|
|
|
|
Date
|
|
|
Wholly Owned Subsidiaries
|
Vessel Name
|
DWT
|
Delivered to Star Bulk
|
Year Built
|
1
|
Pearl Shiptrade LLC
|
Gargantua
|
209,529
|
April 2, 2015
|
2015
|
2
|
Star Ennea LLC
|
Star Gina 2GR
|
209,475
|
February 26, 2016
|
2016
|
3
|
Coral Cape Shipping LLC
|
Maharaj
|
209,472
|
July 15, 2015
|
2015
|
4
|
Sea Diamond Shipping LLC
|
Goliath
|
209,537
|
July 15, 2015
|
2015
|
5
|
Star Castle II LLC
|
Star Leo
|
207,939
|
May 14, 2018
|
2018
|
6
|
ABY Eleven LLC
|
Star Laetitia
|
207,896
|
August 3, 2018
|
2017
|
7
|
Domus Shipping LLC
|
Star Ariadne
|
207,812
|
March 28, 2017
|
2017
|
8
|
Star Breezer LLC
|
Star Virgo
|
207,810
|
March 1, 2017
|
2017
|
9
|
Star Seeker LLC
|
Star Libra
|
207,765
|
June 6, 2016
|
2016
|
10
|
ABY Nine LLC
|
Star Sienna
|
207,721
|
August 3, 2018
|
2017
|
11
|
Clearwater Shipping LLC
|
Star Marisa
|
207,709
|
March 11 2016
|
2016
|
12
|
ABY Ten LLC
|
Star Karlie
|
207,566
|
August 3, 2018
|
2016
|
13
|
Star Castle I LLC
|
Star Eleni
|
207,555
|
January 3, 2018
|
2018
|
14
|
Festive Shipping LLC
|
Star Magnanimus
|
207,526
|
March 26, 2018
|
2018
|
15
|
New Era II Shipping LLC
|
Debbie H
|
206,861
|
May 28, 2019
|
2019
|
16
|
New Era III Shipping LLC
|
Star Ayesha
|
206,852
|
July 15, 2019
|
2019
|
17
|
New Era I Shipping LLC
|
Katie K
|
206,839
|
April 16, 2019
|
2019
|
18
|
Cape Ocean Maritime LLC
|
Leviathan
|
182,511
|
September 19, 2014
|
2014
|
19
|
Cape Horizon Shipping LLC
|
Peloreus
|
182,496
|
July 22, 2014
|
2014
|
20
|
Star Nor I LLC
|
Star Claudine
|
181,258
|
July 6, 2018
|
2011
|
21
|
Star Nor II LLC
|
Star Ophelia
|
180,716
|
July 6, 2018
|
2010
|
22
|
Sandra Shipco LLC
|
Star Pauline
|
180,274
|
December 29, 2014
|
2008
|
23
|
Christine Shipco LLC
|
Star Martha
|
180,274
|
October 31, 2014
|
2010
|
24
|
Pacific Cape Shipping LLC
|
Pantagruel
|
180,181
|
July 11, 2014
|
2004
|
25
|
Star Nor III LLC
|
Star Lyra
|
179,147
|
July 6, 2018
|
2009
|
26
|
Star Regg V LLC
|
Star Borneo
|
178,978
|
January 26, 2021
|
2010
|
27
|
Star Regg VI LLC
|
Star Bueno
|
178,978
|
January 26, 2021
|
2010
|
28
|
Star Regg IV LLC
|
Star Marilena
|
178,978
|
January 26, 2021
|
2010
|
29
|
Star Regg I LLC
|
Star Marianne
|
178,906
|
January 14, 2019
|
2010
|
30
|
Star Regg II LLC
|
Star Janni
|
178,978
|
January 7, 2019
|
2010
|
31
|
Star Trident V LLC
|
Star Angie
|
177,931
|
October 29, 2014
|
2007
|
32
|
Sky Cape Shipping LLC
|
Big Fish
|
177,662
|
July 11, 2014
|
2004
|
33
|
Global Cape Shipping LLC
|
Kymopolia
|
176,990
|
July 11, 2014
|
2006
|
34
|
Star Trident XXV LLC
|
Star Triumph
|
176,343
|
December 8, 2017
|
2004
|
35
|
ABY Fourteen LLC
|
Star Scarlett
|
175,649
|
August 3, 2018
|
2014
|
36
|
ABY Fifteen LLC
|
Star Audrey
|
175,125
|
August 3, 2018
|
2011
|
37
|
Sea Cape Shipping LLC
|
Big Bang
|
174,109
|
July 11, 2014
|
2007
|
38
|
ABY I LLC
|
Star Paola
|
115,259
|
August 3, 2018
|
2011
|
Date
|
|||||
Wholly Owned Subsidiaries
|
Vessel Name
|
DWT
|
Delivered to Star Bulk
|
Year Built
|
|
39
|
ABM One LLC
|
Star Eva
|
106,659
|
August 3, 2018
|
2012
|
40
|
Nautical Shipping LLC
|
Amami
|
98,681
|
July 11, 2014
|
2011
|
41
|
Majestic Shipping LLC
|
Madredeus
|
98,681
|
July 11, 2014
|
2011
|
42
|
Star Sirius LLC
|
Star Sirius
|
98,681
|
March 7, 2014
|
2011
|
43
|
Star Vega LLC
|
Star Vega
|
98,681
|
February 13, 2014
|
2011
|
44
|
ABY II LLC
|
Star Aphrodite
|
92,006
|
August 3, 2018
|
2011
|
45
|
Augustea Bulk Carrier LLC
|
Star Piera
|
91,951
|
August 3, 2018
|
2010
|
46
|
Augustea Bulk Carrier LLC
|
Star Despoina
|
91,945
|
August 3, 2018
|
2010
|
47
|
Star Trident I LLC
|
Star Kamila
|
82,769
|
September 3, 2014
|
2005
|
48
|
Star Nor IV LLC
|
Star Electra
|
83,494
|
July 6, 2018
|
2011
|
49
|
Star Alta I LLC
|
Star Angelina
|
82,981
|
December 5, 2014
|
2006
|
50
|
Star Alta II LLC
|
Star Gwyneth
|
82,790
|
December 5, 2014
|
2006
|
51
|
Star Nor VI LLC
|
Star Luna
|
82,687
|
July 6, 2018
|
2008
|
52
|
Star Nor V LLC
|
Star Bianca
|
82,672
|
July 6, 2018
|
2008
|
53
|
Grain Shipping LLC
|
Pendulum
|
82,619
|
July 11, 2014
|
2006
|
54
|
Star Trident XIX LLC
|
Star Maria
|
82,598
|
November 5, 2014
|
2007
|
55
|
Star Trident XII LLC
|
Star Markella
|
82,594
|
September 29, 2014
|
2007
|
56
|
ABY Seven LLC
|
Star Jeanette
|
82,566
|
August 3, 2018
|
2014
|
57
|
Star Trident IX LLC
|
Star Danai
|
82,574
|
October 21, 2014
|
2006
|
58
|
Star Sun I LLC
|
Star Elizabeth
|
82,403
|
May 25, 2021
|
2021
|
59
|
Star Trident XI LLC
|
