Star Bulk Carriers Corp. (NASDAQ:SBLK) Q3 2022 Earnings Conference Call November 17, 2022 11:00 AM ET

Company participants

Simos Spyrou - Co-Chief Financial Officer

Hamish Norton - President

Nicos Rescos - Chief Operating Officer

Charis Plakantonaki - Chief Strategy Officer

Petros Pappas - Chief Executive Officer

Christos Begleris - Co-Chief Financial Officer

Conference Call Participants

Amit Mehrotra - Deutsche Bank

Omar Nokta - Jefferies

Frank Galanti - Stifel

Operator

Thank you for standing by, ladies and gentlemen, and welcome to the Star Bulk Carriers Conference Call on the Third Quarter 2022 Financial Results. We have with us Mr. Petros Pappas, Chief Executive Officer; Mr. Hamish Norton, President; Mr. Simos Spyrou; and Mr. Christos Begleris, Co-Chief Financial Officers; Mr. Nicos Rescos, Chief Operating Officer; and Mrs. Charis Plakantonaki, Chief Strategy Officer of the company. [Operator Instructions] I must advise you that this conference is being recorded today.

We now pass the floor to one of your speakers today, Mr. Spyrou, please go ahead, sir.

Simos Spyrou

Thank you, operator. I'm Simos Spyrou, Co-Chief Financial Officer of Star Bulk Carriers, and I would like to welcome you to our conference call regarding our financial results for the third quarter of 2022. Before we begin, I kindly ask you to take a moment to read the Safe Harbor statement on Slide #2 of our presentation. In today's presentation, we will go through our Q3 results, cost evolution during the quarter, an overview of our balance sheet, an update on the fuel spread and vessel operations, the latest on the ESG front and our views on industry fundamentals before opening up for questions.

Let us now turn to Slide #3 of the presentation for a summary of our third quarter 2022 highlights. Net income for the third quarter amounted to $109.7 million and adjusted net income of $136.3 million or $1.34 million per share adjusted earnings. Adjusted EBITDA was at $189.9 million for the quarter. For the third quarter, as per our existing dividend policy, we declared a dividend per share of $1.20 payable on or about December 12, 2022. The graph on the bottom of the page highlights the cumulative performance over the last 12 months, which illustrates the strength of the platform in a robust dry bulk market. Our last 12 months adjusted EBITDA is at $1.03 billion, and adjusted net income is at $819 million. Over the same period, we have returned a cumulative dividend of $6.50 per share or $670 million to our shareholders.