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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 6-K
REPORT
OF FOREIGN PRIVATE ISSUER
PURSUANT
TO RULE 13a-16 OR 15d-16
UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For
the month of August 2023
Commission
File Number 001-33869
STAR BULK CARRIERS CORP.
--12-31
(Translation of registrant’s name
into English)
Star Bulk Carriers Corp.
c/o Star Bulk Management
Inc.
40 Agiou Konstantinou Street,
15124 Maroussi,
Athens, Greece
(Address of principal executive
offices)
June
30, 2023
Indicate by check mark whether
the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒
Form 40-F ☐
Indicate by check mark if
the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if
the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
INFORMATION
CONTAINED IN THIS FORM 6-K REPORT
Attached
as Exhibit 99.1 to this Form 6-K is a Management's Discussion and Analysis of Financial Condition and Results of Operations and the unaudited
interim condensed consolidated financial statements of Star Bulk Carriers Corp. (the “Company”) as of and for the six months
ended June 30, 2022 and 2023.
Attached
as Exhibit 99.2 to this Form 6-K is a copy of the Company's press release (the “Press Release”) announcing its unaudited
financial and operating results for the Company's three and six months ended June 30, 2023, which was issued on August 3, 2023.
The
information contained in Exhibit 99.1 of this Form 6-K is hereby incorporated by reference into the registrant's Registration Statements
on Form F-3 (File Nos. 333-264226, 333-232765, 333-234125 and 333-252808) and Registration Statement on Form S-8 (File No. 333-176922),
in each case to the extent not superseded by information subsequently filed or furnished (to the extent we expressly state that we incorporate
such furnished information by reference) by the Company under the Securities Act of 1933 or the Securities Exchange Act of 1934, in each
case as amended.
CAUTIONARY
STATEMENT CONCERNING FORWARD-LOOKING INFORMATION
This
Form 6-K, and the documents to which the Company refers in this Form 6-K, as well as information included in oral statements or other
written statements made or to be made by the Company, contain “forward-looking statements,” within the meaning of Section
27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Exchange Act, with respect to
our financial condition, results of operations and business and our expectations or beliefs concerning future events. Words such as,
but not limited to, “believe,” “expect,” “anticipate,” “estimate,” “intend,”
“plan,” “targets,” “projects,” “likely,” “will,” “would,” “could”
and similar expressions or phrases may identify forward-looking statements.
All
forward-looking statements involve risks and uncertainties. The occurrence of the events described, and the achievement of the expected
results, depend on many events, some or all of which are not predictable or within our control. Actual results may differ materially
from expected results.
In
addition, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking
statements include:
| • | general
dry bulk shipping market conditions, including fluctuations in charter rates and vessel values; |
| • | the
strength of world economies; |
| • | the
stability of Europe and the Euro; |
| • | fluctuations
in currencies, interest rates and foreign exchange rates, and the impact of the discontinuance
of remaining London Interbank Offered Rate tenors for US Dollars, or LIBOR, after June 30,
2023 on any of our debt referencing LIBOR in the interest rate; |
| • | business
disruptions due to natural and other disasters or otherwise, such as the ongoing impacts from the novel coronavirus
(“COVID-19”) (and variants that may emerge); |
| • | the
length and severity of epidemics and pandemics, including COVID-19 and its impact on the
demand for seaborne transportation in the dry bulk sector; |
| • | changes
in supply and demand in the dry bulk shipping industry, including the market for our vessels
and the number of new buildings under construction; |
| • | the
potential for technological innovation in the sector in which we operate and any corresponding
reduction in the value of our vessels or the charter income derived therefrom; |
| • | changes
in our expenses, including bunker prices, dry docking, crewing and insurance costs; |
| • | changes
in governmental rules and regulations or actions taken by regulatory authorities; |
| • | potential
liability from pending or future litigation and potential costs due to environmental damage
and vessel collisions; |
| • | the
impact of increasing scrutiny and changing expectations from investors, lenders, charterers
and other market participants with respect to our Environmental, Social and Governance (“ESG”)
practices; |
| • | our
ability to carry out our ESG initiatives and thereby meet our ESG goals and targets including
as set forth under Item 4. Information on the Company—B. Business Overview—Our
ESG Performance in the Company's annual report on Form 20-F for the fiscal year ended 2022; |
| • | new
environmental regulations and restrictions, whether at a global level stipulated by the International
Maritime Organization, and/or regional/national imposed by regional authorities such as the
European Union or individual countries; |
| • | potential
cyber-attacks which may disrupt our business operations; |
| • | general
domestic and international political conditions or events, including “trade wars”
and the ongoing conflict between Russia and Ukraine; |
| • | the
impact on our common shares and reputation if our vessels were to call on ports located in
countries that are subject to restrictions imposed by the U.S. or other governments; |
| • | our
ability to successfully compete for, enter into and deliver our vessels under time charters
or other employment arrangements for our existing vessels after our current charters expire
and our ability to earn income in the spot market; |
| • | potential
physical disruption of shipping routes due to accidents, climate-related reasons (acute and
chronic), political events, public health threats, international hostilities and instability,
piracy or acts by terrorists; |
| • | the
availability of financing and refinancing; |
| • | the
failure of our contract counterparties to meet their obligations; |
| • | our
ability to meet requirements for additional capital and financing to grow our business; |
| • | the
impact of our indebtedness and the compliance with the covenants included in our debt agreements; |
| • | vessel
breakdowns and instances of off-hire; |
| • | potential
exposure or loss from investment in derivative instruments; |
| • | potential
conflicts of interest involving our Chief Executive Officer, his family and other members
of our senior management; |
| • | our
ability to complete acquisition transactions as and when planned and upon the expected terms; |
| • | the
impact of port or canal congestion or disruptions; and |
| • | the
risk factors and other factors referred to in the Company's reports filed with or furnished
to the U.S. Securities and Exchange Commission (“SEC”). |
Consequently, all
of the forward-looking statements we make in this document are qualified by the information contained or referred to herein, including,
but not limited to, (i) the information contained under this heading and (ii) the information disclosed in the Company's annual report
on Form 20-F for the fiscal year ended 2022, filed with the SEC on March 7, 2023.
You
should carefully consider the cautionary statements contained or referred to in this section in connection with any subsequent written
or oral forward-looking statements that may be issued by us or persons acting on our behalf. Except as required by law, the Company undertakes
no obligation to update any of these forward-looking statements, whether as a result of new information, future events, a change in the
Company’s views or expectations or otherwise, except as required by applicable law. New factors emerge from time to time, and it
is not possible for the Company to predict all of these factors. Further, the Company cannot assess the impact of each such factor on
its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those
contained in any forward-looking statement.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
Dated:
August 3, 2023
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COMPANY NAME |
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By: |
/s/
Simos Spyrou |
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Name:
Simos Spyrou |
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Title:
Co-Chief Financial Officer |
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Exhibit
99.1
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The
following is a discussion of the financial condition and results of operations of Star Bulk Carriers Corp. (“Star Bulk”)
for the six-month periods ended June 30, 2022 and 2023. Unless otherwise specified herein, references to the “Company,” “we,”
“us” or “our” shall include Star Bulk and its subsidiaries. You should read the following discussion and analysis
together with the unaudited interim condensed consolidated financial statements and related notes included elsewhere herein. For additional
information relating to our management’s discussion and analysis of financial conditions and results of operations, please see
our Annual Report on Form 20-F for the year ended December 31, 2022, which was filed with the U.S. Securities and Exchange Commission
(the “Commission”) on March 7, 2023 (the “2022 Annual Report”). Unless otherwise defined herein, capitalized
words and expressions used herein shall have the same meanings ascribed to them in the 2022 Annual Report. This discussion includes forward-looking
statements which, although based on assumptions that we consider reasonable, are subject to risks and uncertainties which could cause
actual events or conditions to differ materially from those currently anticipated and expressed or implied by such forward-looking statements.
Overview
We
are a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Our vessels transport major
bulks, which include iron ore, coal and grain, and minor bulks which include bauxite, fertilizers and steel products. We were incorporated
in the Marshall Islands on December 13, 2006 and, on December 3, 2007, we commenced operations when we took delivery of our first vessel.
We maintain offices in Athens, New York, Limassol, Singapore and Germany. Our common shares trade on the Nasdaq Global Select Market
under the symbol “SBLK.”
Our
Fleet
During
the first quarter of 2023, we agreed with the war risk insurers of the vessel Star Pavlina, that the vessel became a constructive
total loss on February 24, 2023, given its prolonged detainment in Ukraine following the commencement of Russia’s military action
against Ukraine on February 24, 2022.
During the six-month period ended June 30, 2023, we decided
to sell opportunistically certain vessels and renew our fleet taking advantage of the elevated vessel market values.
In
particular, on March 24, 2023, we agreed to sell the vessels Star Borealis and Star Polaris which were delivered to their
new owner on May 4, 2023 and on July 7, 2023, respectively.
In
addition, on May 26, 2023, we agreed to sell the vessels Star Centaurus, Star Columba, Star Aquila, Star Hercules and Star Cepheus.
Star Centaurus, Star Columba and Star Aquila were delivered to their new owner in July 2023 and it is expected that the remaining
two vessels will be delivered within August 2023.
As
of August 2, 2023 and as adjusted for the delivery of Star Hercules and Star Cepheus, as further discussed above, our
owned fleet consisted of 120 operating vessels with an aggregate carrying capacity of approximately 13.3 million dwt, consisting
of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax and Supramax vessels.
The
following tables present summary information relating to our fleet as of August 2, 2023 (as adjusted for the delivery of Star Hercules
and Star Cepheus to their new owner as discussed above):
Operating
Fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholly
Owned Subsidiaries |
Vessel
Name |
DWT |
Date
Delivered to Star Bulk |
Year
Built |
1 |
Pearl Shiptrade LLC |
Gargantua
(1) |
209,529 |
April
2, 2015 |
2015 |
2 |
Star Ennea LLC |
Star
Gina 2GR |
209,475 |
February
26, 2016 |
2016 |
3 |
Coral Cape Shipping LLC |
Maharaj
(1) |
209,472 |
July
15, 2015 |
2015 |
4 |
Sea Diamond Shipping LLC |
Goliath
(1) |
209,537 |
July
15, 2015 |
2015 |
5 |
Star Castle II LLC |
Star
Leo |
207,939 |
May
14, 2018 |
2018 |
6 |
ABY Eleven LLC |
Star
Laetitia |
207,896 |
August
3, 2018 |
2017 |
7 |
Domus Shipping LLC |
Star
Ariadne |
207,812 |
March
28, 2017 |
2017 |
8 |
Star Breezer LLC |
Star
Virgo |
207,810 |
March
1, 2017 |
2017 |
9 |
Star Seeker LLC |
Star
Libra |
207,765 |
June
6, 2016 |
2016 |
10 |
ABY Nine LLC |
Star
Sienna |
207,721 |
August
3, 2018 |
2017 |
11 |
Clearwater Shipping LLC |
Star
Marisa |
207,709 |
March
11 2016 |
2016 |
12 |
ABY Ten LLC |
Star
Karlie |
207,566 |
August
3, 2018 |
2016 |
13 |
Star Castle I LLC |
Star
Eleni |
207,555 |
January
3, 2018 |
2018 |
14 |
Festive Shipping LLC |
Star
Magnanimus |
207,526 |
March
26, 2018 |
2018 |
15 |
New Era II Shipping LLC |
Debbie
H |
206,861 |
May
28, 2019 |
2019 |
16 |
New Era III Shipping LLC |
Star
Ayesha |
206,852 |
July
15, 2019 |
2019 |
17 |
New Era I Shipping LLC |
Katie
K |
206,839 |
April
16, 2019 |
2019 |
18 |
Cape Ocean Maritime LLC |
Leviathan
|
182,511 |
September 19,
2014 |
2014 |
19 |
Cape Horizon Shipping LLC |
Peloreus
|
182,496 |
July 22,
2014 |
2014 |
20 |
Star Nor I LLC |
Star
Claudine |
181,258 |
July
6, 2018 |
2011 |
21 |
Star Nor II LLC |
Star
Ophelia |
180,716 |
July
6, 2018 |
2010 |
22 |
Sandra Shipco LLC |
Star
Pauline |
180,274 |
December
29, 2014 |
2008 |
23 |
Christine Shipco LLC |
Star
Martha |
180,274 |
October
31, 2014 |
2010 |
24 |
Pacific Cape Shipping LLC |
Pantagruel
|
180,181 |
July 11,
2014 |
2004 |
25 |
Star Nor III LLC |
Star
Lyra |
179,147 |
July
6, 2018 |
2009 |
26 |
Star Regg V LLC |
Star
Borneo |
178,978 |
January
26, 2021 |
2010 |
27 |
Star Regg VI LLC |
Star
Bueno |
178,978 |
January
26, 2021 |
2010 |
28 |
Star Regg IV LLC |
Star
Marilena |
178,978 |
January
26, 2021 |
2010 |
29 |
Star Regg I LLC |
Star
Marianne |
178,906 |
January
14, 2019 |
2010 |
30 |
Star Regg II LLC |
Star
Janni |
178,978 |
January
7, 2019 |
2010 |
31 |
Star Trident V LLC |
Star
Angie |
177,931 |
October
29, 2014 |
2007 |
32 |
Sky Cape Shipping LLC |
Big
Fish |
177,662 |
July 11,
2014 |
2004 |
33 |
Global Cape Shipping LLC |
Kymopolia
|
176,990 |
July 11,
2014 |
2006 |
34 |
Star Trident XXV LLC |
Star
Triumph |
176,343 |
December
8, 2017 |
2004 |
35 |
ABY Fourteen LLC |
Star
Scarlett |
175,649 |
August
3, 2018 |
2014 |
36 |
ABY Fifteen LLC |
Star
Audrey |
175,125 |
August
3, 2018 |
2011 |
37 |
Sea Cape Shipping LLC |
Big
Bang |
174,109 |
July 11,
2014 |
2007 |
38 |
ABY I LLC |
Star
Paola |
115,259 |
August
3, 2018 |
2011 |
|
|
|
|
|
|
|
Wholly
Owned Subsidiaries |
Vessel
Name |
DWT |
Date
Delivered to Star Bulk |
Year
Built |
39 |
ABM One LLC |
Star
Eva |
106,659 |
August
3, 2018 |
2012 |
40 |
Nautical Shipping LLC |
Amami
|
98,681 |
July 11,
2014 |
2011 |
41 |
Majestic Shipping LLC |
Madredeus
|
98,681 |
July 11,
2014 |
2011 |
42 |
Star Sirius LLC |
Star
Sirius |
98,681 |
March 7,
2014 |
2011 |
43 |
Star Vega LLC |
Star
Vega |
98,681 |
February 13,
2014 |
2011 |
44 |
ABY II LLC |
Star
Aphrodite |
92,006 |
August
3, 2018 |
2011 |
45 |
Augustea Bulk Carrier LLC |
Star
Piera |
91,951 |
August
3, 2018 |
2010 |
46 |
Augustea Bulk Carrier LLC |
Star
Despoina |
91,945 |
August
3, 2018 |
2010 |
47 |
Star Trident I LLC |
Star
Kamila |
82,769 |
September 3,
2014 |
2005 |
48 |
Star Nor IV LLC |
Star
Electra |
83,494 |
July
6, 2018 |
2011 |
49 |
Star Alta I LLC |
Star
Angelina |
82,981 |
December
5, 2014 |
2006 |
50 |
Star Alta II LLC |
Star
Gwyneth |
82,790 |
December
5, 2014 |
2006 |
51 |
Star Nor VI LLC |
Star
Luna |
82,687 |
July
6, 2018 |
2008 |
52 |
Star Nor V LLC |
Star
Bianca |
82,672 |
July
6, 2018 |
2008 |
53 |
Grain Shipping LLC |
Pendulum
|
82,619 |
July 11,
2014 |
2006 |
54 |
Star Trident XIX LLC |
Star
Maria |
82,598 |
November
5, 2014 |
2007 |
55 |
Star Trident XII LLC |
Star
Markella |
82,594 |
September 29,
2014 |
2007 |
56 |
ABY Seven LLC |
Star
Jeannette |
82,566 |
August
3, 2018 |
2014 |
57 |
Star Trident IX LLC |
Star
Danai |
82,574 |
October
21, 2014 |
2006 |
58 |
Star Sun I LLC |
Star
Elizabeth |
82,403 |
May
25, 2021 |
2021 |
59 |
Star Trident XI LLC |
Star
Georgia |
82,298 |
October
14, 2014 |
2006 |
60 |
Star Trident VIII LLC |
Star
Sophia |
82,269 |
October
31, 2014 |
2007 |
61 |
Star Trident XVI LLC |
Star
Mariella |
82,266 |
September 19,
2014 |
2006 |
62 |
Star Trident XIV LLC |
Star
Moira |
82,257 |
November
19, 2014 |
2006 |
63 |
Star Trident X LLC |
Star
Renee |
82,221 |
December
18, 2014 |
2006 |
64 |
Star Trident XIII LLC |
Star
Laura |
82,209 |
December
8, 2014 |
2006 |
65 |
Star Trident XV LLC |
Star
Jennifer |
82,209 |
April
15, 2015 |
2006 |
66 |
Star Nor VIII LLC |
Star
Mona |
82,188 |
July
6, 2018 |
2012 |
67 |
Star Trident II LLC |
Star
Nasia |
82,220 |
August 29,
2014 |
2006 |
68 |
Star Nor VII LLC |
Star
Astrid |
82,158 |
July
6, 2018 |
2012 |
69 |
Star Trident XVII LLC |
Star
Helena |
82,187 |
December
29, 2014 |
2006 |
70 |
Star Trident XVIII LLC |
Star
Nina |
82,224 |
January
5, 2015 |
2006 |
71 |
Waterfront Two LLC |
Star
Alessia |
81,944 |
August
3, 2018 |
2017 |
72 |
Star Nor IX LLC |
Star
Calypso |
81,918 |
July
6, 2018 |
2014 |
73 |
Star Elpis LLC |
Star
Suzanna |
81,711 |
May
15, 2017 |
2013 |
74 |
Star Gaia LLC |
Star
Charis |
81,711 |
March
22, 2017 |
2013 |
75 |
Mineral Shipping LLC |
Mercurial
Virgo |
81,545 |
July 11,
2014 |
2013 |
76 |
Star Nor X LLC |
Stardust |
81,502 |
July
6, 2018 |
2011 |
77 |
Star Nor XI LLC |
Star
Sky |
81,466 |
July
6, 2018 |
2010 |
78 |
Star Zeus VI LLC |
Star
Lambada |
81,272 |
March
16, 2021 |
2016 |
79 |
Star Zeus I LLC |
Star
Capoeira |
81,253 |
March
16, 2021 |
2015 |
80 |
Star Zeus II LLC |
Star
Carioca |
81,262 |
March
16, 2021 |
2015 |
81 |
Star Zeus VII LLC |
Star
Macarena |
81,198 |
March
6, 2021 |
2016 |
82 |
ABY III LLC |
Star
Lydia |
81,187 |
August
3, 2018 |
2013 |
83 |
ABY IV LLC |
Star
Nicole |
81,120 |
August
3, 2018 |
2013 |
84 |
ABY Three LLC |
Star
Virginia |
81,061 |
August
3, 2018 |
2015 |
|
|
|
|
|
|
|
Wholly
Owned Subsidiaries |
Vessel
Name |
DWT |
Date
Delivered to Star Bulk |
Year
Built |
85 |
Star Nor XII LLC |
Star
Genesis |
80,705 |
July
6, 2018 |
2010 |
86 |
Star Nor XIII LLC |
Star
Flame |
80,448 |
July
6, 2018 |
2011 |
87 |
Star Trident III LLC |
Star
Iris |
76,466 |
September 8,
2014 |
2004 |
88 |
Star Trident XX LLC |
Star
Emily |
76,417 |
September 16,
2014 |
2004 |
89 |
Orion Maritime LLC |
Idee
Fixe |
63,458 |
March
25, 2015 |
2015 |
90 |
Primavera Shipping LLC |
Roberta |
63,426 |
March
31, 2015 |
2015 |
91 |
Success Maritime LLC |
Laura |
63,399 |
April
7, 2015 |
2015 |
92 |
Star Zeus III LLC |
Star
Athena |
63,371 |
May
19, 2021 |
2015 |
93 |
Ultra Shipping LLC |
Kaley |
63,283 |
June
26, 2015 |
2015 |
94 |
Blooming Navigation LLC |
Kennadi
(1) |
63,262 |
January
8, 2016 |
2016 |
95 |
Jasmine Shipping LLC |
Mackenzie
(1) |
63,226 |
March
2, 2016 |
2016 |
96 |
Star Lida I Shipping LLC |
Star
Apus |
63,123 |
July
16, 2019 |
2014 |
97 |
Star Zeus V LLC |
Star
Bovarius |
61,602 |
March
16, 2021 |
2015 |
98 |
Star Zeus IV LLC |
Star
Subaru |
61,571 |
March
16, 2021 |
2015 |
99 |
Star Nor XV LLC |
Star
Wave |
61,491 |
July
6, 2018 |
2017 |
100 |
Star Challenger I LLC |
Star
Challenger (1) |
61,462 |
December 12,
2013 |
2012 |
101 |
Star Challenger II
LLC |
Star
Fighter (1) |
61,455 |
December 30,
2013 |
2013 |
102 |
Aurelia Shipping LLC |
Honey
Badger (1) |
61,320 |
February
27, 2015 |
2015 |
103 |
Star Axe II LLC |
Star
Lutas (1) |
61,347 |
January
6, 2016 |
2016 |
104 |
Rainbow Maritime LLC |
Wolverine
(1) |
61,292 |
February
27, 2015 |
2015 |
105 |
Star Axe I LLC |
Star
Antares (1) |
61,258 |
October
9, 2015 |
2015 |
106 |
ABY Five LLC |
Star
Monica |
60,935 |
August
3, 2018 |
2015 |
107 |
Star Asia I LLC |
Star
Aquarius |
60,916 |
July
22, 2015 |
2015 |
108 |
Star Asia II LLC |
Star
Pisces |
60,916 |
August
7, 2015 |
2015 |
109 |
Star Nor XIV LLC |
Star
Glory |
58,680 |
July
6, 2018 |
2012 |
110 |
Star Lida XI Shipping LLC |
Star
Pyxis |
56,615 |
August
19, 2019 |
