(Expressed in thousands of U.S. dollars,
except for daily rates and per share data)
|
Fourth quarter
2022
|
Fourth quarter
2021
|
Twelve months ended
December 31, 2022
|
Twelve months ended
December 31, 2021
|
||||||||||||
Voyage Revenues
|
$
|
294,803
|
$
|
499,857
|
$
|
1,437,156
|
$
|
1,427,423
|
||||||||
Net income/(loss)
|
$
|
85,796
|
$
|
300,151
|
$
|
565,999
|
$
|
680,530
|
||||||||
Adjusted Net income / (loss) (1)
|
$
|
92,461
|
$
|
302,446
|
$
|
608,801
|
$
|
691,764
|
||||||||
Net cash provided by operating activities
|
$
|
116,336
|
$
|
296,372
|
$
|
769,898
|
$
|
767,071
|
||||||||
EBITDA (2)
|
$
|
128,499
|
$
|
353,054
|
$
|
764,440
|
$
|
891,977
|
||||||||
Adjusted EBITDA (2)
|
$
|
134,584
|
$
|
355,128
|
$
|
808,614
|
$
|
900,221
|
||||||||
Earnings / (loss) per share basic
|
$
|
0.84
|
$
|
2.94
|
$
|
5.54
|
$
|
6.73
|
||||||||
Earnings / (loss) per share diluted
|
$
|
0.84
|
$
|
2.93
|
$
|
5.52
|
$
|
6.71
|
||||||||
Adjusted earnings / (loss) per share basic (1)
|
$
|
0.90
|
$
|
2.96
|
$
|
5.96
|
$
|
6.84
|
||||||||
Adjusted earnings / (loss) per share diluted (1)
|
$
|
0.90
|
$
|
2.96
|
$
|
5.94
|
$
|
6.82
|
||||||||
Dividend per share for the relevant period
|
$
|
0.60
|
$
|
2.00
|
$
|
5.10
|
$
|
4.25
|
||||||||
Average Number of Vessels
|
128.0
|
128.0
|
128.0
|
125.4
|
||||||||||||
TCE Revenues (3)
|
$
|
216,428
|
$
|
428,004
|
$
|
1,125,568
|
$
|
1,188,616
|
||||||||
Daily Time Charter Equivalent Rate ("TCE") (3)
|
$
|
19,590
|
$
|
37,406
|
$
|
25,461
|
$
|
26,978
|
||||||||
Daily OPEX per vessel (4)
|
$
|
4,469
|
$
|
4,604
|
$
|
4,893
|
$
|
4,560
|
||||||||
Daily OPEX per vessel (excl. non recurring expenses) (4)
|
$
|
4,205
|
$
|
4,373
|
$
|
4,598
|
$
|
4,310
|
||||||||
Daily Net Cash G&A expenses per vessel (5)
|
$
|
977
|
$
|
1,042
|
$
|
1,000
|
$
|
1,050
|
(1) |
Adjusted Net income / (loss) and Adjusted earnings / (loss) per share basic and diluted are non-GAAP measures. Please see EXHIBIT I at the end of this release for a
reconciliation to Net income / (loss) and earnings / (loss) per share basic and diluted, which are the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles in the
United States (“ U.S. GAAP”), as well as for the definition of each measure.
|
(2) |
EBITDA and Adjusted EBITDA are non-GAAP liquidity measures. Please see EXHIBIT I at the end of this release for a reconciliation of EBITDA and Adjusted EBITDA to Net Cash
Provided by / (Used in) Operating Activities, which is the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP as well as for the definition of each measure. To derive Adjusted EBITDA from EBITDA,
we exclude certain non-cash gains / (losses).
|
(3) |
Daily Time Charter Equivalent Rate (“TCE”) and TCE Revenues are non-GAAP measures. Please see EXHIBIT I at the end of this release for a reconciliation to Voyage Revenues,
which is the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, as well as for the definition of each measure.
|
(4) |
Daily OPEX per vessel is calculated by dividing vessel operating expenses by Ownership days (defined below). Daily OPEX per vessel (which excludes non-recurring expenses) is
calculated by dividing vessel operating expenses minus any non-recurring items (such as, increased costs due to the COVID-19 pandemic or pre-delivery expenses, if any) by Ownership days. In the future we may incur expenses that are the same
as or similar to certain non-recurring expenses that were previously excluded.
|
(5) |
Daily Net Cash G&A expenses per vessel is calculated by (1) adding the Management fee expense to, the General and Administrative expenses (net of share-based compensation
expense and other non-cash charges) and (2) then dividing the result by the sum of Ownership days and Charter-in days. Please see EXHIBIT I at the end of this release for a reconciliation to General and administrative expenses, which is the
most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
|
For the fourth quarter of 2022 our TCE rate was:
|
|
Capesize / Newcastlemax Vessels:
|
$19,692 per day.
