Financial Highlights
(Expressed in thousands of except for daily rates and per share data) | ||||||||
Third quarter 2023 | Third quarter 2022 | Nine months ended | Nine months ended | |||||
Voyage Revenues | ||||||||
Net income | ||||||||
Adjusted Net income (1) | ||||||||
Net cash provided by operating activities | ||||||||
EBITDA (2) | ||||||||
Adjusted EBITDA (2) | ||||||||
Earnings per share basic | ||||||||
Earnings per share diluted | ||||||||
Adjusted earnings per share basic (1) | ||||||||
Adjusted earnings per share diluted (1) | ||||||||
Dividend per share for the relevant period | ||||||||
Average Number of Vessels | 121.5 | 128.0 | 125.1 | 128.0 | ||||
TCE Revenues (3) | ||||||||
Daily Time Charter Equivalent Rate ("TCE") (3) | ||||||||
Daily OPEX per vessel (4) | ||||||||
Daily OPEX per vessel (excl. non recurring expenses) (4) | ||||||||
Daily Net Cash G&A expenses per vessel (5) | ||||||||
(1) Adjusted Net income and Adjusted earnings per share are non-GAAP measures. Please see EXHIBIT I at the end of this release for a reconciliation to Net income and earnings per share, which are the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles in
(2) EBITDA and Adjusted EBITDA are non-GAAP liquidity measures. Please see EXHIBIT I at the end of this release for a reconciliation of EBITDA and Adjusted EBITDA to Net Cash Provided by / (Used in) Operating Activities, which is the most directly comparable financial measure calculated and presented in accordance with
(3) Daily Time Charter Equivalent Rate (“TCE”) and TCE Revenues are non-GAAP measures. Please see EXHIBIT I at the end of this release for a reconciliation to Voyage Revenues, which is the most directly comparable financial measure calculated and presented in accordance with
(4) Daily OPEX per vessel is calculated by dividing vessel operating expenses by Ownership days (defined below). Daily OPEX per vessel (which excludes non-recurring expenses) is calculated by dividing vessel operating expenses minus any non-recurring items (such as, increased costs due to the COVID-19 pandemic or pre-delivery expenses, if any) by Ownership days. In the future we may incur expenses that are the same as or similar to certain non-recurring expenses that were previously excluded.
(5) Daily Net Cash G&A expenses per vessel is calculated by (1) adding the Management fee expense to the General and Administrative expenses (net of share-based compensation expense and other non-cash charges) and (2) then dividing the result by the sum of Ownership days and Charter-in days (defined below). Please see EXHIBIT I at the end of this release for a reconciliation to General and administrative expenses, which is the most directly comparable financial measure calculated and presented in accordance with
“During the third quarter, Star Bulk reported Net Income of
The agreements to repurchase in aggregate 20 million Company shares from Oaktree at an average price of
- We were able to repurchase a large block of shares at a significant discount to our Net Asset Value.
- We have funded the above repurchase mostly from vessel sales at attractive historical prices during 2023.
- Recently we sold shares through our ATM program at an average price of
$19.81 /share, locking in a favorable arbitrage.
We have decided to take further steps towards our fleet renewal, having designed with the selected shipyard and subsequently ordering 2 latest generation Eco Kamsarmax vessels with the option to order two additional vessels. The vessels are to be built in
We remain optimistic about the prospects of the dry bulk market due to increasingly favorable supply dynamics, the improving macro sentiment and large global infrastructure investment needs for the world’s green transition. We intend to remain focused on actively managing our scrubber fitted and diverse fleet to take advantage of market opportunities and continue creating value for our shareholders.”
Recent Developments
Declaration of Dividend
On
At-The-Market Offering Program, Share Repurchase Program & Shares Outstanding Update
During
On
As of the date of this release, we have 93,861,792 shares outstanding or 83,861,792 as adjusted for the closing of the Second Oaktree Share Repurchase and the expected cancellation of the repurchased common shares.