2013 |
111 |
Star Lida VIII Shipping
LLC |
Star
Hydrus |
56,604 |
August
8, 2019 |
2013 |
112 |
Star Lida IX Shipping LLC |
Star
Cleo |
56,582 |
July
15, 2019 |
2013 |
113 |
Star Trident VII LLC |
Diva |
56,582 |
July
24, 2017 |
2011 |
114 |
Star Lida X Shipping LLC |
Star
Pegasus |
56,540 |
July
15, 2019 |
2013 |
115 |
Star Lida V Shipping LLC |
Star
Dorado |
56,507 |
July
16, 2019 |
2013 |
116 |
Star Regg III LLC |
Star
Bright |
55,569 |
October
10, 2018 |
2010 |
117 |
Glory Supra Shipping LLC |
Strange
Attractor |
55,742 |
July 11,
2014 |
2006 |
118 |
Star Omicron LLC |
Star
Omicron |
53,489 |
April 17,
2008 |
2005 |
119 |
Star Zeta LLC |
Star
Zeta |
52,994 |
January 2,
2008 |
2003 |
120 |
Star Theta LLC |
Star
Theta |
52,425 |
December 6,
2007 |
2003 |
|
|
Total
dwt |
13,347,973 |
|
|
| (1) | Subject
to a sale and leaseback financing transaction as further described in Note 7 to our consolidated
financial statements included in the 2022 Annual Report. |
In
addition, we have entered into long-term charter-in arrangements with respect to four Kamsarmax newbuildings and two Ultramax newbuildings
which are expected to be delivered during 2024 with an approximate duration of seven years per vessel plus optional years. Furthermore,
in November 2021 we took delivery of the Capesize vessel Star Shibumi, under a long-term charter-in contract for a period up to
November 2028. Please see below a summary table of the respective contracts:
# |
Name |
DWT |
Built |
Yard |
Country |
Delivery
/ Estimated Delivery (1) |
Minimum
Period |
1 |
Star Shibumi |
180,000 |
2021 |
JMU |
Japan |
November
2021 |
November
2028 |
2 |
NB Kamsarmax # 1 |
82,000 |
2024 |
Tsuneishi |
Japan |
Q1
- 2024 |
7
years |
3 |
NB Kamsarmax # 2 |
82,000 |
2024 |
Tsuneishi |
Japan |
Q4
- 2024 |
7
years |
4 |
NB Kamsarmax # 3 |
82,000 |
2024 |
JMU |
Japan |
Q2
- 2024 |
7
years |
5 |
NB Kamsarmax # 4 |
82,000 |
2024 |
JMU |
Japan |
Q3
- 2024 |
7
years |
6 |
NB Ultramax #1 |
66,000 |
2024 |
Tsuneishi,
Cebu |
Philippines |
Q1
- 2024 |
7
years |
7 |
NB Ultramax #2 |
66,000 |
2024 |
Tsuneishi,
Cebu |
Philippines |
Q4
- 2024 |
7
years |
|
|
640,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
We have also entered into a charter-in agreement for the vessel Tai Kudos which is expected to be redelivered to its owners in October
2023. |
Liquidity
and Capital Resources
Our
principal sources of funds have been cash flow from operations, equity offerings, borrowings under secured credit facilities, debt securities
or bareboat lease financings and proceeds from vessel sales. Our principal uses of funds have been capital expenditures to establish
and grow our fleet, maintain the quality of our dry bulk carriers, comply with international shipping standards, environmental laws and
regulations, fund working capital requirements, make principal and interest payments on outstanding indebtedness and make dividend payments
when approved by the Board of Directors.
Our
short-term liquidity requirements include paying operating costs, funding working capital requirements and the short-term equity portion
of the cost of vessel acquisitions and vessel upgrades, interest and principal payments on outstanding indebtedness and maintaining cash
reserves to strengthen our position against adverse fluctuations in operating cash flows. Our primary source of short-term liquidity
is cash generated from operating activities, available cash balances and portions from new debt and refinancings as well as equity financings.
Our
medium- and long-term liquidity requirements are funding the equity portion of our newbuilding vessel installments and secondhand vessel
acquisitions, if any, funding required payments under our vessel financing and other financing agreements and paying cash dividends when
declared. Sources of funding for our medium- and long-term liquidity requirements include cash flows from operations, new debt and refinancings
or bareboat lease financings, sale and lease back arrangements, equity issuances and vessel sales. Please
also refer to Note 12 to our unaudited interim condensed consolidated financial statements, included elsewhere herein, for further discussion
on our commitments as of June 30, 2023.
As
of August 2, 2023, we had total cash of $456.5 million and outstanding borrowings (including bareboat lease financing) of $1,181.7 million,
as adjusted for the proceeds from vessel sales and repayment of loans/leases, as further described in Notes 8 and 15 to our unaudited
interim condensed consolidated financial statements as of June 30, 2023, included herein. In addition, following a number of interest
rates swaps that we have entered into, we have converted a total of $349.3 million of such debt from floating to an average fixed rate
of 42 bps with average maturity of 1.3 year.
Our
debt agreements contain financial covenants and undertakings requiring us to maintain various ratios. A summary of these terms is included
in Note 8 of the Company’s consolidated financial statements for the year ended December 31, 2022, included in the 2022 Annual
Report.
We
believe that our current cash balance and our operating cash flows to be generated over the short-term period will be sufficient to meet
our liquidity needs for the foreseeable future (and at least through the end of the third quarter of 2024), including funding the operations
of our fleet, capital expenditure requirements and any other present financial requirements, including the cost for the installation
of ballast water treatment systems (“BWTS”) and Energy Saving Devices (“ESD”). In addition, we may sell and issue
shares under our two effective At-the-Market offering programs of up to $150.0 million at any time and from time to time. As of August
2, 2023, cumulative gross proceeds under our At-the-Market offering programs were $20.2 million. We may seek additional indebtedness
to finance future vessel acquisitions in order to maintain our cash position or to refinance our existing debt on more favorable terms.
Our practice has been to fund the cash portion of the acquisition of dry bulk carriers using a combination of funds from operations and
bank debt or lease financing secured by mortgages or title of ownership on our dry bulk carriers held by the relevant lenders, respectively.
We may also use the proceeds from potential equity or debt offerings to finance future vessel acquisitions. Our business is capital-intensive
and its future success will depend on our ability to maintain a high-quality fleet through the acquisition of newer dry bulk carriers
and the selective sale of older dry bulk carriers. These acquisitions will be principally subject to management’s expectation of
future market conditions as well as our ability to acquire dry bulk carriers on favorable terms. However our ability to obtain bank or
lease financing, to refinance our existing debt or to access the capital markets for offerings in the future, may be limited by our financial
condition at the time of any such financing or offering, including the market value of our fleet, as well as by adverse market conditions
resulting from, among other things, general economic conditions, weakness in the financial and equity markets and contingencies and uncertainties
that are beyond our control. Our liquidity is also impacted by our dividend policy, as discussed below.
The
2019 Novel Coronavirus (“COVID-19”) pandemic resulted in a significant reduction in global economic activity and extreme
volatility in the global financial market. During the second half of 2022, freight rates declined from highs seen earlier in the year as China’s
COVID-related lockdown measures intensified. The end of the zero COVID-19 policy by the Chinese authorities during the first quarter of
2023 fueled markets with optimism that resulted in the rebound of freight levels. During the second quarter of 2023, freight rates have
receded, as despite the uplift of the exporting activity, the relaxation of COVID-19 related inefficiencies resulted in the increase of
effective ship supply. Concurrently, Chinese macro data are implying a stalling economy, while the outlook of the western economies is getting
worse as a result of the tightening cycle that central banks are implementing in order to fight inflation. There continues to be a high
level of uncertainty relating to how the COVID-19 pandemic will evolve, the evolution and emergence of existing and future variants,
the availability of vaccines and their global deployment, the development of effective treatments, the imposition of effective public
safety and other protective measures and the public's and government's responses to such measures. As a result of the COVID-19 pandemic
restrictions imposed since 2020, additional crew expenses have been incurred. An increase in the severity or duration or a resurgence
of the COVID-19 pandemic and any significant disruption of wide-scale vaccine distribution could have a material adverse effect on our
business, results of operations, cash flows, financial condition, the carrying value of our assets, the fair values of our vessels, and
our ability to pay dividends.
Dividend
Policy
Our
dividend policy is described in Item 8. Financial Information-A. Consolidated statements and other financial information—Dividend
Policy of our 2022 Annual Report.
On
August 3, 2023, pursuant to our dividend policy, our Board of Directors declared a quarterly cash dividend of $0.40 per share, payable
on or about September 7, 2023 to all shareholders of record as of August 22, 2023. The ex-dividend date is expected to be August 21,
2023.
Since
Star Bulk is a holding company with no material assets other than the shares of its subsidiaries through which it conducts its
operations, Star Bulk’s ability to pay dividends in the future will depend on its subsidiaries’ ability to distribute
funds to it. Any future dividends declared will be at the discretion and remain subject to approval of our Board of Directors each
quarter after its review of our financial condition and other factors, including but not limited to our earnings, the prevailing
charter market conditions, capital requirements, limitations under our debt agreements and applicable provisions of Marshall Islands
law, which generally prohibits the payment of dividends other than from operating surplus or while a company is insolvent or would
be rendered insolvent upon the payment of such dividend. Star Bulk’s dividend policy and declaration and payment of dividends
may be changed at any time and are subject to legally available funds and our Board of Directors’ determination that each
declaration and payment is at the time in the best interests of Star Bulk and its shareholders after its review of our
financial performance. There can be no assurance that our Board of Directors will declare or pay any dividend in the
future.
Other
Recent Developments
Please
refer to Note 15 to our unaudited interim condensed consolidated financial statements, included elsewhere herein, for developments that
took place after June 30, 2023.
Operating
Results
Factors
Affecting Our Results of Operations
We
deploy our vessels on a mix of short to medium time charters or voyage charters, contracts of affreightment or in dry bulk carrier pools,
according to our assessment of market conditions. We adjust the mix of these charters to take advantage of the relatively stable cash
flow and high utilization rates associated with medium to long-term time charters, or to profit from attractive spot charter rates during
periods of strong charter market conditions, or to maintain employment flexibility that the spot market offers during periods of weak
charter market conditions. The following table reflects certain operating data of our fleet, including our ownership days and TCE rates,
which we believe are important measures for analyzing trends in our results of operations, for the periods indicated:
|
Six-month
period ended June 30, |
(TCE
rates expressed in U.S. Dollars) |
2022 |
|
2023 |
Average number
of vessels (1) |
|
128.0 |
|
|
127.0 |
Number of vessels (2) |
|
128 |
|
|
126 |
Average age of operational
fleet (in years) (3) |
|
10.4 |
|
|
11.4 |
Ownership days (4) |
|
23,169 |
|
|
22,982 |
Available days (5) |
|
22,211 |
|
|
22,082 |
Charter-in days (6) |
|
506 |
|
|
429 |
Time Charter Equivalent
Rate (TCE rate) (7) |
$ |
28,924 |
|
$ |
15,020 |
____________________
| (1) | Average
number of vessels is the number of vessels that constituted our owned fleet for the relevant
period, as measured by the sum of the number of days each operating vessel was a part of
our owned 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 our operational fleet is calculated as of the end of each period. |
| (4) | Ownership
days are the total calendar days each vessel in the fleet was owned by us for the relevant
period, including vessels subject to sale and leaseback transactions and finance leases. |
| (5) | Available
days for the fleet are the Ownership days after subtracting off-hire days for major repairs,
dry docking or special or intermediate surveys, change of management and for vessels’ improvements and upgrades.
The available days for each period presented were also decreased by off-hire days relating
to disruptions in connection with crew changes as a result of COVID-19. Available Days as
presented above may not necessarily be comparable to Available Days of other companies due
to differences in methods of calculation. |
| (6) | Charter-in
days are the total days that we charter-in vessels not owned by us. |
| (7) | Time
charter equivalent rate represents the weighted average daily TCE rates of our operating
fleet (including owned fleet and fleet under charter-in arrangements). TCE rate is a measure
of the average daily net revenue performance of our vessels. Our method of calculating TCE
rate is determined by dividing (a) TCE Revenues, which consists of: voyage revenues (net
of voyage expenses, charter-in hire expense, amortization of fair value of above/below market
acquired time charter agreements, if any, as well as adjusted for the impact of realized
gain/(loss) on forward freight agreements (“FFAs”) and bunker swaps) by (b) Available
days for the relevant time period. Available days do not include the Charter-in days as per
the relevant definitions provided above. 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. In the calculation of TCE
Revenues, we also include the realized gain/(loss) on FFAs and bunker swaps as we believe
that this method better reflects the chartering result of our fleet and is more comparable
to the method used by our peers. TCE Revenues and TCE rate, which are non-GAAP measures,
provide additional meaningful information in conjunction with voyage revenues, the most directly
comparable GAAP measure, because they assist our management in making decisions regarding
the deployment and use of our vessels and because we believe that they provide useful information
to investors regarding our financial performance. 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., voyage charters, time charters,
bareboat charters and pool arrangements) under which its vessels may be employed between
the periods. TCE Revenues and TCE rate, as presented above, may not necessarily be comparable
to those of other companies due to differences in methods of calculation. |
The
following table reflects the calculation of our TCE rates as discussed in footnote (7) above. The table presents reconciliation of TCE
Revenues to voyage revenues as reflected in the unaudited interim condensed consolidated income statements.
|
Six-month
period ended June 30, |
|
2022 |
|
2023 |
(In thousands
of U.S. Dollars, except as otherwise stated) |
|
|
|
|
|
Voyage revenues |
$ |
778,217 |
|
$ |
462,721 |
Less: |
|
|
|
|
|
Voyage expenses |
|
(119,785) |
|
|
(128,635) |
Charter-in hire expenses |
|
(12,950) |
|
|
(9,695) |
Realized gain/(loss) on FFAs/bunker swaps |
|
(3,062) |
|
|
7,272 |
Time
charter equivalent revenues (“TCE Revenues”) |
$ |
642,420 |
|
$ |
331,663 |
Available days |
|
22,211 |
|
|
22,082 |
Daily
time charter equivalent rate (“TCE rate”) |
$ |
28,924 |
|
$ |
15,020 |
Voyage
Revenues
Voyage
revenues are driven primarily by the number of vessels in our operating fleet, the duration of our charters, the number of charter-in
days, the amount of daily charter hire or freight rates that our vessels earn under time and voyage charters, respectively, which, in
turn, are affected by a number of factors, including our decisions relating to vessel acquisitions and disposals, the number of vessels
chartered-in, the amount of time that we spend positioning our vessels, the amount of time that our vessels spend in dry dock undergoing
repairs, maintenance and upgrade work, the age, condition and specifications of our vessels, levels of supply and demand in the seaborne
transportation market.
Vessels
operating on time charters for a certain period of time provide more predictable cash flows over that period of time, but can yield lower
profit margins than vessels operating in the spot charter market during periods characterized by favorable market conditions. Vessels
operating in the spot charter market generate revenues that are less predictable, but may enable us to capture increased profit margins
during periods of improvements in charter rates, although we would be exposed to the risk of declining vessel rates, which may have a
materially adverse impact on our financial performance. If we employ vessels on period time charters, future spot market rates may be
higher or lower than the rates at which we have employed our vessels on period time charters.
Voyage
Expenses
Voyage
expenses may include port and canal charges, agency fees, fuel (bunker) expenses and brokerage commissions payable to related and third
parties. Voyage expenses are incurred for our owned and chartered-in vessels during voyage charters or when the vessel is unemployed.
Bunker expenses, port and canal charges primarily increase in periods during which vessels are employed on voyage charters because these
expenses are paid by the owners. Our voyage expenses primarily consist of bunkers cost, port expenses and commissions paid in connection
with the chartering of our vessels.
Charter-in
Hire Expenses
Charter-in
hire expenses represent hire expenses for chartering-in third and related party vessels, either under time charters or voyage charters.
Vessel
Operating Expenses
Vessel
operating expenses include crew wages and related costs, the cost of insurance and vessel registry, expenses relating to repairs and
maintenance, the cost of spares and consumable stores, tonnage taxes, regulatory fees, vessel scrubbers and BWTS maintenance expenses,
lubricants and other miscellaneous expenses. Other factors beyond our control, some of which may affect the shipping industry in general,
including for instance, developments relating to market prices for crew wages, lubricants and insurance, may also cause these expenses
to increase.
Dry
Docking Expenses
Dry
docking expenses relate to regularly scheduled intermediate survey or special survey dry docking necessary to preserve the quality of
our vessels as well as to comply with international shipping standards and environmental laws and regulations. Dry docking expenses can
vary according to the age of the vessel and its condition, the location where the dry docking takes place, shipyard availability and
the number of days the vessel is under dry dock. We utilize the direct expense method, under which we expense all dry docking costs as
incurred.
Depreciation
We
depreciate our vessels on a straight-line basis over their estimated useful lives, which is determined to be 25 years from the date of
their initial delivery from the shipyard. Depreciation is calculated based on a vessel’s cost less the estimated residual value.
Effective January 1, 2023, following management’s reassessment of the residual value of our vessels, we increased the estimated
scrap rate per lightweight ton from $300 to $400. The current value of $400 was based on the historical average demolition prices prevailing
in the market in the last 20 years. The change in this accounting estimate, which pursuant to ASC 250 “Accounting Changes and Error
Corrections” was applied prospectively and did not require retrospective application, decreased the depreciation expense and increased
the net income for the six-month period ended June 30, 2023 by $8.0 million or $0.08 per basic and diluted share.
