SBLK » Topics » Financial Highlights:

This excerpt taken from the SBLK 6-K filed Mar 16, 2009.

Financial Highlights:


Fourth Quarter 2008


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Net income was $50.2 million for the fourth quarter of 2008 compared to net income of $1.6 million for the fourth quarter of 2007.

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Voyage and time charter revenues were $72.8 million for the fourth quarter of 2008.  This figure includes revenues of $28.7 million attributable to the amortization of the fair value of below/above market acquired time charters.

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Earnings per share, basic and diluted for the fourth quarter of 2008 were $0.89 based on a weighted average of 56,278,511 shares outstanding, basic and diluted in the fourth quarter of 2008.

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Earnings per share, basic and diluted for the fourth quarter of 2008 were $0.41, excluding amortization of fair value of below/above market acquired time charters of $28.7 million and the expenses of $1.3 million relating to the amortization of stock based compensation

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EBITDA for the fourth quarter of 2008 was $ 70.3 million.  Adjusted EBITDA for the same period excluding all the above point items was $42.9 million.

Year ended December 31, 2008

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Net income was $133.7 million for the year ended December 31, 2008 compared to net income of $3.4 million for the year ended December 31, 2007.

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Voyage and time charter revenues were $238.9 million for the year ended December 31, 2008.  This figure includes revenues of $80.5 million attributable to the amortization of the fair value of below/above market acquired time charters.

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Earnings per share, basic and diluted for the year ended December 31, 2008 were $2.55 and $2.46, respectively, based on a weighted average of 52,477,947 shares outstanding, basic and on a weighted average of 54,280,472 shares outstanding, diluted for the year ended December 31, 2008.  

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Earnings per share, basic and diluted for the year ended December 31, 2008 were $1.16 and $1.12, respectively, excluding amortization of fair value of below/above market acquired time charters of $80.5 million, expenses of $4.0 million relating to the amortization of stock based compensation and impairment loss of $3.6 million, in connection with the sale of the vessel Star Iota.

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EBITDA for the year ended December 31, 2008 was $193.8 million.  Adjusted EBITDA for the same period excluding all the above point items was $120.9 million.  



We commenced operations on December 3, 2007.  Included in this earnings release are our unaudited consolidated condensed income statements for the three and twelve month periods ended December 31, 2007 and 2008, unaudited condensed balance sheets as at December 31, 2007 and  2008 and unaudited consolidated condensed cash flow statements for the twelve month periods ended December 31, 2007 and 2008.  During the period from the Company’s inception (May 13, 2005) to the date it commenced operations (December 3, 2007), the Company was a development stage enterprise.

The unaudited consolidated condensed income statements, balance sheets, and cash flow statements presented herein include the accounts of Star Bulk Carriers Corp. and its wholly owned subsidiaries and of its predecessor Star Maritime Acquisition Corp. (“Star Maritime”).

This excerpt taken from the SBLK 6-K filed Nov 25, 2008.

Financial Highlights:


Third Quarter 2008


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The Company reported net income of $35.24 million for the third quarter of 2008 compared to net income of $0.94 million for the third quarter of 2007.

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Voyage and time charter revenues were $65.18 million for the third quarter of 2008.  This figure includes revenues of $16.89 million attributable to the amortization of the fair value of below/above market acquired time charters.

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Earnings per share, basic and diluted for the third quarter of 2008 were $0.63 and $0.62, respectively.  These figures are based on a weighted average of 55,873,973 shares outstanding, basic and on a weighted average of 56,971,504 shares outstanding, diluted in the third quarter of 2008.

Nine Months ended September 30, 2008

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The Company reported net income of $83.54 million for the nine months ended September 30, 2008 compared to net income of $1.80 million for the nine months ended September 30, 2007.

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Voyage and time charter revenues were $166.10 million for the nine months ended September 30, 2008.  This figure includes revenues of $51.81 million attributable to the amortization of the fair value of below/above market acquired time charters.

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Earnings per share, basic and diluted for the nine months ended September 30, 2008 were $1.63 and $1.54, respectively.  These figures are based on a weighted average of 51,201,845 shares outstanding, basic and on a weighted average of 54,200,802 shares outstanding, diluted in the nine months ended September 30, 2008.  

