Star Bulk Carriers Corp. Reports Financial Results for the Third
Quarter and Nine Months Ended September 30, 2013
ATHENS, GREECE--(Marketwired - Nov 26, 2013) - Star Bulk
Carriers Corp. (the "Company" or "Star Bulk") (NASDAQ: SBLK), a
global shipping company focusing on the transportation of dry bulk
cargoes, today announced its unaudited financial and operating
results for the three and the nine months ended September 30,
2013.
Adjusted Net income for the third quarter of 2013 was $2.3
million compared to an adjusted net loss of $3.8 million during the
same quarter in 2012.
Adjusted Net income for the nine months ended September 30, 2013
was $7.6 million compared to an adjusted net loss of $0.6 million
during the same period of the previous year.
Financial
Highlights
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(Expressed in thousands of U.S. dollars, except for
daily rates and per share data) |
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3 months ended |
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3 months ended |
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9 months ended |
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9 months ended |
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September 30, 2013 |
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September 30, 2012 |
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September 30, 2013 |
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September 30, 2012 |
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Total
Revenues |
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$ |
17,727 |
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$ |
18,417 |
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$ |
53,545 |
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$ |
68,224 |
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EBITDA (1) |
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$ |
5,380 |
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$ |
(297,289 |
) |
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$ |
19,122 |
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$ |
(278,549 |
) |
Adjusted EBITDA (1) |
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$ |
7,809 |
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$ |
7,629 |
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$ |
24,944 |
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$ |
34,020 |
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Net
(loss)/income |
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$ |
(168 |
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$ |
(308,677 |
) |
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$ |
1,796 |
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$ |
(313,137 |
) |
Adjusted Net income / (loss) |
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$ |
2,261 |
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$ |
(3,759 |
) |
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$ |
7,618 |
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$ |
(568 |
) |
(Loss) / earnings per share basic and diluted |
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$ |
(0.01 |
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$ |
(57.15 |
) |
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$ |
0.19 |
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$ |
(58.09 |
) |
Adjusted earnings/ (loss) per share basic and diluted |
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$ |
0.13 |
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$ |
(0.70 |
) |
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$ |
0.82 |
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$ |
(0.11 |
) |
Average Number of Vessels |
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13.0 |
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14.0 |
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13.4 |
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14.2 |
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Time
Charter Equivalent Rate (TCE) |
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$ |
14,652 |
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$ |
15,201 |
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$ |
14,414 |
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$ |
15,560 |
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Average OPEX per day per vessel |
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$ |
5,675 |
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$ |
4,878 (3) |
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$ |
5,622 |
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$ |
5,239 |
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Net
Cash G&A Expenses per vessel (2) |
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$ |
1,338 |
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$ |
1,432 |
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$ |
1,439 |
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$ |
1,445 |
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(1) Please see the section of this release entitled
EBITDA and Adjusted EBITDA Reconciliation for a reconciliation of
EBITDA and Adjusted EBITDA to Net Cash Provided by Operating
Activities, which is the most directly comparable financial measure
calculated and presented in accordance with generally accepted
accounting principles in the United States ("U.S. GAAP"). (2) Net
Cash G&A Expenses per vessel is calculated by deducting from
General and administrative expenses (net of stock based
compensation expense) Management Fee Income and then dividing with
ownership days. (3) The low level of Average OPEX per day per
vessel for the third quarter of 2012 was affected by the main
engine failure of Star Polaris, which resulted to an off hire
period of 92 days.
Spyros Capralos, President and Chief Executive Officer of Star
Bulk, commented: "It is with great pleasure to see the rapid
transformation of Star Bulk, to continue for another quarter. On
October 7th we successfully completed a follow on offering of
8,050,000 of our common shares, raising approximately $70.8
million, which demonstrated the increasing confidence and support
of our Company by investors. Along with our backstopped rights
issue completed in July 2013, we have raised a total of
approximately $150 million, providing us with the capital needed to
implement our growth strategy.
We continue to execute our strategy to expand and upgrade our
fleet at a low point in the shipping cycle. During the quarter we
increased our newbuilding program to 9 vessels, and on November 18,
2013 we announced the acquisition of 2 modern Ultramaxes, to be
named Star Challenger and Star Fighter, for a total purchase
consideration of $58.1 million, with expected deliveries in early
December 2013 and January 2014 respectively. As of today, we have
ordered or acquired a total of 11 modern and high quality vessels
at historically low prices, and we remain committed to successfully
implement our contracted fleet expansion and renewal program. In
addition, we extended our ship management services to 5 additional
third party vessels, bringing our operational fleet to 24 vessels
currently, 15 owned and 9 managed.
On the operational side, we are pleased to report positive
results for another quarter, as our Adjusted Net Income was $2.3
million for the quarter ended September 30, 2013 compared to an
Adjusted Net Loss of $3.8 million for the third quarter of 2012.
Going forward, we expect to further improve our operational
performance, through our on-going cost containment efforts, and
through the economies of scale from the management of a larger
fleet.
Lastly, the recent improvement in freight rates demonstrates the
upside potential in the dry bulk industry. Moving past the last
years' abnormal fleet supply growth, we believe that the positive
demand fundamentals will be better reflected in freight rates and
vessel values, supporting a market recovery to historical levels.
Once Star has completed its current expansion phase, we expect the
larger and more competitive asset base to substantially increase
the company's cash flow. In this context, the company will examine
in the coming years the most appropriate ways to return capital to
shareholders that have entrusted us to capitalize on the current
opportunity in the dry bulk market."
Simos Spyrou, Chief Financial Officer of Star Bulk, commented:
"We are pleased to report another profitable quarter on an adjusted
basis. The financial results of this quarter are inclusive of the
scheduled dry docking of 2 of our vessels, namely Star Aurora and
Star Theta, along with the associated expenditure of $1.6
million.
For the 3rd quarter of 2013, our net daily G&A expenses
excluding non-cash items, stood at $1,338 per vessel, 7% lower than
the same period last year. This is due to the expansion of our
third party managed fleet to a total of 9 dry bulk vessels during
this quarter, while we expect to experience the full positive
impact from this activity going forward, mainly through economies
of scale and cost synergies.