Fleet Update
In
In addition, in October and
Lastly, as we look towards fleet renewal, in
Financing
In
In
In
As of the date of this press release we are in final stage of negotiations with National Bank of Greece S.A. for a loan facility of up to
In addition, following a number of interest rate swaps we have entered into, we have an outstanding total notional amount of
Change in the Board of Directors
Pursuant to the previously announced First Oaktree Share Repurchase and the resulting reduction of Oaktree’s shareholding percentage in the Company, Oaktree has caused one of its designee directors, Mr.
Vessel Employment Overview
Time Charter Equivalent Rate (“TCE rate”) is a non-GAAP measure. Please see EXHIBIT I at the end of this release for a reconciliation to Voyage Revenues, which is the most directly comparable financial measure calculated and presented in accordance with
Our TCE rate per day per main vessel category was as follows:
Third quarter 2023 | Nine months ended | |||||||
Capesize / Newcastlemax Vessels: | $ | 17,007 | $ | 18,110 | ||||
Post Panamax / Kamsarmax / Panamax Vessels: | $ | 14,862 | $ | 14,046 | ||||
Ultramax / Supramax Vessels: | $ | 13,082 | $ | 13,266 | ||||
Amounts shown throughout the press release and variations in period–over–period comparisons are derived from the actual unaudited numbers in our books and records. Reference to per share figures below are based on 96,139,203 and 102,541,314 weighted average diluted shares for the third quarter of 2023 and 2022, respectively.
Third Quarter 2023 and 2022 Results
For the third quarter of 2023, we had a net income of
Net cash provided by operating activities for the third quarter of 2023 was
Voyage revenues for the third quarter of 2023 decreased to
For the third quarters of 2023 and 2022, vessel operating expenses were
Drydocking expenses for the third quarters of 2023 and 2022 were
General and administrative expenses for the third quarters of 2023 and 2022 were
Depreciation expense decreased to
Our results for the third quarters of 2023 and 2022 include a loss on write-down of inventories of
Our results for the third quarter of 2023 include an aggregate net gain of
Interest and finance costs for the third quarters of 2023 and 2022 were
Loss on debt extinguishment for the third quarters of 2023 and 2022 were
___________________________________
1 Please see the table at the end of this release for the calculation of the TCE Revenues.
Unaudited Consolidated Income Statements
(Expressed in thousands of | Third quarter 2023 | Third quarter 2022 | Nine months ended | Nine months ended | ||||||||||||
Revenues: | ||||||||||||||||
Voyage revenues | $ | 223,087 | $ | 364,136 | $ | 685,808 | $ | 1,142,353 | ||||||||
Total revenues | 223,087 | 364,136 | 685,808 | 1,142,353 | ||||||||||||
Expenses: | ||||||||||||||||
Voyage expenses | (57,587 | ) | (92,310 | ) | (186,222 | ) | (212,095 | ) | ||||||||
Charter-in hire expenses | (4,231 | ) | (4,843 | ) | (13,926 | ) | (17,793 | ) | ||||||||
Vessel operating expenses | (54,922 | ) | (60,140 | ) | (167,225 | ) | (175,987 | ) | ||||||||
Dry docking expenses | (11,605 | ) | (9,844 | ) | (30,466 | ) | (29,013 | ) | ||||||||
Depreciation | (34,474 | ) | (39,555 | ) | (104,549 | ) | (117,024 | ) | ||||||||
Management fees | (4,278 | ) | (4,864 | ) | (12,738 | ) | (14,664 | ) | ||||||||
Loss on bad debt | - | - | (300 | ) | - | |||||||||||
General and administrative expenses | (13,645 | ) | (18,367 | ) | (36,320 | ) | (44,279 | ) | ||||||||
Gain/(Loss) on forward freight agreements and bunker swaps, net | 2,170 | 322 | 6,377 | (3,617 | ) | |||||||||||
Impairment loss | - | - | (7,700 | ) | - | |||||||||||
Other operational loss | (283 | ) | (288 | ) | (609 | ) | (1,062 | ) | ||||||||
Other operational gain | 148 | 4,788 | 33,824 | 6,891 | ||||||||||||
