have reduced significantly the Dry Dock costs of the former Eagle fleet.

Interest Expenses

Interest expense savings have accumulated thanks to the refinancing of the former Eagle debt which took place in Q2 2024.

Cost Synergies from Eagle Bulk Integration

• Over $22ml of Cumulative Cost Synergies have been achieved since closing of the Eagle Bulk transaction in April 2024

• Our Q4 2024 Synergies of $12.6 million, imply a "run-rate" of $50 million in annualized synergies

$25

$21.8

$20

$15

Millions

$10

$5

$0

Cumulative

Q4 2024

G&A OPEX Interest Expenses DD

SCALED FLEET WITH SIGNIFICANT OPERATING LEVERAGE

Fleet Snapshot

Fleet composition (based on dwt)

• One of the largest dry bulk fleet among U.S. and European listed peers with 153 vessels, on a fully delivered basis(1), with an average age of ~11.7 years

• We have five firm shipbuilding contracts with Qingdao Shipyard for the construction of 82k dwt Kamsarmax newbuilding vessels to be delivered in Q4 2025 and H1 2026

• During 2024, we agreed to sell thirteen vessels for total gross proceeds of $233 million

• We have in total ten long term charter-in contracts. Two of those newbuilding charter-in contracts were delivered in Q4 2024 to Star Bulk

Fleet Breakdown (by # vessels)

Newcastlemax /

Capesize 42%

Newcastlemax

Capesize

Post Panamax

(1) Including five SBLK newbuilding vessels and the delivery of the three sold vessels during Q1 2025

Kamsarmax

OTWNBCH-IN Panamax

Ultramax

Supramax

A SOLID AND TRANSPARENT ESG STRATEGY

The Star Bulk Vision Our ESG Performance Our Decarbonization Strategy

To be the global leader in sustainable dry bulk shipping

• Signatory to the United Nations Global Compact, endorsing its Ten Principles

• Contributing to the advancement of the United Nations Sustainable Development Goals

Environment

• Timely and efficient compliance with global, regional and national regulations

• Monitoring and transparent disclosure of the company's environmental impact

• Adoption of technical and operational measures which improve vessels' energy efficiency

• Development of partnerships and participation in alliances across the value chain

Society

• Top ranking in the RightShip Safety Score among dry bulk operators globally

• Strong retention rates for both onboard and shore-based personnel

• Commitment to the wellbeing, inclusion and professional development of our people

• Investments in community initiatives, including charity, education, and sports

Governance

• A robust, independent Board of Directors consisting of seasoned shipping experts

• An ESG Committee comprised of members of our Board of Directors

• Comprehensive risk management practices, including strong cybersecurity measures

• Annual ESG reporting and collaboration with ESG ratings

To lead by example in the industry's efforts towards a net zero future

• Continuous renewal of the Star Bulk fleet

• Research & Development on new green technologies and alternative fuels

• Science-Based Targets outlining the path for the reduction of our carbon footprint

• Annual participation in the Carbon Disclosure Project

MARKET UPDATE

Disclaimer

Star Bulk Carriers Corporation published this content on March 31, 2025, and is solely responsible for the information contained herein. Distributed via , unedited and unaltered, on March 31, 2025 at 11:54 UTC.