Following two successful equity capital raises, our cash stands
today at $107.8 million. Our total debt stands at $190.7 million,
bringing our net debt to $82.9 million. Furthermore, we have
already paid a total amount of $72.9 million in the form of
advances for the 11 vessels on order or acquired. The above figures
are inclusive of the $5.8 million down payment we have made in
relation to the acquisition of Star Challenger and Star Fighter
announced on November 18, 2013, representing the 10% of their
aggregate purchase consideration.
We are currently in active discussions with leading financial
institutions to secure commercial debt financing for these vessels.
We estimate that our total equity CAPEX requirements for the 9
newbuilding and the 2 second hand vessels from today until the end
of 2014 will be approximately $26 million."
Owned Fleet Profile (As
of November 26, 2013)
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Vessel Name |
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Type |
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DWT |
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Year Built |
Star Aurora |
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Capesize |
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171,199 |
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2000 |
Star Big |
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Capesize |
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168,404 |
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1996 |
Star Borealis |
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Capesize |
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179,678 |
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2011 |
Star Mega |
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Capesize |
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170,631 |
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1994 |
Star Polaris |
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Capesize |
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179,546 |
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2011 |
Star Challenger * |
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Ultramax |
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61,462 |
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2012 |
Star Fighter * |
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Ultramax |
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61,462 |
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2013 |
Star Cosmo |
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Supramax |
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52,247 |
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2005 |
Star Delta |
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Supramax |
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52,434 |
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2000 |
Star Epsilon |
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Supramax |
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52,402 |
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2001 |
Star Gamma |
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Supramax |
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53,098 |
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2002 |
Star Kappa |
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Supramax |
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52,055 |
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2001 |
Star Omicron |
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Supramax |
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53,489 |
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2005 |
Star Theta |
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Supramax |
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52,425 |
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2003 |
Star Zeta |
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Supramax |
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52,994 |
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2003 |
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Total |
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15 |
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1,413,526 |
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* In November, 2013, we entered into two agreements to
acquire from two unaffiliated third parties, two 61,462 dwt
Ultramax vessels, Supra Challenger I and Supra Challenger II,
renamed to Star Challenger and Star Fighter, for approximately
$58.1 million in aggregate. These vessels are expected to be
delivered to Star Bulk in early December 2013 and January 2014
respectively.
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Newbuildings |
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Vessel Name |
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Type |
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DWT |
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Expected Delivery Date |
Hull 1342 |
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Newcastlemax |
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208,000 |
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First Half 2016 |
Hull 1343 |
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Newcastlemax |
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208,000 |
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First Half 2016 |
Hull NE 198 |
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Newcastlemax |
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209,000 |
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First Quarter 2016 |
Hull 1338 |
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Capesize |
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180,000 |
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Fourth quarter 2015 |
Hull 1339 |
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Capesize |
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180,000 |
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First Quarter 2016 |
Hull NE 196 |
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Ultramax |
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61,000 |
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Fourth Quarter 2015 |
Hull NE 197 |
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Ultramax |
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61,000 |
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Fourth Quarter 2015 |
Hull 5040 |
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Ultramax |
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60,000 |
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Second Quarter 2015 |
Hull 5043 |
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Ultramax |
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60,000 |
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Third Quarter 2015 |
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Total |
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9 |
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1,227,000 |
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Third Party Vessels
Under Management (As of November 26, 2013)
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Drybulk Vessels |
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Vessel Name |
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Type |
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DWT |
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Year Built |
Big Bang |
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Capesize |
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180,181 |
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2007 |
Big Fish |
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Capesize |
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177,643 |
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2004 |
Obelix |
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Capesize |
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181,433 |
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2011 |
Pantagruel |
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Capesize |
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174,109 |
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2004 |
Marto |
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Panamax |
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74,732 |
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2001 |
Renascentia |
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Panamax |
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74,470 |
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1999 |
Maiden Voyage |
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Supramax |
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58,722 |
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2012 |
Serenity I |
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Supramax |
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55,742 |
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2006 |
Strange Attractor |
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Supramax |
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53,688 |
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2006 |
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Total |
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9 |
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1,030,720 |
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Third Quarter 2013 and
2012 Results (*)
For the third quarter of 2013, total voyage revenues amounted to
$17.3 million compared to $18.3 million for the third quarter of
2012. This decrease was mainly attributed to the lower charter
rates for some of our vessels and to the lower average number of
vessels during the third quarter of 2013 compared to the third
quarter of 2012, due to the sale of the Star Sigma in
March 2013. Revenues from the management of third party vessels
amounted to $0.5 million in the third quarter of 2013, versus $0.1
million in the third quarter of 2012, a 541% increase, due to the
increase in the number of third party vessels under our
management.
For the third quarter of 2013, operating income amounted to $1.4
million compared to operating loss of $306.8 million for the third
quarter of 2012. Net loss for the third quarter of 2013 amounted to
$0.2 million or a loss of $0.01 per basic and diluted share, based
on 16,807,757 shares, which is the weighted average number of basic
and diluted shares. Net loss for the third quarter of 2012 amounted
to a loss of $308.7 million, or a loss of $57.15 per share
calculated on 5,400,827 shares, which was the weighted average
number of basic and diluted shares.
Net loss for the third quarter of 2013 includes the following
non-cash items:
- Amortization of fair value of above market acquired time
charters of $1.6 million, or $0.10 per basic and diluted share,
associated with time charters attached to vessels acquired in the
third quarter of 2011, namely the Star Big and the
Star Mega, which time charters are amortized over the
remaining period of the time charter as a decrease to voyage
revenues.
- Expenses of $0.4 million, or $0.03, per basic and diluted
share, relating to the amortization of stock based compensation
recognized in connection with the shares issued to directors and
employees.
- Unrealized loss of $0.4 million, or $0.02 per basic and diluted
share, in connection with the mark to market valuation of the
Company's derivatives.