General
and Administrative Expenses
We
incur general and administrative expenses, including our onshore personnel related expenses, directors’ and executives’ compensation,
share based compensation, legal, consulting, audit and accounting expenses.
Management
Fees
Management
fees include fees paid to third parties as well as related parties providing certain procurement services to our fleet.
(Gain)
/ Loss on Forward Freight Agreements and Bunker Swaps, net
When
deemed appropriate from a risk management perspective, we take positions in freight derivatives, including freight forward agreements
(the “FFAs”) and freight options, with an objective to utilize those instruments as economic hedges to reduce the risk on
specific vessels trading in the spot market and to take advantage of short term fluctuations in the market prices. Upon the settlement,
if the contracted charter rate is less than the average of the rates, as reported by an identified index, for the specified route and
time period, the seller of the FFA is required to pay the buyer the settlement sum. The settlement amount is an amount equal to the difference
between the contracted rate and the settlement rate, multiplied by the number of days in the specified period covered by the FFA. Conversely,
if the contracted rate is greater than the settlement rate, the buyer is required to pay the seller the settlement sum. Our FFAs are
settled mainly through reputable exchanges such as European Energy Exchange (“EEX”) or Singapore Exchange
(“SGX”) so as to limit our exposure in over-the-counter transactions. Customary requirements for trading in FFAs include
the maintenance of initial and variation margins based on expected volatility, open position and mark to market of the contracts. The
fair value of the FFAs or freight options is treated as asset or liability until they are settled. Any such settlements by us or settlements
to us under FFAs or freight options, if any, are recorded under (Gain)/ Loss on forward freight agreements and bunker swaps, net.
Also,
when deemed appropriate from a risk management perspective, we enter into bunker swap contracts to manage our exposure to fluctuations
of bunker prices associated with the consumption of bunkers by our vessels. Bunker swaps are agreements between two parties to exchange
cash flows at a fixed price on bunkers, where volume, time period and price are agreed in advance. Our bunker swaps are settled
mainly through reputable exchanges such as Intercontinental Exchange (“ICE”) so as to limit our counterparty exposure
in over the counter transactions. Bunker price differentials paid or received under the swap agreements are recognized under (Gain)/Loss
on forward freight agreements and bunker swaps, net.
The
fair value of freight derivatives and bunker swaps is determined through Level 1 inputs of the fair value hierarchy (quoted prices from
the applicable exchanges such as EEX, SGX or ICE). Our FFAs and bunker swaps do not
qualify for hedge accounting and therefore unrealized gains or losses are recognized under (Gain)/Loss on forward freight agreements
and bunker swaps, net.
Impairment loss
When indicators of impairment
are present for the Company’s vessels and the undiscounted cash flows estimated to be generated by those vessels are less than their
carrying value, the carrying value is reduced to its estimated fair value and the difference is recorded under “Impairment loss”
in the consolidated statements of operations.
Other operational gain/(loss)
Other operational gain/(loss)
includes gain/loss from all other operating activities which are not related to the principal activities of the Company, such as gain/loss
from insurance claims.
Loss
on Write-Down of Inventory
Loss
on write-down of inventory results from the valuation of the bunkers remaining onboard our vessels following the decrease of bunkers’
net realizable value compared to their historical cost as of each period end.
Interest
and Finance Costs
We
incur interest expense and financing costs in connection with our outstanding indebtedness under our existing loan facilities (including
sale and leaseback financing transactions). We also incur financing costs in connection with establishing those facilities, which are
presented as a direct deduction from the carrying amount of the relevant debt liability and amortize them to interest and financing costs
over the term of the underlying obligation using the effective interest method.
Interest
Income
We
earn interest income on our cash deposits with our lenders and other financial institutions.
Gain
/ (Loss) on Interest Rate Swaps, net
We
enter into interest rate swap transactions to manage interest costs and risk associated with changing interest rates with respect to
our variable interest loans and credit facilities. Interest rate swaps are recorded in the balance sheet as either assets or liabilities,
measured at their fair value (Level 2), with changes in such fair value recognized in earnings under Gain/(Loss) on interest rate swaps,
net, unless specific hedge accounting criteria are met. When interest rate swaps are designated and qualify as cash flow hedges, the
effective portion of the unrealized gains/losses from those swaps is recorded in Other Comprehensive Income / (Loss) while any ineffective
portion is recorded as Gain/(loss) on interest rate swaps, net.
Results
of Operations
The
six-month period ended June 30, 2023 compared to the six-month period ended June 30, 2022
Voyage
revenues net of Voyage expenses: Voyage revenues for the six months ended June 30, 2023 decreased to $462.7 million from $778.2
million in the corresponding period in 2022. Time charter equivalent revenues (“TCE Revenues”) (as defined above) were $331.7
million compared to $642.4 million for the corresponding period in 2022. As a result, the TCE rate for the first half of 2023 was $15,020
compared to $28,924 for the corresponding period in 2022, which is indicative of the weaker market conditions prevailing during the recent
period. Please refer to the table above for the calculation of the TCE Revenues and TCE and their reconciliation with Voyage Revenues,
which is the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
Charter-in
hire expenses: Charter-in hire expenses for the six months ended June 30, 2023 and 2022 were $9.7 million and $13.0 million,
respectively. This decrease is mainly attributable to the decrease in charter-in days to 429 in the six months ended June 30, 2023 from
506 in the corresponding period in 2022 as well as lower charter-in rates prevailing in the market following the weaker market conditions discussed
above.
Vessel
operating expenses: For the six months ended June 30, 2023 and 2022, vessel operating expenses were $112.3
million and $115.8 million, respectively. The decrease is mainly due to the decrease in the average number of vessels in our fleet
to 127.0 in the six months ended June 30, 2023 from 128.0 for the respective period of 2022. Vessel operating expenses for the first
half of 2023 included additional i) crew expenses related to the increased number and cost of crew changes performed during the
period as a result of COVID-19 related restrictions, estimated to be $2.1 million and ii) $1.4 million pre-delivery expenses, due to
change of management of certain vessels from third party to in-house. For the first half of 2022, the additional COVID-19 related
costs and pre-delivery expenses were estimated to be $5.6 million and $1.1 million, respectively.
Dry
docking expenses: Dry docking expenses for the six months ended June 30, 2023 and 2022 were $18.9 million and $19.2 million,
respectively. During the first half of 2023, 16 vessels completed their periodic dry-docking surveys while during the corresponding period
in 2022, 15 vessels completed their periodic dry docking surveys.
Depreciation: Depreciation
expense decreased to $70.1 million for the six-month period ended June 30, 2023 compared to $77.5 million for the corresponding period
in 2022. The decrease is primarily driven by the change in the estimated scrap rate per light weight tonnage from $300 to $400 effective
January 1, 2023, which resulted in lower depreciation expense by $8.0 million together with the decrease in the average number of
vessels in our fleet, discussed above.
Impairment
loss: During the six months ended June 30, 2023, an impairment loss of $7.7 million was incurred, resulting from the agreement
to sell the vessels Star Borealis and Star Polaris described above as part of our fleet update under “Our Fleet”.
Other
operational gain: Other operational gain for the six months ended June 30, 2023 of $33.7 million includes: a) gain from
insurance proceeds relating to Star Pavlina’s total loss discussed in our fleet update above of $28.2 million, b) daily
detention compensation for Star Pavlina pursuant to its war risk insurance policy of $2.7 million in aggregate and c) other
gains from insurance claims relating to other vessels of $2.8 million in aggregate. Other operational gain for the six months ended
June 30, 2022 of $2.1 million included a) daily detention compensation for two vessels blocked in Ukraine pursuant to their war risk
insurance policy of $1.7 million and b) other gains from insurance claims relating to other vessels of $0.4 million.
Management
fees: Management fees decreased to $8.5 million for the six-month period ended June 30, 2023 compared to $9.8 million for the
corresponding period in 2022 due to the change of management of certain vessels, from third party to in-house.
General
and administrative expenses: General and administrative expenses for the six-month periods ended June 30, 2023 and
2022 were $22.7 million and $25.9 million, respectively. The decrease is mainly attributable to the decrease in stock based compensation
expense to $6.4 million for the first half of 2023 compared to $11.5 million for the corresponding period in 2022 counterbalanced by the effect of the increase
in the Euro/USD exchange rate.
(Gain)/Loss
on forward freight agreements and bunker swaps, net: For the six-month period ended June 30, 2023, we incurred a
net gain on FFAs and bunker swaps of $4.2 million, consisting of an unrealized loss of $3.1 million and a realized gain of $7.3 million.
For the six-month period ended June 30, 2022, we incurred a net loss on FFAs and bunker swaps of $3.9 million, consisting of an unrealized
loss of $0.8 million and a realized loss of $3.1 million.
Loss
on write-down of inventory: Our results for the six months ended June 30, 2023 include a loss on write-down of inventories of
$4.7 million in connection with the valuation of the bunkers remaining on board our vessels, as a result of the bunkers’ lower
net realizable value compared to their historical cost.
Interest
and finance costs: Interest and finance costs for the six-month periods ended June 30, 2023 and 2022 were $31.7 million and $24.3
million, respectively. The driving factor for this increase is the significant increase in variable interest rates, which was partially
offset by the positive effect from our interest rate swaps and the decrease in our weighted average outstanding indebtedness.
Interest
income and other income/(loss): Interest income and other income/ (loss) for the six-month period ended June 30,
2023 amounted to $6.6 million, compared to interest income and other income/ (loss), of $0.1 million in the six-month period ended June
30, 2022. The increase of interest income is mainly due to higher interest rates earned from our fixed deposits during the first
half of 2023 and foreign exchange gains incurred in the same period compared to the foreign exchange losses recognized in the first
half of 2022.
Cash
Flows
Net
cash provided by operating activities for the six months ended June 30, 2023 and 2022 was $180.1 million and $469.1 million, respectively.
This decrease was primarily driven by the lower charter rates due to the weaker market conditions prevailing during the recent period
compared to the corresponding period in 2022, and the increase in our interest payments for the reasons outlined above under “Interest
and finance costs”.
Net
cash provided by investing activities for the six months ended June 30, 2023 was $79.2 million and consisted of $87.4 million of
insurance proceeds received in connection with Star Pavlina’s constructive total loss and vessel sale proceeds
received, partially offset by payments of $8.8 million, made for the acquisition of other fixed assets and vessel upgrades. Net cash
used in investing activities for the six months ended June 30, 2022 was $45.9 million and consisted mainly of cash placed in
treasury bills of $35.2 million and $12.4 million paid in connection with the acquisition of other fixed assets and vessel
upgrades.
Net
cash used in financing activities for the six months ended June 30, 2023 and 2022 was $244.2 million and $546.1 million, respectively.
The decrease was primarily driven by lower dividend payments of $98.2 million in 2023 compared to $375.3 million in the corresponding
period in 2022 as well as lower net debt outflows of $132.0 million in the six months ended June 30, 2023 compared to $167.4 million
in the same period of 2022.
Significant
Accounting Policies and Critical Accounting Estimates
For
a description of our critical accounting estimates and all of our significant accounting policies, see Note 2 to our audited financial
statements and “Item 5 - Operating and Financial Review and Prospects,” included in our 2022 Annual Report. There have been
no material changes from the “Critical Accounting Estimates” previously disclosed in our 2022 Annual Report, except as discussed
above under “Depreciation”.
STAR BULK CARRIERS
CORP.
INDEX TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
STAR BULK CARRIERS CORP.
Unaudited Consolidated Balance Sheets
As of December 31, 2022 and June 30, 2023
(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)
|
|
|
|
|
|
|
|
December
31, 2022 |
|
|
June 30, 2023 |
ASSETS |
|
|
|
|
|
CURRENT
ASSETS |
|
|
|
|
|
Cash and cash equivalents |
$ |
269,754 |
|
$ |
285,248 |
Restricted cash, current (Notes 8 and 13) |
|
14,569 |
|
|
14,183 |
Trade accounts receivable, net |
|
84,034 |
|
|
59,728 |
Inventories (Note 4) |
|
67,162 |
|
|
65,019 |
Due from managers |
|
84 |
|
|
53 |
Due from related parties (Note 3) |
|
324 |
|
|
285 |
Prepaid expenses and other receivables |
|
25,667 |
|
|
21,766 |
Derivatives, current asset portion (Note 13) |
|
25,585 |
|
|
12,897 |
Other current assets (Note 14) |
|
14,913 |
|
|
27,967 |
Total Current Assets |
|
502,092 |
|
|
487,146 |
|
|
|
|
|
|
FIXED ASSETS |
|
|
|
|
|
Vessels and other fixed assets, net (Note 5) |
|
2,881,551 |
|
|
2,757,491 |
Total Fixed Assets |
|
2,881,551 |
|
|
2,757,491 |
|
|
|
|
|
|
OTHER NON-CURRENT
ASSETS |
|
|
|
|
|
Long term investment (Note
3) |
|
1,676 |
|
|
1,709 |
Restricted cash, non-current (Notes 8 and 13) |
|
2,021 |
|
|
2,021 |
Operating leases, right-of-use assets (Note 6) |
|
37,618 |
|
|
32,153 |
Derivatives, non-current asset portion (Note 13) |
|
8,666 |
|
|
5,322 |
TOTAL ASSETS |
$ |
3,433,624 |
|
$ |
3,285,842 |
|
|
|
|
|
|
LIABILITIES
& SHAREHOLDERS' EQUITY |
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
Current portion of long-term bank loans (Note 8) |
$ |
166,586 |
|
$ |
205,192 |
Lease financing short term (Note 7) |
|
15,361 |
|
|
13,719 |
Accounts payable |
|
32,140 |
|
|
36,790 |
Due to managers |
|
6,344 |
|
|
13,684 |
Due to related parties (Note 3) |
|
1,501 |
|
|
1,975 |
Accrued liabilities |
|
33,984 |
|
|
33,449 |
Operating lease liabilities,
current (Note 6) |
|
9,955 |
|
|
6,820 |
Deferred revenue |
|
16,684 |
|
|
17,838 |
Total Current Liabilities |
|
282,555 |
|
|
329,467 |
|
|
|
|
|
|
NON-CURRENT
LIABILITIES |
|
|
|
|
|
Long-term bank loans, net
of current portion and unamortized loan issuance costs of $9,013 and $7,235, as of December 31, 2022 and June 30, 2023, respectively
(Note 8) |
|
927,995 |
|
|
779,024 |
Lease financing long term,
net of unamortized lease issuance costs of $2,681 and $2,305, as of December 31, 2022 and June 30, 2023, respectively (Note 7) |
|
175,238 |
|
|
157,432 |
Operating lease liabilities,
non-current (Note 6) |
|
27,663 |
|
|
25,333 |
Other non-current liabilities |
|
831 |
|
|
907 |
TOTAL LIABILITIES |
|
1,414,282 |
|
|
1,292,163 |
|
|
|
|
|
|
COMMITMENTS & CONTINGENCIES
(Note 12) |
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY |
|
|
|
|
|
Preferred Shares; $0.01 par
value, authorized 25,000,000 shares; none issued or outstanding at December 31, 2022 and June 30, 2023, respectively (Note 9) |
|
- |
|
|
- |
Common Shares, $0.01 par value,
300,000,000 shares authorized; 102,857,416 shares issued and outstanding as of December 31, 2022; 103,183,510 shares issued and outstanding
as of June 30, 2023 (Note 9) |
|
1,029 |
|
|
1,032 |
Additional paid in capital |
|
2,646,073 |
|
|
2,639,319 |
Accumulated other comprehensive
income/(loss) |
|
20,962 |
|
|
10,052 |
Accumulated deficit |
|
(648,722) |
|
|
(656,724) |
Total Shareholders'
Equity |
|
2,019,342 |
|
|
1,993,679 |
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY |
$ |
3,433,624 |
|
$ |
3,285,842 |
|
|
|
|
|
|
The
accompanying notes are integral part of these unaudited interim condensed consolidated financial statements.
STAR BULK CARRIERS CORP.
Unaudited Interim Condensed Consolidated Income Statements
For the six-month periods ended June 30, 2022 and 2023
(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)
|
|
|
|
|
|
|
|
Six months ended June 30, |
|
|
2022 |
|
|
2023 |
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
Voyage revenues (Note 14) |
$ |
778,217 |
|
$ |
462,721 |
|
|
|
|
|
|
Expenses/(Income) |
|
|
|
|
|
Voyage expenses (Notes 3 ) |
|
119,785 |
|
|
128,635 |
Charter-in hire expenses |
|
12,950 |
|
|
9,695 |
Vessel operating expenses |
|
115,847 |
|
|
112,303 |
Dry docking expenses |
|
19,169 |
|
|
18,861 |
Depreciation (Note 5) |
|
77,469 |
|
|
70,075 |
Management fees (Notes 3) |
|
9,800 |
|
|
8,460 |
General and administrative expenses (Note 3) |
|
25,912 |
|
|
22,675 |
Impairment loss (Notes 5 and 13) |
|
- |
|
|
7,700 |
Loss on write-down of inventory |
|
- |
|
|
4,743 |
Other operational loss |
|
774 |
|
|
326 |
Other operational gain (Note 5) |
|
(2,103) |
|
|
(33,676) |
Loss on bad debt |
|
- |
|
|
300 |
(Gain)/Loss on forward freight agreements and bunker
swaps, net (Note 13) |
|
3,939 |
|
|
(4,207) |
Loss on sale of vessels (Note 5) |
|
- |
|
|
34 |
Total operating expenses, net |
|
383,542 |
|
|
345,924 |
Operating income |
|
394,675 |
|
|
116,797 |
|
|
|
|
|
|
Other Income/ (Expenses): |
|
|
|
|
|
Interest and finance costs (Note 8) |
|
(24,308) |
|
|
(31,731) |
Interest income and other income/(loss) |
|
61 |
|
|
6,593 |
Gain/(Loss) on interest rate swaps, net (Note 13) |
|
- |
|
|
(507) |
Gain/(Loss) on debt extinguishment, net (Note 8) |
|
129 |
|
|
(888) |
Total other expenses, net |
|
(24,118) |
|
|
(26,533) |
|
|
|
|
|
|
Income before taxes and equity
in income/(loss) of investee |
$ |
370,557 |
|
$ |
90,264 |
Income taxes |
|
(37) |
|
|
(103) |
Income before equity in income/(loss)
of investee |
|
370,520 |
|
|
90,161 |
Equity in income / (loss) of investee (Note 3) |
|
(10) |
|
|
33 |
Net income |
|
370,510 |
|
|
90,194 |
Earnings per share, basic |
$ |
3.63 |
|
$ |
0.88 |
Earnings per share, diluted |
|
3.62 |
|
|
0.87 |
Weighted average number of shares outstanding, basic
(Note 10) |
|
102,098,942 |
|
|
102,821,671 |
Weighted average number of shares outstanding, diluted (Note
10) |
|
102,439,945 |
|
|
103,170,724 |
The accompanying
notes are integral part of these unaudited interim condensed consolidated financial statements.
STAR BULK CARRIERS CORP.
Unaudited Interim Condensed Consolidated Statements of Comprehensive Income / (Loss)
For the six-month periods ended June 30, 2022 and 2023
(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)
|
|
|
|
|
|
|
Six months
ended June 30, |
|
|
2022 |
|
|
2023 |
Net income |
$ |
370,510 |
|
$ |
90,194 |
Other comprehensive
income / (loss): |
|
|
|
|
|
Unrealized gains /
losses from cash flow hedges: |
|
|
|
|
|
Unrealized gain / (loss) from hedging interest
rate swaps recognized in Other comprehensive income/(loss) before reclassifications |
|
19,280 |
|
|
3,502 |
Less: |
|
|
|
|
|
Reclassification adjustments of interest rate
swap gain/(loss) (Note 13) |
|
(633) |
|
|
(14,412) |
Other comprehensive
income / (loss) |
|
18,647 |
|
|
(10,910) |
Total comprehensive
income |
$ |
389,157 |
|
$ |
79,284 |
The accompanying
notes are integral part of these unaudited interim condensed consolidated financial statements.