Gain on sale of vessels | 18,867 | - | 18,833 | - | ||||||||||||
Loss on write-down of inventory | (822 | ) | (14,901 | ) | (5,565 | ) | (14,901 | ) | ||||||||
Operating income | 62,425 | 124,134 | 179,222 | 518,809 | ||||||||||||
Interest and finance costs | (18,058 | ) | (13,448 | ) | (49,789 | ) | (37,756 | ) | ||||||||
Interest income and other income/(loss) | 3,672 | 168 | 10,265 | 229 | ||||||||||||
Gain/(Loss) on interest rate swaps, net | - | - | (507 | ) | - | |||||||||||
Gain/(Loss) on debt extinguishment, net | (4,289 | ) | (1,272 | ) | (5,177 | ) | (1,143 | ) | ||||||||
Total other expenses, net | (18,675 | ) | (14,552 | ) | (45,208 | ) | (38,670 | ) | ||||||||
Income before taxes and equity in income/(loss) of investee | $ | 43,750 | $ | 109,582 | $ | 134,014 | $ | 480,139 | ||||||||
Income taxes | (78 | ) | (7 | ) | (181 | ) | (44 | ) | ||||||||
Income before equity in income/(loss) of investee | 43,672 | 109,575 | 133,833 | 480,095 | ||||||||||||
Equity in income/(loss) of investee | (17 | ) | 118 | 16 | 108 | |||||||||||
Net income | $ | 43,655 | $ | 109,693 | $ | 133,849 | $ | 480,203 | ||||||||
Earnings per share, basic | $ | 0.46 | $ | 1.08 | $ | 1.31 | $ | 3.67 | ||||||||
Earnings per share, diluted | $ | 0.45 | $ | 1.07 | $ | 1.30 | $ | 3.66 | ||||||||
Weighted average number of shares outstanding, basic | 95,664,267 | 101,945,181 | 102,434,767 | 130,715,574 | ||||||||||||
Weighted average number of shares outstanding, diluted | 96,139,203 | 102,541,314 | 102,825,781 | 131,141,620 | ||||||||||||
Unaudited Consolidated Condensed Balance Sheet Data
(Expressed in thousands of | ||||||||
ASSETS | ||||||||
Cash and cash equivalents and restricted cash, current | $ | 300,295 | 284,323 | |||||
Other current assets | 195,161 | 217,769 | ||||||
TOTAL CURRENT ASSETS | 495,456 | 502,092 | ||||||
Vessels and other fixed assets, net | 2,637,583 | 2,881,551 | ||||||
Restricted cash, non current | 2,021 | 2,021 | ||||||
Other non-current assets | 36,873 | 47,960 | ||||||
TOTAL ASSETS | $ | 3,171,933 | $ | 3,433,624 | ||||
Current portion of long-term bank loans and lease financing | $ | 167,303 | $ | 181,947 | ||||
Other current liabilities | 176,317 | 100,608 | ||||||
TOTAL CURRENT LIABILITIES | 343,620 | 282,555 | ||||||
Long-term bank loans and lease financing non-current (net of unamortized deferred finance fees of | 846,324 | 1,103,233 | ||||||
Other non-current liabilities | 169,423 | 28,494 | ||||||
TOTAL LIABILITIES | $ | 1,359,367 | $ | 1,414,282 | ||||
SHAREHOLDERS' EQUITY | 1,812,566 | 2,019,342 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 3,171,933 | $ | 3,433,624 | ||||
Unaudited Consolidated Condensed Cash Flow Data
(Expressed in thousands of | Nine months ended | | Nine months ended | ||||||
Net cash provided by / (used in) operating activities | $ | 247,173 | $ | 653,562 | |||||
Acquisition of other fixed assets | (123 | ) | (261 | ) | |||||
Capital expenditures for vessel modifications/upgrades and other equipment | (12,550 | ) | (19,008 | ) | |||||
Cash proceeds from vessel sales and total loss | 198,078 | - | |||||||
Hull and machinery insurance proceeds | 558 | 2,393 | |||||||
Net cash provided by / (used in) investing activities | 185,963 | (16,876 | ) | ||||||
Proceeds from vessels' new debt | 142,000 | 242,000 | |||||||
Scheduled vessels' debt repayment | (131,087 | ) | (151,696 | ) | |||||
Debt prepayment | (271,120 | ) | (256,702 | ) | |||||
Financing and debt extinguishment fees paid | (4,289 | ) | (5,140 | ) | |||||
Offering expenses | (55 | ) | (293 | ) | |||||
Proceeds from issuance of common stock | - | 19,792 | |||||||
Repurchase of common shares | (13,056 | ) | (20,068 | ) | |||||
Dividends paid | (139,556 | ) | (545,140 | ) | |||||
Net cash provided by / (used in) financing activities | (417,163 | ) | (717,247 | ) | |||||