Star Georgia
|
82,298
|
October 14, 2014
|
2006
|
60
|
Star Trident VIII LLC
|
Star Sophia
|
82,269
|
October 31, 2014
|
2007
|
61
|
Star Trident XVI LLC
|
Star Mariella
|
82,266
|
September 19, 2014
|
2006
|
62
|
Star Trident XIV LLC
|
Star Moira
|
82,257
|
November 19, 2014
|
2006
|
63
|
Star Trident X LLC
|
Star Renee
|
82,221
|
December 18, 2014
|
2006
|
64
|
Star Trident XIII LLC
|
Star Laura
|
82,209
|
December 8, 2014
|
2006
|
65
|
Star Nor VIII LLC
|
Star Mona
|
82,188
|
July 6, 2018
|
2012
|
66
|
Star Trident II LLC
|
Star Nasia
|
82,220
|
August 29, 2014
|
2006
|
67
|
Star Nor VII LLC
|
Star Astrid
|
82,158
|
July 6, 2018
|
2012
|
68
|
Star Trident XVII LLC
|
Star Helena
|
82,187
|
December 29, 2014
|
2006
|
69
|
Star Trident XVIII LLC
|
Star Nina
|
82,224
|
January 5, 2015
|
2006
|
70
|
Waterfront Two LLC
|
Star Alessia
|
81,944
|
August 3, 2018
|
2017
|
71
|
Star Nor IX LLC
|
Star Calypso
|
81,918
|
July 6, 2018
|
2014
|
72
|
Star Elpis LLC
|
Star Suzanna
|
81,711
|
May 15, 2017
|
2013
|
73
|
Star Gaia LLC
|
Star Charis
|
81,711
|
March 22, 2017
|
2013
|
74
|
Mineral Shipping LLC
|
Mercurial Virgo
|
81,545
|
July 11, 2014
|
2013
|
75
|
Star Nor X LLC
|
Stardust
|
81,502
|
July 6, 2018
|
2011
|
76
|
Star Nor XI LLC
|
Star Sky
|
81,466
|
July 6, 2018
|
2010
|
77
|
Star Zeus VI LLC
|
Star Lambada
|
81,272
|
March 16, 2021
|
2016
|
78
|
Star Zeus I LLC
|
Star Capoeira
|
81,253
|
March 16, 2021
|
2015
|
79
|
Star Zeus II LLC
|
Star Carioca
|
81,262
|
March 16, 2021
|
2015
|
80
|
Star Zeus VII LLC
|
Star Macarena
|
81,198
|
March 6, 2021
|
2016
|
81
|
ABY III LLC
|
Star Lydia
|
81,187
|
August 3, 2018
|
2013
|
82
|
ABY IV LLC
|
Star Nicole
|
81,120
|
August 3, 2018
|
2013
|
83
|
ABY Three LLC
|
Star Virginia
|
81,061
|
August 3, 2018
|
2015
|
Date
|
|||||
Wholly Owned Subsidiaries
|
Vessel Name
|
DWT
|
Delivered to Star Bulk
|
Year Built
|
|
84
|
Star Nor XII LLC
|
Star Genesis
|
80,705
|
July 6, 2018
|
2010
|
85
|
Star Nor XIII LLC
|
Star Flame
|
80,448
|
July 6, 2018
|
2011
|
86
|
Star Trident III LLC
|
Star Iris
|
76,466
|
September 8, 2014
|
2004
|
87
|
Star Trident XX LLC
|
Star Emily
|
76,417
|
September 16, 2014
|
2004
|
88
|
Orion Maritime LLC
|
Idee Fixe
|
63,458
|
March 25, 2015
|
2015
|
89
|
Primavera Shipping LLC
|
Roberta
|
63,426
|
March 31, 2015
|
2015
|
90
|
Success Maritime LLC
|
Laura
|
63,399
|
April 7, 2015
|
2015
|
91
|
Ultra Shipping LLC
|
Kaley
|
63,283
|
June 26, 2015
|
2015
|
92
|
Blooming Navigation LLC
|
Kennadi
|
63,262
|
January 8, 2016
|
2016
|
93
|
Jasmine Shipping LLC
|
Mackenzie
|
63,226
|
March 2, 2016
|
2016
|
94
|
Star Lida I Shipping LLC
|
Star Apus
|
63,123
|
July 16, 2019
|
2014
|
95
|
Star Zeus V LLC
|
Star Bovarius
|
61,602
|
March 16, 2021
|
2015
|
96
|
Star Zeus IV LLC
|
Star Subaru
|
61,571
|
March 16, 2021
|
2015
|
97
|
Star Nor XV LLC
|
Star Wave
|
61,491
|
July 6, 2018
|
2017
|
98
|
Star Challenger I LLC
|
Star Challenger (1)
|
61,462
|
December 12, 2013
|
2012
|
99
|
Star Challenger II LLC
|
Star Fighter (1)
|
61,455
|
December 30, 2013
|
2013
|
100
|
Aurelia Shipping LLC
|
Honey Badger
|
61,320
|
February 27, 2015
|
2015
|
101
|
Star Axe II LLC
|
Star Lutas
|
61,347
|
January 6, 2016
|
2016
|
102
|
Rainbow Maritime LLC
|
Wolverine
|
61,292
|
February 27, 2015
|
2015
|
103
|
Star Axe I LLC
|
Star Antares
|
61,258
|
October 9, 2015
|
2015
|
104
|
ABY Five LLC
|
Star Monica
|
60,935
|
August 3, 2018
|
2015
|
105
|
Star Asia I LLC
|
Star Aquarius
|
60,916
|
July 22, 2015
|
2015
|
106
|
Star Asia II LLC
|
Star Pisces
|
60,916
|
August 7, 2015
|
2015
|
107
|
Star Lida XI Shipping LLC
|
Star Pyxis
|
56,615
|
August 19, 2019
|
2013
|
108
|
Star Lida VIII Shipping LLC
|
Star Hydrus
|
56,604
|
August 8, 2019
|
2013
|
109
|
Star Lida IX Shipping LLC
|
Star Cleo
|
56,582
|
July 15, 2019
|
2013
|
110
|
Star Trident VII LLC
|
Diva
|
56,582
|
July 24, 2017
|
2011
|
111
|
Star Lida X Shipping LLC
|
Star Pegasus
|
56,540
|
July 15, 2019
|
2013
|
112
|
Star Lida V Shipping LLC
|
Star Dorado
|
56,507
|
July 16, 2019
|
2013
|
113
|
Star Regg III LLC
|
Star Bright
|
55,569
|
October 10, 2018
|
2010
|
114
|
Glory Supra Shipping LLC
|
Strange Attractor
|
55,742
|
July 11, 2014
|
2006
|
115
|
Star Omicron LLC
|
Star Omicron
|
53,489
|
April 17, 2008
|
2005
|
Total dwt
|
13,038,294
|
(1)
|
Subject to a sale and leaseback financing transaction as further described in Note 7 to our consolidated financial statements included in the 2022 Annual Report.
