Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq:
SBLK), a global shipping company focusing on the transportation of
dry bulk cargoes, today announced its unaudited financial and
operating results for the second quarter of 2023. Unless otherwise
indicated or unless the context requires otherwise, all references
in this press release to "we," "us," "our," or similar references,
mean Star Bulk Carriers Corp. and, where applicable, its
consolidated subsidiaries.
Financial Highlights
|
|
|
|
|
|
(Expressed in thousands of U.S. dollars, except for daily rates and
per share data) |
|
|
|
|
|
Second
quarter 2023 |
Second
quarter 2022 |
Six months
ended June 30, 2023 |
Six months
ended June 30, 2022 |
|
Voyage Revenues |
$ |
238,686 |
$ |
417,334 |
$ |
462,721 |
$ |
778,217 |
|
Net income |
$ |
44,319 |
$ |
200,146 |
$ |
90,194 |
$ |
370,510 |
|
Adjusted Net income (1) |
$ |
48,491 |
$ |
204,521 |
$ |
85,568 |
$ |
380,083 |
|
Net cash provided by operating activities |
$ |
96,880 |
$ |
239,931 |
$ |
180,070 |
$ |
469,087 |
|
EBITDA (2) |
$ |
92,514 |
$ |
251,451 |
$ |
186,905 |
$ |
472,134 |
|
Adjusted EBITDA (2) |
$ |
96,185 |
$ |
258,299 |
$ |
180,987 |
$ |
484,180 |
|
Earnings per share basic |
$ |
0.43 |
$ |
1.96 |
$ |
0.88 |
$ |
3.63 |
|
Earnings per share diluted |
$ |
0.43 |
$ |
1.95 |
$ |
0.87 |
$ |
3.62 |
|
Adjusted earnings per share basic (1) |
$ |
0.47 |
$ |
2.00 |
$ |
0.83 |
$ |
3.72 |
|
Adjusted earnings per share diluted (1) |
$ |
0.47 |
$ |
2.00 |
$ |
0.83 |
$ |
3.71 |
|
Dividend per share for the relevant period |
$ |
0.40 |
$ |
1.65 |
$ |
0.75 |
$ |
3.30 |
|
Average Number of Vessels |
|
126.4 |
|
128.0 |
|
127.0 |
|
128.0 |
|
TCE Revenues (3) |
$ |
175,563 |
$ |
337,516 |
$ |
331,663 |
$ |
642,420 |
|
Daily Time Charter Equivalent Rate ("TCE") (3) |
$ |
15,835 |
$ |
30,451 |
$ |
15,020 |
$ |
28,924 |
|
Daily OPEX per vessel (4) |
$ |
4,915 |
$ |
5,012 |
$ |
4,887 |
$ |
5,000 |
|
Daily OPEX per vessel (excl. non recurring expenses) (4) |
$ |
4,772 |
$ |
4,674 |
$ |
4,734 |
$ |
4,710 |
|
Daily Net Cash G&A expenses per vessel (5) |
$ |
1,051 |
$ |
1,010 |
$ |
1,055 |
$ |
1,037 |
|
|
|
|
|
|
|
(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 the United States (“
U.S. GAAP”), as well as for the definition of each measure.
(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 U.S. GAAP, as well as for the definition of each measure. To
derive Adjusted EBITDA from EBITDA, we exclude certain non-cash
gains / (losses). (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 U.S. GAAP, as well as
for the definition of each measure. (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 U.S.
GAAP.Petros Pappas, Chief Executive Officer of Star Bulk,
commented:
“Star Bulk reported Net Income of $44.3 million
and a daily TCE of $15,835 for the second quarter of 2023. Given
our liquidity position and our dividend policy, the Board of
Directors has approved a dividend of $0.40 / share. Through
continued dividends and buybacks, the Company has returned over $1
billion to shareholders since 2021.
We continue to opportunistically renew our fleet
having agreed to sell five Supramax vessels built in 2012, taking
advantage of elevated vessel S&P values. In aggregate, since
the beginning of the year, we have sold seven vessels and received
insurance proceeds from one vessel for total proceeds net of debt
repayments of $153.1 million. This additional cash need not be used
for dividends but can be used for general corporate purposes
including fleet renewal, debt prepayment and share buybacks.
Global demand for dry bulk commodities continues
to be robust and given the improving macro sentiment and favorable
supply dynamics, we expect that rates will improve over the second
half of the year when trade seasonally strengthens. Star Bulk
remains focused on actively managing its fleet to take advantage of
market opportunities and continue creating value for its
shareholders.”
Recent Developments
Declaration of Dividend
On August 3, 2023, pursuant to our dividend
policy, our Board of Directors declared a quarterly cash dividend
of $0.40 per share, payable on or about September 7, 2023 to all
shareholders of record as of August 22, 2023. The ex-dividend date
is expected to be August 21, 2023. Taking into account the share
repurchases and the debt prepayments in connection with the changes
in our fleet (as previously announced and discussed below) made in
2023, the cash threshold above which we will distribute dividends
is set at $408.9 million.