Summary of Selected Data
Third quarter 2023 | Third quarter 2022 | Nine months ended | Nine months ended | ||||
Average number of vessels (1) | 121.5 | 128.0 | 125.1 | 128.0 | |||
Number of vessels (2) | 120 | 128 | 120 | 128 | |||
Average age of operational fleet (in years) (3) | 11.7 | 10.6 | 11.7 | 10.6 | |||
Ownership days (4) | 11,177 | 11,776 | 34,159 | 34,944 | |||
Available days (5) | 10,785 | 10,947 | 32,867 | 33,158 | |||
Charter-in days (6) | 204 | 212 | 633 | 717 | |||
Daily Time Charter Equivalent Rate (7) | |||||||
Daily OPEX per vessel (8) | |||||||
Daily OPEX per vessel (excl. non recurring expenses) (8) | |||||||
Daily Net Cash G&A expenses per vessel (9) | |||||||
(1) Average number of vessels is the number of vessels that constituted our owned fleet for the relevant period, as measured by the sum of the number of days each operating vessel was a part of our owned fleet during the period divided by the number of calendar days in that period.
(2) As of the last day of the periods reported.
(3) Average age of our operational fleet is calculated as of the end of each period.
(4) Ownership days are the total calendar days each vessel in the fleet was owned by us for the relevant period, including vessels subject to sale and leaseback transactions and finance leases.
(5) Available days for the fleet are the Ownership days after subtracting off-hire days for major repairs, dry docking or special or intermediate surveys, change of management and vessels’ improvements and upgrades. The available days for each period presented were also decreased by off-hire days relating to disruptions in connection with crew changes as a result of the COVID-19 pandemic. Our method of computing Available Days may not necessarily be comparable to Available Days of other companies.
(6) Charter-in days are the total days that we charter-in vessels, not owned by us.
(7) Time charter equivalent rate represents the weighted average daily TCE rates of our operating fleet (including owned fleet and fleet under charter-in arrangements). TCE rate is a measure of the average daily net revenue performance of our vessels. Our method of calculating TCE rate is determined by dividing (a) TCE Revenues, which consists of Voyage Revenues net of voyage expenses, charter-in hire expense, amortization of fair value of above/below market acquired time charter agreements, if any, as well as adjusted for the impact of realized gain/(loss) on forward freight agreements (“FFAs”) and bunker swaps by (b) Available days for the relevant time period. Available days do not include the Charter-in days as per the relevant definitions provided above. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well as commissions. In the calculation of TCE Revenues, we also include the realized gain/(loss) on FFAs and bunker swaps as we believe that this method better reflects the chartering result of our fleet and is more comparable to the method used by our peers. TCE Revenues and TCE rate, which are non-GAAP measures, provide additional meaningful information in conjunction with Voyage Revenues, the most directly comparable GAAP measure, because they assist our management in making decisions regarding the deployment and use of our vessels and because we believe that they provide useful information to investors regarding our financial performance. TCE rate is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., voyage charters, time charters, bareboat charters and pool arrangements) under which its vessels may be employed between the periods. Our method of computing TCE Revenues and TCE rate may not necessarily be comparable to those of other companies. For a detailed calculation please see Exhibit I at the end of this release with the reconciliation of Voyage Revenues to TCE.