|
Post Panamax / Kamsarmax / Panamax Vessels:
|
$19,702 per day.
|
Ultramax / Supramax Vessels:
|
$19,264 per day.
|
For the year ended December 31, 2022 our TCE rate was:
|
|
Capesize / Newcastlemax Vessels:
|
$25,372 per day.
|
Post Panamax / Kamsarmax / Panamax Vessels:
|
$24,596 per day.
|
Ultramax / Supramax Vessels:
|
$26,277 per day.
|
(Expressed in thousands of U.S. dollars except for share and per share data)
|
Fourth quarter
2022
|
Fourth quarter
2021
|
Twelve months ended
December 31, 2022
|
Twelve months ended
December 31, 2021
|
||||||||||||
Revenues:
|
||||||||||||||||
Voyage revenues
|
$
|
294,803
|
$
|
499,857
|
$
|
1,437,156
|
$
|
1,427,423
|
||||||||
Total revenues
|
294,803
|
499,857
|
1,437,156
|
1,427,423
|
||||||||||||
Expenses:
|
||||||||||||||||
Voyage expenses
|
(74,439
|
)
|
(72,215
|
)
|
(286,534
|
)
|
(226,111
|
)
|
||||||||
Charter-in hire expense
|
(3,227
|
)
|
(2,366
|
)
|
(21,020
|
)
|
(14,565
|
)
|
||||||||
Vessel operating expenses
|
(52,629
|
)
|
(54,211
|
)
|
(228,616
|
)
|
(208,661
|
)
|
||||||||
Dry docking expenses
|
(18,705
|
)
|
(6,991
|
)
|
(47,718
|
)
|
(30,986
|
)
|
||||||||
Depreciation
|
(39,709
|
)
|
(39,193
|
)
|
(156,733
|
)
|
(152,640
|
)
|
||||||||
Management fees
|
(4,407
|
)
|
(4,941
|
)
|
(19,071
|
)
|
(19,489
|
)
|
||||||||
Loss on bad debt
|
(677
|
)
|
(240
|
)
|
(677
|
)
|
(629
|
)
|
||||||||
General and administrative expenses
|
(12,547
|
)
|
(9,304
|
)
|
(56,826
|
)
|
(39,500
|
)
|
||||||||
Gain/(Loss) on forward freight agreements and bunker swaps
|
2,166
|
2,780
|
(1,451
|
)
|
3,564
|
|||||||||||
Other operational loss
|
(1,318
|
)
|
(144
|
)
|
(2,380
|
)
|
(2,214
|
)
|
||||||||
Other operational gain
|
1,903
|
854
|
8,794
|
2,110
|
||||||||||||
Gain on time charter agreement termination
|
-
|
-
|
-
|
1,102
|
||||||||||||
Loss on write-down of inventory
|
(2,425
|
)
|
-
|
(17,326
|
)
|
-
|
||||||||||
Operating income
|
88,789
|
313,886
|
607,598
|
739,404
|
||||||||||||
Interest and finance costs
|
(14,822
|
)
|
(12,765
|
)
|
(52,578
|
)
|
(56,036
|
)
|
||||||||
Interest income and other income/(loss)
|
6,821
|
(336
|
)
|
7,050
|
315
|
|||||||||||
Gain/(Loss) on debt extinguishment, net
|
5,207
|
(609
|
)
|
4,064
|
(3,257
|
)
|
||||||||||
Total other expenses, net
|
(2,794
|
)
|
(13,710
|
)
|
(41,464
|
)
|
(58,978
|
)
|
||||||||
Income/(Loss) before equity in investee
|
85,995
|
300,176
|
566,134
|
680,426
|
||||||||||||
Equity in income/(loss) of investee
|
1
|
(25
|
)
|
109
|
120
|
|||||||||||
Income/(Loss) before taxes
|
$
|
85,996
|
$
|
300,151
|
$
|
566,243
|
$
|
680,546
|
||||||||
Income taxes
|
(200
|
)
|
-
|
(244
|
)
|
(16
|
)
|
|||||||||
Net income/(loss)
|
$
|
85,796
|
$
|
300,151
|
$
|
565,999
|
$
|
680,530
|
||||||||
Earnings/(loss) per share, basic
|
$
|
0.84
|
$
|
2.94
|
$
|
5.54
|
$
|
6.73
|
||||||||
Earnings/(loss) per share, diluted
|
$
|
0.84
|
$
|
2.93
|
$
|
5.52
|
$
|
6.71
|
||||||||
Weighted average number of shares outstanding, basic
|
102,468,182
|
102,045,703
|
102,153,255
|
101,183,829
|
||||||||||||
Weighted average number of shares outstanding, diluted
|
102,724,888
|
102,285,188
|
102,536,966
|
101,479,072
|
