Star Bulk Carriers Corp (NASDAQ:SBLK) Q1 2024 Earnings Conference Call May 23, 2024 11:00 AM ET

Company Participants

Petros Pappas - Chief Executive Officer
Hamish Norton - President
Simos Spyrou - Co-Chief Financial Officer
Christos Begleris - Co-Chief Financial Officer
Nicos Rescos - Chief Operating Officer
Charis Plakantonaki - Chief Strategy Officer

Conference Call Participants

Omar Nokta - Jefferies
Ben Nolan - Stifel

Operator

Thank you for standing by ladies and gentlemen. Welcome to the Star Bulk Carriers Conference Call on the First Quarter 2024 Financial Results.

We have with us. Mr. Petros Pappas's, 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 on a listen only more. 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 to one of the speakers today. Mr. Christos Begleris. Please go ahead sir.

Christos Begleris

Thank you very much. I'm Christos Begleris Co-CFO at Star Bulk Carriers and I would like to welcome you to our conference call regarding our financial results for the first quarter of 2024. 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 Q1 results, cash evolution during the quarter, actions taken to create value for our shareholders, and update on the Eagle Bulk integration, vessel operations, fleet update, 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 first quarter 2024 highlights. For the first quarter the company reported the following, net income amounted to $75 million with adjusted net income of $73 million or $0.87 adjusted earnings per share.

Adjusted EBITDA was $123 million for the quarter. For the first quarter as per our existing dividend policy, we declared a dividend per share of $0.75 payable on or about June 6, 2023. Since 2021 dividend distributions and share buybacks are over $1.2 billion and $0.4 billion respectively. Our total liquidity today stands strong at $472 million. Meanwhile, our total debt stands at $1.45 billion.