Excluding these non-cash items, net income for the third quarter
of 2013 would amount to $2.3 million, or $0.13 per basic and
diluted share, based on 16,807,757 shares, which is the weighted
average number of basic and diluted shares.
Net loss for the third quarter of 2012 includes the following
non-cash items:
- Impairment loss of $303.2 million, or $56.14 per basic and
diluted share, related to the total fleet of our eight Supramax
vessels and to one of our Capesize vessels, Star Sigma.
- Amortization of fair value of above market acquired time
charters of $1.6 million, or $0.30 per basic and diluted share,
associated with time charters attached to vessels acquired in the
third quarter of 2011, namely the Star Big and the
Star Mega, which are amortized over the remaining period
of the time charter as a decrease to voyage revenues.
- Expenses of $0.1 million, or $0.01 per basic and diluted share,
relating to the amortization of stock based compensation recognized
in connection with the shares issued to directors and
employees.
Excluding these non-cash items, net loss for the third quarter
of 2012 would amount to a loss of $3.8 million, or a $0.70 per
basic and diluted share, based on 5,400,827 shares, which was the
weighted average number of basic and diluted shares.
Adjusted EBITDA for the third quarter of 2013 and 2012,
excluding the above items, was $7.8 million and $7.6 million,
respectively. A reconciliation of EBITDA and adjusted EBITDA to net
cash provided by cash flows from operating activities is set forth
below under the heading EBITDA and Adjusted EBITDA
Reconciliation.
We owned and operated an average of 13.0 and 14.0 vessels during
the third quarter of 2013 and 2012, respectively, which earned an
average Time Charter Equivalent, or TCE, rate of $14,652 per day
and $15,201 per day, respectively. We refer you to the information
under the heading "Summary of Selected Data" later in this earnings
release for information regarding our calculation of TCE rates.
For the third quarter of 2013, voyage expenses decreased by $1.0
million to $2.4 million compared to $3.4 million for the third
quarter of 2012. Under voyage charter agreements, we are
responsible for all voyage costs, as opposed to time charter
agreements where these are paid by the charterer.
Operating expenses and dry-docking expenses for the third
quarter of 2013 and 2012 totaled to $8.4 million and $8.3 million,
respectively.Depreciation expense decreased to $4.0 million for the
third quarter of 2013, compared to $9.5 million for the third
quarter of 2012. The decrease was due to:
a) the impairment losses recognized as of September 30,
2012, in connection with our oldest Capesize vessel, the Star
Sigma, and the entire fleet of our eight Supramax vessels,
which resulted in a further reduction in the net book value for the
respective vessels. b) the lower average number of vessels of
13.0 during the third quarter of 2013 compared to 14.0 during the
third quarter of 2013, due to the sale of the Star Sigma
in March 2013.
General and administrative expenses during the third quarter of
2013 increased to $2.5 million compared to $2.0 million during the
third quarter of 2012. This increase was due to higher stock based
compensation expense by $0.4 million in third quarter of 2013
compared to the same period in 2012. In 2012, $1.3 million of stock
based compensation expense negatively impacted the results of the
first quarter of the year. In addition the average number of
employees was increased during the third quarter of 2013 compared
to the same period in 2012, due to increase in average number of
third party vessels under management from 1 vessel in third quarter
of 2012 to 5.1 vessels in third quarter of 2013. The management fee
income earned during the third quarter of 2013 and 2012 was $0.5
million and $0.1 million, respectively. Net General and
Administrative expenses (General and Administrative Expenses netted
for non-cash items and for Management Fee Income) per vessel stand
at $1,338 per day, reduced by 7% versus same quarter last year.
During the third quarter of 2012, we recorded an impairment loss
of $303.2 million in the book value of our oldest Capesize vessel,
Star Sigma, and the whole fleet of our eight Supramax
vessels, in order for the carrying values of the respective vessels
to reflect their fair market values.
For the third quarter of 2013, other operational gain amounted
to $1.6 million and mainly consisted of non-recurring revenues of
$0.3 million and $0.8 million which represented the payment of the
installments due to us, under settlement agreements for three
commercial claims and a gain of $0.6 million regarding a hull and
machinery claim. For the third quarter of 2012, other operational
gain totaled to $1.9 million and included an amount of $1.4
million, which represented a settlement of a commercial claim, and
an amount of $0.5 million regarding a gain from hull and machinery
claim.
In September 2010, we signed an agreement to sell a 45% interest
in the future proceeds related to the settlement of certain
commercial claims. As a result, in connection to the settlement
amount of $0.8 million described in other operational gain above,
during the third quarter of 2013, we incurred an expense of $0.3
million which is included under other operational loss. For the
third quarter of 2012, other operational loss totaled $0.7 million,
representing the expense incurred by us towards a third party,
pursuant to the terms of the same agreement as described above. The
expense of $0.7 million was incurred in connection to the
settlement of a commercial claim in the amount of $1.4 million
described above in other operational gain.
In June 2013, we entered into two interest rate swap agreements
to fix forward our floating interest rate liabilities for the $70.0
million bilateral term loan facility with Credit Agricole CIB for
the vessels Star Polaris and Star Borealis. The
non-cash loss from the mark to market valuation of these swap
agreements for the third quarter of 2013, amounted to $0.4 million.
Loss on derivative instruments for the third quarter of 2012
amounted to $0.02 million.
For the third quarter of 2013 and 2012, interest and finance
costs totaled $1.7 million and $1.9 million, respectively. The
decrease is mainly attributable to lower average outstanding debt
during the third quarter of 2013 amounting to $195.8 million
compared to $236.6 million for the third quarter of 2012, which was
off-set by an increase in weighted average interest rates in third
quarter of 2013 due to the amendment of our loan agreements,
reached in December of 2012.
(*) Amounts relating to variations in period -- on --
period comparisons shown in this section are derived from the
actual numbers in our books and records
Nine months ended
September 30, 2013 and 2012 Results (*)
For the nine months ended September 30, 2013, total voyage
revenues amounted to $52.6 million compared to $68.0 million for
the same period of 2012. This decrease was mainly attributed to the
lower charter rates for some of our vessels due to the decline in
the dry bulk charter market, the lower number of voyage charters
performed by us during the nine months ended September 30, 2013
compared to the same period of 2012 (which also led to reduced
voyage expenses) and the lower average number of vessels during the
nine months ended September 30, 2013 compared to the same period in
2012, due to the sale of the Star Sigma in March 2013.