Share Repurchase Program &
Shares Outstanding Update
In June 2023, we repurchased 107,349 common
shares in open market transactions at a price of $17.65 per share
for an aggregate consideration of $1.9 million, pursuant to the
$50.0 million share repurchase program announced in May 2023. The
repurchased shares were cancelled and removed from our share
capital as of the date of this release. As of the date of this
release, there is $48.1 million remaining available under the share
repurchase program.
As of the date of this release, we have
103,183,510 shares outstanding.
Fleet Update
On May 26, 2023, we agreed to sell the Supramax
vessels Star Centaurus, Star Columba, Star Aquila, Star Hercules
and Star Cepheus. The first three vessels were delivered to their
new owner in July 2023 and it is expected that the remaining two
will be delivered in August 2023. In addition, in connection with
its agreed sale in March 2023, the vessel Star Polaris was
delivered to its new owners on July 7, 2023. Following the delivery
to their new owners of the six vessels previously agreed to be
sold, the aggregate proceeds net of commissions to be received in
Q3 2023 will be $110.7 million. The gain from sale of vessels that
will be recognized in Q3 2023 and concerns the 5 Supramax vessels
is expected to be approximately $20.0 million in aggregate.
Financing
In May 2023, we signed the SEB $30.0 million
Facility as previously announced and an amount of $30.0 million was
drawn on May 30, 2023. In July 2023, we signed the Nordea $50.0
million Facility as previously announced and an amount of $50.0
million was drawn on July 12, 2023.
Following the completion of the new refinancings
that we performed during 2022 and 2023, and the sale of the 5
Supramax vessels, mentioned above, we will have 9 unlevered
vessels.
As of today, following a number of interest rate
swaps we have entered into, we have an outstanding total notional
amount of $349.3 million under our financing agreements with an
average fixed rate of 42 bps and an average maturity of 1.3 years.
As of June 30, 2023 the Mark-to-Market value of our outstanding
interest rate swaps stood at $20.1 million which are all designated
as and qualify for hedge accounting.
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 U.S. GAAP.
Our TCE rate per day per main vessel category was as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second quarter 2023 |
|
Six months ended June 30, 2023 |
|
|
|
|
|
|
|
Capesize / Newcastlemax Vessels: |
|
$ |
20,532 |
|
$ |
18,645 |
|
Post Panamax
/ Kamsarmax / Panamax Vessels: |
|
$ |
13,365 |
|
$ |
13,633 |
|
Ultramax /
Supramax Vessels: |
|
$ |
14,273 |
|
$ |
13,352 |
|
|
|
|
|
|
|
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 102,961,179 and 102,473,028
weighted average diluted shares for the second quarter of 2023 and
2022, respectively.
Second Quarter 2023 and 2022 Results
For the second quarter of 2023, we had a net
income of $44.3 million, or $0.43 earnings per share, compared to a
net income for the second quarter of 2022 of $200.1 million, or
$1.95 earnings per share. Adjusted net income, which excludes
certain non-cash items, was $48.5 million, or $0.47 earnings per
share, for the second quarter of 2023, compared to an adjusted net
income of $204.5 million for the second quarter of 2022, or $2.00
earnings per share.
Net cash provided by operating activities for
the second quarter of 2023 was $96.9 million, compared to $239.9
million for the second quarter of 2022. Adjusted EBITDA, which
excludes certain non-cash items, was $96.2 million for the second
quarter of 2023, compared to $258.3 million for the second quarter
of 2022.
Voyage revenues for the second quarter of 2023
decreased to $238.7 million from $417.3 million in the second
quarter of 2022 and Time charter equivalent revenues (“TCE
Revenues”)1 were $175.6 million for the second quarter of 2023,
compared to $337.5 million for the second quarter of 2022. TCE rate
for the second quarter of 2023 was $15,835 per day compared to
$30,451 per day for the second quarter of 2022 which is indicative
of the weaker market conditions prevailing during the recent
quarter.
For the second quarters of 2023 and 2022, vessel
operating expenses were $56.5 million and $58.4 million,
respectively. The decrease is mainly due to the decrease in the
average number of vessels in our fleet to 126.4 in the second
quarter of 2023 from 128.0 for the corresponding quarter of 2022.
Vessel operating expenses for the second quarter of 2023 included
additional i) crew expenses related to the increased number and
cost of crew changes performed during the period as a result of
COVID-19 related restrictions, estimated to be $0.7 million and ii)
$1.0 million pre-delivery expenses, due to change of management of
certain vessels from third party to in-house. For the second
quarter of 2022, the additional COVID-19 related costs and
pre-delivery expenses were estimated to be $2.8 million and $1.1
million, respectively.
Drydocking expenses for the second quarters of
2023 and 2022 were $10.9 million and $10.4 million, respectively.