STAR BULK CARRIERS CORP.
Unaudited Interim Condensed Consolidated Statements of Stockholders’ Equity
For the six-month periods ended June 30, 2022 and 2023
(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
# of Shares |
|
Par Value |
|
Additional
Paid-in Capital |
|
Accumulated
Other Comprehensive income/(loss) |
|
Accumulated deficit |
|
Total Shareholders'
Equity |
BALANCE, January
1, 2022 |
|
102,294,758 |
$ |
1,023 |
$ |
2,618,319 |
$ |
6,933 |
$ |
(546,257) |
$ |
2,080,018 |
Net income |
|
- |
|
- |
|
- |
|
- |
|
370,510 |
|
370,510 |
Other comprehensive income |
|
- |
|
- |
|
- |
|
18,647 |
|
- |
|
18,647 |
Issuance of vested and non-vested shares and
amortization of share-based compensation |
|
528,941 |
|
5 |
|
11,475 |
|
- |
|
- |
|
11,480 |
Equity offering, net |
|
654,690 |
|
7 |
|
19,430 |
|
- |
|
- |
|
19,437 |
Repurchase and cancellation of common shares |
|
(790,011) |
|
(8)
|
|
(20,060) |
|
- |
|
- |
|
(20,068) |
Dividends declared ($3.65 per share) |
|
- |
|
- |
|
- |
|
- |
|
(375,018) |
|
(375,018) |
BALANCE, June 30,
2022 |
|
102,688,378 |
$ |
1,027 |
$ |
2,629,164 |
$ |
25,580 |
$ |
(550,765) |
$ |
2,105,006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE, January 1, 2023 |
|
102,857,416 |
$ |
1,029 |
$ |
2,646,073 |
$ |
20,962 |
$ |
(648,722) |
$ |
2,019,342 |
Net income |
|
- |
|
- |
|
- |
|
- |
|
90,194 |
|
90,194 |
Other comprehensive income / (loss) |
|
- |
|
- |
|
- |
|
(10,910) |
|
- |
|
(10,910) |
Issuance of vested and non-vested shares and
amortization of share-based compensation (Note 9) |
|
971,372 |
|
9 |
|
6,351 |
|
- |
|
- |
|
6,360 |
Dividends declared ($0.95 per share) (Note 9) |
|
- |
|
- |
|
- |
|
- |
|
(98,196) |
|
(98,196) |
Cancellation of Songa shares |
|
(6,706) |
|
- |
|
- |
|
- |
|
- |
|
- |
Offering expenses |
|
-
|
|
- |
|
(55) |
|
- |
|
- |
|
(55) |
Repurchase and cancellation of common shares (Note
9) |
|
(638,572) |
|
(6) |
|
(13,050) |
|
- |
|
- |
|
(13,056) |
BALANCE,
June 30, 2023 |
|
103,183,510 |
$ |
1,032 |
$ |
2,639,319 |
$ |
10,052 |
$ |
(656,724) |
$ |
1,993,679 |
The
accompanying notes are integral part of these unaudited interim condensed consolidated financial statements.
STAR BULK CARRIERS CORP.
Unaudited Interim Condensed Consolidated Statements of Cash Flows
For the six-month periods ended June 30, 2022 and 2023
(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)
|
|
|
|
|
|
|
Six months ended
June 30, |
|
|
2022 |
|
|
2023 |
Cash Flows from Operating
Activities: |
|
|
|
|
|
Net income |
$ |
370,510 |
|
$ |
90,194 |
Adjustments to reconcile
net income/(loss) to net cash provided by/(used in) operating activities: |
|
|
|
|
|
Depreciation (Note 5) |
|
77,469 |
|
|
70,075 |
Amortization of debt (loans & leases) issuance
costs (Note 8) |
|
2,641 |
|
|
1,990 |
Amortization of operating lease right-of-use assets
(Note 6) |
|
– |
|
|
5,465 |
Gain/(Loss) on debt extinguishment, net (Note 8) |
|
(129) |
|
|
888 |
Impairment loss (Note 5) |
|
– |
|
|
7,700 |
Loss / (gain) on sale of vessels (Note 6) |
|
– |
|
|
34 |
Loss on bad debt |
|
– |
|
|
300 |
Share-based compensation (Note 11) |
|
11,480 |
|
|
6,360 |
Gain from insurance proceeds relating to vessel total
loss (Note 5) |
|
– |
|
|
(28,163) |
Loss on write-down of inventory |
|
– |
|
|
4,743 |
Change in fair value of forward freight derivatives
and bunker swaps (Note 13) |
|
877 |
|
|
3,065 |
Other non-cash charges |
|
(321) |
|
|
76 |
Gain on hull and machinery claims |
|
– |
|
|
(200) |
Equity in income / (loss) of investee (Note 3) |
|
10 |
|
|
(33) |
Changes in operating assets
and liabilities: |
|
|
|
|
|
(Increase)/Decrease in: |
|
|
|
|
|
Trade accounts receivable |
|
(12,371) |
|
|
23,292 |
Inventories |
|
(22,586) |
|
|
(2,734) |
Prepaid expenses and other receivables |
|
1,937 |
|
|
(12,774) |
Derivatives asset |
|
(753) |
|
|
2,057 |
Due from related parties |
|
(911) |
|
|
39 |
Due from managers |
|
9,404 |
|
|
31 |
Increase/(Decrease) in: |
|
|
|
|
|
Accounts payable |
|
11,388 |
|
|
4,694 |
Operating lease liability (Note 6) |
|
– |
|
|
(5,465) |
Due to related parties |
|
1,758 |
|
|
474 |
Accrued liabilities |
|
3,859 |
|
|
(532) |
Due to managers |
|
11,533 |
|
|
7,340 |
Deferred revenue |
|
3,292 |
|
|
1,154 |
Net cash provided by / (used
in) Operating Activities |
|
469,087 |
|
|
180,070 |
|
|
|
|
|
|
Cash Flows from Investing
Activities: |
|
|
|
|
|
Vessel upgrades and other fixed assets |
|
(12,368) |
|
|
(8,764) |
Cash proceeds from vessel sales (Note 5) |
|
– |
|
|
32,448 |
Cash proceeds from vessel total loss (Note 5) |
|
– |
|
|
55,000 |
Hull and machinery insurance proceeds |
|
1,735 |
|
|
558 |
Net cash provided by / (used
in) Investing Activities |
|
(45,859) |
|
|
79,242 |
|
|
|
|
|
|
Cash Flows from Financing
Activities: |
|
|
|
|
|
Proceeds from bank loans, leases and notes (Note 8) |
|
100,000 |
|
|
77,000 |
Loan and lease prepayments and repayments |
|
(267,351) |
|
|
(208,967) |
Financing and debt extinguishment fees paid |
|
(3,044) |
|
|
(930) |
Dividends paid (Note 9) |
|
(375,251) |
|
|
(98,196) |
Proceeds from issuance of common stock |
|
19,792 |
|
|
– |
Offering expenses paid |
|
(207) |
|
|
(55) |
Repurchase of common shares (Note 9) |
|
(20,068) |
|
|
(13,056) |
Net cash provided by / (used
in) Financing Activities |
|
(546,129) |
|
|
(244,204) |
|
|
|
|
|
|
Net increase/(decrease) in
cash and cash equivalents and restricted cash |
|
(122,901) |
|
|
15,108 |
Cash and cash equivalents
and restricted cash at beginning of period |
|
473,271 |
|
|
286,344 |
|
|
|
|
|
|
Cash and cash equivalents
and restricted cash at end of period |
$ |
350,370 |
|
$ |
301,452 |
SUPPLEMENTAL CASH FLOW INFORMATION: |
|
|
|
|
|
Cash paid during
the period for: |
|
|
|
|
|
Interest |
$ |
22,784 |
|
$ |
28,033 |
Non-cash investing and financing
activities: |
|
|
|
|
|
Vessel upgrades |
|
1,520 |
|
|
3,422 |
Reconciliation
of (a) cash and cash equivalents, and restricted cash reported within the consolidated balance sheets to (b) the total amount of
such items reported in the statements of cash flows: |
|
|
|
|
|
Cash and cash equivalents |
$ |
335,774 |
|
$ |
285,248 |
Restricted cash, current (Note 8) |
|
12,575 |
|
|
14,183 |
Restricted cash, non-current (Note 8) |
|
2,021 |
|
|
2,021 |
Cash and cash equivalents
and restricted cash at end of period shown in the statement of cash flows |
$ |
350,370 |
|
$ |
301,452 |
The accompanying
notes are integral part of these unaudited interim condensed consolidated financial statements.
Table of Contents
STAR BULK CARRIERS CORP.
Notes to Unaudited Interim Condensed Consolidated Financial Statements
June 30, 2023
(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)
1.
Basis of Presentation and General Information:
Star Bulk Carriers
Corp. (“Star Bulk”) is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector.
Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains offices in Athens, New York, Limassol, Singapore
and Germany. Star Bulk’s common shares trade on the NASDAQ Global Select Market under the ticker symbol “SBLK”.
The unaudited interim
condensed consolidated financial statements include the accounts of Star Bulk and its wholly owned subsidiaries (collectively, the “Company”)
and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”)
and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial information.
Accordingly, they do not include all the information and notes required by U.S. GAAP for annual financial statements.
These unaudited interim
condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements for the
year ended December 31, 2022 and, in the opinion of management, reflect all normal recurring adjustments considered necessary for a fair
presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Operating results
for the six-month period ended June 30, 2023 are not necessarily indicative of the results that might be expected for the fiscal year
ending December 31, 2023.
The unaudited interim
condensed consolidated financial statements presented in this report should be read in conjunction with the annual consolidated financial
statements for the year ended December 31, 2022 included in the Company’s Annual Report on Form 20-F for the year ended December
31, 2022 (the “2022 Annual Report”). The balance sheet as of December 31, 2022 has been derived from the audited consolidated
financial statements as of that date, but, pursuant to the requirements for interim financial information, does not include all of the
information and footnotes required by U.S. GAAP for complete financial statements.
Unless otherwise defined
herein, capitalized words and expressions used herein shall have the same meanings ascribed to them in the 2022 Annual Report.
The 2019 Novel Coronavirus (“COVID-19”) pandemic
resulted in a significant reduction in global economic activity and extreme volatility in the global financial market. During the second
half of 2022, freight rates declined from highs seen earlier in the year as China’s COVID-related lockdown measures intensified.
The end of the zero COVID-19 policy by the Chinese authorities during the first quarter of 2023 fueled markets with optimism that resulted
in the rebound of freight levels. During the second quarter of 2023, freight rates have receded, as despite the uplift of the exporting
activity, the relaxation of COVID-19 related inefficiencies resulted in the increase of effective ship supply. Concurrently, Chinese macro
data are implying a stalling economy, while the outlook of the western economies is getting worse as a result of the tightening cycle
that central banks are implementing in order to fight inflation. There continues to be a high level of uncertainty relating to how the
COVID-19 pandemic will evolve, the evolution and emergence of existing and future variants, the availability of vaccines and their global
deployment, the development of effective treatments, the imposition of effective public safety and other protective measures and the public's
and government's responses to such measures. As a result of the COVID-19 pandemic restrictions imposed since 2020, additional crew expenses
have been incurred. An increase in the severity or duration or a resurgence of the COVID-19 pandemic and any significant disruption of
wide-scale vaccine distribution could have a material adverse effect on the Company’s future business, results of operations, cash
flows, financial condition, the carrying value of the Company’s assets, the fair values of the Company’s vessels, and the
Company’s ability to pay dividends.
As of June 30, 2023
and as adjusted for the delivery to the buyers of the vessel Star Polaris and the five Delphin Vessels, discussed in Note 5, the
Company owned a modern fleet of 120 dry bulk vessels consisting of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax
and Supramax vessels with a carrying capacity between 52,425 deadweight tonnage (“dwt”) and 209,529 dwt, a combined carrying
capacity of 13.3 million dwt and an average age of 11.5 years.
Table of Contents
STAR BULK CARRIERS CORP.
Notes to Unaudited Interim Condensed Consolidated Financial Statements
June 30, 2023
(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)
2. Significant
accounting policies and recent accounting pronouncements: Significant Accounting Policies and Recent Accounting Pronouncements
A summary of the Company’s
significant accounting policies and recent accounting pronouncements is provided in Note 2 to the Company’s consolidated financial
statements included in the 2022 Annual Report. Other than the change in accounting estimate described below, there have been no changes
to the Company’s significant accounting policies and recent accounting pronouncements in the six-month period ended June 30, 2023.
Vessel Depreciation:
The cost of each of
the Company’s vessels is depreciated beginning when the vessel is ready for its intended use, on a straight-line basis over the
vessel’s remaining economic useful life, after considering the estimated residual value (vessel’s residual value is equal
to the product of its lightweight tonnage and estimated scrap rate per ton).
Effective as of January 1,
2023, following management’s reassessment of the residual value of the Company’s vessels, the Company increased the estimated
scrap rate per lightweight ton from $0.3 to $0.4. The current value of $0.4 was based on the historical average demolition prices prevailing
in the market in the last 20 years. The change in this accounting estimate, which pursuant to ASC 250 “Accounting Changes and Error
Corrections” was applied prospectively and did not require retrospective application, decreased the depreciation expense and increased
the net income for the six-month period ended June 30, 2023 by $7,982 or $0.08 per basic and diluted share.
3.
Transactions with Related Parties:
Details of the Company’s
transactions with related parties did not change in the six-month period ended June 30, 2023 and are discussed in Note 3 of the Company’s
consolidated financial statements for the year ended December 31, 2022, included in the 2022 Annual Report.
Transactions and balances
with related parties are analyzed as follows:
Transactions
with Related Parties - Balance Sheets (Table)
Balance Sheets
|
|
December
31, 2022 |
|
|
June
30, 2023 |
Long
term investment |
|
|
|
|
|
Interchart |
$ |
1,349 |
|
$ |
1,381 |
Starocean |
|
202 |
|
|
203 |
CCL Pool |
|
125 |
|
|
125 |
Long
term investment |
$ |
1,676 |
|
$ |
1,709 |
|
|
|
|
|
|
Due
from related parties |
|
|
|
|
|
Oceanbulk Maritime and its affiliates |
|
287 |
|
|
248 |
Interchart |
|
3 |
|
|
3 |
Starocean |
|
34 |
|
|
34 |
Due
from related parties |
$ |
324 |
|
$ |
285 |
|
|
|
|
|
|
Due
to related parties |
|
|
|
|
|
Management and Directors
Fees |
|
114 |
|
|
38 |
Iblea Ship Management Limited |
|
1,387 |
|
|
1,937 |
Due
to related parties |
$ |
1,501 |
|
$ |
1,975 |
Table of Contents
STAR BULK CARRIERS CORP.
Notes to Unaudited Interim Condensed Consolidated Financial Statements
June 30, 2023
(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)
3. Transactions with
Related Parties - continued:
Transactions with Related Parties - Income Statements (Table)
Income statements
|
Six months ended June 30, |
|
|
2022 |
|
|
2023 |
Voyage expenses: |
|
|
|
|
|
Voyage expenses-Interchart |
$ |
(2,070) |
|
$ |
(2,070) |
General and administrative expenses: |
|
|
|
|
|
Consultancy fees |
$ |
(270) |
|
$ |
(281) |
Directors compensation |
|
(90) |
|
|
(93) |
Office rent - Combine Marine Ltd. & Alma Properties |
|
(19) |
|
|
(19) |
General and administrative expenses - Oceanbulk Maritime and its affiliates |
|
(100) |
|
|
(104) |
Management fees: |
|
|
|
|
|
Management fees- Augustea Technoservices Ltd. and affiliates |
$ |
(1,264) |
|
$ |
- |
Management fees- Iblea Ship Management Limited |
|
(1,426) |
|
|
(1,514) |
Equity in income/(loss of investee) |
|
|
|
|
|
Interchart |
$ |
(22) |
|
$ |
32 |
Starocean |
|
12 |
|
|
1 |
Table of Contents
STAR BULK CARRIERS CORP.
Notes to Unaudited Interim Condensed Consolidated Financial Statements
June 30, 2023
(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)
4.
Inventories:
The amounts shown
in the consolidated balance sheets are analyzed as follows:
Inventories (Table)
|
|
December
31, 2022 |
|
|
June
30, 2023 |
Lubricants |
$ |
15,863 |
|
$ |
14,917 |
Bunkers |
|
51,299 |
|
|
50,102 |
Total |
$ |
67,162 |
|
$ |
65,019 |
5.
Vessels and other fixed assets, net:
The amounts in the
consolidated balance sheets are analyzed as follows:
Vessels and other fixed assets, net - Schedules of vessels and
other fixed assets, net (Table)
|
|
Cost |
|
Accumulated
depreciation |
|
Net
Book Value |
Balance,
December 31, 2022 |
$ |
3,843,686 |
$ |
(962,135) |
$ |
2,881,551 |
- Acquisition of other fixed assets, vessel improvements
and other vessel costs |
|
12,186 |
|
- |
|
12,186 |
- Vessel total loss |
|
(27,570) |
|
1,581 |
|
(25,989) |
- Vessel sale |
|
(55,248) |
|
22,766 |
|
(32,482) |
- Impairment loss |
|
(7,700) |
|
- |
|
(7,700) |
- Depreciation for the period |
|
- |
|
(70,075) |
|
(70,075) |
Balance,
June 30, 2023 |
$ |
3,765,354 |
$ |
(1,007,863) |
$ |
2,757,491 |
During the first quarter
of 2023, the Company agreed with the war risk insurers of the vessel Star Pavlina, that the vessel became a constructive total
loss on February 24, 2023 and as a consequence that the Company is entitled to be indemnified for the
vessel’s total insurance value given its prolonged detainment in Ukraine following the commencement of Russia’s military
action against Ukraine on February 24, 2022 as further disclosed in Notes 15b) and 19c) of the Company’s consolidated financial
statements for the year ended December 31, 2022, included in the 2022 Annual Report. As a result, the Company recognized a gain of $28,163
which is included within “Other operational gain” in the unaudited interim condensed
consolidated income statement for the six-month period ended June 30, 2023. In addition, in 2023
and up to February 24, 2023, the Company earned through its war risk insurance policy detention compensation with respect to this vessel,
an amount of $2,658 which is also included within “Other operational gain” in
the 2023 unaudited interim condensed consolidated income statement. On April 12, 2023
and on May 4, 2023 the Company received the total insurance value of the vessel Star Pavlina.
During the six-month
period ended June 30, 2023, the Company decided to sell opportunistically certain vessels and renew its fleet taking advantage of the
elevated vessel market values. On March
24, 2023, the Company agreed to sell to a third party the vessels Star Borealis and Star Polaris with delivery
to their new owner upon completion of their then-existing employment. Star Borealis and Star Polaris were delivered to
their new owner on May 4, 2023 and July 7, 2023 (Note 15), respectively. With respect to the sale of Star Borealis, a loss of $34
was recognized for the six-month period ended June 30, 2023 which is separately reflected in the unaudited interim condensed consolidated
income statement for the corresponding period. By reference to the agreed sale prices of Star Borealis
and Star Polaris (Level 2), the Company recognized an impairment loss of $7,700
for the six-month period ended June 30, 2023, which is separately reflected in the
unaudited interim condensed consolidated income statement for
the corresponding period. In addition, on May
26, 2023, the Company agreed to sell to a third party the vessels Star Centaurus, Star Columba, Star Aquila, Star Hercules
and Star Cephueus (five of the Delphin Vessels), with delivery to their new owner upon completion of their then-existing employment.
