Star Bulk Carriers Corp. (NASDAQ:SBLK) Q3 2024 Earnings Conference Call November 20, 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 Nicolaus
Christopher Robertson - Deutsche Bank
Bendik Folden Nyttingnes - Clarkson Securities
Clement Mullins - Value Investors Edge

Operator

Thank you for standing by, ladies and gentlemen, and welcome to the Star Bulk Carriers' Conference Call on the Third 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 will now pass the floor on to one of your speakers today, Mr. Begleris. Please go ahead, sir.

Christos Begleris

Thank you, Operator. I am Christos Begleris, Co-Chief Financial Officer at Star Bulk Carriers, and I would like to welcome you to our conference call regarding our financial results for the third quarter of 2024. 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 third quarter results, Stark Bulk's investment proposition, actions taken to create value for our shareholders, cash evolution during the quarter, an update on the Eagle Bulk integration, vessel operations, fleet update, the latest on the ESG front, and our views on the industry fundamentals before open up for questions.

Let us now turn to slide number three of the presentation for a summary of our third quarter 2024 highlights. For the third quarter 2024 the company reported the following, net income amounted to $81 million, with adjusted net income of $83 million or $0.71 adjusted earnings per share. Adjusted EBITDA was $143.4 million for the quarter. For the third quarter, as per our existing dividend policy, we declared a dividend per share of $0.60 payable on or about December 18, 2024. Our total liquidity to date stands strong at $433 million. Meanwhile, our total debt stands at $1.3 billion. On the top-right of the page, you will see our daily figures per vessel for the quarter. Our time charger equivalent rate was $18,843 per vessel per day. Our combined daily OpEx and net cash G&A expenses per vessel per day amounted to $6,376. Therefore, our TCE less OpEx and cash G&A is $12,647.