During the second quarter of 2023, eleven vessels completed their
periodic dry docking surveys while during the corresponding period
in 2022, seven vessels completed their periodic dry docking
surveys.
General and administrative expenses for the
second quarters of 2023 and 2022 were $11.0 million and $17.1
million, respectively. The stock based compensation expense for the
second quarter of 2023 decreased to $2.9 million compared to $10.2
million for the corresponding quarter in 2022. Vessel management
fees for the second quarter of 2023 decreased to $4.2 million from
$5.0 million for the second quarter of 2022, due to the change of
management of certain vessels, from third party to in-house, as
described above. Our daily net cash general and administrative
expenses per vessel (including management fees and excluding
share-based compensation and other non-cash charges) for the second
quarters of 2023 and 2022 were $1,051 and $1,010, respectively.
Depreciation expense decreased to $35.0 million
for the second quarter of 2023 compared to $39.0 million for the
corresponding period in 2022. The decrease is primarily driven by
the change in the estimated scrap rate per light weight tonnage
from $300 to $400 effective January 1, 2023, which resulted in
lower depreciation expense by $4.1 million in the second quarter of
2023 together with the decrease in the average number of vessels in
our fleet.
Our results for the second quarter of 2023
include a loss on write-down of inventories of $2.6 million in
connection with the valuation of the bunkers remaining on board our
vessels, as a result of their lower net realizable value compared
to their historical cost.
Interest and finance costs for the second
quarters of 2023 and 2022 were $16.0 million and $12.2 million,
respectively. The driving factor for this increase is the
significant increase in variable interest rates, which was
partially offset by the positive effect from our interest rate
swaps and the decrease in our weighted average outstanding
indebtedness.
Interest income and other income/(loss) for the
second quarter of 2023 amounted to $3.4 million, compared to an
Interest income and other income/(loss), of $(0.2) million in the
second quarter of 2022. The increase of interest income is mainly
due to higher interest rates earned from our fixed deposits during
the second quarter of 2023 and foreign exchange gains recognized in
the same period compared to the foreign exchange losses recognized
in the second quarter of 2022.
Unaudited Consolidated Income Statements
(Expressed
in thousands of U.S. dollars except for share and per share
data) |
|
Second quarter 2023 |
|
Second quarter 2022 |
|
Six months ended June 30, 2023 |
|
Six months ended June 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
Voyage revenues |
|
$ |
238,686 |
|
|
$ |
417,334 |
|
|
$ |
462,721 |
|
|
$ |
778,217 |
|
|
Total revenues |
|
|
238,686 |
|
|
|
417,334 |
|
|
|
462,721 |
|
|
|
778,217 |
|
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
Voyage
expenses |
|
|
(61,143 |
) |
|
|
(66,381 |
) |
|
|
(128,635 |
) |
|
|
(119,785 |
) |
|
Charter-in
hire expenses |
|
|
(3,080 |
) |
|
|
(8,938 |
) |
|
|
(9,695 |
) |
|
|
(12,950 |
) |
|
Vessel
operating expenses |
|
|
(56,518 |
) |
|
|
(58,381 |
) |
|
|
(112,303 |
) |
|
|
(115,847 |
) |
|
Dry docking
expenses |
|
|
(10,854 |
) |
|
|
(10,442 |
) |
|
|
(18,861 |
) |
|
|
(19,169 |
) |
|
Depreciation |
|
|
(35,006 |
) |
|
|
(39,008 |
) |
|
|
(70,075 |
) |
|
|
(77,469 |
) |
|
Management
fees |
|
|
(4,216 |
) |
|
|
(4,961 |
) |
|
|
(8,460 |
) |