|
Vessel Name
|
Drybulk Vessel Type
|
DWT
|
Shipyard
|
Expected
Delivery
Date
|
|
1
|
Hull No 15
|
Kamsarmax
|
82,000
|
Qingdao Shipyard Co. Ltd.
|
Nov-25
|
2
|
Hull No 16- optional (*)
|
Kamsarmax
|
82,000
|
Qingdao Shipyard Co. Ltd.
|
Dec-25
|
3
|
Hull No 17
|
Kamsarmax
|
82,000
|
Qingdao Shipyard Co. Ltd.
|
Jun-26
|
4
|
Hull No 18 - optional (*)
|
Kamsarmax
|
82,000
|
Qingdao Shipyard Co. Ltd.
|
Aug-26
|
328,000
|
|
|
#
|
Name
|
DWT
|
Built
|
Yard
|
Country
|
Delivery / Estimated Delivery
|
Minimum Period
|
1
|
Star Shibumi
|
180,000
|
2021
|
JMU
|
Japan
|
November 2021
|
November 2028
|
2
|
NB Kamsarmax # 1
|
82,000
|
2024
|
Tsuneishi
|
Japan
|
Q1 - 2024
|
7 years
|
3
|
NB Kamsarmax # 2
|
82,000
|
2024
|
Tsuneishi
|
Japan
|
Q4 - 2024
|
7 years
|
4
|
NB Kamsarmax # 3
|
82,000
|
2024
|
JMU
|
Japan
|
Q2 - 2024
|
7 years
|
5
|
NB Kamsarmax # 4
|
82,000
|
2024
|
JMU
|
Japan
|
Q3 - 2024
|
7 years
|
6
|
NB Ultramax #1
|
66,000
|
2024
|
Tsuneishi, Cebu
|
Philippines
|
Q1 - 2024
|
7 years
|
7
|
NB Ultramax #2
|
66,000
|
2024
|
Tsuneishi, Cebu
|
Philippines
|
Q4 - 2024
|
7 years
|
640,000
|
|
Nine-month period ended September 30,
|
|||||||
(TCE rates expressed in U.S. Dollars)
|
2022
|
2023
|
||||||
Average number of vessels (1)
|
128.0
|
125.1
|
||||||
Number of vessels (2)
|
128
|
120
|
||||||
Average age of operational fleet (in years) (3)
|
10.6
|
11.7
|
||||||
Ownership days (4)
|
34,944
|
34,159
|
||||||
Available days (5)
|
33,158
|
32,867
|
||||||
Charter-in days (6)
|
717
|
633
|
||||||
Time Charter Equivalent Rate (TCE rate) (7)
|
$
|
27,418
|
$
|
15,035
|
(1) |
Average number of vessels is the number of vessels that constituted our owned fleet for the relevant period, as measured by the sum of the number of days each operating vessel was a part of our owned fleet during the period divided by the
number of calendar days in that period.
|
(2) |
As of the last day of the periods reported.
|
(3) |
Average age of our operational fleet is calculated as of the end of each period.
|
(4) |
Ownership days are the total calendar days each vessel in the fleet was owned by us for the relevant period, including vessels subject to sale and leaseback transactions and finance leases.
|
(5) |
Available days for the fleet are the Ownership days after subtracting off-hire days for major repairs, dry docking or special or intermediate surveys, change of management and vessels’ improvements and upgrades. The available days for each
period presented were also decreased by off-hire days relating to disruptions in connection with crew changes as a result of COVID-19. Available Days, as presented above, may not necessarily be comparable to Available Days of other companies,
due to differences in methods of calculation.
|
(6) |
Charter-in days are the total days that we charter-in vessels not owned by us.
|
(7) |
Time charter equivalent rate represents the weighted average daily TCE rates of our operating fleet (including owned fleet and fleet under charter-in arrangements). TCE rate is a measure of the average daily net revenue performance of our
vessels. Our method of calculating TCE rate is determined by dividing (a) TCE Revenues, which consists of: voyage revenues (net of voyage expenses, charter-in hire expense, amortization of fair value of above/below market acquired time
charter agreements, if any, as well as adjusted for the impact of realized gain/(loss) on forward freight agreements (“FFAs”) and bunker swaps) by (b) Available days for the relevant time period. Available days do not include the Charter-in
days as per the relevant definitions provided above. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well
as commissions. In the calculation of TCE Revenues, we also include the realized gain/(loss) on FFAs and bunker swaps as we believe that this method better reflects the chartering result of our fleet and is more comparable to the method used
by some of our peers. TCE Revenues and TCE rate, which are non-GAAP measures, provide additional meaningful information in conjunction with voyage revenues, the most directly comparable GAAP measure, because they assist our management in
making decisions regarding the deployment and use of our vessels and because we believe that they provide useful information to investors regarding our financial performance. TCE rate is a standard shipping industry performance measure used
primarily to compare period-to-period changes in a shipping company’s performance despite changes in the mix of charter types (i.e., voyage charters, time charters, bareboat charters and pool arrangements) under which its vessels may be
employed between the periods. TCE Revenues and TCE rate, as presented above, may not necessarily be comparable to those of other companies due to differences in methods of calculation.
