The following is a summary of the Star Bulk Carriers Corp. (SBLK) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Star Bulk Carriers Corp. reported a net income of $81 million for Q3 2024, with adjusted net income slightly higher at $83 million or $0.71 per share.

• Adjusted EBITDA stood at $143.4 million for the quarter.

• The company declared a dividend of $0.60 per share payable in December 2024.

• Total liquidity is robust at $433 million, while total debt is recorded at $1.3 billion.

• Daily vessel operational figures include a time charter equivalent rate of $18,843 per vessel per day and combined daily OpEx and net cash G&A expenses at $6,376 per vessel per day.

Business Progress:

• Star Bulk Carriers successfully integrated Eagle Bulk, achieving more than $9 million in synergies from the merger, with significant potential for further savings in OpEx and dry dock costs anticipated for 2025.

• The company sold four vessels in Q3, with expected deliveries in Q4 2024, totaling $50 million in gross proceeds.

Opportunities:

• The integration of Eagle Bulk positions the company to realize enhanced operational efficiencies and cost reductions.

• Star Bulk continues to capitalize on strong market positions and the strategic selling of older vessels, using proceeds to buy back shares, promoting shareholder value.

Risks:

• The gradual growth anticipated from the AI services as the sector scales poses a cautious outlook.

• Existing geopolitical tensions, changing trade policies under the new U.S. administration, and potential shifts in environmental regulations present complex challenges and opportunities that could impact operational dynamics and cost structures.

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