Star Bulk Carriers Corp. (NASDAQ:SBLK) Q2 2024 Earnings Conference Call August 8, 2024 11:00 AM ET
Company Participants
Simos Spyrou - Co-CFO
Nicos Rescos - COO
Charis Plakantonaki - Chief Strategy Officer
Petros Pappas - CEO
Hamish Norton - President
Constantine Nanopoulos - Deputy CFO
Conference Call Participants
Omar Nokta - Jefferies
Operator
Thank you for standing by ladies and gentlemen. And welcome to the Star Bulk Carriers Conference Call on the Second Quarter 2024 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 listen-only mode. There will be a presentation, followed by a question-and-answer session, [Operator Instructions]. I must advise you that this office 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 am 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 second quarter of 2024. Before we begin, I kindly ask you to take a moment to read the safe harbor statement on slide number 2 of our presentation.
In today's presentation, we will go through our second quarter results, cash evolution during the quarter, actions taken to create value for our shareholders, an update on our Eagle Bulk Integration, vessel operations, fleet update, the latest on the ESG front, and our views on industry fundamentals before we open up for questions.
Let us now turn to Slide number 3 of the presentation for a summary of our second quarter 2024 highlights. For the second quarter 2024, the company reported the following.
Net income amounted to $106 million with adjusted net income of $89 million or $0.81 per share adjusted earnings. Adjusted EBITDA was at $153 million for the quarter. For the second quarter, as per our existing dividend policy, we declared a dividend per share of $0.70 payable on September 6, 2024. Since 2021, dividend distributions are over $1.25 billion or $12.20 per share and share buybacks of over $420 million. Our total liquidity today stands strong at $516 million. Meanwhile, our total debt stands at $1.38 billion.
On the top right of the page, you will see our daily figures per vessel for the quarter. Our time charter equivalent rate was 19,268 per vessel per day. Our combined daily OpEx and net cash G&A expenses per vessel per day amounted to $6,690. Therefore, our TCE, less OpEx, and less cash G&A is around $12,578 per day per vessel. The Eagle Bulk transaction was completed on April 9 and the Eagle Bulk vessels contributed 83 days each during the second quarter. Cash received from the Eagle Bulk merger amounted to $104.3 million. Eagle Bulk's convertible notes, which matured on August 1, 2024, converted to 5,971,290 shares of Star Bulk common stock. 1,341,584 shares of Star Bulk have been loaned out as part of a share lending agreement with Jefferies Capital Services in connection with the Eagle Bulk convertible notes and have been returned to Star Bulk and cancelled.