|
|
(9,800 |
) |
|
Loss on bad
debt |
|
|
- |
|
|
|
- |
|
|
|
(300 |
) |
|
|
- |
|
|
General and
administrative expenses |
|
|
(11,010 |
) |
|
|
(17,147 |
) |
|
|
(22,675 |
) |
|
|
(25,912 |
) |
|
Gain/(Loss)
on forward freight agreements and bunker swaps, net |
|
|
2,899 |
|
|
|
(1,316 |
) |
|
|
4,207 |
|
|
|
(3,939 |
) |
|
Impairment
loss |
|
|
- |
|
|
|
- |
|
|
|
(7,700 |
) |
|
|
- |
|
|
Other
operational loss |
|
|
(171 |
) |
|
|
(160 |
) |
|
|
(326 |
) |
|
|
(774 |
) |
|
Other
operational gain |
|
|
443 |
|
|
|
1,836 |
|
|
|
33,676 |
|
|
|
2,103 |
|
|
Gain/(Loss)
on sale of vessels |
|
|
(34 |
) |
|
|
- |
|
|
|
(34 |
) |
|
|
- |
|
|
Loss on
write-down of inventory |
|
|
(2,577 |
) |
|
|
- |
|
|
|
(4,743 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
57,419 |
|
|
|
212,436 |
|
|
|
116,797 |
|
|
|
394,675 |
|
|
|
|
|
|
|
|
|
|
|
|
Interest and
finance costs |
|
|
(16,029 |
) |
|
|
(12,226 |
) |
|
|
(31,731 |
) |
|
|
(24,308 |
) |
|
Interest
income and other income/(loss) |
|
|
3,444 |
|
|
|
(200 |
) |
|
|
6,593 |
|
|
|
61 |
|
|
Gain/(Loss)
on interest rate swaps, net |
|
|
(135 |
) |
|
|
- |
|
|
|
(507 |
) |
|
|
- |
|
|
Gain/(Loss)
on debt extinguishment, net |
|
|
(469 |
) |
|
|
129 |
|
|
|
(888 |
) |
|
|
129 |
|
|
Total other expenses, net |
|
|
(13,189 |
) |
|
|
(12,297 |
) |
|
|
(26,533 |
) |
|
|
(24,118 |
) |
|
|
|
|
|
|
|
|
|
|
|
Income before taxes and equity in income/(loss) of
investee |
|
$ |
44,230 |
|
|
$ |
200,139 |
|
|
$ |
90,264 |
|
|
$ |
370,557 |
|
|
|
|
|
|
|
|
|
|
|
|
Income
taxes |
|
|
- |
|
|
|
- |
|
|
|
(103 |
) |
|
|
(37 |
) |
|
|
|
|
|
|
|
|
|
|
|
Income before equity in income/(loss) of
investee |
|
|
44,230 |
|
|
|
200,139 |
|
|
|
90,161 |
|
|
|
370,520 |
|
|
|
|
|
|
|
|
|
|
|
|
Equity in
income/(loss) of investee |
|
|
89 |
|
|
|
7 |
|
|
|
33 |
|
|
|
(10 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
$ |
44,319 |
|
|
$ |
200,146 |
|
|
$ |
90,194 |
|
|
$ |
370,510 |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share, basic |
|
$ |
0.43 |
|
|
$ |
1.96 |
|
|
$ |
0.88 |
|
|
$ |
3.63 |
|
|
Earnings per
share, diluted |
|
$ |
0.43 |
|
|
$ |
1.95 |
|
|
$ |
0.87 |
|
|
$ |
3.62 |
|
|
Weighted
average number of shares outstanding, basic |
|
|
102,670,975 |
|
|
|
102,067,113 |
|
|
|
102,821,671 |
|
|
|
102,098,942 |
|
|
Weighted
average number of shares outstanding, diluted |
|
|
102,961,179 |
|
|
|
102,473,028 |
|
|
|
103,170,724 |
|
|
|
102,439,945 |
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Consolidated Condensed Balance Sheet
Data
|
|
(Expressed in thousands of U.S. dollars) |
|
|
|
ASSETS |
|
June 30, 2023 |
|
December 31, 2022 |
|
Cash and cash equivalents and resticted cash, current |
|
$ |
299,431 |
|
|
284,323 |
|
Other
current assets |
|
|
187,715 |
|
|
217,769 |
|
TOTAL CURRENT ASSETS |
|
|
487,146 |
|
|
502,092 |
|
|
|
|
|
|
|
Vessels and
other fixed assets, net |
|
|
2,757,491 |
|
|
2,881,551 |
|
Restricted
cash, non current |
|
|
2,021 |
|
|
2,021 |
|
Other
non-current assets |
|
|
39,184 |
|
|
47,960 |
|
TOTAL ASSETS |
|
$ |
3,285,842 |
|
$ |
3,433,624 |
|
|
|
|
|
|
|
Current
portion of long-term bank loans and lease financing |
|
$ |
218,911 |
|
$ |
181,947 |
|
Other
current liabilities |
|
|
110,556 |
|
|
100,608 |
|
TOTAL CURRENT LIABILITIES |
|
|
329,467 |
|
|
282,555 |
|
|
|
|
|
|
|
Long-term
bank loans and lease financing non-current (net of unamortized
deferred finance fees of $9,540 and $11,694, respectively) |
|
|
936,456 |
|
|
1,103,233 |
|
Other
non-current liabilities |
|
|
26,240 |
|
|
28,494 |
|
TOTAL LIABILITIES |
|
$ |
1,292,163 |