(Expressed in thousands of U.S. dollars)
|
||||||||
ASSETS
|
December 31, 2022
|
December 31, 2021
|
||||||
Cash and cash equivalents and resticted cash, current
|
$
|
284,323
|
471,250
|
|||||
Other current assets
|
217,769
|
211,674
|
||||||
TOTAL CURRENT ASSETS
|
502,092
|
682,924
|
||||||
Vessels and other fixed assets, net
|
2,881,551
|
3,013,038
|
||||||
Restricted cash, non current
|
2,021
|
2,021
|
||||||
Other non-current assets
|
47,960
|
56,736
|
||||||
TOTAL ASSETS
|
$
|
3,433,624
|
$
|
3,754,719
|
||||
Current portion of long-term bank loans and lease financing
|
$
|
181,947
|
$
|
207,135
|
||||
Other current liabilities
|
100,608
|
83,661
|
||||||
TOTAL CURRENT LIABILITIES
|
282,555
|
290,796
|
||||||
Long-term bank loans and lease financing non-current (net of unamortized deferred finance fees of $11,694 and $16,171, respectively)
|
1,103,233
|
1,334,593
|
||||||
Other non-current liabilities
|
28,494
|
49,312
|
||||||
TOTAL LIABILITIES
|
$
|
1,414,282
|
$
|
1,674,701
|
||||
SHAREHOLDERS' EQUITY
|
2,019,342
|
2,080,018
|
||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
3,433,624
|
$
|
3,754,719
|
(Expressed in thousands of U.S. dollars)
|
Twelve months ended December 31, 2022
|
Twelve months ended December 31, 2021
|
||||||
Net cash provided by / (used in) operating activities
|
$
|
769,898
|
$
|
767,071
|
||||
Acquisition of vessels and other fixed assets
|
(437
|
)
|
(97,933
|
)
|
||||
Capital expenditures for vessel modifications/upgrades
|
(24,966
|
)
|
(32,214
|
)
|
||||
Insurance Proceeds
|
4,531
|
8,884
|
||||||
Net cash provided by / (used in) investing activities
|
(20,872
|
)
|
(121,263
|
)
|
||||
Proceeds from vessels' new debt
|
315,000
|
470,650
|
||||||
Scheduled vessels' debt repayment
|
(201,347
|
)
|
(192,107
|
)
|
||||
Debt prepayment due to refinancing
|
(374,678
|
)
|
(401,076
|
)
|
||||
Financing fees
|
(5,543
|
)
|
(4,584
|
)
|
||||
Offering expenses
|
(412
|
)
|
(433
|
)
|
||||
Shares issued
|
19,792
|
-
|
||||||
Repurchase of common shares
|
(20,068
|
)
|
(10,278
|
)
|
||||
Dividend payments
|
(668,697
|
)
|
(230,240
|
)
|
||||
Net cash provided by / (used in) financing activities
|
(935,953
|
)
|
(368,068
|
)
|
Fourth quarter
2022
|
Fourth quarter
2021
|
Twelve months ended
December 31, 2022
|
Twelve months ended
December 31, 2021
|
|||||||||||||
Average number of vessels (1)
|
128.0
|
128.0
|
128.0
|
125.4
|
||||||||||||
Number of vessels (2)
|
128
|
128
|
128
|
128
|
||||||||||||
Average age of operational fleet (in years) (3)
|
10.9
|
9.9
|
10.9
|
9.9
|
||||||||||||
Ownership days (4)
|
11,776
|
11,776
|
46,720
|
45,759
|
||||||||||||
Available days (5)
|
11,048
|
11,442
|
44,207
|
44,059
|
||||||||||||
Charter-in days (6)
|
196
|
107
|
913
|
571
|
||||||||||||
Daily Time Charter Equivalent Rate (7)
|
$
|
19,590
|
$
|
37,406
|
$
|
25,461
|
$
|
26,978
|
||||||||
Daily OPEX per vessel (8)
|
$
|
4,469
|
$
|
4,604
|
$
|
4,893
|
$
|
4,560
|
||||||||
Daily OPEX per vessel (excl. non recurring expenses) (8)
|
$
|
4,205
|
$
|
4,373
|
$
|
4,598
|
$
|
4,310
|
||||||||
Daily Net Cash G&A expenses per vessel (9)
|
$
|
977
|
$
|
1,042
|
$
|
1,000
|
$
|
1,050
|
