● |
uncertainties as to the timing of the proposed transaction between the Company and Eagle Bulk Shipping Inc. (“Eagle”, and such transaction, the “Eagle Merger”);
|
|
● |
the possibility that the closing conditions, including approval of Eagle’s shareholders, to the proposed Eagle Merger may not be satisfied or waived;
|
|
● |
the possibility that costs or difficulties related to the integration of the Company’s and Eagle’s operations will be greater than expected;
|
|
● |
the effects of disruption by the announcement of the proposed Eagle Merger making it more difficult to maintain relationships with employees, customers, vendors and other business partners;
|
|
● |
risks related to the proposed Eagle Merger diverting management’s attention from the Company’s and Eagle’s ongoing business operations;
|
|
● |
the possibility that the expected synergies and value creation from the proposed Eagle Merger will not be realized, or will not be realized within the expected time period;
|
|
● |
the risk that shareholder litigation in connection with the contemplated transactions may affect the timing or occurrence of the contemplated Eagle Merger or result in significant costs of defense, indemnification and liability;
|
|
● |
transaction costs related to the Eagle Merger;
|
|
● |
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;
|
|
● |
business disruptions due to natural disasters or other disasters outside our control, such as any new outbreaks or new variants of coronavirus (“COVID-19”) that may emerge;
|
|
● |
the length and severity of epidemics and pandemics, including their 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”, the ongoing conflict between Russia and Ukraine, the conflict between Israel and Hamas and the Houthi attacks in the Red Sea and the Gulf of Aden;
|
|
● |
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;
|
|
● |
our ability to complete acquisition transactions as and when planned and upon the expected terms;
|
|
● |
the impact of port or canal congestion or disruptions; and
|
|
● |
the risk factors and other factors referred to in the Company’s reports filed with or furnished to the U.S. Securities and Exchange Commission (“SEC”).
|
Star Bulk Carriers Corp.
|
||||
|
By:
|
/s/ Simos Spyrou | ||
Name: |
Simos Spyrou
|
|||
Title: |
Co-Chief Financial Officer
|
|||
Exhibit
Number
|
|
Description
|
|
|
|
|
(Expressed in thousands of U.S. dollars,
except for daily rates and per share data)
|
Fourth quarter
2023
|
Fourth quarter
2022
|
Twelve months ended
December 31, 2023 |
Twelve months ended
December 31, 2022
|
||||||||||||
Voyage Revenues
|
$
|
263,461
|
$
|
294,803
|
$
|
949,269
|
$
|
1,437,156
|
||||||||
Net income
|
$
|
39,707
|
$
|
85,796
|
$
|
173,556
|
$
|
565,999
|
||||||||
Adjusted Net income (1)
|
$
|
63,538
|
$
|
92,461
|
$
|
182,247
|
$
|
608,801
|
||||||||
Net cash provided by operating activities
|
$
|
88,604
|
$
|
116,336
|
$
|
335,777
|
$
|
769,898
|
||||||||
EBITDA (2)
|
$
|
93,163
|
$
|
128,499
|
$
|
376,948
|
$
|
764,440
|
||||||||
Adjusted EBITDA (2)
|
$
|
114,036
|
$
|
134,584
|
$
|
379,211
|
$
|
808,614
|
||||||||
Earnings per share basic
|
$
|
0.46
|
$
|
0.84
|
$
|
1.76
|
$
|
5.54
|
||||||||
Earnings per share diluted
|
$
|
0.45
|
$
|
0.84
|
$
|
1.76
|
$
|
5.52
|
||||||||
Adjusted earnings per share basic (1)
|
$
|
0.73
|
$
|
0.90
|
$
|
1.85
|
$
|
5.96
|
||||||||
Adjusted earnings per share diluted (1)
|
$
|
0.73
|
$
|
0.90
|
$
|
1.84
|
$
|
5.94
|
||||||||
Dividend per share for the relevant period
|
$
|
0.45
|
$
|
0.60
|
$
|
1.42
|
$
|
5.10
|
||||||||
Average Number of Vessels
|
117.8
|
128.0
|
123.3
|
128.0
|
||||||||||||
TCE Revenues (3)
|
$
|
191,928
|
$
|
216,428
|
$
|
686,096
|
$
|
1,125,568
|
||||||||
Daily Time Charter Equivalent Rate ("TCE") (3)
|
$
|
18,296
|
$
|
19,590
|
$
|
15,824
|
$
|
25,461
|
||||||||
Daily OPEX per vessel (4)
|
$
|
4,991
|
$
|
4,469
|
$
|
4,919
|
$
|
4,893
|
||||||||
Daily OPEX per vessel (as adjusted) (4)
|
$
|
4,977
|
$
|
4,205
|
$
|
4,822
|
$
|
4,598
|
||||||||
Daily Net Cash G&A expenses per vessel (excluding one-time expenses) (5)
|
$
|
1,104
|
$
|
977
|
$
|
1,059
|
$
|
1,000
|
|
(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) and one-time expenses.
