Star Bulk Carriers Corp. (NASDAQ:SBLK) Q2 2022 Earnings Conference Call August 5, 2022 11:00 AM ET

Company Participants

Petros Pappas - Chief Executive Officer

Hamish Norton - President

Nicos Rescos - Chief Operating Officer

Simos Spyrou - Co-Chief Financial Officers

Christos Begleris - Co-Chief Financial Officers

Charis Plakantonaki - Chief Strategy Officer

Conference Call Participants

Chris Robertson - Deutsche Bank

Omar Nokta - Jefferies

Climent Molins - Investor’s Edge

Operator

Thank you for standing by, ladies and gentlemen. And welcome to the Star Bulk Carriers Conference Call on the Second Quarter 2022 Financial Results. We have with us Mr. Petros Pappas, Chief Executive Officer; Mr. Hamish Norton, President; Mr. Nicos Rescos, Chief Operating Officer; Mr. Simos Spyrou and Mr. Christos Begleris, Co-Chief Financial Officers of the company.

At this time, all participants are in a listen-only mode. There will be presentation followed by question-and-answer session. [Operator Instructions]

I must advise you that this conference is being recorded today. I will now pass the floor to one of your speakers today, Mr. Begleris. Please go ahead, sir.

Christos Begleris

Thank you, Operator. I am Christos Begleris, Co-CFO of Star Bulk Carriers and I would like to welcome you to our conference call regarding our financial results for the second quarter of 2022.

Before we begin, I kindly ask you to take a moment to read the Safe Harbor statement on slide number two of our presentation.

In today’s presentation, we will go through our second quarter results, cash evolution during the quarter, an overview of our balance sheet, an update on our scrubbers and vessel operations, the latest from ESG front and the views on industry fundamentals before opening up for questions.

Let us now turn to slide three of the presentation for a summary of our second quarter 2022 highlights. Net income for the second quarter amounted to $200.2 million and adjusted net income of $204.5 million or $2 adjusted earnings per share.

Adjusted EBITDA was at $258.3 million for the quarter. For the second quarter, as per our existing dividend policy, we declared a dividend per share of $1.65, payable on or about September 8, 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 the robust dry bulk market.

Our last 12 months’ adjusted EBITDA is $1.12 billion and adjusted net income is $907 million. Over the same period, we have returned a cumulative dividend of $6.55 per share or $674 million to our shareholders.