(Expressed in thousands of U.S. dollars)
|
Fourth quarter
2022
|
Fourth quarter
2021
|
Twelve months ended
December 31, 2022
|
Twelve months ended
December 31, 2021
|
||||||||||||
Net cash provided by/(used in) operating activities
|
$
|
116,336
|
$
|
296,372
|
$
|
769,898
|
$
|
767,071
|
||||||||
Net decrease / (increase) in current assets
|
(4,046
|
)
|
33,969
|
7,714
|
98,720
|
|||||||||||
Net increase / (decrease) in operating liabilities, excluding current portion of long term debt
|
15,052
|
12,943
|
(9,627
|
)
|
(14,998
|
)
|
||||||||||
Gain/(Loss) on debt extinguishment, net
|
5,207
|
(609
|
)
|
4,064
|
(3,257
|
)
|
||||||||||
Share – based compensation
|
(5,093
|
)
|
(1,663
|
)
|
(28,481
|
)
|
(10,335
|
)
|
||||||||
Amortization of deferred finance charges
|
(1,118
|
)
|
(1,455
|
)
|
(4,918
|
)
|
(6,511
|
)
|
||||||||
Unrealized gain / (loss) on forward freight agreements and bunker swaps
|
2,875
|
52
|
2,583
|
1,508
|
||||||||||||
Total other expenses, net
|
2,794
|
13,710
|
41,464
|
58,978
|
||||||||||||
Gain on time charter agreement termination
|
-
|
-
|
-
|
1,102
|
||||||||||||
Gain/(Loss) on hull and machinery claims
|
-
|
-
|
-
|
192
|
||||||||||||
Loss on bad debt
|
(677
|
)
|
(240
|
)
|
(677
|
)
|
(629
|
)
|
||||||||
Income tax
|
200
|
-
|
244
|
16
|
||||||||||||
Write-off of current assets
|
(607
|
)
|
-
|
(607
|
)
|
-
|
||||||||||
Loss on write-down of inventory
|
(2,425
|
)
|
-
|
(17,326
|
)
|
-
|
||||||||||
Equity in income/(loss) of investee
|
1
|
(25
|
)
|
109
|
120
|
|||||||||||
EBITDA
|
$
|
128,499
|
$
|
353,054
|
$
|
764,440
|
$
|
891,977
|
||||||||
Equity in (income)/loss of investee
|
(1
|
)
|
25
|
(109
|
)
|
(120
|
)
|
|||||||||
Gain on time charter agreement termination
|
-
|
-
|
-
|
(1,102
|
)
|
|||||||||||
Unrealized (gain)/loss on forward freight agreements and bunker swaps
|
(2,875
|
)
|
(52
|
)
|
(2,583
|
)
|
(1,508
|
)
|
||||||||
Loss on write-down of inventory
|
2,425
|
-
|
17,326
|
-
|
||||||||||||
Share-based compensation
|
5,093
|
1,663
|
28,481
|
10,335
|
||||||||||||
Loss on bad debt
|
677
|
240
|
677
|
629
|
||||||||||||
Other non-cash charges
|
159
|
198
|
(225
|
)
|
10
|
|||||||||||
Write-off of current assets
|
607
|
-
|
607
|
-
|
||||||||||||
Adjusted EBITDA
|
$
|
134,584
|
$
|
355,128
|
$
|
808,614
|
$
|
900,221
|
|
||||||||||||||||
(Expressed in thousands of U.S. dollars except for share and per share data) |
Fourth quarter
2022
|
Fourth quarter
2021
|
Twelve months ended
December 31, 2022
|
Twelve months ended
December 31, 2021
|
||||||||||||
Net income / (loss)
|
$
|
85,796
|
$
|
300,151
|
$
|
565,999
|
$
|
680,530
|
||||||||
Amortization of fair value of above/below market acquired time charter agreements, net
|
-
|
-
|
-
|
(187
|
)
|
|||||||||||
Loss on bad debt
|
677
|
240
|
677
|
629
|
||||||||||||
Share – based compensation
|
5,093
|
1,663
|
28,481
|
10,335
|
||||||||||||
Other non-cash charges
|
159
|
198
|
(225
|
)
|
10
|
|||||||||||
Unrealized (gain) / loss on forward freight agreements and bunker swaps
|
(2,875
|
)
|
(52
|
)
|
(2,583
|
)
|
(1,508
|
)
|
||||||||
Loss on write-down of inventory
|
2,425
|
-
|
17,326
|
-
|
||||||||||||
