The following is a summary of the Star Bulk Carriers Corp (SBLK) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Star Bulk achieved Q1 net income of $75 million, with adjusted net income of $73 million or $0.87 adjusted earnings per share.

• The company declared a dividend per share of $0.75, adding to the $1.6 billion of dividends and share buybacks executed since 2021.

• Star Bulk's liquidity remains strong at $472 million, while total debt is $1.45 billion and the company's TCE rate stands at $19,627 per vessel per day.

• Under the merger with Eagle Bulk, the company sold eight vessels for total gross proceeds of roughly $150 million in 2024.

Business Progress:

• The company has successfully integrated Eagle Bulk, which has reduced costs and improved their share price.

• Star Bulk Carriers Corp has continued to focus on debt reduction to increase capacity when prices are low and to benefit from price increases.

• The company is investing in R&D technologies for decarbonization, which not only reduce energy consumption but also add to the commercial appeal of their vessels.

• Star Bulk is prioritizing improvement of their existing fleet through testing of various technologies.

• The company plans to take advantage of environmental regulations, which they see as a potential opportunity to enhance their supply and demand dynamics.

• The company's sustainability ESG Risk Score has improved and the company maintains its number 1 ranking among US-listed peers.

• Star Bulk expressed an intention to continue expanding, showing optimism for potential future transactions and mergers.

More details: Star Bulk Carriers IR

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