(8) Daily OPEX per vessel is calculated by dividing vessel operating expenses by Ownership days. Daily OPEX per vessel (excluding non- recurring expenses) is calculated by dividing vessel operating expenses minus any non-recurring expenses or other additional expenses due to conditions outside of the Company’s control (such as pre-delivery expenses for each vessel at acquisition or at change of management or increased costs due to the COVID-19 pandemic, if any ) by Ownership days. We exclude the abovementioned expenses that may occur occasionally from our Daily OPEX per vessel, since these generally represent items that we would not anticipate occurring as part of our normal business on a regular basis. We believe that Daily OPEX per vessel (excluding non-recurring expenses) is a useful measure for our management and investors for period to period comparison with respect to our operating cost performance since such measure eliminates the effects of non-recurring items which may vary from period to period, are not part of our daily business and derive from reasons unrelated to overall operating performance. In the future we may incur expenses that are the same as or similar to certain non-recurring expenses that were previously excluded. Vessel operating expenses for the nine month period ended
(9) Please see Exhibit I at the end of this release for the reconciliation to General and administrative expenses, the most directly comparable GAAP measure. We believe that Daily Net Cash G&A expenses per vessel is a useful measure for our management and investors for period to period comparison with respect to our financial performance since such measure eliminates the effects of non-cash items which may vary from period to period, are not part of our daily business and derive from reasons unrelated to overall operating performance.
EXHIBIT I: Non-GAAP Financial Measures
EBITDA and Adjusted EBITDA Reconciliation
We include EBITDA (earnings before interest, taxes, depreciation and amortization) herein since it is a basis upon which we assess our liquidity position and we believe that it presents useful information to investors regarding our ability to service and/or incur indebtedness.
To derive Adjusted EBITDA from EBITDA, we exclude non-cash gains/(losses) such as those related to sale of vessels or vessel total loss, share based compensation expense, impairment loss, loss from bad debt, change in fair value of forward freight agreements and bunker swaps, the equity in income/(loss) of investee and other non-cash charges, if any, which may vary from period to period and for different companies and because these items do not reflect operational cash inflows and outflows of our fleet.
EBITDA and Adjusted EBITDA do not represent and should not be considered as alternatives to cash flow from operating activities or Net income, as determined by
The following table reconciles net cash provided by operating activities to EBITDA and Adjusted EBITDA:
(Expressed in thousands of | Third quarter 2023 | Third quarter 2022 | Nine months ended | Nine months ended | ||||||||||||
Net cash provided by/(used in) operating activities | $ | 67,103 | $ | 184,475 | $ | 247,173 | $ | 653,562 | ||||||||
Net decrease / (increase) in current assets | 11,742 | (13,520 | ) | 1,831 | 11,760 | |||||||||||
Net increase / (decrease) in operating liabilities, excluding current portion of long term debt | (8,239 | ) | 6,830 | (21,445 | ) | (24,679 | ) | |||||||||
Impairment loss | - | - | (7,700 | ) | - | |||||||||||
Gain/(Loss) on debt extinguishment, net | (4,289 | ) | (1,272 | ) | (5,177 | ) | (1,143 | ) | ||||||||
Share – based compensation | (6,341 | ) | (11,908 | ) | (12,701 | ) | (23,388 | ) | ||||||||
Amortization of debt (loans & leases) issuance costs | (811 | ) | (1,159 | ) | (2,801 | ) | (3,800 | ) | ||||||||
Unrealized gain / (loss) on forward freight agreements and bunker swaps | 934 | 585 | (2,131 | ) | (292 | ) | ||||||||||
Total other expenses, net | 18,675 | 14,552 | 45,208 | 38,670 | ||||||||||||
Gain from insurance proceeds relating to vessel total loss | - | - | 28,163 | - | ||||||||||||