|
|
Nine-month period ended September 30,
|
|||||||
2022
|
2023
|
|||||||
(In thousands of U.S. Dollars, except as otherwise stated)
|
||||||||
Voyage revenues
|
$
|
1,142,353
|
$
|
685,808
|
||||
Less:
|
||||||||
Voyage expenses
|
(212,095
|
)
|
(186,222
|
)
|
||||
Charter-in hire expenses
|
(17,793
|
)
|
(13,926
|
)
|
||||
Realized gain/(loss) on FFAs/bunker swaps
|
(3,325
|
)
|
8,508
|
|||||
Time charter equivalent revenues (“TCE Revenues”)
|
$
|
909,140
|
$
|
494,168
|
||||
Available days
|
33,158
|
32,867
|
||||||
Daily time charter equivalent rate (“TCE rate”)
|
$
|
27,418
|
$
|
15,035
|
Unaudited Consolidated Balance Sheets as of December 31, 2022 and September 30, 2023
|
F-2
|
Unaudited Interim Condensed Consolidated Income Statements for the nine-month periods ended September 30, 2022 and 2023
|
F-3
|
Unaudited Interim Condensed Consolidated Statements of Comprehensive Income/(Loss) for the nine-month periods ended September 30, 2022 and 2023
|
F-4
|
Unaudited Interim Condensed Consolidated Statements of Stockholders’ Equity for the nine-month periods ended September 30, 2022 and 2023
|
F-5
|
Unaudited Interim Condensed Consolidated Statements of Cash Flows for the nine-month periods ended September 30, 2022 and 2023
|
F-6
|
Notes to Unaudited Interim Condensed Consolidated Financial Statements
|
F-7
|
December 31, 2022
|
September 30, 2023
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS
|
||||||||
Cash and cash equivalents
|
$
|
269,754
|
$
|
287,910
|
||||
Restricted cash, current (Notes 8 and 13)
|
14,569
|
12,385
|
||||||
Trade accounts receivable, net
|
84,034
|
67,814
|
||||||
Inventories (Note 4)
|
67,162
|
75,037
|
||||||
Due from managers
|
84
|
53
|
||||||
Due from related parties (Note 3)
|
324
|
41
|
||||||
Prepaid expenses and other receivables
|
25,667
|
16,662
|
||||||
Derivatives, current asset portion (Note 13)
|
25,585
|
10,561
|
||||||
Other current assets (Note 14)
|
14,913
|
24,993
|
||||||
Total Current Assets
|
502,092
|
495,456
|
||||||
FIXED ASSETS
|
||||||||
Vessels and other fixed assets, net (Note 5)
|
2,881,551
|
2,637,583
|
||||||
Total Fixed Assets
|
2,881,551
|
2,637,583
|
||||||
OTHER NON-CURRENT ASSETS
|
||||||||
Long term investment (Note 3)
|
1,676
|
1,692
|
||||||
Restricted cash, non-current (Notes 8 and 13)
|
2,021
|
2,021
|
||||||
Operating leases, right-of-use assets (Note 6)
|
37,618
|
29,704
|
||||||
Derivatives, non-current asset portion (Note 13)
|
8,666
|
4,841
|
||||||
TOTAL ASSETS
|
$
|
3,433,624
|
$
|
3,171,933
|
||||
LIABILITIES & SHAREHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES
|
||||||||
Current portion of long-term bank loans (Note 8)
|
$
|
166,586
|
$
|
164,572
|
||||
Lease financing short term (Note 7)
|
15,361
|
2,731
|
||||||
Accounts payable
|
32,140
|
67,283
|
||||||
Due to managers
|
6,344
|
8,907
|
||||||
Due to related parties (Note 3)
|
1,501
|
1,420
|
||||||
Accrued liabilities
|
33,984
|
27,985
|
||||||
Share repurchase liability, current (Notes 3 and 9)
|
-
|
56,475
|
||||||
Operating lease liabilities, current (Note 6)
|
9,955
|
5,517
|
||||||
Deferred revenue
|
16,684
|
8,730
|
||||||
Total Current Liabilities
|
282,555
|
343,620
|
||||||
NON-CURRENT LIABILITIES
|
||||||||
Long-term bank loans, net of current portion and unamortized loan issuance costs of $9,013 and $7,051, as of December 31, 2022 and September 30, 2023, respectively (Note 8)
|
927,995
|
846,324
|
||||||
Lease financing long term, net of unamortized lease issuance costs of $2,681 and $112, as of December 31, 2022 and September 30, 2023, respectively (Note 7)
|
175,238
|
15,877
|
||||||
Share repurchase liability, non-current (Notes 3 and 9)
|
-
|
128,525
|
||||||
Operating lease liabilities, non-current (Note 6)
|
27,663
|
24,185
|
||||||
Other non-current liabilities
|
831
|
836
|
||||||
TOTAL LIABILITIES
|
1,414,282
|
1,359,367
|
||||||
COMMITMENTS & CONTINGENCIES (Note 12)
|
||||||||
SHAREHOLDERS' EQUITY
|
||||||||
Preferred Shares; $0.01 par value, authorized 25,000,000 shares; none issued or outstanding at December 31, 2022 and September 30, 2023, respectively (Note 9)
|
-
|
-
|
||||||
Common Shares, $0.01 par value, 300,000,000 shares authorized; 102,857,416 shares issued and outstanding as of December 31, 2022; 103,183,510 shares issued and 93,183,510 outstanding (net of
treasury shares) as of September 30, 2023 (Note 9)
|
1,029
|
1,032
|
||||||
Additional paid in capital
|
2,646,073
|
2,645,601
|
||||||
Treasury shares (nil shares at December 31, 2022 and 10,000,000 shares as of September 30, 2023, respectively) (Notes 3 and 9)
|
-
|
(185,000
|
)
|
|||||
Accumulated other comprehensive income/(loss)
|
20,962
|
5,362
|
||||||
Accumulated deficit
|
(648,722
|
)
|
(654,429
|
)
|
||||
Total Shareholders' Equity
|
2,019,342
|
1,812,566
|
||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
3,433,624
|
$
|
3,171,933
|
Nine months ended September 30, | ||||||||
2022
|
2023
|
|||||||
Revenues:
|
||||||||
Voyage revenues (Note 14)
|
$
|
1,142,353
|
$
|
685,808
|
||||
Expenses/(Income)
|
||||||||
Voyage expenses (Notes 3 )
|
212,095
|
186,222
|
||||||
Charter-in hire expenses
|
17,793
|
13,926
|
||||||
Vessel operating expenses
|
175,987
|
167,225
|
||||||
Dry docking expenses
|
29,013
|
30,466
|
||||||
Depreciation (Note 5)
|
117,024
|
104,549
|
||||||
Management fees (Notes 3)
|
14,664
|
12,738
|
||||||
General and administrative expenses (Note 3)
|
44,279
|
36,320
|
||||||
Impairment loss (Notes 5 and 13)
