REPLAY OF THE FULL SESSION
A replay of the full session of the presentation and the extensive Q&A can be accessed at:
https://youtu.be/yDnqijY8jcE
Highlights from Star Bulk’s session at the Capital Link Presentation Series include the following:
Star Bulk Carriers Fleet
With a fleet numbering 128 ships,
As President
Continued Improvement of Balance Sheet
As of
The company has been focusing on refinancing older facilities, with the goal of reducing debt interest costs. In the last two years, Star Bulk’s strategy involving refinancing of about
Star Bulk’s adjusted net debt has been reduced by 43% since
Focus on Dividend Policy
He stated that during the last twelve months, adjusted EBITDA was
Scrubber Investment Fully Repaid – Benefits the Bottom Line
Star Bulk’s fleet is almost entirely scrubber fitted—with 120 of 128 vessels equipped with this technology.
As of
The Hi5 bunker spreads hovers currently at around
Vessel Operating Expenses Among the Lowest in Industry – Top Safety Rankings
Star Bulk has one of the lowest average OPEX costs in the dry bulk industry, with costs averaging
Also, the company has one of the lowest overheads per ship per day in the industry, with net cash G&A at
Additionally, the company consistently has been among the top 5 dry bulk operators in the Rightship Ratings and achieved the top rating in
Commitment to ESG Efforts
The company is “committed to reporting transparently” on its ESG efforts, Charis Plakantonakis, Chief Strategy Officer, stated. She noted that, to this end, Star Bulk has published its comprehensive ESG report annually for the last four years.
Its milestones in terms of its ESG efforts in the past year include the use of advanced vessel performance systems, as well as the wide implementation of technologies that improve the energy efficiency of their vessels.
Star Bulk also participates in the
The company received a B rating in 2022, an improvement from the B- score it obtained the previous year.
Its employee wellbeing program, which includes flexible working schemes, mental health support, and employee engagement activities, is an essential part of the company’s ESG efforts, Plakantonakis stressed.
Supramax Segment “Very Weak” But Expected to Recover After
Simantiras noted that the Supramax segment “… is definitely the weakest sector in dry bulk industry right now and especially in the Pacific. In the
Simantiras stated that “Especially on the smaller sizes, such as Supramaxes, the demand starts to go through its seasonal downturn, which begins around November and bottoms out by February.” He expects demand to increase after the
Capesize Segment to Experience Growth
In terms of Capesize vessels, Simantiras stated that the sector is expected to experience a boost this year due to China’s announcement of a stimulus and support for the real estate market in the country. This, along with China’s decision to postpone plan to reduce emissions from the steel industry, “should provide a significant upside over the next years and a very strong demand case for the dry bulk industry,” he said.
“It’s worth noting, though, that since November Chinese imports have experienced a major rebound and we are definitely at the early stages of the demand recovery,” Simantiras continued.
“Not the Right Time” for
When asked how the Company plans to renew its fleet in the coming years, Norton stated that the company does not believe that it is “the right time” to renew its fleet, citing the expense of newbuilds as well as the lack of adequate technology regarding decarbonization.
Norton stated that, when the time comes to renew the fleet, the company may do so through ordering or corporate acquisitions. Star Bulk would likely finance that strategy with “equity and some debt,” he said. Norton stressed, however, that the company would only do only at the right pricing level and if decarbonization technologies were advanced.
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Capital Link is hosting a series of online Corporate Presentations, whereby the Senior Management teams of leading listed maritime companies present their business development, strategy, growth prospects, and overall sector outlook. The presentations are approximately 45 minutes and consist of a company presentation followed by live Q&A between company management and webinar participants. All presentations in the series can be accessed at https://webinars.capitallink.com/2023/company_presentation/.
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Source: Capital Link
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