|
$ |
1,414,282 |
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
1,993,679 |
|
|
2,019,342 |
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
|
$ |
3,285,842 |
|
$ |
3,433,624 |
|
|
|
|
|
|
|
Unaudited Consolidated Condensed Cash Flow
Data
|
|
|
|
|
|
|
|
|
|
(Expressed in
thousands of U.S. dollars) |
|
Six months ended June 30, 2023 |
|
Six months ended June 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by / (used in) operating
activities |
|
$ |
180,070 |
|
|
$ |
469,087 |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of other fixed assets |
|
|
|
(103 |
) |
|
|
(124 |
) |
|
|
Capital expenditures for vessel modifications/upgrades |
|
|
(8,661 |
) |
|
|
(12,244 |
) |
|
|
Cash proceeds from vessel sales and total loss |
|
|
87,448 |
|
|
|
- |
|
|
|
Treasury bills |
|
|
|
|
- |
|
|
|
(35,226 |
) |
|
|
Hull and machinery insurance proceeds |
|
|
558 |
|
|
|
1,735 |
|
|
Net cash provided by / (used in) investing
activities |
|
|
79,242 |
|
|
|
(45,859 |
) |
|
|
|
|
|
|
|
|
|
|
|
Proceeds from vessels' new debt |
|
|
77,000 |
|
|
|
100,000 |
|
|
|
Scheduled vessels' debt repayment |
|
|
(90,418 |
) |
|
|
(107,283 |
) |
|
|
Debt prepayment |
|
|
|
|
(118,549 |
) |
|
|
(160,068 |
) |
|
|
Financing and debt extinguishment fees paid |
|
|
(930 |
) |
|
|
(3,044 |
) |
|
|
Offering expenses |
|
|
|
|
(55 |
) |
|
|
(207 |
) |
|
|
Proceeds from issuance of common stock |
|
|
- |
|
|
|
19,792 |
|
|
|
Repurchase of common shares |
|
|
|
(13,056 |
) |
|
|
(20,068 |
) |
|
|
Dividend paid |
|
|
|
|
(98,196 |
) |
|
|
(375,251 |
) |
|
Net cash provided by / (used in) financing
activities |
|
|
(244,204 |
) |
|
|
(546,129 |
) |
|
|
|
|
|
|
|
|
|
|
|
Summary of Selected Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second quarter 2023 |
|
Second quarter 2022 |
|
Six months ended June 30, 2023 |
|
Six months ended June 30, 2022 |
|
Average number of vessels (1) |
|
126.4 |
|
|
128.0 |
|
|
127.0 |
|
|
128.0 |
|
Number of vessels (2) |
|
126 |
|
|
128 |
|
|
126 |
|
|
128 |
|
Average age of operational fleet (in years) (3) |
|
11.4 |
|
|
10.4 |
|
|
11.4 |
|
|
10.4 |
|
Ownership days (4) |
|
11,499 |
|
|
11,648 |
|
|
22,982 |
|
|
23,169 |
|
Available days (5) |
|
11,087 |
|
|
11,084 |
|
|
22,082 |
|
|
22,211 |
|
Charter-in days (6) |
|
182 |
|
|
307 |
|
|
429 |
|
|
506 |
|
Daily Time Charter Equivalent Rate (7) |
$ |
15,835 |
|
$ |
30,451 |
|
$ |
15,020 |
|
$ |
28,924 |
|
Daily OPEX per vessel (8) |
$ |
4,915 |
|
$ |
5,012 |
|
$ |
4,887 |
|
$ |
5,000 |
|
Daily OPEX per vessel (excl. non recurring expenses) (8) |
$ |
4,772 |
|
$ |
4,674 |
|
$ |
4,734 |
|
$ |
4,710 |
|
Daily Net Cash G&A expenses per vessel (9) |
$ |
1,051 |
|
$ |
1,010 |
|
$ |
1,055 |
|
$ |
1,037 |
|
|
|
|
|
|
|
|
|
|
(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 six month period ended June 30, 2023 and
2022 included additional crew expenses related to the increased
number of crew changes performed during the period as a result of
COVID-19 restrictions imposed in 2020 estimated to be $2.1 million
and $5.6 million, respectively, while vessel operating expenses for
the six month period ended June 30, 2023 and 2022 included
pre-delivery expenses due to change of management of $1.4 million
and $1.1 million, respectively.(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, 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 United States
generally accepted accounting principles, or U.S. GAAP. Our method
of computing EBITDA and Adjusted EBITDA may not necessarily be
comparable to other similarly titled captions of other
companies.