Revenues from the management of third party vessels amounted to
$0.9 million for the nine months ended September 30, 2013, versus
$0.2 million during the same period last year, a 338% increase, due
to the increase in the number of third party vessels under our
management.
For the nine months ended September 30, 2013, operating income
amounted to $7.1 million compared to operating loss of $307.3 for
the same period of 2012. Net income for the nine months ended
September 30, 2013, amounted to $1.8 million, or $0.19 per basic
and diluted share, based on 9,254,316 and 9,273,410 weighted
average number of shares, respectively. Net loss for the nine
months ended September 30, 2012, amounted to $313.1 million, or a
loss of $58.09 per share calculated on 5,390,553 shares, which was
the weighted average number of basic and diluted shares.
Net income for the nine months ended September 30, 2013,
includes the following non-cash items:
- Amortization of fair value of above market acquired time
charters of $4.8 million, or $0.51 per basic and diluted share,
associated with time charters attached to vessels acquired in the
third quarter of 2011, namely the Star Big and the
Star Mega, which time charters are amortized over the
remaining period of the time charter as a decrease to voyage
revenues.
- Expenses of $1.0 million, or $0.11 per basic and diluted share,
relating to the amortization of stock based compensation recognized
in connection with the shares issued to directors and
employees.
- Unrealized gain of $0.1 million, or $0.01 per basic and diluted
share, in connection with the mark to market valuation of the
Company's derivatives.
- Loss on sale of vessel of $0.1 million or $0.01 per basic and
diluted share in connection with the sale of the Star
Sigma, that concluded in March of 2013.
Excluding these non-cash items, net income for the nine months
ended September 30, 2013 would amount to $7.6 million, or $0.82 per
basic and diluted share, respectively, based on 9,254,316 and
9,273,410 weighted average number of shares, respectively.
Net loss for the nine months ended September 30, 2012, includes
the following non-cash items:
- Impairment loss of $303.2 million, or $56.25 per basic and
diluted share, related to the total fleet of our eight Supramax
vessels and to one of our Capesize vessels, Star Sigma.
- Amortization of fair value of above market acquired time
charters of $4.8 million, or $0.88 per basic and diluted share,
associated with time charters attached to vessels acquired in the
third quarter of 2011, namely the Star Big and the
Star Mega, which time charters are amortized over the
remaining period of the time charter as a decrease to voyage
revenues.
- Expenses of $1.5 million, or $0.27 per basic and diluted share,
relating to the amortization of stock based compensation recognized
in connection with the shares issued to directors and
employees.
- Unrealized gain of $0.1 million, or $0.02 per basic and diluted
share, in connection with the mark to market valuation of the
Company's derivatives.
- Loss on sale of vessel of $3.2 million or $0.59 per basic and
diluted share in connection with the sale of the Star
Ypsilon, in February of 2012.
Excluding these non-cash items, net loss for the nine months
ended September 30, 2012 would amount to $0.6 million, or $0.11
loss per basic and diluted share, based on 5,390,553 shares, which
was the weighted average number of basic and diluted shares.
Adjusted EBITDA for the nine months ended September 30, 2013 and
2012, excluding the above items, was $24.9 million and $34.0
million, respectively. A reconciliation of EBITDA and adjusted
EBITDA to net cash provided by cash flows from operating activities
is set forth below.
We owned and operated an average of 13.4 and 14.2 vessels during
the nine months ended September 30, 2013 and 2012, respectively,
earning an average TCE rate of $14,414 and $15,560 per day,
respectively. We refer you to the information under the heading
"Summary of Selected Data" later in this earnings release for
further information regarding our calculation of TCE rates.
Voyage expenses decreased to $6.9 million for the nine months
ended September 30, 2013, compared to $17.5 million for the same
period in 2012. The decrease is attributable to:
a) voyage expenses of $4.1 million related to chartering-in
third party vessels to serve shipments under a Contract of
Affreightment (COA) recorded during the nine months ended September
30, 2012, while there were no corresponding expenses during same
period of 2013. The respective revenues earned from the COA during
the nine months ended September 30, 2012, was $3.4 million.
b) the decreased level of spot market activity during the nine
months ended September 30, 2013 compared to the same period of
2012. Under voyage charter agreements all voyage costs are borne
and paid by us, as opposed to time charter agreements where they
are paid by the charterer. The revenues earned from the voyage
charter agreements during the nine months ended September 30, 2013
and 2012, were $8.1 million and $14.7 million, respectively, after
excluding COAs.
For the nine months ended September 30, 2013 and 2012, vessel
operating expenses totaled to $20.5 million.
For the nine months ended September 30, 2013, dry-docking
expenses totaled $2.2 million compared to $3.0 million for the same
period of 2012. During both periods, we had one Capesize vessel and
one Supramax vessel that underwent periodic dry-docking
surveys.
Depreciation expense decreased to $12.0 million for the nine
months ended September 30, 2013, compared to $28.7 million for the
same period of 2012. The decrease was due to:
a) the impairment losses recognized as of September 30,
2012, in connection with our oldest Capesize vessel, the Star
Sigma, and the entire fleet of our eight Supramax vessels,
which resulted in a further reduction in the net book value for the
respective vessels. b) the lower average number of vessels of
13.4 during the nine months ended September 30, 2013 compared to
14.2 during the nine months ended September 30, 2012.
For the nine months ended September 30, 2013, general and
administrative expenses totaled $7.2 million compared to $7.3
million for the same period in 2012. If we exclude the stock based
compensation expense for the nine months ended September 30, 2013
and 2012, which amounted to $1.0 million and $1.5, respectively,
the general and administrative expenses would be slightly increased
due to the higher number of employees during the nine months ended
September 30, 2013, compared to the same period in 2012, as a
result of the growth of our managed fleet. The management fee
income earned during the nine months ended September 30, 2013 and
2012, was $0.9 million and $0.2 million, respectively.