Loss on bad debt | - | - | (300 | ) | - | |||||||||||
Income tax | 78 | 7 | 181 | 44 | ||||||||||||
Gain on sale of vessels | 18,867 | - | 18,833 | - | ||||||||||||
Gain from Hull & Machinery claim | - | - | 200 | - | ||||||||||||
Loss on write-down of inventory | (822 | ) | (14,901 | ) | (5,565 | ) | (14,901 | ) | ||||||||
Equity in income/(loss) of investee | (17 | ) | 118 | 16 | 108 | |||||||||||
EBITDA | $ | 96,880 | $ | 163,807 | $ | 283,785 | $ | 635,941 | ||||||||
Equity in (income)/loss of investee | 17 | (118 | ) | (16 | ) | (108 | ) | |||||||||
Unrealized (gain)/loss on forward freight agreements and bunker swaps | (934 | ) | (585 | ) | 2,131 | 292 | ||||||||||
(Gain) on sale of vessels | (18,867 | ) | - | (18,833 | ) | - | ||||||||||
Loss on write-down of inventory | 822 | 14,901 | 5,565 | 14,901 | ||||||||||||
Gain from insurance proceeds relating to vessel total loss | - | - | (28,163 | ) | - | |||||||||||
Share-based compensation | 6,341 | 11,908 | 12,701 | 23,388 | ||||||||||||
Loss on bad debt | - | - | 300 | - | ||||||||||||
Impairment loss | - | - | 7,700 | - | ||||||||||||
Other non-cash charges | (71 | ) | (63 | ) | 5 | (384 | ) | |||||||||
Adjusted EBITDA | $ | 84,188 | $ | 189,850 | $ | 265,175 | $ | 674,030 | ||||||||
Net income and Adjusted Net income Reconciliation and Calculation of Adjusted Earnings Per Share
To derive Adjusted Net Income and Adjusted Earnings Per Share from Net Income, we exclude non-cash items, as provided in the table below. We believe that Adjusted Net Income and Adjusted Earnings Per Share assist our management and investors by increasing the comparability of our performance from period to period since each such measure eliminates the effects of such non-cash items as gain/(loss) on sale of assets, unrealized gain/(loss) on derivatives, impairment loss and other items which may vary from period to period, for reasons unrelated to overall operating performance. In addition, we believe that the presentation of the respective measure provides investors with supplemental data relating to our results of operations, and therefore, with a more complete understanding of factors affecting our business than with GAAP measures alone. Our method of computing Adjusted Net Income and Adjusted Earnings Per Share may not necessarily be comparable to other similarly titled captions of other companies.
(Expressed in thousands of | ||||||||||||||||
Third quarter 2023 | Third quarter 2022 | Nine months ended | Nine months ended | |||||||||||||
Net income | $ | 43,655 | $ | 109,693 | $ | 133,849 | $ | 480,203 | ||||||||
Loss on bad debt | - | - | 300 | - | ||||||||||||
Share – based compensation | 6,341 | 11,908 | 12,701 | 23,388 | ||||||||||||
Other non-cash charges | (71 | ) | (63 | ) | 5 | (384 | ) | |||||||||
Unrealized (gain) / loss on forward freight agreements and bunker swaps, net | (934 | ) | (585 | ) | 2,131 | 292 | ||||||||||
Unrealized (gain) / loss on interest rate swaps, net | - | - | 507 | - | ||||||||||||
(Gain) on sale of vessels | (18,867 | ) | - | (18,833 | ) | - | ||||||||||
Impairment loss | - | - | 7,700 | - | ||||||||||||
Gain from insurance proceeds relating to vessel total loss | - | - | (28,163 | ) | - | |||||||||||
Loss on write-down of inventory | 822 | 14,901 | 5,565 | 14,901 | ||||||||||||
(Gain)/Loss on debt extinguishment, net (non-cash) | 2,178 | 521 | 2,963 | (1,952 | ) | |||||||||||
Equity in (income)/loss of investee | 17 | (118 | ) | (16 | ) | (108 | ) | |||||||||
Adjusted Net income | $ | 33,141 | $ | 136,257 | $ | 118,709 | $ | 516,340 | ||||||||
Weighted average number of shares outstanding, basic | 95,664,267 | 101,945,181 | 102,434,767 | 130,715,574 | ||||||||||||
Weighted average number of shares outstanding, diluted | 96,139,203 | 102,541,314 | 102,825,781 | 131,141,620 | ||||||||||||
Adjusted Basic Earnings Per Share | $ | 0.35 | $ | 1.34 | $ | 1.16 | $ | 3.95 | ||||||||
Adjusted Diluted Earnings Per Share | $ | 0.34 | $ | 1.33 | $ | 1.15 | $ | 3.94 | ||||||||
Voyage Revenues to Daily Time Charter Equivalent (“TCE”) Reconciliation
(In thousands of | Third quarter 2023 | Third quarter 2022 | Nine months ended | Nine months ended | ||||||||||||
