Star Bulk Carriers Corporation (NASDAQ:SBLK) Q3 2023 Earnings Conference Call November 14, 2023 11:00 AM ET

Company Participants

Christos Begleris - Co-CFO

Nicos Rescos - COO

Charis Plakantonaki - CSO

Petros Pappas - CEO

Hamish Norton - President

Simos Spyrou - Co-CFO

Conference Call Participants

Chris Robertson - Deutsche Bank

Omar Nokta - Jefferies

Ben Nolan - Stifel

Nathan Ho - Bank of America

Bendik Folden Nyttingnes - Clarksons Securities

Operator

Thank you for standing by, ladies and gentlemen, and welcome to the Star Bulk Carriers Conference Call on the Third Quarter 2023 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.

At this time, all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. [Operator Instructions] I must advise you that this conference is being recorded today.

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

Simos Spyrou

Thank you, operator. I am Simos Spyrou, Co-Chief Financial Officer of Star Bulk Carriers, and I would like to welcome you to our conference call for our financial results for the third quarter of 2023. Before we begin, I kindly ask you to take a moment to read the Safe Harbor statement on Slide number 2 of our presentation.

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, financings and share buybacks, an update on fleet and operations, the latest on the ESG front, and our views on industry fundamentals before opening up for questions.

Let us now turn to Slide number 3 of the presentation for a summary of our third quarter 2023 highlights. Net income for the third quarter amounted to $44 million or $0.46 per share and adjusted net income of $33 million or $0.34 adjusted earnings per share. Adjusted EBITDA was $84 million for the quarter.

For the third quarter, as per our existing dividend policy, we declared a dividend per share of $0.22 with record date as of December 5th, 2023. Since 2021, dividend distributions and share buybacks exceed $1 billion or $10.7 per share.

Our total cash today stands at $268 million, pro forma for the delivery of our four remaining sold vessels and share buyback from Oaktree. Meanwhile, our total debt stands at approximately $1.26 billion.