|
-
|
7,700
|
||||||
Loss on write-down of inventory
|
14,901
|
5,565
|
||||||
Other operational loss
|
1,062
|
609
|
||||||
Other operational gain (Note 5)
|
(6,891
|
)
|
(33,824
|
)
|
||||
Loss on bad debt
|
-
|
300
|
||||||
(Gain)/Loss on forward freight agreements and bunker swaps, net (Note 13)
|
3,617
|
(6,377
|
)
|
|||||
Gain on sale of vessels (Note 5)
|
-
|
(18,833
|
)
|
|||||
Total operating expenses, net
|
623,544
|
506,586
|
||||||
Operating income
|
518,809
|
179,222
|
||||||
Other Income/ (Expenses):
|
||||||||
Interest and finance costs (Note 8)
|
(37,756
|
)
|
(49,789
|
)
|
||||
Interest income and other income/(loss)
|
229
|
10,265
|
||||||
Gain/(Loss) on interest rate swaps, net (Note 13)
|
-
|
(507
|
)
|
|||||
Gain/(Loss) on debt extinguishment, net (Note 8)
|
(1,143
|
)
|
(5,177
|
)
|
||||
Total other expenses, net
|
(38,670
|
)
|
(45,208
|
)
|
||||
Income before taxes and equity in income/(loss) of investee
|
$
|
480,139
|
$
|
134,014
|
||||
Income taxes
|
(44
|
)
|
(181
|
)
|
||||
Income before equity in income/(loss) of investee
|
480,095
|
133,833
|
||||||
Equity in income / (loss) of investee (Note 3)
|
108
|
16
|
||||||
Net income
|
480,203
|
133,849
|
||||||
Earnings per share, basic
|
$
|
3.67
|
$
|
1.31
|
||||
Earnings per share, diluted
|
3.66
|
1.30
|
||||||
Weighted average number of shares outstanding, basic (Note 10)
|
130,715,574
|
102,434,767
|
||||||
Weighted average number of shares outstanding, diluted (Note 10)
|
131,141,620
|
102,825,781
|
Nine months ended September 30, |
||||||||
2022
|
2023
|
|||||||
Net income
|
$
|
480,203
|
$
|
133,849
|
||||
Other comprehensive income / (loss):
|
||||||||
Unrealized gains / losses from cash flow hedges:
|
||||||||
Unrealized gain / (loss) from hedging interest rate swaps recognized in Other comprehensive income/(loss) before reclassifications
|
27,634
|
4,436
|
||||||
Unrealized gain / (loss) from hedging foreign currency forward contracts recognized in Other comprehensive income/(loss) before reclassifications
|
20
|
|||||||
Less:
|
||||||||
Reclassification adjustments of interest rate swap gain/(loss) (Note 13)
|
(4,052
|
)
|
(20,056
|
)
|
||||
Other comprehensive income / (loss)
|
23,582
|
(15,600
|
)
|
|||||
Total comprehensive income
|
$
|
503,785
|
$
|
118,249
|
||||
Common Stock
|
||||||||||||||||||||||||||||
# of Shares
|
Par Value
|
Additional Paid-in Capital
|
Accumulated Other Comprehensive income/(loss)
|
Accumulated deficit
|
Treasury stock
|
Total Shareholders' Equity
|
||||||||||||||||||||||
BALANCE, January 1, 2022
|
102,294,758
|
$
|
1,023
|
$
|
2,618,319
|
$
|
6,933
|
$
|
(546,257
|
)
|
$
|
-
|
$
|
2,080,018
|
||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
480,203
|
-
|
480,203
|
|||||||||||||||||||||
Other comprehensive income
|
-
|
-
|
-
|
23,582
|
-
|
-
|
23,582
|
|||||||||||||||||||||
Issuance of vested and non-vested shares and amortization of share-based compensation
|
528,941
|
5
|
23,383
|
-
|
-
|
-
|
23,388
|
|||||||||||||||||||||
Equity offering, net
|
654,690
|
7
|
19,340
|
-
|
-
|
-
|
19,347
|
|||||||||||||||||||||
Repurchase and cancellation of common shares
|
(790,011
|
)
|
(8
|
)
|
(20,060
|
)
|
-
|
-
|
-
|
(20,068
|
)
|
|||||||||||||||||
Dividends declared ($5.30 per share)
|
-
|
-
|
-
|
-
|
(544,907
|
)
|
-
|
(544,907
|
)
|
|||||||||||||||||||
BALANCE, September 30, 2022
|
102,688,378
|
$
|
1,027
|
$
|
2,640,982
|
$
|
30,515
|
$
|
(610,961
|
)
|
$
|
-
|
$
|
2,061,563
|
||||||||||||||
BALANCE, January 1, 2023
|
102,857,416
|
$
|
1,029
|
$
|
2,646,073
|
$
|
20,962
|
$
|
(648,722
|
)
|
$
|
-
|
$
|
2,019,342
|
||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
133,849
|
-
|
133,849
|
|||||||||||||||||||||
Other comprehensive income / (loss)
|
-
|
-
|
-
|
(15,600
|
)
|
-
|
-
|
(15,600
|
)
|
|||||||||||||||||||
Issuance of vested and non-vested shares and amortization of share-based compensation (Note 9)
|
971,372
|
9
|
12,692
|
-
|
-
|
-
|
12,701
|
|||||||||||||||||||||
Dividends declared ($1.35 per share) (Note 9)
|
-
|
-
|
-
|
-
|
(139,556
|
)
|
-
|
(139,556
|
)
|
|||||||||||||||||||
Cancellation of Songa shares
|
(6,706
|
)
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||
Offering expenses
|
-
|
-
|
(114
|
)
|
-
|
-
|
-
|
(114
|
)
|
|||||||||||||||||||
Repurchase and cancellation of common shares (Notes 3 and 9)
|
(638,572
|
)
|
(6
|
)
|
(13,050
|
)
|
-
|
-
|
(185,000
|
)
|
(198,056
|
)
|
||||||||||||||||
BALANCE, September 30, 2023
|
103,183,510
|
$
|
1,032
|
$
|
2,645,601
|
$
|
5,362
|
$
|
(654,429
|
)
|
$
|
(185,000
|
)
|
$
|
1,812,566
|
Nine months ended September 30, |
|||||||||
2022
|
2023
|
||||||||
Cash Flows from Operating Activities:
|
|||||||||
Net income
|
$
|
480,203
|
$
|
133,849
|
|||||
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
|
|||||||||
Depreciation (Note 5)
|
117,024
|
104,549
|
|||||||
Amortization of debt (loans & leases) issuance costs (Note 8)
|
3,800
|
2,801
|
|||||||
Amortization of operating lease right-of-use assets (Note 6)
|
-
|
7,914
|
|||||||
Gain/(Loss) on debt extinguishment, net (Note 8)
|
1,143
|
5,177
|
|||||||
Impairment loss (Note 5)
|
-
|
7,700
|
|||||||
Gain on sale of vessels (Note 5)
|
-
|
(18,833
|
)
|
||||||
Loss on bad debt
|
-
|
300
|
|||||||
Share-based compensation (Note 11)
|
23,388
|
12,701
|
|||||||
Gain from insurance proceeds relating to vessel total loss (Note 5)
|
-
|
(28,163
|
)
|
||||||
Loss on write-down of inventory
|
14,901
|
5,565
|
|||||||