Star Centaurus, Star Columba and Star Aquila were delivered to their new owner in July 2023 (Note 15) while the delivery
of Star Hercules and Star Cepheus is expected within August 2023. Given their employment as of June 30, 2023, none of the above-mentioned
vessels met the criteria to be classified as held for sale as of that date and by reference to their agreed sale prices, no
impairment loss was recognized for the six-month period ended June 30, 2023. The gain from
the sale of the above-mentioned vessels that will be recognized in the third quarter of 2023 is expected to be approximately $20.0
million in aggregate.
As of June 30, 2023,
98 of the Company’s vessels, having a net carrying value of $2,149,014, serve as collateral under certain of the Company’s
loan facilities and were subject to first-priority mortgages (Note 8). Title of ownership is held by the relevant lenders for another 11 vessels
with a carrying value of $319,558 to secure the relevant sale and lease back financing transactions (Note 7). In addition, 18 of the Company’s
vessels having a net carrying value of $352,136 are subject to second-priority mortgages and serve as collateral under one of the
Company’s loan facilities (Note 8).
During the six month
period ended June 30, 2023, the Company continued the technical upgrades to its fleet, such as the installation of ballast water treatment
systems (“BWTS”) and Energy Saving Devices (“ESD”).
Table of Contents
STAR BULK CARRIERS CORP.
Notes to Unaudited Interim Condensed Consolidated Financial Statements
June 30, 2023
(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)
6.
Operating leases:
a) Time charter-in
vessel agreements
The
carrying value of the assets and liabilities recognized on the balance sheet as of
December 31, 2022 and June 30, 2023 in connection with the time charter-in vessel arrangements with an initial term exceeding
12 months, as described in Note 6 to the Company’s consolidated financial statements included in the 2022 Annual Report, amounted
to $37,191 and
$31,774,
respectively and are included under “Operating lease liabilities current and non- current” in the consolidated balance
sheets. The time charter-in hire payments required to be made after June 30, 2023, for these outstanding operating lease
liabilities are as follows:
Operating
leases - Operating lease liabilities of time charter-in vessel agreements (Table)
Twelve month
periods ending |
|
Amount |
June 30,
2024 |
$ |
7,534 |
June 30,
2025 |
|
6,242 |
June 30,
2026 |
|
6,242 |
June 30,
2027 |
|
5,900 |
June 30,
2028 |
|
6,259 |
June 30,
2029 and thereafter |
|
2,633 |
Total
undiscounted lease payments |
$ |
34,810 |
Discount
based on incremental borrowing rate |
|
(3,036) |
Present
value of lease liability |
|
31,774 |
The weighted average remaining lease term of these
charter-in vessel arrangements as of June 30, 2023 is 5.19 years.
The charter-in hire expenses for these long-term charter-in arrangements for the six-month periods ended June 30, 2022 and 2023, were
$5,953
and $5,960,
respectively and are separately presented in the unaudited interim condensed consolidated income statements.
Table of Contents
STAR BULK CARRIERS CORP.
Notes to Unaudited Interim Condensed Consolidated Financial Statements
June 30, 2023
(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)
6.
Operating leases - continued:
b) Office rental
arrangements
The
carrying value of the assets and liabilities recognized on the balance sheet as of
December 31, 2022 and June 30, 2023 in connection with the office rental arrangements as described in Note 6 to the
Company’s consolidated financial statements included in the 2022 Annual Report, amounted
to $427 and
$379,
respectively and are included under “Operating lease liabilities current
and non- current” in the consolidated balance sheets. The office rental payments required to be made after June 30, 2023, for these outstanding operating lease
liabilities are as follows:
Operating leases - Operating lease liabilities
of office rental agreements (Table)
Twelve month
periods ending |
|
Amount |
June 30,
2024 |
$ |
274 |
June 30,
2025 |
|
107 |
June 30,
2026 |
|
- |
June 30,
2027 |
|
- |
June 30,
2028 |
|
- |
June 30,
2029 and thereafter |
|
- |
Total
undiscounted lease payments |
$ |
381 |
Discount
based on incremental borrowing rate |
|
(2) |
Present
value of lease liability |
|
379 |
The weighted average remaining lease term of these
office rental arrangements as of June 30, 2023 is 1.36 years.
The lease expenses for these office rental arrangements for the six-month periods ended June 30, 2022 and 2023, were $247
and $255,
respectively and are included under “General and administrative expenses” in the unaudited interim condensed consolidated
income statements.
7.
Lease financings:
Details of the Company’s
lease financings are discussed in Note 7 of the Company’s consolidated financial statements for the year ended December 31, 2022,
included in the 2022 Annual Report.
All of the Company’s
lease financings bear interest at SOFR plus a margin, with the exception of three of them, which are expected to have been refinanced
by October 2023. The corresponding interest expense of the Company’s bareboat lease financing activities is included within “Interest
and finance costs” in the unaudited interim condensed consolidated income statements (Note 8).
Some of the Company’s
lease financings contain financial and other covenants similar to those included in its credit facilities, as described in Note 8 below
and in Note 8 of the Company’s consolidated financial statements for the year ended December 31, 2022, included in the 2022 Annual
Report, with which, as of June 30, 2023, the Company was in compliance (Note 8).
The principal payments
required to be made after June 30, 2023, for the Company’s outstanding finance lease obligations recognized on the balance sheet,
as of that date, are as follows:
Lease financings
- Capital lease obligations, Principal payments (Table)
Twelve month
periods ending |
|
Amount |
June 30,
2024 |
$ |
13,719 |
June
30, 2025 |
|
13,719 |
June 30,
2026 |
|
13,719 |
June 30,
2027 |
|
13,719 |
June 30,
2028 |
|
20,141 |
June
30, 2029 and thereafter |
|
98,439 |
Total
bareboat lease minimum payments |
$ |
173,456 |
Unamortized
lease issuance costs |
|
(2,305) |
Total
bareboat lease minimum payments, net |
$ |
171,151 |
Lease
financing short term |
|
13,719 |
Lease
financing long term, net of unamortized lease issuance costs |
|
157,432 |
8.
Long-term bank loans:
Details of the Company’s
credit facilities are discussed in Note 8 of the Company’s consolidated financial statements for the year ended December 31, 2022,
included in the 2022 Annual Report and supplemented by the below new activities during the six-month period ended June 30, 2023.
As further discussed
in Note 19a) and Note 8 of the Company’s consolidated financial statements for the year ended December 31, 2022, included in the
2022 Annual Report, on January 13, 2023, the Company drew down the amounts of $22,829 and $24,171, under the two tranches available of
the “Standard Chartered $47,000 Facility”.
In addition to the scheduled repayments during
the six-month period ended June 30, 2023, on March 10, 2023 the Company prepaid an amount of $18,236 corresponding to the outstanding
loan amount of the vessel Star Pavlina under the ING $310,600 Facility following the
developments around the said vessel discussed in Note 5 above. In addition, in view of their agreed sales, as further discussed in Note
5 above, the Company prepaid i) on March 29, 2023, an amount of $26,207 corresponding to the outstanding loan amount of the vessels Star
Borealis and Star Polaris under the DNB $107,500 Facility and ii) on June 27, 2023, an amount of $6,256 corresponding to the
outstanding loan amount of the vessel Star Columba under the Citi $100,000 Facility.
Table of Contents
STAR BULK CARRIERS CORP.
Notes to Unaudited Interim Condensed Consolidated Financial Statements
June 30, 2023
(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)
8. Long-term
bank loans - continued:
In March 2023, the Company entered into a
committed term sheet with Skandinaviska Enskilda Banken AB for a loan facility of up to $30,000 (the
“SEB $30,000 Facility”) which was signed on May
25, 2023. The facility amount of $30,000 was
drawn on May
30, 2023 and was used to
replenish the funds used by the Company in May 2023 to prepay the outstanding loan amount of the vessel Star Aquarius of
$13,125 and the outstanding lease amount of the vessel Star Pisces of $12,418. The SEB $30,000 Facility was drawn in two equal
tranches, each repayable in 20 equal
consecutive quarterly installments
of $413 and
a balloon payment of $6,750 due
in May
2028, along with the last installment. The loan is
secured by first priority mortgages on the vessels Star Aquarius and Star Pisces.
In March 2023, the Company entered into a
committed term sheet with Nordea Bank Abp for a loan facility of up to $50,000 (the
“Nordea $50,000 Facility”), which was signed on July
10, 2023. The facility amount was drawn on July
12, 2023 and was used to
replenish the funds used by the Company in May 2023 to prepay the outstanding loan amount under the DSF $55,000 Facility of the
vessels Star Eleni and Star Leo, of $42,308, in aggregate. The Nordea $50,000 Facility was drawn in two equal
tranches, each repayable in 20 equal
consecutive quarterly installments
of $521 and
a balloon payment of $14,583 due
in July
2028, along with the last installment. The loan is
secured by first priority mortgages on the vessels Star Eleni and Star Leo.
The Company’s credit facilities contain financial
covenants and undertakings, a summary of which is included in Note 8 of the Company’s consolidated financial statements for the
year ended December 31, 2022, included in the 2022 Annual Report.
As of December 31,
2022 and June 30, 2023, the Company was required to maintain minimum liquidity, not legally restricted, of $64,000 and $63,000, respectively,
which is included within “Cash and cash equivalents” in the consolidated balance sheets. In addition, as of December 31, 2022
and June 30, 2023, the Company was required to maintain a minimum liquidity, legally restricted, of $16,590 and $16,204, respectively,
and is included within “Restricted cash, current and non-current” in the consolidated balance sheets.
As of June 30, 2023,
the Company was in compliance with the applicable financial and other covenants contained in its credit facilities and lease financings
as described in Note 7.
The principal payments
required to be made after June 30, 2023 for the Company’s then-outstanding bank loans, are as follows:
Long-term bank
loans - Principal repayments (Table)
Twelve month
periods ending |
|
Amount |
June 30,
2024 |
$ |
205,192 |
June 30,
2025 |
|
143,921 |
June 30,
2026 |
|
226,400 |
June 30,
2027 |
|
199,251 |
June 30,
2028 |
|
173,098 |
June 30,
2029 and thereafter |
|
43,589 |
Total
Long-term bank loans |
$ |
991,451 |
Unamortized
loan issuance costs |
|
(7,235) |
Total
Long-term bank loans, net |
$ |
984,216 |
Current
portion of long-term bank loans |
|
205,192 |
Long-term
bank loans, net of current portion and unamortized loan issuance costs |
|
779,024 |
Table of Contents
STAR BULK CARRIERS CORP.
Notes to Unaudited Interim Condensed Consolidated Financial Statements
June 30, 2023
(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)
8. Long-term
bank loans - continued:
As of June 30,
2023, all of the Company’s bank loans bear interest at SOFR
plus a margin, with the exception of five of them which are expected to have been transitioned to SOFR by August 2023. In
addition, following a number of interest rate swaps that it has entered into, the Company has converted a total of $431,559 of
its outstanding debt as of June 30, 2023 from floating benchmark rate to an average fixed rate of 40 bps with average maturity of
1.2 years. The weighted average interest rate (including the margin) related to the Company’s existing bank loans and
lease financings (Note 7) for the six-month periods ended June 30, 2022 and 2023 was 2.82%
and 4.67%,
respectively.
The amounts of “Interest
and finance costs” included in the unaudited interim condensed consolidated income statements are analyzed as follows:
Long-term bank
loans - Interest and finance costs (Table)
|
|
|
|
|
|
|
|
Six months ended June 30, |
|
|
2022 |
|
|
2023 |
Interest
on financing agreements |
$ |
21,718 |
|
$ |
43,323 |
Reclassification
adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other Comprehensive Income (Note 13) |
|
(633) |
|
|
(14,412) |
Amortization
of debt (loan & lease) issuance costs |
|
2,641 |
|
|
1,990 |
Other
bank and finance charges |
|
582 |
|
|
830 |
Interest
and finance costs |
$ |
24,308 |
|
$ |
31,731 |
During the six-month period ended June 30, 2023,
the Company wrote off an amount of $785
of unamortized debt issuance costs and incurred other expenses of $103,
mainly in connection with the loan prepayments discussed above, which are included under “Gain/(Loss) on debt extinguishment, net”
in the unaudited interim condensed consolidated income statement for the corresponding period.
9.
Preferred and Common Shares and Additional Paid-in Capital:
Details of the Company’s
preferred shares and common shares are discussed in Note 9 of the Company’s consolidated financial statements for the year ended
December 31, 2022, included in the 2022 Annual Report.
During the six-month
period ended June 30, 2023, the Company issued 450,000 common shares pursuant to its Performance Incentive Program discussed in Note 11
of the Company’s consolidated financial statements for the year ended December 31, 2022, included in the 2022 Annual Report.
In 2023 and until May 16, 2023 when
the new Share Repurchase Program, discussed below, was adopted, the Company repurchased 531,223 shares under the previous authorized share
repurchase program in open market transactions at an average price of $20.98 per share, for an aggregate consideration of $11,159 including
commissions.
On May 16, 2023, the Company’s
Board of Directors cancelled the previous share repurchase program under which $8,549 was still outstanding to be repurchased and authorized
a new share repurchase program of up to an aggregate of $50,000 (together with the previous authorized share repurchase program “Share
Repurchase Program”). The timing and amount of any repurchases will be in the sole discretion
of the Company’s management team, and will depend on legal requirements, market conditions, share price, alternative uses of capital
and other factors. The Company is not obligated under the terms of the Share Repurchase Program to repurchase any of its common shares.
The Share Repurchase Program has no expiration date and may be suspended or terminated by the Company’s Board of Directors at any
time without prior notice. Common shares purchased as part of this program will be cancelled by the Company.
Table of Contents
STAR BULK CARRIERS CORP.
Notes to Unaudited Interim Condensed Consolidated Financial Statements
June 30, 2023
(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)
9. Preferred
and Common Shares and Additional Paid-in Capital - continued:
In June 2023, under the
Share Repurchase Program, the Company repurchased 107,349 common shares in open market transactions at an average price of $17.65 per
share for an aggregate consideration of $1,897 including commissions. All the repurchased shares in 2023 under the Share Repurchase Program
described above were cancelled and removed from the Company’s share capital as of June 30, 2023.
Pursuant to its dividend
policy, during the six-month period ended June 30, 2023, the Company declared and paid a cash dividend of $98,196 or $0.95 per common
share.
10.
Earnings per Share:
The computation of
basic earnings per share is based on the weighted average number of common shares outstanding for the six-month periods ended June
30, 2022 and 2023. The calculation of basic earnings per share does not consider the non-vested shares as outstanding until the time-based
vesting restriction has lapsed. Diluted earnings per share gives effect to stock awards and restricted stock units using the treasury
stock method, unless the impact is anti-dilutive.
The Company calculates
basic and diluted earnings per share as follows:
Earnings per
Share (Table)
|
|
|
|
|
|
|
Six months ended June 30, |
|
|
2022 |
|
2023 |
Income : |
|
|
|
|
Net income |
$ |
370,510 |
$ |
90,194 |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share: |
|
|
|
|
Weighted average common shares outstanding, basic |
|
102,098,942 |
|
102,821,671 |
Basic earnings per share |
$ |
3.63 |
$ |
0.88 |
|
|
|
|
|
Effect of dilutive securities: |
|
|
|
|
Dillutive effect of non vested shares |
|
341,003 |
|
349,053 |
Weighted average common shares outstanding, diluted |
|
102,439,945 |
|
103,170,724 |
|
|
|
|
|
Diluted earnings
per share |
$ |
3.62 |
$ |
0.87 |
Table of Contents
STAR BULK CARRIERS CORP.
Notes to Unaudited Interim Condensed Consolidated Financial Statements
June 30, 2023
(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)
11.
Equity Incentive Plans:
Details of the Company’s
equity incentive plans and share awards granted through December 31, 2022, are discussed in Note 11 of the Company’s consolidated
financial statements for the year ended December 31, 2022, included in the 2022 Annual Report.
On May 16, 2023,
the Company's Board of Directors adopted the 2023 Equity Incentive Plan (the “2023 Plan”) and reserved for issuance 631,500
common shares thereunder. On the same date, all of the 631,500 restricted common shares were granted to certain directors,
officers and employees of which 411,974 restricted
common shares vest in November 2023, 151,026 restricted common shares vest in May 2024 and the
remaining 68,500 common shares vest in May 2026. The fair value of each share was $18.19, based on the closing price of
the Company’s common shares on the grant date.
The stock-based compensation
cost for the six-month periods ended June 30, 2022 and 2023, which is included under “General and administrative expenses”
in the unaudited interim condensed consolidated income statements, amounted to $11,480 and $6,360, respectively, and include an amount
of $3,370 and $2,140, respectively, recognized in connection with the Company’s Performance Incentive Program. The respective charges
were calculated based on the fuel market prices at each period end and assuming 5% of Excess Savings
to be awarded by the Board of Directors.
A summary of the status
of the Company’s non-vested restricted shares as of June 30, 2023 and the movement during the six-month period ended June 30, 2023
is presented below.
Equity Incentive
Plans - Summary of non-vested restricted share options (Table)
|
Number of
shares |
|
Weighted
Average Grant Date Fair Value |
Unvested as at January 1, 2023 |
460,190 |
$ |
19.38 |
Granted |
1,081,500 |
|
18.42 |
Vested |
(765,715) |
|
18.60 |
Unvested as at June 30, 2023 |
775,975 |
$ |
18.81 |
As of June 30, 2023,
the estimated compensation cost relating to non-vested restricted share awards not yet recognized is $12,728 and is expected to be recognized
over the weighted average period of 1.00 year. During the six-month period ended June 30, 2023, the Company paid $548 for dividends to
shareholders of non-vested shares.
Table of Contents
STAR BULK CARRIERS CORP.
Notes to Unaudited Interim Condensed Consolidated Financial Statements
June 30, 2023
(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)
12.
Commitments and Contingencies:
a)
Commitments:
The following tables
set forth inflows and outflows related to the Company’s charter party arrangements and other commitments, as at June 30, 2023.
Charter party arrangements:
Commitments and
Contingencies - Charter party agreements (Table)
|
|
|
Twelve month periods ending June 30, |
+ inflows/ - outflows |
|
|
Total |
|
|
2024 |
|
|
2025 |
|
|
2026 |
|
|
2027 |
|
|
2028 |
|
|
2029 and thereafter |
Future, minimum, non-cancellable charter revenues (1) |
|
$ |
85,097 |
|
$ |
74,363 |
|
$ |
10,734 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
85,097 |
|
$ |
74,363 |
|
$ |
10,734 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
____________________
Other commitments:
Commitments and Contingencies
- Other commitments (Table)
|
|
|
Twelve month periods ending June 30, |
+ inflows/ - outflows |
|
|
Total |
|
|
2024 |
|
|
2025 |
|
|
2026 |
|
|
2027 |
|
|
2028 |
|
|
2029 and thereafter |
Charter-in expense newbuilding vessels (1) |
|
$ |
(212,834) |
|
$ |
(5,590) |
|
$ |
(26,711) |
|
$ |
(30,204) |
|
$ |
(30,204) |
|
$ |
(30,287) |
|
$ |
(89,838) |
Vessel BWTS and ESD (2) |
|
|
(9,630) |
|
|
(9,630) |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
(222,464) |
|
$ |
(15,220) |
|
$ |
(26,711) |
|
$ |
(30,204) |
|
$ |
(30,204) |
|
$ |
(30,287) |
|
$ |
(89,838) |
____________________
b)
Legal proceedings
Various claims, suits,
and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business.
In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations
of the Company’s vessels. The Company accrues for the cost of environmental liabilities when management becomes aware that
a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of, and has
not accrued for, any such claims or contingent liabilities requiring disclosure in the unaudited interim condensed consolidated financial
statements.
13.
Fair value measurements and Hedging:
Fair value on a recurring basis:
Interest rate swaps
Details of the Company’s
interest rate swaps are discussed in Note 18 of the Company’s consolidated financial statements for the year ended December 31,
2022, included in the 2022 Annual Report.