The following table reconciles net cash provided
by operating activities to EBITDA and Adjusted EBITDA:
(Expressed
in thousands of U.S. dollars) |
|
|
Second quarter 2023 |
|
Second quarter 2022 |
|
Six months ended June 30, 2023 |
|
Six months ended June 30, 2022 |
|
Net cash provided by/(used in) operating activities |
|
|
$ |
96,880 |
|
|
$ |
239,931 |
|
|
$ |
180,070 |
|
|
$ |
469,087 |
|
|
Net decrease
/ (increase) in current assets |
|
|
|
(5,500 |
) |
|
|
19,161 |
|
|
|
(9,911 |
) |
|
|
25,280 |
|
|
Net increase
/ (decrease) in operating liabilities, excluding current
portion of long term debt |
|
|
|
(7,202 |
) |
|
|
(11,708 |
) |
|
|
(13,206 |
) |
|
|
(31,509 |
) |
|
Impairment
loss |
|
|
|
- |
|
|
|
- |
|
|
|
(7,700 |
) |
|
|
- |
|
|
Gain/(Loss)
on debt extinguishment, net |
|
|
|
(469 |
) |
|
|
129 |
|
|
|
(888 |
) |
|
|
129 |
|
|
Share –
based compensation |
|
|
|
(2,914 |
) |
|
|
(10,247 |
) |
|
|
(6,360 |
) |
|
|
(11,480 |
) |
|
Amortization
of debt (loans & leases) issuance costs |
|
|
|
(947 |
) |
|
|
(1,302 |
) |
|
|
(1,990 |
) |
|
|
(2,641 |
) |
|
Unrealized
gain / (loss) on forward freight agreements and bunker swaps |
|
|
|
1,799 |
|
|
|
3,183 |
|
|
|
(3,065 |
) |
|
|
(877 |
) |
|
Total other
expenses, net |
|
|
|
13,189 |
|
|
|
12,297 |
|
|
|
26,533 |
|
|
|
24,118 |
|
|
Gain from
insurance proceeds relating to vessel total loss |
|
|
|
- |
|
|
|
- |
|
|
|
28,163 |
|
|
|
- |
|
|
Loss on bad
debt |
|
|
|
- |
|
|
|
- |
|
|
|
(300 |
) |
|
|
- |
|
|
Income
tax |
|
|
|
- |
|
|
|
- |
|
|
|
103 |
|
|
|
37 |
|
|
Gain/(Loss)
on sale of vessels |
|
|
|
(34 |
) |
|
|
- |
|
|
|
(34 |
) |
|
|
- |
|
|
Gain from
Hull & Machinery claim |
|
|
|
200 |
|
|
|
- |
|
|
|
200 |
|
|
|
- |
|
|
Loss on
write-down of inventory |
|
|
|
(2,577 |
) |
|
|
- |
|
|
|
(4,743 |
) |
|
|
- |
|
|
Equity in
income/(loss) of investee |
|
|
|
89 |
|
|
|
7 |
|
|
|
33 |
|
|
|
(10 |
) |
|
EBITDA |
|
|
$ |
92,514 |
|
|
$ |
251,451 |
|
|
$ |
186,905 |
|
|
$ |
472,134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in
(income)/loss of investee |
|
|
|
(89 |
) |
|
|
(7 |
) |
|
|
(33 |
) |
|
|
10 |
|
|
Unrealized
(gain)/loss on forward freight agreements and bunker swaps |
|
|
|
(1,799 |
) |
|
|
(3,183 |
) |
|
|
3,065 |
|
|
|
877 |
|
|
(Gain)/Loss
on sale of vessels |
|
|
|
34 |
|
|
|
- |
|
|
|
34 |
|
|
|
- |
|
|
Loss on
write-down of inventory |
|
|
|
2,577 |
|
|
|
- |
|
|
|
4,743 |
|
|
|
- |
|
|
Gain from
insurance proceeds relating to vessel total loss |
|
|
|
- |
|
|
|
- |
|
|
|
(28,163 |
) |
|
|
- |
|
|
Share-based
compensation |
|
|
|
2,914 |
|
|
|
10,247 |
|
|
|
6,360 |
|
|
|
11,480 |
|
|
Loss on bad
debt |
|
|
|
- |
|
|
|
- |
|
|
|
300 |
|
|
|
- |
|
|
Impairment
loss |
|
|
|
- |
|
|
|
- |
|
|
|
7,700 |
|
|
|
- |
|
|
Other
non-cash charges |
|
|
|
34 |
|
|
|
(209 |
) |
|
|
76 |
|
|
|
(321 |
) |
|
Adjusted EBITDA |
|
|
$ |
96,185 |
|
|
$ |
258,299 |
|
|
$ |
180,987 |
|
|
$ |
484,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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 U.S. dollars except for share and per
share data) |
|
|
|
|
|
|
|
|
|
|
Second quarter 2023 |
|
Second quarter 2022 |
|
Six months ended June 30, 2023 |
|
Six months ended June 30, 2022 |
|
Net income |
|
$ |
44,319 |
|
|
$ |
200,146 |
|
|
$ |
90,194 |
|
|
$ |
370,510 |
|
|
Loss on bad
debt |
|
|
- |
|
|
|
- |
|
|
|
300 |
|
|
|
- |
|
|
Share –
based compensation |
|
|
2,914 |
|
|
|
10,247 |
|
|
|
6,360 |
|
|
|
11,480 |
|
|
Other
non-cash charges |
|
|
34 |
|
|
|
(209 |
) |
|
|
76 |
|
|
|
(321 |
) |
|
Unrealized
(gain) / loss on forward freight agreements and bunker swaps,