Change in fair value of forward freight derivatives and bunker swaps (Note 13)
|
292
|
2,131
|
|||||||
Other non-cash charges
|
(384
|
)
|
5
|
||||||
Gain on hull and machinery claims
|
-
|
(200
|
)
|
||||||
Equity in income / (loss) of investee (Note 3)
|
(108
|
)
|
(16
|
)
|
|||||
Changes in operating assets and liabilities:
|
|||||||||
(Increase)/Decrease in:
|
|||||||||
Trade accounts receivable
|
(9,056
|
)
|
15,206
|
||||||
Inventories
|
(14,539
|
)
|
(14,601
|
)
|
|||||
Prepaid expenses and other receivables
|
5,517
|
(3,868
|
)
|
||||||
Derivatives asset
|
(1,971
|
)
|
1,118
|
||||||
Due from related parties
|
(623
|
)
|
283
|
||||||
Due from managers
|
8,912
|
31
|
|||||||
Increase/(Decrease) in:
|
|||||||||
Accounts payable
|
16,876
|
32,967
|
|||||||
Operating lease liability (Note 6)
|
-
|
(7,916
|
)
|
||||||
Due to related parties
|
4,112
|
(81
|
)
|
||||||
Accrued liabilities
|
3,421
|
(6,055
|
)
|
||||||
Due to managers
|
7,303
|
2,563
|
|||||||
Deferred revenue
|
(6,649
|
)
|
(7,954
|
)
|
|||||
Net cash provided by / (used in) Operating Activities
|
653,562
|
247,173
|
|||||||
Cash Flows from Investing Activities:
|
|||||||||
Vessel upgrades and other fixed assets (Note 5)
|
(19,269
|
)
|
(12,674
|
)
|
|||||
Cash proceeds from vessel sales (Note 5)
|
-
|
143,078
|
|||||||
Cash proceeds from vessel total loss (Note 5)
|
-
|
55,000
|
|||||||
Hull and machinery insurance proceeds
|
2,393
|
558
|
|||||||
Net cash provided by / (used in) Investing Activities
|
(16,876
|
)
|
185,962
|
||||||
Cash Flows from Financing Activities:
|
|||||||||
Proceeds from bank loans and leases (Notes 7 and 8)
|
242,000
|
142,000
|
|||||||
Loan and lease prepayments and repayments (Notes 7 and 8)
|
(408,398
|
)
|
(402,207
|
)
|
|||||
Financing and debt extinguishment fees paid (Note 8)
|
(5,140
|
)
|
(4,289
|
)
|
|||||
Dividends paid (Note 9)
|
(545,140
|
)
|
(139,556
|
)
|
|||||
Proceeds from issuance of common stock (Note 9)
|
19,792
|
-
|
|||||||
Offering expenses paid
|
(293
|
)
|
(55
|
)
|
|||||
Repurchase of common shares (Note 9)
|
(20,068
|
)
|
(13,056
|
)
|
|||||
Net cash provided by / (used in) Financing Activities
|
(717,247
|
)
|
(417,163
|
)
|
|||||
Net increase/(decrease) in cash and cash equivalents and restricted cash
|
(80,561
|
)
|
15,972
|
||||||
Cash and cash equivalents and restricted cash at beginning of period
|
473,271
|
286,344
|
|||||||
Cash and cash equivalents and restricted cash at end of period
|
$
|
392,710
|
$
|
302,316
|
|||||
SUPPLEMENTAL CASH FLOW INFORMATION:
|
|
||||||||
Cash paid during the period for:
|
|||||||||
Interest
|
$
|
35,607
|
$
|
41,935
|
|||||
Non-cash investing and financing activities:
|
|||||||||
Vessel upgrades
|
1,069
|
3,422
|
|||||||
Reconciliation of (a) cash and cash equivalents, and restricted cash reported within the consolidated balance sheets to (b) the total amount of such items
reported in the statements of cash flows:
|
|||||||||
Cash and cash equivalents
|
$
|
375,609
|
$
|
287,910
|
|||||
Restricted cash, current (Note 8)
|
15,080
|
12,385
|
|||||||
Restricted cash, non-current (Note 8)
|
2,021
|
2,021
|
|||||||
Cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows
|
$
|
392,710
|
$
|
302,316
|
Balance Sheets
|
||||||||
December 31, 2022
|
September 30, 2023
|
|||||||
Long term investment
|
||||||||
Interchart
|
$
|
1,349
|
$
|
1,340
|
||||
Starocean
|
202
|
227
|
||||||
CCL Pool
|
125
|
125
|
||||||
Long term investment
|
$
|
1,676
|
$
|
1,692
|
||||
Due from related parties
|
||||||||
Oceanbulk Maritime and its affiliates
|
287
|
-
|
||||||
Interchart
|
3
|
3
|
||||||
Starocean
|
34
|
34
|
||||||
Product Shipping & Trading S.A.
|
-
|
4
|
||||||
Due from related parties
|
$
|
324
|
$
|
41
|
||||
Due to related parties
|
||||||||
Management and Directors Fees
|
$
|
114
|
$
|
136
|
||||
Oceanbulk Maritime and its affiliates
|
-
|
392
|
||||||
Iblea Ship Management Limited
|
1,387
|
892
|
||||||
Due to related parties
|
$
|
1,501
|
$
|
1,420
|
||||
Share repurchase liability (Note 9)
|
||||||||
Share repurchase liability, current
|
-
|
56,475
|
||||||
Share repurchase liability, non-current
|
-
|
128,525
|
||||||
Share repurchase from Oaktree
|
$
|
-
|
$
|
185,000
|
||||
Income statements
|
Nine months ended September 30, |
|||||||
2022
|
2023
|
|||||||
Voyage expenses:
|
||||||||
Voyage expenses-Interchart
|
$
|
(3,105
|
)
|
$
|
(3,105
|
)
|
||
General and administrative expenses:
|
||||||||
Consultancy fees
|
$
|
(408
|
)
|
$
|
(422
|
)
|
||
Directors compensation
|
(136
|
)
|
(157
|
)
|
||||
Office rent - Combine Marine Ltd. & Alma Properties
|
(28
|
)
|
(28
|
)
|
||||
General and administrative expenses - Oceanbulk Maritime and its affiliates
|
(139
|
)
|
(148
|
)
|
||||
Management fees:
|
||||||||
Management fees- Augustea Technoservices Ltd. and affiliates
|
$
|
(1,250
|
)
|
$
|
-
|
|||
Management fees- Iblea Ship Management Limited
|
(2,394
|
)
|
(2,121
|
)
|
||||
Equity in income/(loss of investee)
|
||||||||
Interchart
|
$
|
76
|
$
|
(9
|
)
|
|||
Starocean
|
32
|
25
|
December 31, 2022
|
September 30, 2023
|
|||||||
Lubricants
|
$
|
15,863
|
$
|
13,802
|
||||
Bunkers
|
51,299
|
61,235
|
||||||
Total
|
$
|
67,162
|
$
|
75,037
|
Cost
|
Accumulated depreciation
|
Net Book Value
|
||||||||||
Balance, December 31, 2022
|
$
|
3,843,686
|
$
|
(962,135
|
)
|
$
|
2,881,551
|
|||||
- Acquisition of other fixed assets, vessel improvements and other vessel costs
|
17,488
|
-
|
17,488
|
|||||||||
- Vessel total loss
|
(27,570