We commenced operations on December 3, 2007.  Included in this release are our unaudited interim consolidated condensed income statements for the three and nine month periods ended September 30, 2007 and 2008, unaudited condensed balance sheets as at December 31, 2007 and September 30, 2008 and unaudited interim consolidated condensed cash flow statements for the nine month periods ended September 30, 2007 and 2008.  During the period from the Company’s inception (May 13, 2005) to the date it commenced operations (December 3, 2007), the Company was a development stage enterprise.

The unaudited interim consolidated condensed income statements, balance sheets, and cash flow statements presented herein include the accounts of Star Bulk Carriers Corp. and its wholly owned subsidiaries and of its predecessor Star Maritime Acquisition Corp. (“Star Maritime”).

Star Maritime was organized under the laws of the State of Delaware on May 13, 2005 as a blank check company formed to acquire, through a merger, capital stock exchange, asset acquisition or similar business combination, one or more assets or target businesses in the shipping industry.  

On November 27, 2007, Star Maritime obtained shareholder approval for the acquisition of the initial fleet of eight drybulk carriers and for effecting the Redomiciliation Merger whereby Star Maritime merged with and into Star Bulk with Star Bulk as the surviving entity.  The Redomiciliation Merger was completed on November 30, 2007 as a result of which each outstanding share of Star Maritime common stock was converted into the right to receive one share of Star Bulk common stock and each outstanding warrant of Star Maritime was assumed by Star Bulk with the same terms and restrictions except that each became exercisable for common stock of Star Bulk. Star Bulk’s common stock and warrants are listed on the Nasdaq Global Market under the symbols “SBLK” and “SBLKW” respectively.

Akis Tsirigakis, President and CEO of Star Bulk commented: “I’m pleased to report a profitable third quarter 2008 in line with our expectations, the fourth consecutive profitable quarter since we commenced operations in December 2007.  We have consistently implemented our business strategy in order to achieve our objective of generating stable revenues despite the volatility of charter rates in the drybulk sector.  In this context, we expanded our fleet from 8 to 12 vessels without compromising our focus on maintaining moderate leverage and we have succeeded in securing what we believe are stable and predictable cash flows by entering our vessels into period employment. Our strong results for the third quarter and nine months of 2008 are the product of this strategy.


We believe we maintain a strong position in the current turbulent market environment. At this time, we have available liquidity of over $50 million in cash, a moderate debt level and have fixed our vessels on period employment.  We face no issues with our loan covenants and enjoy an excellent working relationship with our lending institutions.  We do not have commitments to purchase newbuilding vessels or similar capital expenditures that would require us to obtain additional financing. Therefore, we are confident in our ability to meet our financial commitments for the foreseeable future.  


We have contracted for 100% of our operating days in 2008, 74% in 2009 and 64% in 2010 under time charters thereby reducing our exposure to the volatility of the shipping markets.  We maintain a diversified charter portfolio with no more than two vessels committed to a single charterer, thereby limiting our exposure to counterparty risk. We aim to further manage counterparty risk by communicating with our charterers in an effort to be kept abreast of market developments.

Our approach to structuring our dividend in respect of the third quarter of 2008 in the form of cash and the remaining half in the form of newly issued shares conveys our continued belief in the financial health of our Company. This approach aims to continue to reward our shareholders while at the same time further reinforcing our financial position by conserving a significant amount of valuable cash which can be redeployed to enhance shareholder value for the longer term. As previously announced, management and our directors will reinvest all of their cash dividends into newly issued shares in a private placement, which further demonstrates our and their confidence in the Company.”

The demand for core dry bulk commodities is linked to the need for infrastructure development of emerging economies and therefore we believe this trend will continue.  At the same time, the credit crunch will affect vessel supply as significant cancellations of newbuildings are expected and vessel scrapping may increase as well. Such developments help towards a healthier balance between vessel supply and demand once world commerce resumes with renewed availability of credit.”

George Syllantavos, CFO of Star Bulk commented: “On September 30, 2008, our net debt stood at $287 million, which we believe affords us significant flexibility in the current market environment. Since then, our liquidity has been further enhanced with the sale of the Star Iota for $18.3 million. We believe that our current liquidity of in excess of $50 million in cash and together with our expected cash flow generation will provide sufficient cushion over and above simply meeting our scheduled debt obligations and capital expenditures.  


We have continued to implement our share and warrant repurchase program, repurchasing 700,000 shares of common stock in the third quarter 2008 and an additional 225,000 shares in the fourth quarter 2008 to date. Since we announced our $50 million repurchase program in January 2008, we have invested to date approximately $12.9 million, leaving $37.1 million of additional repurchasing capacity. We continue to believe that at current trading levels of our common stock in the public markets, redeployment of a portion of available cash to repurchase shares remains an accretive proposition.