|
|
(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. The definition of each measure is provided in footnote (7) to the Summary of Selected Data table below.
|
|
(4) |
Daily OPEX per vessel is calculated by dividing vessel operating expenses by Ownership days (defined below). Daily OPEX per vessel (as adjusted) is calculated by dividing vessel operating expenses
excluding increased costs due to the COVID-19 pandemic or pre-delivery expenses for each vessel on acquisition or change of management, if any, by Ownership days. In the future we may incur expenses that are the same as or similar to certain
expenses (as described above) 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, other non-cash
charges and one-time expenses 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.
|
|
- |
Two in September 2025,
|
|
- |
Two in April 2026 and
|
|
- |
One in July 2026.
|
Fourth quarter
2023
|
Twelve months ended December 31, 2023
|
|||||||
Capesize / Newcastlemax Vessels:
|
$
|
24,615
|
$
|
19,700
|
||||
Post Panamax / Kamsarmax / Panamax Vessels:
|
$
|
15,224
|
$
|
14,344
|
||||
Ultramax / Supramax Vessels:
|
$
|
15,713
|
$
|
13,812
|
(Expressed in thousands of U.S. dollars except for share and per share data)
|
Fourth quarter
2023 |
Fourth quarter
2022
|
Twelve months ended
December 31, 2023
|
Twelve months ended
December 31, 2022
|
||||||||||||
|
||||||||||||||||
Revenues:
|
||||||||||||||||
Voyage revenues
|
$
|
263,461
|
$
|
294,803
|
$
|
949,269
|
$
|
1,437,156
|
||||||||
Total revenues
|
263,461
|
294,803
|
949,269
|
1,437,156
|
||||||||||||
Expenses:
|
||||||||||||||||
Voyage expenses
|
(67,621
|
)
|
(74,439
|
)
|
(253,843
|
)
|
(286,534
|
)
|
||||||||
Charter-in hire expenses
|
(3,730
|
)
|
(3,227
|
)
|
(17,656
|
)
|
(21,020
|
)
|
||||||||
Vessel operating expenses
|
(54,102
|
)
|
(52,629
|
)
|
(221,327
|
)
|
(228,616
|
)
|
||||||||
Dry docking expenses
|
(11,503
|
)
|
(18,705
|
)
|
(41,969
|
)
|
(47,718
|
)
|
||||||||
Depreciation
|
(33,880
|
)
|
(39,709
|
)
|
(138,429
|
)
|
(156,733
|
)
|
||||||||
Management fees
|
(4,071
|
)
|
(4,407
|
)
|
(16,809
|
)
|
(19,071
|
)
|
||||||||
Loss on bad debt
|
-
|
(677
|
)
|
(300
|
)
|
(677
|
)
|
|||||||||
General and administrative expenses
|
(18,093
|
)
|
(12,547
|
)
|
(54,413
|
)
|
(56,826
|
)
|
||||||||
Gain/(Loss) on forward freight agreements and bunker swaps, net
|
(7,713
|
)
|
2,166
|
(1,336
|
)
|
(1,451
|
)
|
|||||||||
Impairment loss
|
(10,138
|
)
|
-
|
(17,838
|
)
|
-
|
||||||||||
Other operational loss
|
(343
|
)
|
(1,318
|
)
|
(952
|
)
|
(2,380
|
)
|
||||||||
Other operational gain
|
156
|
1,903
|
33,980
|
8,794
|
||||||||||||
Gain on sale of vessels
|
10,566
|
-
|
29,399
|
-
|
||||||||||||
Loss on write-down of inventory
|
(3,753
|
)
|
(2,425
|
)
|
(9,318
|
)
|
(17,326