During the nine months ended September 30, 2012, we recorded an
impairment loss of $303.2 million in the book value of our oldest
Capesize vessel, Star Sigma, and the whole fleet of our
eight Supramax vessels, in order for the carrying values of the
respective vessels to reflect their fair market values.
Gain on time charter agreement termination totaled $6.45 million
for the nine months ended September 30, 2012, representing a cash
payment of $5.73 million and fuel oil valued at $0.72 million
received as compensation for the early redelivery of vessel the
Star Sigma by its previous charterer. No gain on time
charter agreement was recorded during the nine months ended
September 30, 2013.
Other operational gain amounted to $3.3 million during the nine
months ended September 30, 2013 and mainly consisted of
non-recurring revenues of $0.3 million and $2.0 which represented
the payment of installments due to us under settlement agreements
for three commercial claims and a gain of $1.0 million regarding a
hull and machinery claim. Other operational gain amounting to $2.0
million during the nine months ended September 30, 2012, mainly
consisted of non-recurring revenue of $1.4 million, which
represents a settlement of a commercial claim and a gain of $0.7
million regarding a hull and machinery claim.
Other operational loss amounted to $0.9 million during the nine
months ended September 30, 2013 representing the cash payment due
by us to a third party pursuant to the terms of the agreement that
was signed in September of 2010, to sell a 45% interest in the
future proceeds related to the settlement of certain commercial
claims. The expense of $0.9 million was incurred in connection to
the settlement amount of $2.0 million described in other
operational gain above. Other operational loss totaled $0.7 million
during the nine months ended September 30, 2012, due to the payment
made by us to a third party pursuant to the terms of the same
agreement as described above. The payment of $0.7 million was made
in connection to the settlement of a commercial claim in the amount
of $1.4 million described in other operational gain.
For the nine months ended September 30, 2013, loss on sale of
vessel of $0.1 million represents a loss on sale of the vessel
Star Sigma that concluded in March of 2013. The vessel was
delivered to her new owners on April 10, 2013. For the nine months
ended September 30, 2012, loss on sale of vessel of $3.2 million
represented a loss on sale of the vessel Star Ypsilon that
concluded in February of 2012.
In June 2013, we entered into two interest rate swap agreements.
The valuation of these as of September 30, 2013, resulted into a
non-cash gain amounting to $0.06 million for the nine months ended
September 30, 2013. Gain on derivative instruments for the nine
months ended September 30, 2012, amounted to $0.04 million.
Interest and finance costs for the nine months ended September
30, 2013, were $5.5 million, while for the nine months ended
September 30, 2012, were $6.0 million. The decrease in our interest
expenses was mainly due to decrease in average outstanding debt
during the nine months ended September 30, 2013, amounting to
$203.0 million compared to $246.4 million for the same period in
2012, which was off-set by an increase in weighted average interest
rates for the nine months ended September 30, 2013, due to the
amendment of our loan agreements, reached in December of 2012.
(*) Amounts relating to variations in period -- on --
period comparisons shown in this section are derived from the
actual numbers in our books and records
Liquidity and Capital
Resources
Cash Flows Net
cash provided by operating activities for the nine months ended
September 30, 2013 and 2012, was $22.4 million and $19.5 million,
respectively. For the nine months ended September 30, 2013, we
earned a daily TCE rate of $14,414 compared to a daily TCE rate of
$15,560 for the nine months ended September 30, 2012.
Net cash used in investing activities for the nine months ended
September 30, 2013, was $9.9 million. Net cash provided by
investing activities for the nine months ended September 30, 2012,
was $14.1 million. For the nine months ended September 30, 2013 net
cash used in investing activities consisted of $29.8 million paid
for advances for two of our newbuilding vessels and other fixed
assets, $8.3 million representing proceeds from sale of the vessel
Star Sigma which concluded in March 2013 and under which
the vessel was delivered to her new owner on April 10, 2013, a
decrease of $7.6 million in restricted cash and insurance proceeds
amounting to $4.0 million. Net cash provided by investing
activities for the nine months ended September 30, 2012, consisted
of the proceeds from sale of the vessel Star Ypsilon
amounting to $8.0 million, a net decrease of $2.2 million in
restricted cash, insurance proceeds amounting to $4.0 million and
offset by $0.1 million regarding additions to vessels cost and
other fixed assets.
Net cash provided by financing activities for the nine months
ended September 30, 2013, was $48.0 million. Net cash used in
financing activities for the nine months ended September 30, 2012,
was $36.5 million. For the nine months ended September 30, 2013,
net cash provided by financing activities consisted of loan
installment payments amounting to $29.7 million and payment of
financing fees amounting to $0.3 million, proceeds from the rights
offering amounting to $80.1 million less offering expenses of $2.1
million. For the nine months ended September 30, 2012, net cash
used in financing activities consisted of loan instalment payments
amounting to $32.0 million, cash dividend payments of $3.6 million
and $0.9 million paid for the repurchase of 61,730 shares under the
terms of the Company's share re-purchase plan, which expired on
December 31, 2012.
Recent
Developments
On October 7, 2013, we offered 8,050,000 common shares, in an
underwritten public offering price of $8.80 per share less
underwriters' discount. All of the shares in the offering were sold
by us, which resulted in gross proceeds of approximately $70.8
million. The proceeds are expected to be primarily used for the
acquisition of the Company's newbuilding vessels and general
corporate purposes.
On November 18, 2013, we announced that we have entered into
agreements to acquire from two unaffiliated third parties, two
61,462 dwt Ultramax vessels, Supra Challenger I and Supra
Challenger II, built 2012 and 2013, respectively, for a total
consideration of $58.1 million. The vessels renamed to "Star
Challenger" and "Star Fighter", are expected to be delivered to
Star Bulk in early December 2013 and by January 15th, 2014
respectively.
