In This Article:
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Net Income: $81 million for Q3 2024.
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Adjusted Net Income: $83 million or $0.71 adjusted earnings per share.
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Adjusted EBITDA: $143.4 million for the quarter.
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Dividend per Share: $0.60 declared for Q3 2024.
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Total Liquidity: $433 million.
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Total Debt: $1.3 billion.
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Time Charter Equivalent Rate: $18,843 per vessel per day.
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Daily OpEx and Net Cash G&A Expenses: $6,376 per vessel per day.
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Synergies from Eagle Bulk Integration: More than $9 million achieved.
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Vessel Sales: Four vessels sold for total gross proceeds of $50 million.
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Cash Flow from Operating Activities: $138 million generated in Q3 2024.
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Cash Balance: $473 million at the end of Q3 2024.
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OpEx: $5,114 per vessel per day for Q3 2024.
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Net Cash G&A Expenses: $1,262 per vessel per day for Q3 2024.
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Dry Docking Costs: $18.3 million estimated for the remainder of 2024.
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Off-Hire Days: Approximately 420 days expected for the remainder of 2024.
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Fleet Size: 156 vessels with an average age of 11.9 years.
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Fleet Scrubber Fitting: 98% of the fleet equipped with scrubbers.
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Share Buybacks: $443 million worth of shares bought back since 2021.
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Net Debt per Vessel: Reduced from $12.3 million to $5.7 million.
Release Date: November 20, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Star Bulk Carriers Corp (NASDAQ:SBLK) reported a strong net income of $81 million for Q3 2024, with an adjusted net income of $83 million.
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The company declared a dividend of $0.60 per share, demonstrating a commitment to returning capital to shareholders.
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Successful integration of Eagle Bulk has already resulted in $9 million in synergies, with expectations to achieve $50 million in synergies within 12 to 18 months.
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Star Bulk Carriers Corp (NASDAQ:SBLK) has reduced its net debt per vessel by more than 50% since 2020, enhancing financial stability.
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The company is a leader in ESG initiatives, achieving a 4% reduction in Scope 1 greenhouse gas emissions and a 5.8% improvement in fleet-wide CII.
Negative Points
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Star Bulk Carriers Corp (NASDAQ:SBLK) faces a high total debt of $1.3 billion, which could pose financial risks.
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The Panamax segment is experiencing challenges due to a 3.4% supply growth and reduced congestion, impacting demand.
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The company anticipates approximately 420 off-hire days for the remainder of 2024, which could affect operational efficiency.
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Potential geopolitical uncertainties, such as the reopening of the Red Sea, could negatively impact shipping routes and efficiency.
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The dry bulk market faces potential headwinds from the incoming Trump administration's pro-tariff policies, which could affect global trade dynamics.