|
)
|
||||||||
Operating income
|
59,236
|
88,789
|
238,458
|
607,598
|
||||||||||||
Interest and finance costs
|
(21,530
|
)
|
(14,822
|
)
|
(71,319
|
)
|
(52,578
|
)
|
||||||||
Interest income and other income/(loss)
|
4,963
|
6,821
|
15,228
|
7,050
|
||||||||||||
Gain/(Loss) on interest rate swaps, net
|
(3,032
|
)
|
-
|
(3,539
|
)
|
-
|
||||||||||
Gain/(Loss) on debt extinguishment, net
|
28
|
5,207
|
(5,149
|
)
|
4,064
|
|||||||||||
Total other expenses, net
|
(19,571
|
)
|
(2,794
|
)
|
(64,779
|
)
|
(41,464
|
)
|
||||||||
Income before taxes and equity in income of investee
|
$
|
39,665
|
$
|
85,995
|
$
|
173,679
|
$
|
566,134
|
||||||||
Income taxes
|
(2
|
)
|
(200
|
)
|
(183
|
)
|
(244
|
)
|
||||||||
Income before equity in income of investee
|
39,663
|
85,795
|
173,496
|
565,890
|
||||||||||||
Equity in income of investee
|
44
|
1
|
60
|
109
|
||||||||||||
Net income
|
$
|
39,707
|
$
|
85,796
|
$
|
173,556
|
$
|
565,999
|
||||||||
Earnings per share, basic
|
$
|
0.46
|
$
|
0.84
|
$
|
1.76
|
$
|
5.54
|
||||||||
Earnings per share, diluted
|
$
|
0.45
|
$
|
0.84
|
$
|
1.76
|
$
|
5.52
|
||||||||
Weighted average number of shares outstanding, basic
|
86,657,095
|
102,468,182
|
98,457,929
|
102,153,255
|
||||||||||||
Weighted average number of shares outstanding, diluted
|
87,364,379
|
102,724,888
|
98,848,943
|
102,536,966
|
(Expressed in thousands of U.S. dollars)
|
||||||||
ASSETS
|
December 31, 2023
|
December 31, 2022
|
||||||
Cash and cash equivalents and resticted cash, current
|
$
|
259,729
|
284,323
|
|||||
Vessel held for sale
|
15,190
|
-
|
||||||
Other current assets
|
179,478
|
217,769
|
||||||
TOTAL CURRENT ASSETS
|
454,397
|
502,092
|
||||||
Vessels and other fixed assets, net
|
2,539,743
|
2,881,551
|
||||||
Restricted cash, non current
|
2,021
|
2,021
|
||||||
Other non-current assets
|
32,094
|
47,960
|
||||||
TOTAL ASSETS
|
$
|
3,028,255
|
$
|
3,433,624
|
||||
Current portion of long-term bank loans and lease financing
|
$
|
251,856
|
$
|
181,947
|
||||
Other current liabilities
|
107,507
|
100,608
|
||||||
TOTAL CURRENT LIABILITIES
|
359,363
|
282,555
|
||||||
Long-term bank loans and lease financing non-current (net of unamortized deferred finance fees of $8,606 and $11,694, respectively)
|
985,247
|
1,103,233
|
||||||
Other non-current liabilities
|
23,575
|
28,494
|
||||||
TOTAL LIABILITIES
|
$
|
1,368,185
|
$
|
1,414,282
|
||||
SHAREHOLDERS' EQUITY
|
1,660,070
|
2,019,342
|
||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
3,028,255
|
$
|
3,433,624
|
(Expressed in thousands of U.S. dollars)
|
Twelve months ended December 31, 2023
|
Twelve months ended December 31, 2022
|
||||||
Net cash provided by / (used in) operating activities
|
$
|
335,777
|
$
|
769,898
|
||||
Acquisition of other fixed assets