Summary of Selected
Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(TCE rates expressed in U.S. dollars) |
|
|
|
|
|
|
|
|
3 months ended |
|
|
3 months ended |
|
|
|
September 30, 2013 |
|
|
September 30, 2012 |
|
Average number of vessels (1) |
|
|
13.0 |
|
|
|
14.0 |
|
Number of vessels (2) |
|
|
13 |
|
|
|
14 |
|
Average age of operational fleet (in years) (3) |
|
|
10.7 |
|
|
|
10.6 |
|
Ownership days (4) |
|
|
1,196 |
|
|
|
1,288 |
|
Available days (5) |
|
|
1,142 |
|
|
|
1,157 |
|
Voyage days for fleet (6) |
|
|
1,126 |
|
|
|
1,087 |
|
Fleet utilization (7) |
|
|
98.6 |
% |
|
|
93.9 |
% |
Average per-day TCE rate (8) |
|
$ |
14,652 |
|
|
$ |
15,201 |
|
Average per day OPEX per vessel (9) |
|
$ |
5,675 |
|
|
$ |
4,878 |
|
Average Net Cash G&A expenses per vessel (10) |
|
$ |
1,338 |
|
|
$ |
1,432 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 months ended |
|
|
9 months ended |
|
|
|
September 30, 2013 |
|
|
September 30, 2012 |
|
Average number of vessels (1) |
|
|
13.4 |
|
|
|
14.2 |
|
Number of vessels (2) |
|
|
13 |
|
|
|
14 |
|
Average age of operational fleet (in years) (3) |
|
|
10.7 |
|
|
|
10.6 |
|
Ownership days (4) |
|
|
3,650 |
|
|
|
3,904 |
|
Available days (5) |
|
|
3,596 |
|
|
|
3,704 |
|
Voyage days for fleet (6) |
|
|
3,504 |
|
|
|
3,556 |
|
Fleet utilization (7) |
|
|
97.4 |
% |
|
|
96.0 |
% |
Average per-day TCE rate (8) |
|
$ |
14,414 |
|
|
$ |
15,560 |
|
Average per day OPEX per vessel (9) |
|
$ |
5,622 |
|
|
$ |
5,239 |
|
Average Net Cash G&A expenses per vessel (10) |
|
$ |
1,439 |
|
|
$ |
1,445 |
|
(1) Average number of vessels is the number of vessels
that constituted our fleet for the relevant period, as measured by
the sum of the number of days each vessel was a part of our fleet
during the period divided by the number of calendar days in that
period. (2) As of the last day of the periods
reported (3) Average age of operational fleet is
calculated as at September 30, 2013 and 2012, respectively.
(4) Ownership days are the total calendar days each vessel in
the fleet was owned by the Company for the relevant
period. (5) Available days for the fleet are the ownership
days after subtracting for off-hire days with major repairs,
dry-docking or special or intermediate surveys or transfer of
ownership. (6) Voyage days are the total days the vessels were
in our possession for the relevant period after subtracting all
off-hire days incurred for any reason (including off-hire for
dry-docking, major repairs, special or intermediate surveys).
(7) Fleet utilization is calculated by dividing voyage days by
available days for the relevant period. (8) Represents the
weighted average per-day TCE rates, of our entire fleet. TCE rate
is a measure of the average daily revenue performance of a vessel
on a per voyage basis. Our method of calculating TCE rate is
determined by dividing voyage revenues (net of voyage expenses and
amortization of fair value of above/below market acquired time
charter agreements) by voyage days for the relevant time period.
Voyage expenses primarily consist of port, canal and fuel costs
that are unique to a particular voyage, which would otherwise be
paid by the charterer under a time charter contract, as well as
commissions. TCE rate is a standard shipping industry performance
measure used primarily to compare period-to-period changes in a
shipping company's performance despite changes in the mix of
charter types (i.e., spot charters, time charters and bareboat
charters) under which the vessels may be employed between the
periods. We included TCE revenues, a non- GAAP measure, as it
provides additional meaningful information in conjunction with
voyage revenues, the most directly comparable GAAP measure, because
it assists our management in making decisions regarding the
deployment and use of its vessels and in evaluating their financial
performance. Average per day OPEX per vessel is calculated by
dividing Vessel operating expenses by ownership days. (10) Net
Cash G&A Expenses per vessel is calculated by deducting from
General and administrative expenses (net of stock based
compensation expense) Management Fee Income and then dividing with
ownership days.