|
)
|
1,581
|
(25,989
|
)
|
|||||||
- Vessel sale
|
(179,260
|
)
|
56,043
|
(123,217
|
)
|
|||||||
- Impairment loss
|
(7,700
|
)
|
-
|
(7,700
|
)
|
|||||||
- Depreciation for the period
|
-
|
(104,549
|
)
|
(104,549
|
)
|
|||||||
Balance, September 30, 2023
|
$
|
3,646,644
|
$
|
(1,009,061
|
)
|
$
|
2,637,583
|
Twelve month periods ending
|
Amount
|
|||
September 30, 2024
|
$
|
6,078
|
||
September 30, 2025
|
6,242
|
|||
September 30, 2026
|
6,242
|
|||
September 30, 2027
|
5,900
|
|||
September 30, 2028
|
6,259
|
|||
September 30, 2029 and thereafter
|
1,061
|
|||
Total undiscounted lease payments
|
$
|
31,782
|
||
Discount based on incremental borrowing rate
|
(2,766
|
)
|
||
Present value of lease liability
|
29,016
|
Twelve month periods ending
|
Amount
|
|||
September 30, 2024
|
$
|
420
|
||
September 30, 2025
|
266
|
|||
September 30, 2026
|
3
|
|||
September 30, 2027
|
-
|
|||
September 30, 2028
|
-
|
|||
September 30, 2029 and thereafter
|
-
|
|||
Total undiscounted lease payments
|
$
|
689
|
||
Discount based on incremental borrowing rate
|
(1
|
)
|
||
Present value of lease liability
|
688
|
Twelve month periods ending
|
Amount
|
|||
September 30, 2024
|
$
|
2,731
|
||
September 30, 2025
|
2,731
|
|||
September 30, 2026
|
2,731
|
|||
September 30, 2027
|
2,731
|
|||
September 30, 2028
|
2,731
|
|||
September 30, 2029 and thereafter
|
5,065
|
|||
Total bareboat lease minimum payments
|
$
|
18,720
|
||
Unamortized lease issuance costs
|
(112
|
)
|
||
Total bareboat lease minimum payments, net
|
$
|
18,608
|
||
Lease financing short term
|
2,731
|
|||
Lease financing long term, net of unamortized lease issuance costs
|
15,877
|
Twelve month periods ending
|
Amount
|
|||
September 30, 2024
|
$
|
164,572
|
||
September 30, 2025
|
151,985
|
|||
September 30, 2026
|
266,721
|
|||
September 30, 2027
|
219,277
|
|||
September 30, 2028
|
148,389
|
|||
September 30, 2029 and thereafter
|
67,003
|
|||
Total Long-term bank loans
|
$
|
1,017,947
|
||
Unamortized loan issuance costs
|
(7,051
|
)
|
||
Total Long-term bank loans, net
|
$
|
1,010,896
|
||
Current portion of long-term bank loans
|
164,572
|
|||
Long-term bank loans, net of current portion and unamortized loan issuance costs
|
846,324
|
Nine months ended September 30, |
||||||||
2022
|
2023
|
|||||||
Interest on financing agreements
|
$
|
37,116
|
$
|
65,825
|
||||
Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other Comprehensive Income (Note 13)
|
(4,052
|
)
|
(20,056
|
)
|
||||
Amortization of debt (loan & lease) issuance costs
|
3,800
|
2,801
|
||||||
Other bank and finance charges
|
892
|
1,219
|
||||||
Interest and finance costs
|
$
|
37,756
|
$
|
49,789
|
Nine months ended September 30, |
||||||||
2022
|
2023
|
|||||||
Income :
|
||||||||
Net income
|
$
|
480,203
|
$
|
133,849
|
||||
Basic earnings per share:
|
||||||||
Weighted average common shares outstanding, basic
|
130,715,574
|
102,434,767
|
||||||
Basic earnings per share
|
$
|
3.67
|
$
|
1.31
|
||||
Effect of dilutive securities:
|
||||||||
Dillutive effect of non vested shares
|
426,046
|
391,014
|
||||||
Weighted average common shares outstanding, diluted
|
131,141,620
|
102,825,781
|
||||||
Diluted earnings per share
|
$
|
3.66
|
$
|
1.30
|
||||
Number of shares
|
Weighted Average Grant Date Fair Value
|
|||||||
Unvested as at January 1, 2023
|
460,190
|
$
|
19.38
|
|||||
Granted
|
1,081,500
|
18.62
|
||||||
Vested
|
(765,715
|
)
|
18.60
|
|||||
Unvested as at September 30, 2023
|
775,975
|
$
|
19.09
|
Twelve month periods ending September 30,
|
||||||||||||||||||||||||||||
+ inflows/ - outflows
|
Total
|
2024
|
2025
|
2026
|
2027
|
2028
|
2029 and thereafter
|
|||||||||||||||||||||
Future, minimum, non-cancellable charter revenues (1)
|
$
|
32,457
|
$
|
32,457
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||||
Total
|
$
|
32,457
|
$
|
32,457
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
(1) |
The amounts represent the minimum contractual charter revenues to be generated from the existing, as of September 30, 2023, non-cancellable time charter agreements, until their expiration, net of address commission, assuming no off-hire
days other than those related to scheduled intermediate and special surveys of the vessels. Future inflows also include revenues deriving from index linked charter agreements using i) the index rates at the commencement date of each
agreement, in compliance with ASC 842, and do not reflect relevant index charter rate information prevailing as of September 30, 2023 and ii) the remaining minimum duration of each contract.
|
Twelve month periods ending September 30,
|
||||||||||||||||||||||||||||
+ inflows/ - outflows
|
Total
|
2024
|
2025
|
2026
|
2027
|
2028
|
2029 and thereafter
|
|||||||||||||||||||||
Charter-in expense newbuilding vessels (1)
|
$
|
(212,834
|
)
|
$
|
(10,513
|
)
|
$
|
(29,401
|
)
|
$
|
(30,204
|
)
|
$
|
(30,204
|
)
|
$
|
(30,287
|
)
|
$
|
(82,225
|
)
|
|||||||
Vessel BWTS and ESD (2)
|
(9,212
|
)
|
(8,562
|
)
|
(650
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total
|
$
|
(222,046
|
)
|
$
|
(19,075
|
)
|
$
|
(30,051
|
)
|
$
|
(30,204
|
)
|
$
|
(30,204
|
)
|
$
|
(30,287
|
)
|
$
|
(82,225
|
)
|
(1) |
The amounts represent minimum contractual charter-in commitments to be incurred with respect to four Kamsarmax newbuildings and two Ultramax newbuildings which are expected to be delivered during 2024 and the charter-in contracts have a
minimum duration of 84 months per vessel.