Write-off of current assets
|
607
|
-
|
607
|
-
|
||||||||||||
(Gain)/Loss on debt extinguishment (non-cash)
|
580
|
221
|
(1,372
|
)
|
3,177
|
|||||||||||
Equity in (income)/loss of investee
|
(1
|
)
|
25
|
(109
|
)
|
(120
|
)
|
|||||||||
Gain on time charter agreement termination
|
-
|
-
|
-
|
(1,102
|
)
|
|||||||||||
Adjusted Net income / (loss)
|
$
|
92,461
|
$
|
302,446
|
$
|
608,801
|
$
|
691,764
|
||||||||
Weighted average number of shares outstanding, basic
|
102,468,182
|
102,045,703
|
102,153,255
|
101,183,829
|
||||||||||||
Weighted average number of shares outstanding, diluted
|
102,724,888
|
102,285,188
|
102,536,966
|
101,479,072
|
||||||||||||
Adjusted Basic Earnings / (Loss) Per Share
|
$
|
0.90
|
$
|
2.96
|
$
|
5.96
|
$
|
6.84
|
||||||||
Adjusted Diluted Earnings / (Loss) Per Share
|
$
|
0.90
|
$
|
2.96
|
$
|
5.94
|
$
|
6.82
|
(In thousands of U.S. Dollars, except for TCE rates)
|
Fourth quarter
2022
|
Fourth quarter
2021
|
Twelve months ended
December 31, 2022
|
Twelve months ended
December 31, 2021
|
||||||||||||
Voyage revenues
|
$
|
294,803
|
$
|
499,857
|
$
|
1,437,156
|
$
|
1,427,423
|
||||||||
Less:
|
||||||||||||||||
Voyage expenses
|
(74,439
|
)
|
(72,215
|
)
|
(286,534
|
)
|
(226,111
|
)
|
||||||||
Charter-in hire expense
|
(3,227
|
)
|
(2,366
|
)
|
(21,020
|
)
|
(14,565
|
)
|
||||||||
Realized gain/(loss) on FFAs/bunker swaps
|
(709
|
)
|
2,728
|
(4,034
|
)
|
2,056
|
||||||||||
Amortization of fair value of below/above market acquired time charter agreements, net
|
-
|
-
|
-
|
(187
|
)
|
|||||||||||
Time Charter equivalent revenues
|
$
|
216,428
|
$
|
428,004
|
$
|
1,125,568
|
$
|
1,188,616
|
||||||||
Available days
|
11,048
|
11,442
|
44,207
|
44,059
|
||||||||||||
Daily Time Charter Equivalent Rate ("TCE")
|
$
|
19,590
|
$
|
37,406
|
$
|
25,461
|
$
|
26,978
|
(In thousands of U.S. Dollars, except for daily rates)
|
Fourth quarter
2022
|
Fourth quarter
2021
|
Twelve months ended
December 31, 2022
|
Twelve months ended
December 31, 2021
|
||||||||||||
General and administrative expenses
|
$
|
12,547
|
$
|
9,304
|
$
|
56,826
|
$
|
39,500
|
||||||||
Plus:
|
||||||||||||||||
Management fees
|
4,407
|
4,941
|
19,071
|
19,489
|
||||||||||||
Less:
|
||||||||||||||||
Share – based compensation
|
(5,093
|
)
|
(1,663
|
)
|
(28,481
|
)
|
(10,335
|
)
|
||||||||
Other non-cash charges
|
(159
|
)
|
(198
|
)
|
225
|
(10
|
)
|
|||||||||
Net Cash G&A expenses
|
$
|
11,702
|
$
|
12,384
|
$
|
47,641
|
$
|
48,644
|
||||||||
Ownership days
|
11,776
|
11,776
|
46,720
|
45,759
|
||||||||||||
Charter-in days
|
196
|
107
|
913
|
571
|
||||||||||||
Daily Net Cash G&A expenses per vessel
|
$
|
977
|
$
|
1,042
|
$
|
1,000
|
$
|
1,050
|
Contacts | |
Company:
|
Investor Relations / Financial Media:
|
Simos Spyrou, Christos Begleris
|
Nicolas Bornozis
|
Co ‐ Chief Financial Officers
|
President
|
Star Bulk Carriers Corp.
|
Capital Link, Inc.
|
c/o Star Bulk Management Inc.
|
230 Park Avenue, Suite 1536
|
40 Ag. Konstantinou Av.
|
New York, NY 10169
|
Maroussi 15124
|
Tel. (212) 661‐7566
|
Athens, Greece
|
E‐mail: starbulk@capitallink.com
|
Email: info@starbulk.com
|
www.capitallink.com
|
www.starbulk.com
|