During the six-month
period ended June 30, 2023, the Company early terminated two of its interest rate swaps with Citibank that were originally scheduled to
mature in August 2023 and October 2023. All of the Company’s interest rate swaps in place as of June 30, 2023 were designated and
qualified as cash flow hedges. The effective portion of the unrealized gains/losses from these swaps is recorded in Other Comprehensive
Income / (Loss) and no portion of these cash flow hedges was ineffective during the six-month period ended June 30, 2023.
A gain of approximately
$5,741 in connection with the interest rate swaps is expected to be reclassified into earnings during the following 12-month period when
realized.
Freight Derivatives and Bunker Swaps
The results of the
Company’s freight derivatives and bunker swaps for the six-month periods ended June 30, 2022 and 2023 and the valuation of their
open positions as at December 31, 2022 and June 30, 2023 are presented in the tables below.
The amounts of Gain
/ (Loss) on interest rate swaps, freight derivatives and bunker swaps recognized in the unaudited interim condensed consolidated income
statements, are analyzed as follows:
Fair value
measurements and Hedging - Derivative instruments effect on statements of operations (Table)
|
|
|
|
|
|
|
Six months ended June 30, |
|
|
2022 |
|
2023 |
Consolidated Statement of Operations |
|
|
|
|
Gain/(loss) on interest rate swaps, net |
|
|
|
|
Gains/(loss) of de-designated accounting hedging relationship |
|
- |
|
(507) |
Total Gain/(loss) on interest rate swaps, net |
$ |
- |
$ |
(507) |
|
|
|
|
|
Interest and finance costs |
|
|
|
|
Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other comprehensive income/(loss) (Note 8) |
|
633 |
|
14,412 |
Total Gain/(loss) recognized |
$ |
633 |
$ |
14,412 |
|
|
|
|
|
Gain/(loss) on forward freight agreements and bunker swaps, net |
|
|
|
|
Realized gain/(loss) on forward freight agreements and freight options |
|
1,023 |
|
2,796 |
Realized gain/(loss) on bunker swaps |
|
(4,085) |
|
4,476 |
Unrealized gain/(loss) on forward freight agreements and freight options |
|
(1,169) |
|
(116) |
Unrealized gain/(loss) on bunker swaps |
|
292 |
|
(2,949) |
Total Gain/(loss) recognized |
$ |
(3,939) |
$ |
4,207 |
Table of Contents
STAR BULK CARRIERS CORP.
Notes to Unaudited Interim Condensed Consolidated Financial Statements
June 30, 2023
(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)
13. Fair value measurements
and Hedging - continued:
Fair value on a recurring basis - continued:
The following table
summarizes the valuation of the Company’s financial instruments as of December 31, 2022 and June 30, 2023. The fair value of freight
derivatives and bunker swaps was determined through Level 1 inputs of the fair value hierarchy (quoted prices from the applicable exchanges
such as London Clearing House (LCH) or Singapore Exchange (SGX)), while the fair value of the interest rate swaps was determined through
Level 2 inputs of the fair value hierarchy (such as interest rate curves).
Fair value measurements
and Hedging - Fair value on a recurring basis - Quoted Prices in Active Markets (Table)
|
|
|
|
|
|
|
|
|
|
|
|
|
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) |
|
|
|
December 31, 2022 |
|
June 30, 2023 |
|
Balance Sheet Location |
|
(not designated as cash flow hedges) |
|
(designated as cash flow hedges) |
|
(not designated as cash flow hedges) |
|
(designated as cash flow hedges) |
ASSETS |
|
|
|
|
|
|
|
|
|
Forward freight agreements - current |
Derivatives, current asset portion |
$ |
191 |
$ |
- |
$ |
- |
$ |
- |
Bunker swaps - current |
Derivatives, current asset portion |
|
3,688 |
|
- |
|
738 |
|
- |
Forward freight agreements - non-current |
Derivatives, non-current asset portion |
|
- |
|
- |
|
75 |
|
- |
Total |
|
$ |
3,879 |
$ |
- |
$ |
813 |
$ |
- |
|
|
|
|
|
|
|
|
|
|
Fair value
measurements and Hedging - Fair value on recurring basis - Significant Other Observable Inputs (Table)
|
|
|
|
|
|
|
|
|
|
|
|
|
Significant Other Observable Inputs (Level 2) |
|
|
|
December 31, 2022 |
|
June 30, 2023 |
|
Balance Sheet Location |
|
(not designated as cash flow hedges) |
|
(designated as cash flow hedges) |
|
(not designated as cash flow hedges) |
|
(designated as cash flow hedges) |
ASSETS |
|
|
|
|
|
|
|
|
|
Interest rate swaps - current |
Derivatives, current asset portion |
$ |
1,665 |
$ |
20,041 |
$ |
- |
$ |
12,159 |
Interest rate swaps - non-current |
Derivatives, non-current asset portion |
|
798 |
|
7,868 |
|
- |
|
5,247 |
Total |
|
$ |
2,463 |
$ |
27,909 |
$ |
- |
$ |
17,406 |
Certain of the Company’s
financial instruments discussed above require the Company to periodically post additional collateral depending on the level of any open
position under such financial instruments, which as of December 31, 2022 and June 30, 2023 amounted to $2,199 and $2,485, respectively,
and are included within “Restricted cash, current” in the consolidated balance sheets (Note 8).
The carrying values
of temporary cash investments, restricted cash, accounts receivable and accounts payable approximate their fair value due to the short-term
nature of these financial instruments. The fair value of long-term bank loans and under lease financings (Level 2), bearing interest at
variable interest rates, approximates their recorded values as of June 30, 2023, due to the variable interest rate nature thereof.
Fair value on a non-recurring basis:
As further disclosed in Note
5, during the six-month period ended June 30, 2023 the Company recognized an impairment loss of $7,700 relating to the agreed sale of
two of its vessels. The carrying value of the respective vessels was written down to the fair value as determined by reference to their
agreed sale prices (Level 2) which amounted to $65,400.
Table of Contents
STAR BULK CARRIERS CORP.
Notes to Unaudited Interim Condensed Consolidated Financial Statements
June 30, 2023
(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)
14.
Voyage revenues:
The following table
shows the voyage revenues earned from time charters, voyage charters and pool agreements for the six-month periods ended June 30, 2022
and 2023, as presented in the consolidated income statements:
Voyage revenues
(Table)
|
|
Six months ended June 30, |
|
|
2022 |
|
2023 |
|
|
|
|
|
Time charters |
$ |
448,357 |
$ |
241,378 |
Voyage charters |
|
326,323 |
|
219,666 |
Pool revenues |
|
3,537 |
|
1,677 |
|
$ |
778,217 |
$ |
462,721 |
As
of December 31, 2022 and June 30, 2023, trade accounts receivable from voyage charter agreements amounted to $24,144
and $15,951,
respectively. This decrease was mainly attributable to the timing of collections and lower rates prevailing during the six-month period
ended June 30, 2023.
Further, as of June
30, 2023, capitalized contract fulfilment costs which are recorded under “Other current
assets” increased by $1,515 compared to December 31, 2022, from $4,366 to $5,881. The outstanding balance is mainly affected by
the timing of commencement of revenue recognition.
Under ASC 606, unearned
voyage charter revenue represents the consideration received for undelivered performance obligations. The Company recorded $9,215
as unearned revenue related to voyages charter agreements in progress as of December 31,
2022, which were recognized in earnings in the six-month period ended June 30, 2023 as the performance obligations were satisfied in that
period. In addition, the Company recorded $8,319 as unearned revenue related to voyage charter
agreements in progress as of June 30, 2023, which will be recognized in earnings as the performance obligations will be satisfied.
The amount invoiced
to charterers in connection with the additional revenue for scrubber-fitted vessels under time-charter contracts was $44,777 and $29,971
for the six-month periods ended June 30, 2022 and 2023, respectively, and did not include the fuel cost savings gained from the scrubber-fitted
vessels which were employed under voyage charter agreements.
Demurrage
income for the six-month periods ended June 30, 2022 and 2023 amounted to $23,449 and $6,608,
respectively, and is included in Voyage revenues in the unaudited interim condensed consolidated income statements.
The adjustment to
Company’s revenues from the vessels operating in the CCL Pool, deriving from the allocated pool result for those vessels as determined
in accordance with the agreed-upon formula, for the six-month periods ended June 30, 2022 and 2023 was $3,254 and $2,349, respectively,
and is included within “Pool Revenues” in the table above. Pool revenues also include other minor participation adjustments.
Table of Contents
STAR BULK CARRIERS CORP.
Notes to Unaudited Interim Condensed Consolidated Financial Statements
June 30, 2023
(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)
15.
Subsequent Events:
a) | On August 3, 2023 the Company’s Board of
Directors declared a quarterly cash dividend of $0.40 per
share payable on or about September 7, 2023 to all shareholders of record as of August
22, 2023. The ex-dividend date is expected to be August 21, 2023. |
b) | On July 7, 2023, July 10, 2023, July 14, 2023 and July 24, 2023, the vessels Star Polaris, Star
Centaurus, Star Columba and Star Aquila, respectively, were delivered to their buyers, as discussed in Note 5. |
c) | On July 12, 2023, the amount of $50,000 was drawn under the Nordea $50,000 Facility, as discussed in Note
8. |
STAR BULK CARRIERS CORP. REPORTS NET PROFIT
OF $44.3 MILLION
FOR THE SECOND QUARTER OF 2023,
AND DECLARES QUARTERLY DIVIDEND OF $0.40 PER
SHARE
ATHENS,
GREECE, August 3, 2023 – 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 second quarter of 2023. Unless otherwise indicated or unless the context requires otherwise, all references in this press release
to "we," "us," "our," or similar references, mean Star Bulk Carriers Corp. and, where applicable, its consolidated
subsidiaries.
Financial
Highlights
(Expressed
in thousands of U.S. dollars,
except for daily rates and per share data) |
Second quarter 2023 |
Second quarter 2022 |
Six months ended June
30, 2023 |
Six months ended June
30, 2022 |
Voyage
Revenues |
$238,686 |
$417,334 |
$462,721 |
$778,217 |
Net
income |
$44,319 |
$200,146 |
$90,194 |
$370,510 |
Adjusted
Net income (1) |
$48,491 |
$204,521 |
$85,568 |
$380,083 |
Net
cash provided by operating activities |
$96,880 |
$239,931 |
$180,070 |
$469,087 |
EBITDA
(2) |
$92,514 |
$251,451 |
$186,905 |
$472,134 |
Adjusted
EBITDA (2) |
$96,185 |
$258,299 |
$180,987 |
$484,180 |
Earnings
per share basic |
$0.43 |
$1.96 |
$0.88 |
$3.63 |
Earnings
per share diluted |
$0.43 |
$1.95 |
$0.87 |
$3.62 |
Adjusted
earnings per share basic (1) |
$0.47 |
$2.00 |
$0.83 |
$3.72 |
Adjusted
earnings per share diluted (1) |
$0.47 |
$2.00 |
$0.83 |
$3.71 |
Dividend per share for
the relevant period |
$0.40 |
$1.65 |
$0.75 |
$3.30 |
Average
Number of Vessels |
126.4 |
128.0 |
127.0 |
128.0 |
TCE
Revenues (3) |
$175,563 |
$337,516 |
$331,663 |
$642,420 |
Daily
Time Charter Equivalent Rate ("TCE") (3) |
$15,835 |
$30,451 |
$15,020 |
$28,924 |
Daily
OPEX per vessel (4) |
$4,915 |
$5,012 |
$4,887 |
$5,000 |
Daily
OPEX per vessel (excl. non recurring expenses) (4) |
$4,772 |
$4,674 |
$4,734 |
$4,710 |
Daily Net Cash G&A expenses
per vessel (5) |
$1,051 |
$1,010 |
$1,055 |
$1,037 |
| (1) | Adjusted
Net income and Adjusted earnings per share are non-GAAP measures. Please see EXHIBIT I at
the end of this release for a reconciliation to Net income and earnings per share, which
are the most directly comparable financial measures calculated and presented in accordance
with generally accepted accounting principles in the United States (“ U.S. GAAP”),
as well as for the definition of each measure. |
| | |
| (2) | EBITDA
and Adjusted EBITDA are non-GAAP liquidity measures. Please see EXHIBIT I at the end of this
release for Operating Activities, which is the most directly comparable
financial measure calculated and presented in accordance with U.S. GAAP, as well as for the
definition of each measure. To derive Adjusted EBITDA from EBITDA, we exclude certain non-cash
gains / (losses). |
| | |
| (3) | Daily
Time Charter Equivalent Rate (“TCE”) and TCE Revenues are non-GAAP measures.
Please see EXHIBIT I at the end of this release for a reconciliation to Voyage Revenues,
which is the most directly comparable financial measure calculated and presented in accordance
with U.S. GAAP, as well as for the definition of each measure. |
| | |
| (4) | Daily
OPEX per vessel is calculated by dividing vessel operating expenses by Ownership days (defined
below). Daily OPEX per vessel (which excludes non-recurring expenses) is calculated by dividing
vessel operating expenses minus any non-recurring items (such as, increased costs due to
the COVID-19 pandemic or pre-delivery expenses, if any) by Ownership days. In the future
we may incur expenses that are the same as or similar to certain non-recurring expenses that
were previously excluded. |
| | |
| (5) | Daily
Net Cash G&A expenses per vessel is calculated by (1) adding the Management fee
expense to the General and Administrative expenses (net of share-based compensation expense
and other non-cash charges) and (2) then dividing the result by the sum of Ownership
days and Charter-in days (defined below). Please see EXHIBIT I at the end of this release
for a reconciliation to General and administrative expenses, which is the most directly comparable
financial measure calculated and presented in accordance with U.S. GAAP.
|
| | |
Petros
Pappas, Chief Executive Officer of Star Bulk, commented:
“Star
Bulk reported Net Income of $44.3 million and a daily TCE of $15,835 for the second quarter of 2023. Given our liquidity position and
our dividend policy, the Board of Directors has approved a dividend of $0.40 / share. Through continued dividends and buybacks, the Company
has returned over $1 billion to shareholders since 2021.
We
continue to opportunistically renew our fleet having agreed to sell five Supramax vessels built in 2012, taking advantage of elevated
vessel S&P values. In aggregate, since the beginning of the year, we have sold seven vessels and received insurance proceeds from
one vessel for total proceeds net of debt repayments of $153.1 million. This additional cash need not be used for dividends but can be
used for general corporate purposes including fleet renewal, debt prepayment and share buybacks.
Global
demand for dry bulk commodities continues to be robust and given the improving macro sentiment and favorable supply dynamics, we expect
that rates will improve over the second half of the year when trade seasonally strengthens. Star Bulk remains focused on actively managing
its fleet to take advantage of market opportunities and continue creating value for its shareholders.”
Recent
Developments
Declaration
of Dividend
On
August 3, 2023, pursuant to our dividend policy, our Board of Directors declared a quarterly cash dividend of $0.40 per share, payable
on or about September 7, 2023 to all shareholders of record as of August 22, 2023. The ex-dividend date is expected to be August 21,
2023. Taking into account the share repurchases and the debt prepayments in connection with the changes in our fleet (as previously announced
and discussed below) made in 2023, the cash threshold above which we will distribute dividends is set at $408.9 million.
Share
Repurchase Program & Shares Outstanding Update
In
June 2023, we repurchased 107,349 common shares in open market transactions at a price of $17.65 per share for an aggregate consideration
of $1.9 million, pursuant to the $50.0 million share repurchase program announced in May 2023. The repurchased shares were cancelled
and removed from our share capital as of the date of this release. As of the date of this release, there is $48.1 million remaining available
under the share repurchase program.
As
of the date of this release, we have 103,183,510 shares outstanding.
Fleet
Update
On
May 26, 2023, we agreed to sell the Supramax vessels Star Centaurus, Star Columba, Star Aquila, Star Hercules and Star Cepheus.
The first three vessels were delivered to their new owner in July 2023 and it is expected that the remaining two will be delivered in
August 2023. In addition, in connection with its agreed sale in March 2023, the vessel Star Polaris was delivered to its new owners
on July 7, 2023. Following the delivery to their new owners of the six vessels previously agreed to be sold, the aggregate proceeds net
of commissions to be received in Q3 2023 will be $110.7 million. The gain from sale of vessels that will be recognized in Q3 2023 and
concerns the 5 Supramax vessels is expected to be approximately $20.0 million in aggregate.
Financing
In
May 2023, we signed the SEB $30.0 million Facility as previously announced and an amount of $30.0 million was drawn on May 30, 2023.
In July 2023, we signed the Nordea $50.0 million Facility as previously announced and an amount of $50.0 million was drawn on July 12,
2023.
Following
the completion of the new refinancings that we performed during 2022 and 2023, and the sale of the 5 Supramax vessels, mentioned above,
we will have 9 unlevered vessels.
As
of today, following a number of interest rate swaps we have entered into, we have an outstanding total notional amount of $349.3 million
under our financing agreements with an average fixed rate of 42 bps and an average maturity of 1.3 years. As of June 30, 2023 the Mark-to-Market
value of our outstanding interest rate swaps stood at $20.1 million which are all designated as and qualify for hedge accounting.
Vessel
Employment Overview
Time
Charter Equivalent Rate (“TCE rate”) is a non-GAAP measure. Please see EXHIBIT I at the end of this release for a reconciliation
to Voyage Revenues, which is the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
Our
TCE rate per day per main vessel category was as follows:
|
Second
quarter 2023 |
|
Six
months ended June 30, 2023 |
|
|
|
|
Capesize / Newcastlemax Vessels: |
$ 20,532 |
|
$ 18,645 |
Post Panamax / Kamsarmax / Panamax Vessels: |
$ 13,365 |
|
$ 13,633 |
Ultramax / Supramax Vessels: |
$ 14,273 |
|
$ 13,352 |
Amounts
shown throughout the press release and variations in period–over–period comparisons are derived from the actual unaudited
numbers in our books and records. Reference to per share figures below are based on 102,961,179 and 102,473,028 weighted average diluted
shares for the second quarter of 2023 and 2022, respectively.
Second
Quarter 2023 and 2022 Results
For
the second quarter of 2023, we had a net income of $44.3 million, or $0.43 earnings per share, compared to a net income for the second
quarter of 2022 of $200.1 million, or $1.95 earnings per share. Adjusted net income, which excludes certain non-cash items, was $48.5
million, or $0.47 earnings per share, for the second quarter of 2023, compared to an adjusted net income of $204.5 million for the second
quarter of 2022, or $2.00 earnings per share.
Net
cash provided by operating activities for the second quarter of 2023 was $96.9 million, compared to $239.9 million for the second quarter
of 2022. Adjusted EBITDA, which excludes certain non-cash items, was $96.2 million for the second quarter of 2023, compared to $258.3
million for the second quarter of 2022.
Voyage
revenues for the second quarter of 2023 decreased to $238.7 million from $417.3 million in the second quarter of 2022 and Time charter
equivalent revenues (“TCE Revenues”)1 were $175.6 million for the second quarter of 2023, compared to $337.5 million
for the second quarter of 2022. TCE rate for the second quarter of 2023 was $15,835 per day compared to $30,451 per day for the second
quarter of 2022 which is indicative of the weaker market conditions prevailing during the recent quarter.
For
the second quarters of 2023 and 2022, vessel operating expenses were $56.5 million and $58.4 million, respectively. The decrease is mainly
due to the decrease in the average number of vessels in our fleet to 126.4 in the second quarter of 2023 from 128.0 for the corresponding
quarter of 2022. Vessel operating expenses for the second quarter of 2023 included additional i) crew expenses related to the increased
number and cost of crew changes performed during the period as a result of COVID-19 related restrictions, estimated to be $0.7 million
and ii) $1.0 million pre-delivery expenses, due to change of management of certain vessels from third party to in-house. For the second
quarter of 2022, the additional COVID-19 related costs and pre-delivery expenses were estimated to be $2.8 million and $1.1 million,
respectively.