|
(2) |
The amounts represent the Company’s commitments as of September 30, 2023, for vessel upgrades (BWTS and ESD).
|
Nine months ended September 30, |
||||||||
2022
|
2023
|
|||||||
Consolidated Statement of Operations
|
||||||||
Gain/(loss) on interest rate swaps, net
|
||||||||
Gains/(loss) of de-designated accounting hedging relationship
|
$
|
-
|
$
|
(507
|
)
|
|||
Total Gain/(loss) on interest rate swaps, net
|
$
|
-
|
$
|
(507
|
)
|
|||
Interest and finance costs
|
||||||||
Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other comprehensive income/(loss) (Note 8)
|
4,052
|
20,056
|
||||||
Total Gain/(loss) recognized
|
$
|
4,052
|
$
|
20,056
|
||||
Gain/(loss) on forward freight agreements and bunker swaps, net
|
||||||||
Realized gain/(loss) on forward freight agreements and freight options
|
760
|
3,355
|
||||||
Realized gain/(loss) on bunker swaps
|
(4,085
|
)
|
5,153
|
|||||
Unrealized gain/(loss) on forward freight agreements and freight options
|
(522
|
)
|
237
|
|||||
Unrealized gain/(loss) on bunker swaps
|
230
|
(2,368
|
)
|
|||||
Total Gain/(loss) recognized
|
$
|
(3,617
|
)
|
$
|
6,377
|
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)
|
|||||||||||||||||
December 31, 2022
|
September 30, 2023
|
||||||||||||||||
|
Balance Sheet Location |
(not designated as cash flow hedges)
|
(designated as cash flow hedges)
|
(not designated as cash flow hedges)
|
(designated as cash flow hedges)
|
||||||||||||
ASSETS
|
|||||||||||||||||
Forward freight agreements - current
|
Derivatives, current asset portion
|
$
|
191
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Bunker swaps - current
|
Derivatives, current asset portion
|
3,688
|
-
|
1,318
|
-
|
||||||||||||
Forward freight agreements - non-current
|
Derivatives, non-current asset portion
|
-
|
-
|
430
|
-
|
||||||||||||
Total
|
$
|
3,879
|
$
|
-
|
$
|
1,748
|
$
|
-
|
Significant Other Observable Inputs (Level 2)
|
|||||||||||||||||
December 31, 2022
|
September 30, 2023
|
||||||||||||||||
|
Balance Sheet Location |
(not designated as cash flow hedges)
|
(designated as cash flow hedges)
|
(not designated as cash flow hedges)
|
(designated as cash flow hedges)
|
||||||||||||
ASSETS
|
|||||||||||||||||
Interest rate swaps - current
|
Derivatives, current asset portion
|
$
|
1,665
|
$
|
20,041
|
$
|
-
|
$
|
9,223
|
||||||||
Foreign exchnage forward contracts - current
|
Derivatives, current asset portion
|
-
|
-
|
-
|
20
|
||||||||||||
Interest rate swaps - non-current
|
Derivatives, non-current asset portion
|
798
|
7,868
|
-
|
4,411
|
||||||||||||
Total
|
$
|
2,463
|
$
|
27,909
|
$
|
-
|
$
|
13,654
|
Nine months ended September 30, |
||||||||
2022
|
2023
|
|||||||
Time charters
|
$
|
672,520
|
$
|
353,761
|
||||
Voyage charters
|
468,825
|
329,769
|
||||||
Pool revenues
|
1,008
|
2,278
|
||||||
$
|
1,142,353
|
$
|
685,808
|
a)
|
On October 4, 2023, the amount of $140,000 was drawn under the ESUN $140,000 Facility, as discussed in Note 8.
|
|
b)
|
On October 11, 2023, the vessel Star Zeta was delivered to its buyers, as discussed in Note 5.
|
|
c)
|
In October 2023, the Company issued and sold 678,282 common shares through the effective at-the-market offering programs, at an average price of $19.81 per share, resulting in gross proceeds of $13,434.
|
|
d)
|
In October 2023, the Company entered into two firm and two optional (exercisable until December 13, 2023) shipbuilding contracts with Qingdao Shipyard Co., Ltd. for the construction of four 82,000 dwt Kamsarmax
newbuilding vessels. The expected delivery dates for the two firm shipbuilding contracts are November 2025 and June 2026, respectively, whereas delivery dates for the two optional shipbuilding contracts are December 2025 and August 2026,
respectively.
|
|
The Company has also the option to equip the vessels with Exhaust Gas Cleaning Systems (“EGCS” or “scrubbers”) before delivery. |
e)
|
In October and November 2023, as the Company continues to strategically sell certain vessels and renew its fleet, it has agreed to sell the vessels Star Athena, Star
Glory, Star Theta and Star Jennifer which are expected to be delivered to their new owners in November and December 2023. The total gross proceeds from the sale of the Star Zeta (Note 5) and the above four vessels are expected to be $72,500
with a corresponding gain of approximately $15,600, expected to be recognized in the fourth quarter of 2023.
|
|
f)
|
On October 30, 2023 and in addition to the share repurchase transaction entered in September 2023 as discussed in Note 9, the Company agreed to repurchase 10 million of our common shares at a price of $19.50 per
common share from affiliates of Oaktree. Closing of the second 10 million share repurchase is expected to occur on December 1, 2023, after which the 10 million shares are expected to be withdrawn and cancelled.
|
|
g)
|
In October 2023, the Company entered into a committed term-sheet with CTBC Bank Co., Ltd. for a loan facility of up to $50,000 (the “CTBC $50,000 Facility”). The facility will be used to refinance the outstanding
amounts under the existing CTBC Facility and another loan agreement and is expected to be drawn by the end of November 2023. The CTBC $50,000 Facility is expected to be drawn in two tranches, will mature 5 years after the drawdown and will be
secured by first priority mortgages on two of the Company’s vessels.
|
|
h)
|
On November 13, 2023 the Company’s Board of Directors declared a quarterly cash dividend of $0.22 per share payable on or about December 18, 2023 to all shareholders of record as of December 5, 2023. The
ex-dividend date is expected to be December 4, 2023.
|
|
i)
|
In November 2023, the Company entered into a committed term sheet with ING Bank N.V., London Brunch for a senior secured bridge loan facility of $125,000 (the “ING $125,000 Bridge Facility”). The facility will be
used to fund part of the consideration for the Oaktree share repurchase transaction entered in October 2023, as described above in bullet f). The ING $125,000 Bridge Facility is expected to be drawn mid of December 2023 and will mature one year
after the drawdown.
|