Unaudited Consolidated
Condensed Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Expressed in thousands of U.S. dollars except for share and
per share data) |
|
3 months ended September 30, 2013 |
|
|
3 months ended September 30, 2012 |
|
|
9 months ended September 30, 2013 |
|
|
9 months ended September 30, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Voyage Revenues |
|
17,272 |
|
|
18,346 |
|
|
52,634 |
|
|
68,016 |
|
Management Fee Income |
|
455 |
|
|
71 |
|
|
911 |
|
|
208 |
|
Total
revenues |
|
17,727 |
|
|
18,417 |
|
|
53,545 |
|
|
68,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Voyage expenses |
|
(2,375 |
) |
|
(3,424 |
) |
|
(6,880 |
) |
|
(17,453 |
) |
Vessel operating expenses |
|
(6,787 |
) |
|
(6,283 |
) |
|
(20,519 |
) |
|
(20,452 |
) |
Dry-docking expenses |
|
(1,605 |
) |
|
(1,971 |
) |
|
(2,177 |
) |
|
(2,997 |
) |
Depreciation |
|
(3,957 |
) |
|
(9,535 |
) |
|
(12,027 |
) |
|
(28,732 |
) |
(Loss)/Gain on derivative instruments |
|
(378 |
) |
|
(23 |
) |
|
60 |
|
|
41 |
|
General and administrative expenses |
|
(2,499 |
) |
|
(1,988 |
) |
|
(7,208 |
) |
|
(7,325 |
) |
Vessel impairment loss |
|
- |
|
|
(303,219 |
) |
|
- |
|
|
(303,219 |
) |
Gain
on time charter agreement termination |
|
- |
|
|
- |
|
|
- |
|
|
6,454 |
|
Other
operational gain |
|
1,641 |
|
|
1,891 |
|
|
3,288 |
|
|
2,031 |
|
Other
operational loss |
|
(338 |
) |
|
(663 |
) |
|
(900 |
) |
|
(663 |
) |
Loss
on sale of vessel |
|
(6 |
) |
|
(26 |
) |
|
(87 |
) |
|
(3,190 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income / (loss) |
|
1,423 |
|
|
(306,824 |
) |
|
7,095 |
|
|
(307,281 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and finance costs |
|
(1,711 |
) |
|
(1,905 |
) |
|
(5,505 |
) |
|
(6,047 |
) |
Interest and other income |
|
120 |
|
|
52 |
|
|
206 |
|
|
191 |
|
Total
other expenses, net |
|
(1,591 |
) |
|
(1,853 |
) |
|
(5,299 |
) |
|
(5,856 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income/ (loss) |
|
(168 |
) |
|
(308,677 |
) |
|
1,796 |
|
|
(313,137 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/ (loss) per share, basic |
|
(0.01 |
) |
|
(57.15 |
) |
|
0.19 |
|
|
(58.09 |
) |
Earnings/ (loss) per share, diluted |
|
(0.01 |
) |
|
(57.15 |
) |
|
0.19 |
|
|
(58.09 |
) |
Weighted average number of shares outstanding, basic |
|
16,807,757 |
|
|
5,400,827 |
|
|
9,254,316 |
|
|
5,390,553 |
|
Weighted average number of shares outstanding, diluted |
|
16,807,757 |
|
|
5,400,827 |
|
|
9,273,410 |
|
|
5,390,553 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Consolidated
Condensed Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Expressed in thousands of U.S. dollars) |
|
ASSETS |
|
September 30, 2013 |
|
December 31, 2012 |
Cash
and restricted cash |
|
75,296 |
|
22,276 |
Other
current assets |
|
8,216 |
|
15,687 |
TOTAL
CURRENT ASSETS |
|
83,512 |
|
37,963 |
|
|
|
|
|
Advances for vessels under construction and acquisition of vessels
and other assets |
|
28,632 |
|
- |
Vessels and other fixed assets, net |
|
271,993 |
|
291,207 |
Restricted cash |
|
9,370 |
|
9,570 |
Fair
value of above market acquired time charter |
|
9,579 |
|
14,330 |
Other
non-current assets |
|
1,288 |
|
1,636 |
TOTAL
ASSETS |
|
404,374 |
|
354,706 |
|
|
|
|
|
Current portion of long-term debt |
|
17,766 |
|
28,766 |
Other
current liabilities |
|
12,243 |
|
13,684 |
TOTAL
CURRENT LIABILITIES |
|
30,009 |
|
42,450 |
|
|
|
|
|
Long-term debt |
|
176,658 |
|
195,348 |
Other
non-current liabilities |
|
201 |
|
162 |
TOTAL
LIABILITIES |
|
206,868 |
|
237,960 |
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
197,506 |
|
116,746 |
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
404,374 |
|
354,706 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*As of September 30, 2013, we had $84,666 thousand in cash which
included $73,409 thousand free cash and $11,257 thousand restricted
cash. Restricted cash consisted of $4,257 thousand deposited in
pledged accounts and $7,000 thousand minimum liquidity required by
our loan agreements.
Unaudited Cash Flow
Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Expressed in thousands of U.S. dollars) |
|
9 months ended September 30, 2013 |
|
|
9 months ended September 30, 2012 |
|
|
|
|
|
|
|
|
Net
cash provided by operating activities |
|
22,431 |
|
|
19,475 |
|
|
|
|
|
|
|
|
Net
cash (used in)/provided by investing activities |
|
(9,931 |
) |
|
14,061 |
|
|
|
|
|
|
|
|
Net
cash provided by/(used in) financing activities |
|
47,959 |
|
|
(36,518 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA and Adjusted
EBITDA Reconciliation
We consider EBITDA to represent net income before interest,
income taxes, depreciation and amortization. EBITDA does not
represent and should not be considered as an alternative to net
income or cash flow from operations, as determined by United States
generally accepted accounting principles, or U.S. GAAP, and our
calculation of EBITDA may not be comparable to that reported by
other companies. EBITDA is included herein because it is a basis
upon which we assess our liquidity position it is used by our
lenders as a measure of our compliance with certain loan covenants
and because we believe that it presents useful information to
investors regarding our ability to service and/or incur
indebtedness.
We excluded amortization of the fair value of above market
acquired time charters associated with time charters attached to
vessels acquired, vessel impairment loss, non-cash loss related to
sale of vessel, change in fair value of derivatives and stock-based
compensation expense recognized during the period, to derive
adjusted EBITDA. We excluded the above non-cash items to derive
adjusted EBITDA because we believe that these non-cash items do not
reflect the operational cash inflows and outflows of our fleet.