|
(152
|
)
|
(437
|
)
|
||||
Capital expenditures for vessel modifications/upgrades
and other equipment
|
(17,939
|
)
|
(24,966
|
)
|
||||
Cash proceeds from vessel sales and total loss
|
250,968
|
-
|
||||||
Hull and machinery insurance proceeds
|
2,641
|
4,531
|
||||||
Net cash provided by / (used in) investing activities
|
235,518
|
(20,872
|
)
|
|||||
Proceeds from vessels' new debt
|
441,405
|
315,000
|
||||||
Scheduled vessels' debt repayment
|
(173,007
|
)
|
(201,347
|
)
|
||||
Debt prepayment
|
(319,563
|
)
|
(374,678
|
)
|
||||
Financing and debt extinguishment fees paid
|
(6,588
|
)
|
(5,543
|
)
|
||||
Offering expenses
|
(141
|
)
|
(412
|
)
|
||||
Proceeds from issuance of common stock
|
13,165
|
19,792
|
||||||
Repurchase of common shares
|
(393,108
|
)
|
(20,068
|
)
|
||||
Dividends paid
|
(158,052
|
)
|
(668,697
|
)
|
||||
Net cash provided by / (used in) financing activities
|
(595,889
|
)
|
(935,953
|
)
|
Fourth quarter
2023
|
Fourth quarter
2022
|
Twelve months ended December 31, 2023
|
Twelve months ended December 31, 2022
|
|||||||||||||
Average number of vessels (1)
|
117.8
|
128.0
|
123.3
|
128.0
|
||||||||||||
Number of vessels (2)
|
116
|
128
|
116
|
128
|
||||||||||||
Average age of operational fleet (in years) (3)
|
11.8
|
10.9
|
11.8
|
10.9
|
||||||||||||
Ownership days (4)
|
10,840
|
11,776
|
44,999
|
46,720
|
||||||||||||
Available days (5)
|
10,490
|
11,048
|
43,357
|
44,207
|
||||||||||||
Charter-in days (6)
|
123
|
196
|
756
|
913
|
||||||||||||
Daily Time Charter Equivalent Rate (7)
|
$
|
18,296
|
$
|
19,590
|
$
|
15,824
|
$
|
25,461
|
||||||||
Daily OPEX per vessel (8)
|
$
|
4,991
|
$
|
4,469
|
$
|
4,919
|
$
|
4,893
|
||||||||
Daily OPEX per vessel (as adjusted) (8)
|
$
|
4,977
|
$
|
4,205
|
$
|
4,822
|
$
|
4,598
|
||||||||
Daily Net Cash G&A expenses per vessel (excluding one-time expenses) (9)
|
$
|
1,104
|
$
|
977
|
$
|
1,059
|
$
|
1,000
|
(Expressed in thousands of U.S. dollars)
|
Fourth quarter
2023 |
Fourth quarter
2022 |
Twelve months ended December 31, 2023
|
Twelve months ended December 31, 2022
|
||||||||||||
Net cash provided by/(used in) operating activities
|
$
|
88,604
|
$
|
116,336
|
$
|
335,777
|
$
|
769,898
|
||||||||
Net decrease / (increase) in operating assets
|
(10,519
|
)
|
(4,046
|
)
|
(8,688
|
)
|
7,714
|
|||||||||
Net increase / (decrease) in operating liabilities, excluding operating lease liability and including other non-cash charges
|
15,325
|
15,052
|
(6,120
|
)
|
(9,627
|
)
|
||||||||||
Impairment loss
|
(10,138
|
)
|
-
|
(17,838
|
)
|
-
|
||||||||||
Gain/(Loss) on debt extinguishment, net
|
28
|
5,207
|
(5,149
|
)
|
4,064
|
|||||||||||
Share – based compensation
|
(8,176
|
)
|
(5,093
|
)
|
(20,877
|
)
|
(28,481
|
)
|
||||||||
Amortization of debt (loans & leases) issuance costs
