Star Bulk Carriers Corp (SBLK) Q3 2024 Earnings Call Highlights: Strong Financial Performance ...

GuruFocus.com11-21 15:04

Net Income: $81 million for Q3 2024. Adjusted Net Income: $83 million or $0.71 adjusted earnings per share. Adjusted EBITDA: $143.4 million for the quarter. Dividend per Share: $0.60 declared for Q3 ...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStar Bulk Carriers Corp (SBLK) Q3 2024 Earnings Call Highlights: Strong Financial Performance ...\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-21 15:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/star-bulk-carriers-corp-sblk-070426412.html><strong>GuruFocus.com</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Net Income: $81 million for Q3 2024.\nAdjusted Net Income: $83 million or $0.71 adjusted earnings per share.\nAdjusted EBITDA: $143.4 million for the quarter.\nDividend per Share: $0.60 declared for Q3 ...</p>\n\n<a href=\"https://finance.yahoo.com/news/star-bulk-carriers-corp-sblk-070426412.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SBLK","symbol_name":"Star Bulk Carriers Corp","start_time":0,"source_url":"https://finance.yahoo.com/news/star-bulk-carriers-corp-sblk-070426412.html","article_id":"2485778437","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/O_a1j5LzXRJn02BD71_o7A--~B/aD0xODA7dz0xODA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/us.finance.gurufocus/0e55db2619d071cfbaeee1e5f118f39f"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2485778437","pubTimestamp":1732172666,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Adjusted Net Income: $83 million or $0.71 adjusted earnings per share.Dividend per Share: $0.60 declared for Q3 2024.Time Charter Equivalent Rate: $18,843 per vessel per day.Daily OpEx and Net Cash G&A Expenses: $6,376 per vessel per day.Synergies from Eagle Bulk Integration: More than $9 million achieved.Vessel Sales: Four vessels sold for total gross proceeds of $50 million.Cash Flow from Operating Activities: $138 million generated in Q3 2024.Cash Balance: $473 million at the end of Q3 2024.OpEx: $5,114 per vessel per day for Q3 2024.Net Cash G&A Expenses: $1,262 per vessel per day for Q3 2024.Dry Docking Costs: $18.3 million estimated for the remainder of 2024.Fleet Size: 156 vessels with an average age of 11.9 years.Share Buybacks: $443 million worth of shares bought back since 2021.Net Debt per Vessel: Reduced from $12.3 million to $5.7 million.GuruFocus has detected 2 Warning Sign with SBLK.Star Bulk Carriers Corp  faces a high total debt of $1.3 billion, which could pose financ","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"SBLK":"Star Bulk Carriers Corp","SBLKZ":"Star Bulk Carriers Corp"},"translate_title":"Star Bulk Carriers Corp(SBLK)2024年第三季度收益看涨期权亮点：强劲的财务业绩……","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SBLK":1,"SBLKZ":1},"content_text":"Net Income: $81 million for Q3 2024.\nAdjusted Net Income: $83 million or $0.71 adjusted earnings per share.\nAdjusted EBITDA: $143.4 million for the quarter.\nDividend per Share: $0.60 declared for Q3 2024.\nTotal Liquidity: $433 million.\nTotal Debt: $1.3 billion.\nTime Charter Equivalent Rate: $18,843 per vessel per day.\nDaily OpEx and Net Cash G&A Expenses: $6,376 per vessel per day.\nSynergies from Eagle Bulk Integration: More than $9 million achieved.\nVessel Sales: Four vessels sold for total gross proceeds of $50 million.\nCash Flow from Operating Activities: $138 million generated in Q3 2024.\nCash Balance: $473 million at the end of Q3 2024.\nOpEx: $5,114 per vessel per day for Q3 2024.\nNet Cash G&A Expenses: $1,262 per vessel per day for Q3 2024.\nDry Docking Costs: $18.3 million estimated for the remainder of 2024.\nOff-Hire Days: Approximately 420 days expected for the remainder of 2024.\nFleet Size: 156 vessels with an average age of 11.9 years.\nFleet Scrubber Fitting: 98% of the fleet equipped with scrubbers.\nShare Buybacks: $443 million worth of shares bought back since 2021.\nNet Debt per Vessel: Reduced from $12.3 million to $5.7 million.\n\n\nWarning! GuruFocus has detected 2 Warning Sign with SBLK.\n\nRelease Date: November 20, 2024\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.\n Positive Points \n\nStar Bulk Carriers Corp (NASDAQ:SBLK) reported a strong net income of $81 million for Q3 2024, with an adjusted net income of $83 million.\nThe company declared a dividend of $0.60 per share, demonstrating a commitment to returning capital to shareholders.