Third quarter 2008 earnings reflect the effect of increased repairs expenditure for the Star Alpha.  Moreover, the benefit of the high first year charter rates for the Star Cosmo and Star Ypsilon are not mirrored in the financials since revenue accounting entries per U.S. GAAP are based on the average rate of each vessel’s three-year staggered rate schedule.

Excluding non-cash items, such as vessel impairment, amortization of fair value of below/above market acquired time charters and amortization of stock based compensation our Net income for the third quarter 2008 and for the nine months period ended September 30, 2008 would be $17.8 million and $38 million, respectively.  


This excerpt taken from the SBLK 6-K filed Aug 13, 2008.

Financial Highlights:


Second Quarter 2008


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The Company reported net income of $31.57 million for the second quarter of 2008 compared to net income of $0.58 million for the second quarter of 2007.

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Voyage and time charter revenues were $ 59.23 million for the second quarter of 2008.  This figure includes revenues of $17.05 million attributable to the amortization of the fair value of below/above market acquired time charters.

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Earnings per share, basic and diluted for the second quarter of 2008 were $0.62 and $0.56, respectively.  These figures are based on a weighted average of 50,963,213 shares outstanding, basic and on a weighted average of 56,047,237 shares outstanding, diluted in the second quarter of 2008.

First Half 2008

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The Company reported net income of $48.29 million for the first half of 2008 compared to net income of $0.85 million for the first half of 2007.

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Voyage and time charter revenues were $ 100.92 million for the first half of 2008.  This figure includes revenues of $34.92 million attributable to the amortization of the fair value of below/above market acquired time charters.

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Earnings per share, basic and diluted for the six months ended June 30, 2008 were $1.01 and $0.91, respectively.  These figures are based on a weighted average of 47,855,865 shares outstanding, basic and on a weighted average of 52,798,013 shares outstanding, diluted in the first half of 2008.  

We commenced operations during the fourth quarter of 2007 (December 3, 2007).  Included in this release are our Unaudited Interim consolidated condensed financial statements which include comparisons between the first half of 2008 and 2007.  During the period from the Company’s inception (May 13, 2005) to the date it commenced operations (December 3, 2007), the Company was a development stage enterprise.

The Unaudited Interim consolidated condensed Income Statements, Balance Sheets, and Cash Flow Statements presented herein, include the accounts of Star Bulk Carriers Corp. and its wholly owned subsidiaries and of its predecessor Star Maritime Acquisition Corp. (“Star Maritime”).

Star Maritime was organized under the laws of the State of Delaware on May 13, 2005 as a blank check company formed to acquire, through a merger, capital stock exchange, asset acquisition or similar business combination, one or more assets or target businesses in the shipping industry.  

On November 27, 2007, Star Maritime obtained shareholder approval for the acquisition of the initial fleet of eight drybulk carriers and for effecting the Redomiciliation Merger whereby Star Maritime merged with and into Star Bulk with Star Bulk as the surviving entity.  The Redomiciliation Merger was completed on November 30, 2007 as a result of which each outstanding share of Star Maritime common stock was converted into the right to receive one share of Star Bulk common stock and each outstanding warrant of Star Maritime was assumed by Star Bulk with the same terms and restrictions except that each became exercisable for common stock of Star Bulk. Star Bulk’s common stock and warrants are listed on the Nasdaq Global Market under the symbols "SBLK" and "SBLKW" respectively.

First Quarter 2008 Results; Adjustment of Net Income and Earnings Per Share for First Quarter 2008:

In connection with the acquisition of the vessels in the initial fleet, the Company agreed to issue to TMT Co. Ltd. a total of 1,606,962 additional shares of common stock in two equal tranches of 803,481 shares 10 days after the filing of the Company’s Form 20-F in 2008 and 2009 respectively. The company intended to report the issuance of these shares in either the second or third quarter 2008 whenever the issuance of the first tranche would take place. The Company has now concluded that proper treatment US GAAP, is to deem   the additional shares as having been issued for reporting purposes upon the completion of delivery of all vessels in the initial fleet, which occurred in March 2008. Accordingly, the Company has restated its first quarter earnings. Net income and earnings per share for the first quarter of 2008 were reported as $17.8 million and $0.40 respectively. Instead, net income for the first quarter is now adjusted from previously reported $17.8 million to $16.7 million and earnings per share for the same period are adjusted from previously reported $0.40 to $0.37 per share. The resulting change to the first quarter of 2008 also includes an increase in previously reported vessel cost and additional paid-in capital adjustment of $18.9 million. No change in the Company’s dividend policy will be made as a result of this restatement.