|
(860
|
)
|
(1,118
|
)
|
(3,661
|
)
|
(4,918
|
)
|
||||||||
Unrealized gain / (loss) on forward freight agreements and bunker swaps
|
(7,531
|
)
|
2,875
|
(9,662
|
)
|
2,583
|
||||||||||
Total other expenses, net
|
19,571
|
2,794
|
64,779
|
41,464
|
||||||||||||
Gain from insurance proceeds relating to vessel total loss
|
-
|
-
|
28,163
|
-
|
||||||||||||
Loss on bad debt
|
-
|
(677
|
)
|
(300
|
)
|
(677
|
)
|
|||||||||
Income tax
|
2
|
200
|
183
|
244
|
||||||||||||
Gain on sale of vessels
|
10,566
|
-
|
29,399
|
-
|
||||||||||||
Write-off of current assets
|
-
|
(607
|
)
|
-
|
(607
|
)
|
||||||||||
Gain from Hull & Machinery claim
|
-
|
-
|
200
|
-
|
||||||||||||
Loss on write-down of inventory
|
(3,753
|
)
|
(2,425
|
)
|
(9,318
|
)
|
(17,326
|
)
|
||||||||
Equity in income/(loss) of investee
|
44
|
1
|
60
|
109
|
||||||||||||
EBITDA
|
$
|
93,163
|
$
|
128,499
|
$
|
376,948
|
$
|
764,440
|
||||||||
Equity in (income)/loss of investee
|
(44
|
)
|
(1
|
)
|
(60
|
)
|
(109
|
)
|
||||||||
Unrealized (gain)/loss on forward freight agreements and bunker swaps
|
7,531
|
(2,875
|
)
|
9,662
|
(2,583
|
)
|
||||||||||
(Gain) on sale of vessels
|
(10,566
|
)
|
-
|
(29,399
|
)
|
-
|
||||||||||
Loss on write-down of inventory
|
3,753
|
2,425
|
9,318
|
17,326
|
||||||||||||
Gain from insurance proceeds relating to vessel total loss
|
-
|
-
|
(28,163
|
)
|
-
|
|||||||||||
Share-based compensation
|
8,176
|
5,093
|
20,877
|
28,481
|
||||||||||||
Loss on bad debt
|
-
|
677
|
300
|
677
|
||||||||||||
Impairment loss
|
10,138
|
-
|
17,838
|
-
|
||||||||||||
Other non-cash charges
|
165
|
159
|
170
|
(225
|
)
|
|||||||||||
Write-off of current assets
|
-
|
607
|
-
|
607
|
||||||||||||
One-time expenses
|
1,720
|
-
|
1,720
|
-
|
||||||||||||
Adjusted EBITDA
|
$
|
114,036
|
$
|
134,584
|
$
|
379,211
|
$
|
808,614
|
(Expressed in thousands of U.S. dollars except for share and per share data) |
Fourth quarter
2023
|
Fourth quarter
2022
|
Twelve months ended
December 31, 2023
|
Twelve months ended
December 31, 2022
|
||||||||||||
Net income
|
$
|
39,707
|
$
|
85,796
|
$
|
173,556
|
$
|
565,999
|
||||||||
Loss on bad debt
|
-
|
677
|
300
|
677
|
||||||||||||
Share – based compensation
|
8,176
|
5,093
|
20,877
|
28,481
|
||||||||||||
Other non-cash charges
|
165
|
159
|
170
|
(225
|
)
|
|||||||||||
Unrealized (gain) / loss on forward freight agreements and bunker swaps, net
|
7,531
|
(2,875
|
)
|
9,662
|
(2,583
|
)
|
||||||||||
Unrealized (gain) / loss on interest rate swaps, net
|
3,032
|
-
|
3,539
|
-
|
||||||||||||
(Gain) on sale of vessels
|
(10,566
|
)
|
-
|
(29,399
|
)
|
-
|
||||||||||
Impairment loss
|
10,138
|
-
|
17,838
|
-
|
||||||||||||
Gain from insurance proceeds relating to vessel total loss
|
-
|
-
|
(28,163
|
)
|
-
|
|||||||||||
