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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