net |
|
|
(1,799 |
) |
|
|
(3,183 |
) |
|
|
3,065 |
|
|
|
877 |
|
|
Unrealized
(gain) / loss on interest rate swaps, net |
|
|
135 |
|
|
|
- |
|
|
|
507 |
|
|
|
- |
|
|
(Gain) /
loss on sale of vessels |
|
|
34 |
|
|
|
- |
|
|
|
34 |
|
|
|
- |
|
|
Impairment
loss |
|
|
- |
|
|
|
- |
|
|
|
7,700 |
|
|
|
- |
|
|
Gain from
insurance proceeds relating to vessel total loss |
|
|
- |
|
|
|
- |
|
|
|
(28,163 |
) |
|
|
- |
|
|
Loss on
write-down of inventory |
|
|
2,577 |
|
|
|
- |
|
|
|
4,743 |
|
|
|
- |
|
|
(Gain)/Loss
on debt extinguishment, net (non-cash) |
|
|
366 |
|
|
|
(2,473 |
) |
|
|
785 |
|
|
|
(2,473 |
) |
|
Equity in
(income)/loss of investee |
|
|
(89 |
) |
|
|
(7 |
) |
|
|
(33 |
) |
|
|
10 |
|
|
Adjusted Net income |
|
$ |
48,491 |
|
|
$ |
204,521 |
|
|
$ |
85,568 |
|
|
$ |
380,083 |
|
|
Weighted
average number of shares outstanding, basic |
|
|
102,670,975 |
|
|
|
102,067,113 |
|
|
|
102,821,671 |
|
|
|
102,098,942 |
|
|
Weighted
average number of shares outstanding, diluted |
|
|
102,961,179 |
|
|
|
102,473,028 |
|
|
|
103,170,724 |
|
|
|
102,439,945 |
|
|
Adjusted Basic Earnings Per Share |
|
$ |
0.47 |
|
|
$ |
2.00 |
|
|
$ |
0.83 |
|
|
$ |
3.72 |
|
|
Adjusted Diluted Earnings Per Share |
|
$ |
0.47 |
|
|
$ |
2.00 |
|
|
$ |
0.83 |
|
|
$ |
3.71 |
|
|
|
|
|
|
|
|
|
|
|
|
Voyage Revenues to Daily Time Charter Equivalent (“TCE”)
Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands of U.S. Dollars, except for TCE rates) |
|
Second quarter 2023 |
|
Second quarter 2022 |
|
Six months ended June 30, 2023 |
|
Six months ended June 30, 2022 |
|
Voyage revenues |
|
$ |
238,686 |
|
|
$ |
417,334 |
|
|
$ |
462,721 |
|
|
$ |
778,217 |
|
|
Less: |
|
|
|
|
|
|
|
|
|
Voyage
expenses |
|
|
(61,143 |
) |
|
|
(66,381 |
) |
|
|
(128,635 |
) |
|
|
(119,785 |
) |
|
Charter-in
hire expenses |
|
|
(3,080 |
) |
|
|
(8,938 |
) |
|
|
(9,695 |
) |
|
|
(12,950 |
) |
|
Realized
gain/(loss) on FFAs/bunker swaps, net |
|
|
1,100 |
|
|
|
(4,499 |
) |
|
|
7,272 |
|
|
|
(3,062 |
) |
|
Time
Charter equivalent revenues |
|
$ |
175,563 |
|
|
$ |
337,516 |
|
|
$ |
331,663 |
|
|
$ |
642,420 |
|
|
|
|
|
|
|
|
|
|
|
|
Available
days |
|
|
11,087 |
|
|
|
11,084 |
|
|
|
22,082 |
|
|
|
22,211 |
|
|
Daily Time Charter Equivalent Rate ("TCE") |
|
$ |
15,835 |
|
|
$ |
30,451 |
|
|
$ |
15,020 |
|
|
$ |
28,924 |
|
|
|
|
|
|
|
|
|
|
|
|
Daily Net Cash G&A expenses per vessel
Reconciliation
(In thousands of U.S. Dollars, except for daily rates) |
Second quarter 2023 |
|
Second quarter 2022 |
|
Six months ended June 30, 2023 |
|
Six months ended June 30, 2022 |
|
General and administrative expenses |
|
$ |
11,010 |
|
|
$ |
17,147 |
|
|
$ |
22,675 |
|
|
$ |
25,912 |
|
|
Plus: |
|
|
|
|
|
|
|
|
|
Management
fees |
|
|
4,216 |
|
|
|
4,961 |
|
|
|
8,460 |
|
|
|
9,800 |
|
|
Less: |
|
|
|
|
|
|
|
|
|
Share –
based compensation |
|
|
(2,914 |
) |
|
|
(10,247 |
) |
|
|
(6,360 |
) |
|
|
(11,480 |
) |
|
Other
non-cash charges |
|
|
(34 |
) |
|
|
209 |
|
|
|
(76 |
) |
|
|
321 |
|
|
Net
Cash G&A expenses |
|
$ |
12,278 |
|
|
$ |
12,070 |
|
|
$ |
24,699 |
|
|
$ |
24,553 |
|
|
|
|
|
|
|
|
|
|
|
|
Ownership
days |
|
|
11,499 |
|
|
|
11,648 |
|
|
|
22,982 |
|
|
|
23,169 |
|
|
Charter-in
days |
|
|
182 |
|
|
|
307 |
|
|
|
429 |
|
|
|
506 |
|
|
Daily Net Cash G&A expenses per vessel |
|
$ |
1,051 |
|
|
$ |
1,010 |
|
|
$ |
1,055 |
|
|
$ |
1,037 |
|
|
|
|
|
|
|
|
|
|
|
|
Conference Call details:
Our management team will host a conference call
to discuss our financial results on Friday, August 4, 2023 at 11:00
a.m., Eastern Time (ET).