The following table reconciles net cash provided by operating
activities to EBITDA and adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
(Expressed in thousands of U.S. dollars |
|
3 months ended September 30, 2013 |
|
|
3 months ended September 30, 2012 |
|
|
9 months ended September 30, 2013 |
|
|
9 months ended September 30, 2012 |
|
Net
cash provided by operating activities |
|
7,469 |
|
|
121 |
|
|
22,431 |
|
|
19,475 |
|
Net
(increase)/decrease in current assets |
|
(114 |
) |
|
7,053 |
|
|
(4,539 |
) |
|
4,309 |
|
Net
(decrease)/ increase in operating liabilities, excluding
current portion of long term debt |
|
(1,644 |
) |
|
(1,789 |
) |
|
1,170 |
|
|
4,157 |
|
Amortization of fair value of above market acquired time charter
agreements |
|
(1,601 |
) |
|
(1,601 |
) |
|
(4,751 |
) |
|
(4,768 |
) |
Vessel impairment loss |
|
- |
|
|
(303,219 |
) |
|
- |
|
|
(303,219 |
) |
Other
non-cash charges |
|
(10 |
) |
|
(32 |
) |
|
(39 |
) |
|
(83 |
) |
Amortization of deferred finance charges |
|
(116 |
) |
|
(118 |
) |
|
(408 |
) |
|
(375 |
) |
Stock
- based compensation |
|
(444 |
) |
|
(72 |
) |
|
(1,044 |
) |
|
(1,474 |
) |
Change in fair value of derivatives |
|
(378 |
) |
|
- |
|
|
60 |
|
|
82 |
|
Total
other expenses, net |
|
1,591 |
|
|
1,853 |
|
|
5,299 |
|
|
5,856 |
|
Loss
on sale of vessel |
|
(6 |
) |
|
(26 |
) |
|
(87 |
) |
|
(3,190 |
) |
Gain
from Hull & Machinery claim |
|
633 |
|
|
541 |
|
|
1,030 |
|
|
681 |
|
EBITDA |
|
5,380 |
|
|
(297,289 |
) |
|
19,122 |
|
|
(278,549 |
) |
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair value of derivatives |
|
- |
|
|
- |
|
|
(60 |
) |
|
(82 |
) |
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of fair value of above market acquired time charter
agreements |
|
1,601 |
|
|
1,601 |
|
|
4,751 |
|
|
4,768 |
|
Stock-based compensation |
|
444 |
|
|
72 |
|
|
1,044 |
|
|
1,474 |
|
Vessel impairment loss |
|
- |
|
|
303,219 |
|
|
- |
|
|
303,219 |
|
Change in fair value of derivatives |
|
378 |
|
|
- |
|
|
- |
|
|
- |
|
Loss
on sale of vessel |
|
6 |
|
|
26 |
|
|
87 |
|
|
3,190 |
|
Adjusted EBITDA |
|
7,809 |
|
|
7,629 |
|
|
24,944 |
|
|
34,020 |
|
Conference Call
details: Our management team will host a conference call to
discuss our financial results today, November 26th at 11 a.m.,
Eastern Time (EST).
Participants should dial into the call 10 minutes before the
scheduled time using the following numbers: 1(866) 819-7111 (from
the US), 0(800) 953-0329 (from the UK) or + (44) (0) 1452 542 301
(from outside the US). Please quote "Star Bulk."
A replay of the conference call will be available until December
3rd, 2013. The United States replay number is 1(866) 247-4222; from
the UK 0(800) 953-1533; the standard international replay number is
(+44) (0) 1452 550 000 and the access code required for the replay
is: 3128607#.
Slides and audio
webcast: There will also be a simultaneous live webcast over
the Internet, through the Star Bulk website (www.starbulk.com).
Participants to the live webcast should register on the website
approximately 10 minutes prior to the start of the webcast.
About Star Bulk Star Bulk is a global shipping company providing
worldwide seaborne transportation solutions in the dry bulk sector.
Star Bulk's vessels transport major bulks, which include iron ore,
coal and grain and minor bulks which include bauxite, fertilizers
and steel products. Star Bulk was incorporated in the Marshall
Islands on December 13, 2006 and maintains executive offices in
Athens, Greece. Its common stock trades on the Nasdaq Global Market
under the symbol "SBLK". Currently, Star Bulk has an operating
fleet of fifteen dry bulk carriers. The total fleet consists
of five Capesize two Ultramax and eight Supramax dry bulk vessels
with a combined cargo carrying capacity of 1,413,526 deadweight
tons. The average age of our current operating fleet is
approximately 9.5 years. Additionally, we have nine third party dry
bulk vessels under our management, four Capesize, two Panamax and
three Supramax vessels with a combined cargo carrying capacity of
1,030,720 deadweight tons. We have also entered into agreements for
the construction of nine fuel efficient dry bulk vessels, three
Newcastlemax vessels, two Capesize vessels and four Ultramax
vessels, with a combined cargo carrying capacity of 1,227,000
deadweight tons. All of the newbuilding vessels are expected to be
delivered during 2015 and 2016.
Forward-Looking Statements Matters discussed in this press
release may constitute forward-looking statements. The Private
Securities Litigation Reform Act of 1995 provides safe harbor
protections for forward-looking statements in order to encourage
companies to provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts.
The Company desires to take advantage of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and is including this cautionary statement in connection with this
safe harbor legislation. The words "believe," "anticipate,"
"intends," "estimate," "forecast," "project," "plan," "potential,"
"may," "should," "expect," "pending" and similar expressions
identify forward-looking statements.
The forward-looking statements in this press release are based
upon various assumptions, many of which are based, in turn, upon
further assumptions, including without limitation, examination by
the Company's management of historical operating trends, data
contained in its records and other data available from third
parties. Although the Company believes that these assumptions were
reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond the Company's
control, the Company cannot assure you that it will achieve or
accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors
that, in the Company's view, could cause actual results to differ
materially from those discussed in the forward-looking statements
include the strength of world economies and currencies, general
market conditions, including fluctuations in charter rates and
vessel values, changes in demand for dry bulk shipping capacity,
changes in the Company's operating expenses, including bunker
prices, drydocking and insurance costs, the market for the
Company's vessels, availability of financing and refinancing,
changes in governmental rules and regulations or actions taken by
regulatory authorities, potential liability from pending or future
litigation, general domestic and international political
conditions, potential disruption of shipping routes due to
accidents or political events, vessels breakdowns and instances of
off-hires and other factors. Please see our filings with the
Securities and Exchange Commission for a more complete discussion
of these and other risks and uncertainties. The information set
forth herein speaks only as of the date hereof, and the Company
disclaims any intention or obligation to update any forward-looking
statements as a result of developments occurring after the date of
this communication.
Contacts: Company: Simos Spyrou CFO Star Bulk Carriers Corp. c/o
Star Bulk Management Inc. 40 Ag. Konstantinou Av. Maroussi 15124
Athens, Greece Email: info@starbulk.com www.starbulk.com Investor
Relations / Financial Media: Nicolas Bornozis President Capital
Link, Inc. 230 Park Avenue, Suite 1536 New York, NY 10169 Tel.
(212) 661-7566
E-mail: starbulk@capitallink.com www.capitallink.com
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