Voyage revenues | $ | 223,087 | $ | 364,136 | $ | 685,808 | $ | 1,142,353 | ||||||||
Less: | ||||||||||||||||
Voyage expenses | (57,587 | ) | (92,310 | ) | (186,222 | ) | (212,095 | ) | ||||||||
Charter-in hire expenses | (4,231 | ) | (4,843 | ) | (13,926 | ) | (17,793 | ) | ||||||||
Realized gain/(loss) on FFAs/bunker swaps, net | 1,236 | (263 | ) | 8,508 | (3,325 | ) | ||||||||||
Time Charter equivalent revenues | $ | 162,505 | $ | 266,720 | $ | 494,168 | $ | 909,140 | ||||||||
Available days | 10,785 | 10,947 | 32,867 | 33,158 | ||||||||||||
Daily Time Charter Equivalent Rate ("TCE") | $ | 15,068 | $ | 24,365 | $ | 15,035 | $ | 27,418 | ||||||||
Daily Net Cash G&A expenses per vessel Reconciliation
(In thousands of | Third quarter 2023 | Third quarter 2022 | Nine months ended | Nine months ended | ||||||||||||
General and administrative expenses | $ | 13,645 | $ | 18,367 | $ | 36,320 | $ | 44,279 | ||||||||
Plus: | ||||||||||||||||
Management fees | 4,278 | 4,864 | 12,738 | 14,664 | ||||||||||||
Less: | ||||||||||||||||
Share – based compensation | (6,341 | ) | (11,908 | ) | (12,701 | ) | (23,388 | ) | ||||||||
Other non-cash charges | 71 | 63 | (5 | ) | 384 | |||||||||||
Net Cash G&A expenses | $ | 11,653 | $ | 11,386 | $ | 36,352 | $ | 35,939 | ||||||||
Ownership days | 11,177 | 11,776 | 34,159 | 34,944 | ||||||||||||
Charter-in days | 204 | 212 | 633 | 717 | ||||||||||||
Daily Net Cash G&A expenses per vessel | $ | 1,024 | $ | 950 | $ | 1,045 | $ | 1,008 | ||||||||
Conference Call details:
Our management team will host a conference call to discuss our financial results on
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: +1 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In), or +0 800 756 3429 (
Alternatively, participants can register for the call using the “call me” option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the “call me” option.
Slides and audio webcast:
There will also be a live, and then archived, webcast of the conference call and accompanying slides, available through the Company’s website. To listen to the archived audio file, visit our website www.starbulk.com and click on Events & Presentations. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
About Star Bulk
Star Bulk 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, minerals and grain, and minor bulks, which include bauxite, fertilizers and steel products. Star Bulk was incorporated in the
In addition, as of the date of this release, we have entered into long-term charter-in arrangements with respect to four Kamsarmax newbuildings and two Ultramax newbuildings which are expected to be delivered during 2024 with an approximate duration of seven years per vessel plus optional years. In addition, in
Forward-Looking Statements
Matters discussed in this press release may constitute forward looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements 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.
We desire to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. Words such as, but not limited to, “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “targets,” “projects,” “likely,” “will,” “would,” “could,” “should,” “may,” “forecasts,” “potential,” “continue,” “possible” and similar expressions or phrases may identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, examination by our management of historical operating trends, data contained in our records and other data available from third parties. Although we believe 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, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include general dry bulk shipping market conditions, including fluctuations in charter rates and vessel values; the strength of world economies; the stability of
Contacts
Company: | Investor Relations / Financial Media: |
Co ‐ Chief Financial Officers | President |
Capital Link, Inc. | |
c/o | |
40 Ag. Konstantinou Av. | |
Maroussi 15124 | Tel. (212) 661‐7566 |
E‐mail: starbulk@capitallink.com | |
Email: info@starbulk.com | www.capitallink.com |
www.starbulk.com | |
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