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 (UK Toll Free
Dial In). Please quote “Star Bulk Carriers” to the operator and/or
conference ID 13740275. Click here for additional participant
International Toll-Free access numbers.
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 BulkStar 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 Marshall Islands on December 13, 2006
and maintains executive offices in Athens, New York, Limassol,
Singapore and Germany. Its common stock trades on the Nasdaq Global
Select Market under the symbol “SBLK”. As of August 3, 2023 and as
adjusted for the delivery of agreed to be sold vessels to their new
owner as discussed above, Star Bulk operates a fleet of 120
vessels, with an aggregate capacity of 13.3 million dwt, consisting
of 17 Newcastlemax, 20 Capesize, 2 Mini Capesize, 7 Post Panamax,
40 Kamsarmax, 2 Panamax, 20 Ultramax and 12 Supramax vessels with
carrying capacities between 52,425 dwt and 209,529 dwt.
Forward-Looking
StatementsMatters 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 Europe and the Euro;
fluctuations in currencies, interest rates and foreign exchange
rates, and the impact of the discontinuance of the London Interbank
Offered Rate for US Dollars, or LIBOR, after June 30, 2023 on any
of our debt referencing LIBOR in the interest rate; business
disruptions due to natural disasters or other disasters outside our
control, such as the ongoing novel coronavirus (“COVID-19”)
pandemic (and variants that may emerge); the length and severity of
epidemics and pandemics, including COVID-19 and its impact on the
demand for seaborne transportation in the dry bulk sector; changes
in supply and demand in the dry bulk shipping industry, including
the market for our vessels and the number of newbuildings under
construction; the potential for technological innovation in the
sector in which we operate and any corresponding reduction in the
value of our vessels or the charter income derived therefrom;
changes in our expenses, including bunker prices, dry docking,
crewing and insurance costs; changes in governmental rules and
regulations or actions taken by regulatory authorities; potential
liability from pending or future litigation and potential costs due
to environmental damage and vessel collisions; the impact of
increasing scrutiny and changing expectations from investors,
lenders, charterers and other market participants with respect to
our Environmental, Social and Governance (“ESG”) practices; our
ability to carry out our ESG initiatives and thereby meet our ESG
goals and targets; new environmental regulations and restrictions,
whether at a global level stipulated by the International Maritime
Organization, and/or regional/national level imposed by regional
authorities such as the European Union or individual countries;
potential cyber-attacks which may disrupt our business operations;
general domestic and international political conditions or events,
including “trade wars” and the ongoing conflict between Russia and
Ukraine; the impact on our common shares and reputation if our
vessels were to call on ports located in countries that are subject
to restrictions imposed by the U.S. or other governments; potential
physical disruption of shipping routes due to accidents,
climate-related reasons (acute and chronic), political events,
public health threats, international hostilities and instability,
piracy or acts by terrorists; the availability of financing and
refinancing; the failure of our contract counterparties to meet
their obligations; our ability to meet requirements for additional
capital and financing to grow our business; the impact of our
indebtedness and the compliance with the covenants included in our
debt agreements; vessel breakdowns and instances of off‐hire;
potential exposure or loss from investment in derivative
instruments; potential conflicts of interest involving our Chief
Executive Officer, his family and other members of our senior
management and our ability to complete acquisition transactions as
and when planned and upon the expected terms and the impact of port
or canal congestion or disruptions. Please see our filings with the
Securities and Exchange Commission for a more complete discussion
of these and other risks and uncertainties. The information set
forth herein speaks only as of the date hereof, and the Company
disclaims any intention or obligation to update any forward‐looking
statements as a result of developments occurring after the date of
this communication.
Contacts
Company: |
Investor Relations / Financial Media: |
Simos
Spyrou, Christos Begleris |
Nicolas
Bornozis |
Co ‐
Chief Financial Officers |
President |
Star Bulk
Carriers Corp. |
Capital
Link, Inc. |
c/o Star
Bulk Management Inc. |
230 Park
Avenue, Suite 1536 |
40 Ag.
Konstantinou Av. |
New York,
NY 10169 |
Maroussi
15124 |
Tel.
(212) 661‐7566 |
Athens,
Greece |
E‐mail:
starbulk@capitallink.com |
Email:
info@starbulk.com |
www.capitallink.com |
www.starbulk.com |
|
1 Please see the table at the end of this release for the
calculation of the TCE Revenues.
Star Bulk Carriers (NASDAQ:SBLK)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Star Bulk Carriers (NASDAQ:SBLK)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024