\nSuccessful integration of Eagle Bulk has already resulted in $9 million in synergies, with expectations to achieve $50 million in synergies within 12 to 18 months.\nStar Bulk Carriers Corp (NASDAQ:SBLK) has reduced its net debt per vessel by more than 50% since 2020, enhancing financial stability.\nThe company is a leader in ESG initiatives, achieving a 4% reduction in Scope 1 greenhouse gas emissions and a 5.8% improvement in fleet-wide CII.\n\n Negative Points \n\nStar Bulk Carriers Corp (NASDAQ:SBLK) faces a high total debt of $1.3 billion, which could pose financial risks.\nThe Panamax segment is experiencing challenges due to a 3.4% supply growth and reduced congestion, impacting demand.\nThe company anticipates approximately 420 off-hire days for the remainder of 2024, which could affect operational efficiency.\nPotential geopolitical uncertainties, such as the reopening of the Red Sea, could negatively impact shipping routes and efficiency.\nThe dry bulk market faces potential headwinds from the incoming Trump administration's pro-tariff policies, which could affect global trade dynamics.\n\n Q & A Highlights \nQ: Can you discuss the synergies realized from the Eagle Bulk merger and whether you are on track to achieve the $50 million target? A: Nicos Rescos, Chief Operating Officer, stated that the $6.5 million in synergies for Q3 indicates a positive trend for future quarters. They expect to improve efficiencies, particularly in crew changes and dry docks, and are on target to meet or exceed the $50 million goal. Christos Begleris, Co-Chief Financial Officer, added that they are already at a $26 million annual run rate and expect to surpass the target within four quarters.\nQ: What should we model for G&A expenses post-merger with Eagle Bulk? A: Simos Spyrou, Co-Chief Financial Officer, mentioned that the G&A expenses for the ex-Eagle Bulk office are currently $13,700 per day per vessel, significantly lower than before. They aim to further reduce these expenses to align with the Athens office's figures.\nQ: Can you provide insights into the current market trends, particularly the performance of Capesize versus smaller vessels? A: Petros Pappas, CEO, explained that while Capesize vessels have performed well, Panamax vessels face challenges due to factors like reduced congestion and short-haul Indonesian coal exports. He noted that Panamax demand in ton miles has decreased despite higher carried quantities.\nQ: Have you observed any changes in customer activity due to potential tariffs from the new US administration? A: Petros Pappas, CEO, stated that while no significant changes have been observed yet, they expect short-term trade boosts due to tariff fears. He elaborated on potential impacts, including longer trade routes and increased congestion from South American imports, which could be positive for shipping.\nQ: What is the return on investment for the energy-saving devices installed on your fleet? A: Nicos Rescos, COO, reported that the repayment period for these devices ranges from two to three years, with efficiency improvements between 6% to 10%. They conduct thorough testing before installation to ensure expected returns.\nQ: Can you elaborate on your use of biofuels and their impact on operations? A: Charis Plakantonaki, Chief Strategy Officer, explained that biofuels are being considered for compliance with European regulations. They are working with suppliers to ensure availability and have tested biofuels in their engines without needing modifications.\nQ: How do you view the current S&P market and asset values, particularly for Panamax vessels? A: Petros Pappas, CEO, noted that asset values are influenced by chartering rates. While smaller vessels like Panamax may face downside pressure, Capesize vessels are expected to remain resilient due to low order books and increased long-haul trade routes.\nQ: What is your strategy for fleet renewal, considering current asset values and chartering opportunities? A: Hamish Norton, President, emphasized that with shares trading below net asset value, they are not planning large cash investments in new vessels. Instead, they focus on chartering opportunities at favorable rates and maintaining strong relationships with Japanese owners.\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.This article first appeared on \nGuruFocus.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485778437"}