Drydocking
expenses for the second quarters of 2023 and 2022 were $10.9 million and $10.4 million, respectively. During the second quarter of 2023,
eleven vessels completed their periodic dry docking surveys while during the corresponding period in 2022, seven vessels completed their
periodic dry docking surveys.
General
and administrative expenses for the second quarters of 2023 and 2022 were $11.0 million and $17.1 million, respectively. The stock based
compensation expense for the second quarter of 2023 decreased to $2.9 million compared to $10.2 million for the corresponding quarter
in 2022. Vessel management fees for the second quarter of 2023 decreased to $4.2 million from $5.0 million for the second quarter of
2022, due to the change of management of certain vessels, from third party to in-house, as described above. Our daily net cash general
and administrative expenses per vessel (including management fees and excluding share-based compensation and other non-cash charges)
for the second quarters of 2023 and 2022 were $1,051 and $1,010, respectively.
Depreciation
expense decreased to $35.0 million for the second quarter of 2023 compared to $39.0 million for the corresponding period in 2022. The
decrease is primarily driven by the change in the estimated scrap rate per light weight tonnage from $300 to $400 effective January 1,
2023, which resulted in lower depreciation expense by $4.1 million in the second quarter of 2023 together with the decrease in the average
number of vessels in our fleet.
Our
results for the second quarter of 2023 include a loss on write-down of inventories of $2.6 million in connection with the valuation of
the bunkers remaining on board our vessels, as a result of their lower net realizable value compared to their historical cost.
Interest
and finance costs for the second quarters of 2023 and 2022 were $16.0 million and $12.2 million, respectively. The driving factor for
this increase is the significant increase in variable interest rates, which was partially offset by the positive effect from our interest
rate swaps and the decrease in our weighted average outstanding indebtedness.
Interest
income and other income/(loss) for the second quarter of 2023 amounted to $3.4 million, compared to an Interest income and other income/(loss),
of $(0.2) million in the second quarter of 2022. The increase of interest income is mainly due to higher interest rates earned from our
fixed deposits during the second quarter of 2023 and foreign exchange gains recognized in the same period compared to the foreign exchange
losses recognized in the second quarter of 2022.
____________________
1 Please see the table at the end of this release for the calculation of
the TCE Revenues.
Unaudited
Consolidated Income Statements
(Expressed
in thousands of U.S. dollars except for share and per share data) |
|
Second
quarter 2023 |
|
Second
quarter 2022 |
|
Six
months ended June 30, 2023 |
|
Six
months ended June 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
Voyage revenues |
|
$ 238,686 |
|
$ 417,334 |
|
$ 462,721 |
|
$ 778,217 |
Total
revenues |
|
238,686 |
|
417,334 |
|
462,721 |
|
778,217 |
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
Voyage expenses |
|
(61,143) |
|
(66,381) |
|
(128,635) |
|
(119,785) |
Charter-in hire expenses |
|
(3,080) |
|
(8,938) |
|
(9,695) |
|
(12,950) |
Vessel operating expenses |
|
(56,518) |
|
(58,381) |
|
(112,303) |
|
(115,847) |
Dry docking expenses |
|
(10,854) |
|
(10,442) |
|
(18,861) |
|
(19,169) |
Depreciation |
|
(35,006) |
|
(39,008) |
|
(70,075) |
|
(77,469) |
Management fees |
|
(4,216) |
|
(4,961) |
|
(8,460) |
|
(9,800) |
Loss on bad debt |
|
- |
|
- |
|
(300) |
|
- |
General and administrative
expenses |
|
(11,010) |
|
(17,147) |
|
(22,675) |
|
(25,912) |
Gain/(Loss) on forward
freight agreements and bunker swaps, net |
|
2,899 |
|
(1,316) |
|
4,207 |
|
(3,939) |
Impairment loss |
|
- |
|
- |
|
(7,700) |
|
- |
Other operational loss |
|
(171) |
|
(160) |
|
(326) |
|
(774) |
Other operational gain |
|
443 |
|
1,836 |
|
33,676 |
|
2,103 |
Gain/(Loss) on sale
of vessels |
|
(34) |
|
- |
|
(34) |
|
- |
Loss on write-down
of inventory |
|
(2,577) |
|
- |
|
(4,743) |
|
- |
|
|
|
|
|
|
|
|
|
Operating
income |
|
57,419 |
|
212,436 |
|
116,797 |
|
394,675 |
|
|
|
|
|
|
|
|
|
Interest and finance
costs |
|
(16,029) |
|
(12,226) |
|
(31,731) |
|
(24,308) |
Interest income and
other income/(loss) |
|
3,444 |
|
(200) |
|
6,593 |
|
61 |
Gain/(Loss) on interest
rate swaps, net |
|
(135) |
|
- |
|
(507) |
|
- |
Gain/(Loss) on debt
extinguishment, net |
|
(469) |
|
129 |
|
(888) |
|
129 |
Total
other expenses, net |
|
(13,189) |
|
(12,297) |
|
(26,533) |
|
(24,118) |
|
|
|
|
|
|
|
|
|
Income
before taxes and equity in income/(loss) of investee |
|
$ 44,230 |
|
$ 200,139 |
|
$ 90,264 |
|
$ 370,557 |
|
|
|
|
|
|
|
|
|
Income taxes |
|
- |
|
- |
|
(103) |
|
(37) |
|
|
|
|
|
|
|
|
|
Income
before equity in income/(loss) of investee |
|
44,230 |
|
200,139 |
|
90,161 |
|
370,520 |
|
|
|
|
|
|
|
|
|
Equity in income/(loss)
of investee |
|
89 |
|
7 |
|
33 |
|
(10) |
|
|
|
|
|
|
|
|
|
Net
income |
|
$ 44,319 |
|
$ 200,146 |
|
$ 90,194 |
|
$ 370,510 |
|
|
|
|
|
|
|
|
|
Earnings per share,
basic |
|
$ 0.43 |
|
$ 1.96 |
|
$ 0.88 |
|
$ 3.63 |
Earnings per share,
diluted |
|
$ 0.43 |
|
$ 1.95 |
|
$ 0.87 |
|
$ 3.62 |
Weighted average number
of shares outstanding, basic |
|
102,670,975 |
|
102,067,113 |
|
102,821,671 |
|
102,098,942 |
Weighted
average number of shares outstanding, diluted |
|
102,961,179 |
|
102,473,028 |
|
103,170,724 |
|
102,439,945 |
Unaudited
Consolidated Condensed Balance Sheet Data
(Expressed in
thousands of U.S. dollars) |
|
ASSETS |
|
June
30, 2023 |
|
December
31, 2022 |
Cash and cash equivalents and resticted cash, current |
|
$ 299,431 |
|
284,323 |
Other current assets |
|
187,715 |
|
217,769 |
TOTAL CURRENT ASSETS |
|
487,146 |
|
502,092 |
|
|
|
|
|
Vessels and other fixed assets, net |
|
2,757,491 |
|
2,881,551 |
Restricted cash, non current |
|
2,021 |
|
2,021 |
Other non-current assets |
|
39,184 |
|
47,960 |
TOTAL ASSETS |
|
$ 3,285,842 |
|
$ 3,433,624 |
|
|
|
|
|
Current portion of long-term bank loans and lease financing |
|
$ 218,911 |
|
$ 181,947 |
Other current liabilities |
|
110,556 |
|
100,608 |
TOTAL CURRENT LIABILITIES |
|
329,467 |
|
282,555 |
|
|
|
|
|
Long-term bank loans and lease financing non-current
(net of unamortized deferred finance fees of $9,540 and $11,694, respectively) |
|
936,456 |
|
1,103,233 |
Other non-current liabilities |
|
26,240 |
|
28,494 |
TOTAL LIABILITIES |
|
$ 1,292,163 |
|
$ 1,414,282 |
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
1,993,679 |
|
2,019,342 |
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
$ 3,285,842 |
|
$ 3,433,624 |
Unaudited
Consolidated Condensed Cash Flow Data
(Expressed
in thousands of U.S. dollars) |
|
Six
months ended June 30, 2023 |
|
Six
months ended June 30, 2022 |
|
|
|
|
|
|
Net
cash provided by / (used in) operating activities |
|
$ 180,070 |
|
$ 469,087 |
|
|
|
|
|
|
|
Acquisition of other fixed
assets |
|
(103) |
|
(124) |
|
Capital expenditures for vessel modifications/upgrades |
|
(8,661) |
|
(12,244) |
|
Cash proceeds from vessel sales and total
loss |
|
87,448 |
|
- |
|
Treasury
bills |
|
|
- |
|
(35,226) |
|
Hull and machinery insurance proceeds |
|
558 |
|
1,735 |
Net
cash provided by / (used in) investing activities |
|
79,242 |
|
(45,859) |
|
|
|
|
|
|
|
Proceeds from vessels' new debt |
|
77,000 |
|
100,000 |
|
Scheduled vessels' debt repayment |
|
(90,418) |
|
(107,283) |
|
Debt prepayment |
|
(118,549) |
|
(160,068) |
|
Financing and debt extinguishment fees paid |
|
(930) |
|
(3,044) |
|
Offering expenses |
|
(55) |
|
(207) |
|
Proceeds from issuance of common stock |
|
- |
|
19,792 |
|
Repurchase of common shares |
|
(13,056) |
|
(20,068) |
|
Dividend paid |
|
(98,196) |
|
(375,251) |
Net
cash provided by / (used in) financing activities |
|
(244,204) |
|
(546,129) |
Summary
of Selected Data
|
Second
quarter 2023 |
|
Second
quarter 2022 |
|
Six
months ended June 30, 2023 |
|
Six
months ended June 30, 2022 |
Average number of vessels
(1) |
126.4 |
|
128.0 |
|
127.0 |
|
128.0 |
Number of vessels (2) |
126 |
|
128 |
|
126 |
|
128 |
Average age of operational
fleet (in years) (3) |
11.4 |
|
10.4 |
|
11.4 |
|
10.4 |
Ownership days (4) |
11,499 |
|
11,648 |
|
22,982 |
|
23,169 |
Available days (5) |
11,087 |
|
11,084 |
|
22,082 |
|
22,211 |
Charter-in days (6) |
182 |
|
307 |
|
429 |
|
506 |
Daily Time Charter Equivalent
Rate (7) |
$15,835 |
|
$30,451 |
|
$15,020 |
|
$28,924 |
Daily OPEX per vessel
(8) |
$4,915 |
|
$5,012 |
|
$4,887 |
|
$5,000 |
Daily OPEX per vessel
(excl. non recurring expenses) (8) |
$4,772 |
|
$4,674 |
|
$4,734 |
|
$4,710 |
Daily Net Cash G&A
expenses per vessel (9) |
$1,051 |
|
$1,010 |
|
$1,055 |
|
$1,037 |
(1)
Average number of vessels is the number of vessels that constituted our owned fleet for the relevant period, as measured by the sum of
the number of days each operating vessel was a part of our owned 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 our operational fleet is calculated as of the end of each period.
(4)
Ownership days are the total calendar days each vessel in the fleet was owned by us for the relevant period, including vessels subject
to sale and leaseback transactions and finance leases.
(5)
Available days for the fleet are the Ownership days after subtracting off-hire days for major repairs, dry docking or special or intermediate
surveys, change of management and vessels’ improvements and upgrades. The available days for each period presented were also decreased
by off-hire days relating to disruptions in connection with crew changes as a result of the COVID-19 pandemic. Our method of computing
Available Days may not necessarily be comparable to Available Days of other companies.
(6)
Charter-in days are the total days that we charter-in vessels, not owned by us.
(7)
Time charter equivalent rate represents the weighted average daily TCE rates of our operating fleet (including owned fleet and fleet
under charter-in arrangements). TCE rate is a measure of the average daily net revenue performance of our vessels. Our method of calculating
TCE rate is determined by dividing (a) TCE Revenues, which consists of Voyage Revenues net of voyage expenses, charter-in hire expense,
amortization of fair value of above/below market acquired time charter agreements, if any, as well as adjusted for the impact of realized
gain/(loss) on forward freight agreements (“FFAs”) and bunker swaps by (b) Available days for the relevant time period. Available
days do not include the Charter-in days as per the relevant definitions provided above. 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. In the calculation of TCE Revenues, we also include the realized gain/(loss) on FFAs and bunker swaps as we believe
that this method better reflects the chartering result of our fleet and is more comparable to the method used by our peers. TCE Revenues
and TCE rate, which are non-GAAP measures, provide additional meaningful information in conjunction with Voyage Revenues, the most directly
comparable GAAP measure, because they assist our management in making decisions regarding the deployment and use of our vessels and because
we believe that they provide useful information to investors regarding our financial performance. 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., voyage charters, time charters, bareboat charters and pool arrangements) under which its vessels may be employed
between the periods. Our method of computing TCE Revenues and TCE rate may not necessarily be comparable to those of other companies.
For a detailed calculation please see Exhibit I at the end of this release with the reconciliation of Voyage Revenues to TCE.
(8)
Daily OPEX per vessel is calculated by dividing vessel operating expenses by Ownership days. Daily OPEX per vessel (excluding non- recurring
expenses) is calculated by dividing vessel operating expenses minus any non-recurring expenses or other additional expenses due to conditions
outside of the Company’s control (such as pre-delivery expenses for each vessel at acquisition or at change of management or increased
costs due to the COVID-19 pandemic, if any ) by Ownership days. We exclude the abovementioned expenses that may occur occasionally from
our Daily OPEX per vessel, since these generally represent items that we would not anticipate occurring as part of our normal business
on a regular basis. We believe that Daily OPEX per vessel (excluding non-recurring expenses) is a useful measure for our management and
investors for period to period comparison with respect to our operating cost performance since such measure eliminates the effects of
non-recurring items which may vary from period to period, are not part of our daily business and derive from reasons unrelated to overall
operating performance. In the future we may incur expenses that are the same as or similar to certain non-recurring expenses that were
previously excluded. Vessel operating expenses for the six month period ended June 30, 2023 and 2022 included additional crew expenses
related to the increased number of crew changes performed during the period as a result of COVID-19 restrictions imposed in 2020 estimated
to be $2.1 million and $5.6 million, respectively, while vessel operating expenses for the six month period ended June 30, 2023 and 2022
included pre-delivery expenses due to change of management of $1.4 million and $1.1 million, respectively.
(9)
Please see Exhibit I at the end of this release for the reconciliation to General and administrative expenses, the most directly comparable
GAAP measure. We believe that Daily Net Cash G&A expenses per vessel is a useful measure for our management and investors for period
to period comparison with respect to our financial performance since such measure eliminates the effects of non-cash items which may
vary from period to period, are not part of our daily business and derive from reasons unrelated to overall operating performance.
EXHIBIT
I: Non-GAAP Financial Measures
EBITDA
and Adjusted EBITDA Reconciliation
We
include EBITDA (earnings before interest, taxes, depreciation and amortization) herein since it is a basis upon which we assess our liquidity
position and we believe that it presents useful information to investors regarding our ability to service and/or incur indebtedness.
To
derive Adjusted EBITDA from EBITDA, we exclude non-cash gains/(losses) such as those related to sale of vessels, share based compensation
expense, impairment loss, loss from bad debt, change in fair value of forward freight agreements and bunker swaps, the equity in income/(loss)
of investee and other non-cash charges, if any, which may vary from period to period and for different companies and because these items
do not reflect operational cash inflows and outflows of our fleet.
EBITDA
and Adjusted EBITDA do not represent and should not be considered as alternatives to cash flow from operating activities or Net income,
as determined by United States generally accepted accounting principles, or U.S. GAAP. Our method of computing EBITDA and Adjusted EBITDA
may not necessarily be comparable to other similarly titled captions of other companies.
The
following table reconciles net cash provided by operating activities to EBITDA and Adjusted EBITDA:
(Expressed
in thousands of U.S. dollars) |
|
|
Second
quarter 2023 |
|
Second
quarter 2022 |
|
Six
months ended June 30, 2023 |
|
Six
months ended June 30, 2022 |
Net cash provided by/(used in) operating activities |
|
|
$ 96,880 |
|
$ 239,931 |
|
$ 180,070 |
|
$ 469,087 |
Net decrease / (increase) in current assets |
|
|
(5,500) |
|
19,161 |
|
(9,911) |
|
25,280 |
Net increase / (decrease) in operating liabilities,
excluding current portion of long term debt |
|
|
(7,202) |
|
(11,708) |
|
(13,206) |
|
(31,509) |
Impairment loss |
|
|
- |
|
- |
|
(7,700) |
|
- |
Gain/(Loss) on debt extinguishment, net |
|
|
(469) |
|
129 |
|
(888) |
|
129 |
Share – based compensation |
|
|
(2,914) |
|
(10,247) |
|
(6,360) |
|
(11,480) |
Amortization of debt (loans & leases) issuance
costs |
|
|
(947) |
|
(1,302) |
|
(1,990) |
|
(2,641) |
Unrealized gain / (loss)
on forward freight agreements and bunker swaps |
|
|
1,799 |
|
3,183 |
|
(3,065) |
|
(877) |
Total other expenses,
net |
|
|
13,189 |
|
12,297 |
|
26,533 |
|
24,118 |
Gain from insurance proceeds relating to vessel total
loss |
|
|
- |
|
- |
|
28,163 |
|
- |
Loss on bad debt |
|
|
- |
|
- |
|
(300) |
|
- |
Income tax |
|
|
- |
|
- |
|
103 |
|
37 |
Gain/(Loss) on sale
of vessels |
|
|
(34) |
|
- |
|
(34) |
|
- |
Gain from Hull &
Machinery claim |
|
|
200 |
|
- |
|
200 |
|
- |
Loss on write-down
of inventory |
|
|
(2,577) |
|
- |
|
(4,743) |
|
- |
Equity in income/(loss)
of investee |
|
|
89 |
|
7 |
|
33 |
|
(10) |
EBITDA |
|
|
$ 92,514 |
|
$ 251,451 |
|
$ 186,905 |
|
$ 472,134 |
|
|
|
|
|
|
|
|
|
|
Equity in (income)/loss of investee |
|
|
(89) |
|
(7) |
|
(33) |
|
10 |
Unrealized (gain)/loss
on forward freight agreements and bunker swaps |
|
|
(1,799) |
|
(3,183) |
|
3,065 |
|
877 |
(Gain)/Loss on sale of vessels |
|
|
34 |
|
- |
|
34 |
|
- |
Loss on write-down
of inventory |
|
|
2,577 |
|
- |
|
4,743 |
|
- |
Gain from insurance
proceeds relating to vessel total loss |
|
|
- |
|
- |
|
(28,163) |
|
- |
Share-based compensation |
|
|
2,914 |
|
10,247 |
|
6,360 |
|
11,480 |
Loss on bad debt |
|
|
- |
|
- |
|
300 |
|
- |
Impairment loss |
|
|
- |
|
- |
|
7,700 |
|
- |
Other non-cash charges |
|
|
34 |
|
(209) |
|
76 |
|
(321) |
Adjusted
EBITDA |
|
|
$ 96,185 |
|
$ 258,299 |
|
$ 180,987 |
|
$ 484,180 |
Net
income and Adjusted Net income Reconciliation and Calculation of Adjusted Earnings Per Share
To
derive Adjusted Net Income and Adjusted Earnings Per Share from Net Income, we exclude non-cash items, as provided in the table below.
We believe that Adjusted Net Income and Adjusted Earnings Per Share assist our management and investors by increasing the comparability
of our performance from period to period since each such measure eliminates the effects of such non-cash items as gain/(loss) on sale
of assets, unrealized gain/(loss) on derivatives, impairment loss and other items which may vary from period to period, for reasons unrelated
to overall operating performance. In addition, we believe that the presentation of the respective measure provides investors with supplemental
data relating to our results of operations, and therefore, with a more complete understanding of factors affecting our business than
with GAAP measures alone. Our method of computing Adjusted Net Income and Adjusted Earnings Per Share may not necessarily be comparable
to other similarly titled captions of other companies.