Akis Tsirigakis, President and CEO of Star Bulk commented: “We are pleased to report our third consecutive profitable quarter since we commenced operations in December 2007. During the second quarter 2008 we acquired two additional vessels, bringing our acquisition total to five vessels since we completed the Redomiciliation Merger. Out of these five vessels we have already taken delivery of four and expect to take delivery of the fifth vessel in September 2008. Also, during the second quarter we agreed to sell our oldest vessel, Star Iota, which once delivered will lower our average age of our fleet to 8.9 years. Following the completion of this sale and purchase activity we will have a fleet of twelve vessels with a cargo capacity of over one million in dwt. Furthermore, our strong balance sheet which is approximately 27% of our debt to fleet value provides us with the ability to look for further fleet growth.

We also declared a dividend of $0.35 per share, our third consecutive quarterly dividend since our inception. I would like to mention that our time charter coverage protects our dividend payment from any market volatility.  The dividend represents approximately 57% of our expected 2008 free cash flow and I would also like to mention that we are not a full payout company.  As having one of the highest dividend yields in the sector we believe it is important to focus on opportunities for further fleet expansion thereby creating long term shareholder value.”  









This excerpt taken from the SBLK 6-K filed Jun 5, 2008.

Financial Highlights:

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The Company reported net income of $17.84 million for the quarter ending March 31, 2008 compared to net income of $0.28 million for the first quarter of 2007.

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Voyage and time charter revenues were $42.49 million for the first quarter of 2008.  This figure includes revenues of $18.01 million attributable to the amortization of the fair value of below/above market acquired time charters.

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Earnings per share, basic and diluted for the three months ended March 31, 2008 were $0.40 and $0.36, respectively. These figures are based on a weighted average of 44,748,517 shares outstanding, basic and on a weighted average of 49,385,952 shares outstanding, diluted in the first quarter of 2008.  

We commenced operations during the fourth quarter of 2007 (December 3, 2007).  Included in this release are our Unaudited Interim consolidated condensed financial statements which include comparisons between the first quarter of 2008 and 2007.  During the period from the Company’s inception (May 13, 2005) to the date it commenced operations (December 3, 2007), the Company was a development stage enterprise.

The Unaudited Interim consolidated condensed Income Statements, Balance Sheets, and Cash Flow Statements presented herein, include the accounts of Star Bulk Carriers Corp. and its wholly owned subsidiaries and of its predecessor Star Maritime Acquisition Corp. (“Star Maritime”).

Star Maritime was organized under the laws of the State of Delaware on May 13, 2005 as a blank check company formed to acquire, through a merger, capital stock exchange, asset acquisition or similar business combination, one or more assets or target businesses in the shipping industry.  Star Maritime's common stock and warrants started trading on the American Stock Exchange under the symbols, SEA and SEA.WS, respectively, on December 21, 2005.

On November 27, 2007, the Company obtained shareholder approval for the acquisition of the initial fleet of eight drybulk carriers and for effecting the Redomiciliation Merger whereby Star Maritime merged with and into Star Bulk with Star Bulk as the surviving entity.  The Redomiciliation Merger was completed on November 30, 2007 as a result of which each outstanding share of Star Maritime common stock was converted into the right to receive one share of Star Bulk common stock and each outstanding warrant of Star Maritime was assumed by Star Bulk with the same terms and restrictions except that each became exercisable for common stock of Star Bulk. Star Bulk’s common stock and warrants are listed on the Nasdaq Global Market under the symbols "SBLK" and "SBLKW" respectively.

Akis Tsirigakis, President and CEO of Star Bulk commented: “I am very pleased to report Star Bulk’s first full operating quarter financial results. We have taken delivery of all eight vessels of the initial fleet within a few months since the commencement of operations in December 3, 2007 and we were able to grow our fleet to thirteen vessels, or by 63%.  Through these acquisitions, we reduced the average age of the fleet to approximately 10 years and exceeded the 1 million deadweight tonnage mark. Other significant milestones for the company include the exercise and/or re-purchase of approximately 68% of the warrants that were outstanding as well as having paid our first full operating quarter dividend of $0.35 per share. We believe we are well-positioned to create further value for our shareholders with the aid of our strong balance sheet and moderate debt level.”

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