Loss on write-down of inventory
|
3,753
|
2,425
|
9,318
|
17,326
|
||||||||||||
Write-off of current assets
|
-
|
607
|
-
|
607
|
||||||||||||
(Gain)/Loss on debt extinguishment, net (non-cash)
|
(74
|
)
|
580
|
2,889
|
(1,372
|
)
|
||||||||||
Equity in (income)/loss of investee
|
(44
|
)
|
(1
|
)
|
(60
|
)
|
(109
|
)
|
||||||||
One-time expenses
|
1,720
|
-
|
1,720
|
-
|
||||||||||||
Adjusted Net income
|
$
|
63,538
|
$
|
92,461
|
$
|
182,247
|
$
|
608,801
|
||||||||
Weighted average number of shares outstanding, basic
|
86,657,095
|
102,468,182
|
98,457,929
|
102,153,255
|
||||||||||||
Weighted average number of shares outstanding, diluted
|
87,364,379
|
102,724,888
|
98,848,943
|
102,536,966
|
||||||||||||
Adjusted Basic Earnings Per Share
|
$
|
0.73
|
$
|
0.90
|
$
|
1.85
|
$
|
5.96
|
||||||||
Adjusted Diluted Earnings Per Share
|
$
|
0.73
|
$
|
0.90
|
$
|
1.84
|
$
|
5.94
|
(In thousands of U.S. Dollars, except for TCE rates)
|
Fourth quarter
2023
|
Fourth quarter
2022
|
Twelve months ended
December 31, 2023
|
Twelve months ended
December 31, 2022
|
||||||||||||
Voyage revenues
|
$
|
263,461
|
$
|
294,803
|
$
|
949,269
|
$
|
1,437,156
|
||||||||
Less:
|
||||||||||||||||
Voyage expenses
|
(67,621
|
)
|
(74,439
|
)
|
(253,843
|
)
|
(286,534
|
)
|
||||||||
Charter-in hire expenses
|
(3,730
|
)
|
(3,227
|
)
|
(17,656
|
)
|
(21,020
|
)
|
||||||||
Realized gain/(loss) on FFAs/bunker swaps, net
|
(182
|
)
|
(709
|
)
|
8,326
|
(4,034
|
)
|
|||||||||
Time Charter equivalent revenues
|
$
|
191,928
|
$
|
216,428
|
$
|
686,096
|
$
|
1,125,568
|
||||||||
Available days
|
10,490
|
11,048
|
43,357
|
44,207
|
||||||||||||
Daily Time Charter Equivalent Rate ("TCE")
|
$
|
18,296
|
$
|
19,590
|
$
|
15,824
|
$
|
25,461
|
(In thousands of U.S. Dollars, except for daily rates)
|
Fourth quarter
2023
|
Fourth quarter
2022
|
Twelve months ended December 31, 2023
|
Twelve months ended December 31, 2022
|
||||||||||||
General and administrative expenses
|
$
|
18,093
|
$
|
12,547
|
$
|
54,413
|
$
|
56,826
|
||||||||
Plus:
|
||||||||||||||||
Management fees
|
4,071
|
4,407
|
16,809
|
19,071
|
||||||||||||
Less:
|
||||||||||||||||
Share – based compensation
|
(8,176
|
)
|
(5,093
|
)
|
(20,877
|
)
|
(28,481
|
)
|
||||||||
Other non-cash charges
|
(165
|
)
|
(159
|
)
|
(170
|
)
|
225
|
|||||||||
One-time expenses
|
(1,720
|
)
|
-
|
(1,720
|
)
|
-
|
||||||||||
Net Cash G&A expenses (excluding one-time expenses)
|
$
|
12,103
|
$
|
11,702
|
$
|
48,455
|
$
|
47,641
|
||||||||
Ownership days
|
10,840
|
11,776
|
44,999
|
46,720
|
||||||||||||
Charter-in days
|
123
|
196
|
756
|
913
|
||||||||||||
Daily Net Cash G&A expenses per vessel (excluding one-time expenses)
|
$
|
1,104
|
$
|
977
|
$
|
1,059
|
$
|
1,000
|
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
|