(Expressed in thousands
of U.S. dollars except for share and per share data) |
|
|
Second
quarter 2023 |
|
Second
quarter 2022 |
|
Six months
ended June 30, 2023 |
|
Six months
ended June 30, 2022 |
Net income |
|
$ |
44,319 |
$ |
200,146 |
$ |
90,194 |
$ |
370,510 |
Loss on bad debt |
|
|
- |
|
- |
|
300 |
|
- |
Share – based compensation |
|
|
2,914 |
|
10,247 |
|
6,360 |
|
11,480 |
Other non-cash charges |
|
|
34 |
|
(209) |
|
76 |
|
(321) |
Unrealized (gain) / loss on forward freight agreements
and bunker swaps, net |
|
|
(1,799) |
|
(3,183) |
|
3,065 |
|
877 |
Unrealized (gain) / loss on interest rate swaps, net |
|
|
135 |
|
- |
|
507 |
|
- |
(Gain) / loss on sale of vessels |
|
|
34 |
|
- |
|
34 |
|
- |
Impairment loss |
|
|
- |
|
- |
|
7,700 |
|
- |
Gain from insurance proceeds relating to vessel total
loss |
|
|
- |
|
- |
|
(28,163) |
|
- |
Loss on write-down of inventory |
|
|
2,577 |
|
- |
|
4,743 |
|
- |
(Gain)/Loss on debt extinguishment, net (non-cash) |
|
|
366 |
|
(2,473) |
|
785 |
|
(2,473) |
Equity in (income)/loss of
investee |
|
|
(89) |
|
(7) |
|
(33) |
|
10 |
Adjusted Net income |
|
$ |
48,491 |
|
$ 204,521 |
$ |
85,568 |
$ |
380,083 |
Weighted average number of
shares outstanding, basic |
|
|
102,670,975 |
|
102,067,113 |
|
102,821,671 |
|
102,098,942 |
Weighted average number of
shares outstanding, diluted |
|
|
102,961,179 |
|
102,473,028 |
|
103,170,724 |
|
102,439,945 |
Adjusted Basic Earnings Per
Share |
|
$ |
0.47 |
$ |
2.00 |
$ |
0.83 |
$ |
3.72 |
Adjusted
Diluted Earnings Per Share |
|
$ |
0.47 |
$ |
2.00 |
$ |
0.83 |
$ |
3.71 |
Voyage
Revenues to Daily Time Charter Equivalent (“TCE”) Reconciliation
(In
thousands of U.S. Dollars, except for TCE rates) |
|
|
Second
quarter 2023 |
|
Second
quarter 2022 |
|
Six
months ended June 30, 2023 |
|
Six
months ended June 30, 2022 |
Voyage revenues |
|
|
$ 238,686 |
|
$ 417,334 |
|
$ 462,721 |
|
$ 778,217 |
Less: |
|
|
|
|
|
|
|
|
|
Voyage expenses |
|
|
(61,143) |
|
(66,381) |
|
(128,635) |
|
(119,785) |
Charter-in hire expenses |
|
|
(3,080) |
|
(8,938) |
|
(9,695) |
|
(12,950) |
Realized
gain/(loss) on FFAs/bunker swaps, net |
|
|
1,100 |
|
(4,499) |
|
7,272 |
|
(3,062) |
Time
Charter equivalent revenues |
|
|
$ 175,563 |
|
$ 337,516 |
|
$ 331,663 |
|
$ 642,420 |
|
|
|
|
|
|
|
|
|
|
Available days |
|
|
11,087 |
|
11,084 |
|
22,082 |
|
22,211 |
Daily
Time Charter Equivalent Rate ("TCE") |
|
|
$ 15,835 |
|
$ 30,451 |
|
$ 15,020 |
|
$ 28,924 |
Daily
Net Cash G&A expenses per vessel Reconciliation
(In
thousands of U.S. Dollars, except for daily rates) |
|
|
Second
quarter 2023 |
|
Second
quarter 2022 |
|
Six
months ended June 30, 2023 |
|
Six
months ended June 30, 2022 |
General and administrative expenses |
|
$ |
11,010 |
$ |
17,147 |
$ |
22,675 |
$ |
25,912 |
Plus: |
|
|
|
|
|
|
|
|
|
Management fees |
|
|
4,216 |
|
4,961 |
|
8,460 |
|
9,800 |
Less: |
|
|
|
|
|
|
|
|
|
Share – based
compensation |
|
|
(2,914) |
|
(10,247) |
|
(6,360) |
|
(11,480) |
Other non-cash charges |
|
|
(34) |
|
209 |
|
(76) |
|
321 |
Net
Cash G&A expenses |
|
$ |
12,278 |
$ |
12,070 |
$ |
24,699 |
$ |
24,553 |
|
|
|
|
|
|
|
|
|
|
Ownership days |
|
|
11,499 |
|
11,648 |
|
22,982 |
|
23,169 |
Charter-in days |
|
|
182 |
|
307 |
|
429 |
|
506 |
Daily
Net Cash G&A expenses per vessel |
|
$ |
1,051 |
$ |
1,010 |
$ |
1,055 |
$ |
1,037 |
Conference
Call details:
Our
management team will host a conference call to discuss our financial results on Friday, August 4, 2023 at 11:00 a.m., Eastern Time (ET).
Participants
should dial into the call 10 minutes before the scheduled time using the following numbers: +1 877 405 1226 (US Toll-Free Dial In) or
+1 201 689 7823 (US and Standard International Dial In), or +0 800 756 3429 (UK Toll Free Dial In). Please quote “Star Bulk Carriers”
to the operator and/or conference ID 13740275. Click here for additional participant International Toll-Free access numbers.
Alternatively,
participants can register for the call using the “call me” option for a faster connection to join the conference call. You
can enter your phone number and let the system call you right away. Click here for the “call me” option.
Slides
and audio webcast:
There
will also be a live, and then archived, webcast of the conference call and accompanying slides, available through the Company’s
website. To listen to the archived audio file, visit our website www.starbulk.com and click on Events & Presentations. 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, minerals 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, New York, Limassol,
Singapore and Germany. Its common stock trades on the Nasdaq Global Select Market under the symbol “SBLK”. As of August 3,
2023 and as adjusted for the delivery of agreed to be sold vessels to their new owner as discussed above, Star Bulk operates a fleet
of 120 vessels, with an aggregate capacity of 13.3 million dwt, consisting of 17 Newcastlemax, 20 Capesize, 2 Mini Capesize, 7 Post Panamax,
40 Kamsarmax, 2 Panamax, 20 Ultramax and 12 Supramax vessels with carrying capacities between 52,425 dwt and 209,529 dwt.
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.
We
desire 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. Words such as, but not limited to, “believe,” “expect,”
“anticipate,” “estimate,” “intend,” “plan,” “targets,” “projects,”
“likely,” “will,”“would,” “could,” “should,” “may,” “forecasts,”
“potential,” “continue,” “possible” and similar expressions or phrases may 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 our management of historical operating trends, data contained in our records and other data
available from third parties. Although we believe 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 our control, we cannot
assure you that we will achieve or accomplish these expectations, beliefs or projections.
In
addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from
those discussed in the forward-looking statements include general dry bulk shipping market conditions, including fluctuations in charter
rates and vessel values; the strength of world economies; the stability of Europe and the Euro; fluctuations in
currencies, interest rates and foreign exchange rates, and the impact of the discontinuance of the London Interbank Offered Rate for
US Dollars, or LIBOR, after June 30, 2023 on any of our debt referencing LIBOR in the interest rate; business disruptions due
to natural disasters or other disasters outside our control, such as the ongoing novel coronavirus (“COVID-19”) pandemic
(and variants that may emerge); the length and severity of epidemics and pandemics, including COVID-19 and its impact on the demand for
seaborne transportation in the dry bulk sector; changes in supply and demand in the dry bulk shipping industry, including the market
for our vessels and the number of newbuildings under construction; the potential for technological innovation in the sector in which
we operate and any corresponding reduction in the value of our vessels or the charter income derived therefrom; changes in our expenses,
including bunker prices, dry docking, crewing and insurance costs; changes in governmental rules and regulations or actions taken by
regulatory authorities; potential liability from pending or future litigation and potential costs due to environmental damage and vessel
collisions; the impact of increasing scrutiny and changing expectations from investors, lenders, charterers and other market participants
with respect to our Environmental, Social and Governance (“ESG”) practices; our ability to carry out our ESG initiatives
and thereby meet our ESG goals and targets; new environmental regulations and restrictions, whether at a global level stipulated by the
International Maritime Organization, and/or regional/national level imposed by regional authorities such as the European Union or individual
countries; potential cyber-attacks which may disrupt our business operations; general domestic and international political conditions
or events, including “trade wars” and the ongoing conflict between Russia and Ukraine; the impact on our common shares and
reputation if our vessels were to call on ports located in countries that are subject to restrictions imposed by the U.S. or other governments;
potential physical disruption of shipping routes due to accidents, climate-related reasons (acute and chronic), political events, public
health threats, international hostilities and instability, piracy or acts by terrorists; the availability of financing and refinancing;
the failure of our contract counterparties to meet their obligations; our ability to meet requirements for additional capital and financing
to grow our business; the impact of our indebtedness and the compliance with the covenants included in our debt agreements; vessel breakdowns
and instances of off-hire; potential exposure or loss from investment in derivative instruments; potential conflicts of interest
involving our Chief Executive Officer, his family and other members of our senior management and our ability to complete acquisition
transactions as and when planned and upon the expected terms and the impact of port or canal congestion or disruptions. 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: |
Investor Relations
/ Financial Media: |
Simos Spyrou, Christos
Begleris |
Nicolas Bornozis |
Co - Chief Financial Officers |
President |
Star Bulk Carriers Corp. |
Capital Link, Inc. |
c/o Star Bulk Management
Inc. |
230 Park Avenue, Suite
1536 |
40 Ag. Konstantinou Av. |
New York, NY 10169 |
Maroussi 15124 |
Tel. (212) 661-7566 |
Athens, Greece |
E-mail:
starbulk@capitallink.com |
Email: info@starbulk.com |
www.capitallink.com |
www.starbulk.com |
|
v3.23.2
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Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
CURRENT ASSETS |
|
|
Cash and cash equivalents |
$ 285,248
|
$ 269,754
|
Restricted cash, current (Notes 8 and 13) |
14,183
|
14,569
|
Trade accounts receivable, net |
59,728
|
84,034
|
Inventories (Note 4) |
65,019
|
67,162
|
Due from managers |
53
|
84
|
Due from related parties (Note 3) |
285
|
324
|
Prepaid expenses and other receivables |
21,766
|
25,667
|
Derivatives, current asset portion (Note 13) |
12,897
|
25,585
|
Other current assets (Note 14) |
27,967
|
14,913
|
Total Current Assets |
487,146
|
502,092
|
FIXED ASSETS |
|
|
Vessels and other fixed assets, net (Note 5) |
2,757,491
|
2,881,551
|
Total Fixed Assets |
2,757,491
|
2,881,551
|
OTHER NON-CURRENT ASSETS |
|
|
Long term investment (Note 3) |
1,709
|
1,676
|
Restricted cash, non-current (Notes 8 and 13) |
2,021
|
2,021
|
Operating leases, right-of-use assets (Note 6) |
32,153
|
37,618
|
Derivatives, non-current asset portion (Note 13) |
5,322
|
8,666
|
TOTAL ASSETS |
3,285,842
|
3,433,624
|
CURRENT LIABILITIES |
|
|
Current portion of long-term bank loans (Note 8) |
205,192
|
166,586
|
Lease financing short term (Note 7) |
13,719
|
15,361
|
Accounts payable |
36,790
|
32,140
|
Due to managers |
13,684
|
6,344
|
Due to related parties (Note 3) |
1,975
|
1,501
|
Accrued liabilities |
33,449
|
33,984
|
Operating lease liabilities, current (Note 6) |
6,820
|
9,955
|
Deferred revenue |
17,838
|
16,684
|
Total Current Liabilities |
329,467
|
282,555
|
NON-CURRENT LIABILITIES |
|
|
Long-term bank loans, net of current portion and unamortized loan issuance costs of $9,013 and $7,235, as of December 31, 2022 and June 30, 2023, respectively (Note 8) |
779,024
|
927,995
|
Lease financing long term, net of unamortized lease issuance costs of $2,681 and $2,305, as of December 31, 2022 and June 30, 2023, respectively (Note 7) |
157,432
|
175,238
|
Operating lease liabilities, non-current (Note 6) |
25,333
|
27,663
|
Other non-current liabilities |
907
|
831
|
TOTAL LIABILITIES |
1,292,163
|
1,414,282
|
SHAREHOLDERS' EQUITY |
|
|
Preferred Shares; $0.01 par value, authorized 25,000,000 shares; none issued or outstanding at December 31, 2022 and June 30, 2023, respectively (Note 9) |
0
|
0
|
Common Shares, $0.01 par value, 300,000,000 shares authorized; 102,857,416 shares issued and outstanding as of December 31, 2022; 103,183,510 shares issued and outstanding as of June 30, 2023 (Note 9) |
1,032
|
1,029
|
Additional paid in capital |
2,639,319
|
2,646,073
|
Accumulated other comprehensive income/(loss) |
10,052
|
20,962
|
Accumulated deficit |
(656,724)
|
(648,722)
|
Total Shareholders' Equity |
1,993,679
|
2,019,342
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ 3,285,842
|
$ 3,433,624
|
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v3.23.2
Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Preferred Stock [Member] |
|
|
Preferred Stock, Par or Stated Value Per Share |
$ 0.01
|
$ 0.01
|
Preferred Stock, Shares Authorized |
25,000,000
|
25,000,000
|
Preferred Stock, Shares Issued |
0
|
0
|
Preferred Stock, Shares Outstanding |
0
|
0
|
Common Stock [Member] |
|
|
Common Stock, Par or Stated Value Per Share |
$ 0.01
|
$ 0.01
|
Common Stock, Shares Authorized |
300,000,000
|
300,000,000
|
Common Stock, Shares, Issued |
103,183,510
|
102,857,416
|
Common Stock, Shares, Outstanding |
103,183,510
|
102,857,416
|
Long-Term Debt [Member] |
|
|
Debt Issuance Costs, Net |
$ 7,235
|
$ 9,013
|
Capital Lease Obligations [Member] |
|
|
Debt Issuance Costs, Net |
$ 2,305
|
$ 2,681
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.2
Unaudited Interim Condensed Consolidated Income Statements - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Revenues: |
|
|
Voyage revenues (Note 14) |
$ 462,721
|
$ 778,217
|
Expenses/(Income) |
|
|
Voyage expenses (Notes 3 ) |
128,635
|
119,785
|
Charter-in hire expenses |
9,695
|
12,950
|
Vessel operating expenses |
112,303
|
115,847
|
Dry docking expenses |
18,861
|
19,169
|
Depreciation (Note 5) |
70,075
|
77,469
|
Management fees (Notes 3) |
8,460
|
9,800
|
General and administrative expenses (Note 3) |
22,675
|
25,912
|
Impairment loss (Notes 5 and 13) |
7,700
|
(0)
|
Loss on write-down of inventory |
4,743
|
(0)
|
Other operational loss |
326
|
774
|
Other operational gain (Note 5) |
(33,676)
|
(2,103)
|
Loss on bad debt |
300
|
(0)
|
(Gain)/Loss on forward freight agreements and bunker swaps, net (Note 13) |
(4,207)
|
3,939
|
Loss on sale of vessels (Note 5) |
34
|
0
|
Total operating expenses, net |
345,924
|
383,542
|
Operating income |
116,797
|
394,675
|
Other Income/ (Expenses): |
|
|
Interest and finance costs (Note 8) |
(31,731)
|
(24,308)
|
Interest income and other income/(loss) |
6,593
|
61
|
Gain/(Loss) on interest rate swaps, net (Note 13) |
(507)
|
(0)
|
Gain/(Loss) on debt extinguishment, net (Note 8) |
(888)
|
129
|
Total other expenses, net |
(26,533)
|
(24,118)
|
Income before taxes and equity in income/(loss) of investee |
90,264
|
370,557
|
Income taxes |
(103)
|
(37)
|
Income before equity in income/(loss) of investee |
90,161
|
370,520
|
Equity in income / (loss) of investee (Note 3) |
33
|
(10)
|
Net income |
$ 90,194
|
$ 370,510
|
Earnings per share, basic |
$ 0.88
|
$ 3.63
|
Earnings per share, diluted |
$ 0.87
|
$ 3.62
|
Weighted average number of shares outstanding, basic (Note 10) |
102,821,671
|
102,098,942
|
Weighted average number of shares outstanding, diluted (Note 10) |
103,170,724
|
102,439,945
|
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v3.23.2
Unaudited Interim Condensed Consolidated Statements of Comprehensive Income/ (Loss) - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
Net income |
$ 90,194
|
$ 370,510
|
Other comprehensive income / (loss): |
|
|
Unrealized gain / (loss) from hedging interest rate swaps recognized in Other comprehensive income/(loss) before reclassifications |
3,502
|
19,280
|
Less: |
|
|
Reclassification adjustments of interest rate swap gain/(loss) (Note 13) |
(14,412)
|
(633)
|
Other comprehensive income / (loss) |
(10,910)
|
18,647
|
Total comprehensive income |
$ 79,284
|
$ 389,157
|
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v3.23.2
Unaudited Interim Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands |
Common Stock [Member] |
Common Stock [Member]
Songa shares [Member]
|
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
AOCI Attributable to Parent [Member] |
Beginning balance, value at Dec. 31, 2021 |
$ 1,023
|
|
$ 2,618,319
|
$ (546,257)
|
$ 2,080,018
|
$ 6,933
|
Ending balance, shares at Dec. 31, 2021 |
102,294,758
|
|
|
|
|
|
Net income |
$ (0)
|
|
(0)
|
370,510
|
370,510
|
|
Other comprehensive income / (loss) |
|
|
|
|
18,647
|
18,647
|
Issuance of vested and non-vested shares and amortization of share-based compensation (Note 9) |
$ 5
|
|
11,475
|
0
|
11,480
|
|
Issuance of vested and non-vested shares and amortization of share-based compensation, shares |
528,941
|
|
|
|
|
|
Equity offering, net |
$ 7
|
|
19,430
|
0
|
19,437
|
|
Equity offerings, net, shares |
654,690
|
|
|
|
|
|
Repurchase and cancellation of common shares (Note 9), shares |
(790,011)
|
|
|
|
|
|
Repurchase and cancellation of common shares (Note 9) |
$ (8)
|
|
(20,060)
|
|
(20,068)
|
|
Dividends declared ($0.95 per share) (Note 9) |
|
|
|
(375,018)
|
(375,018)
|
|
Ending balance, shares at Jun. 30, 2022 |
102,688,378
|
|
|
|
|
|
Ending balance, value at Jun. 30, 2022 |
$ 1,027
|
|
2,629,164
|
(550,765)
|
2,105,006
|
25,580
|
Beginning balance, value at Dec. 31, 2022 |
$ 1,029
|
|
2,646,073
|
(648,722)
|
2,019,342
|
20,962
|
Ending balance, shares at Dec. 31, 2022 |
102,857,416
|
|
|
|
|
|
Net income |
$ (0)
|
|
(0)
|
90,194
|
90,194
|
|
Other comprehensive income / (loss) |
|
|
|
|
(10,910)
|
(10,910)
|
Issuance of vested and non-vested shares and amortization of share-based compensation (Note 9) |
$ 9
|
|
6,351
|
0
|
6,360
|
|
Issuance of vested and non-vested shares and amortization of share-based compensation, shares |
971,372
|
|
|
|
|
|
Repurchase and cancellation of common shares (Note 9), shares |
(638,572)
|
(6,706)
|
|
|
|
|
Repurchase and cancellation of common shares (Note 9) |
$ (6)
|
|
(13,050)
|
|
(13,056)
|
|
Dividends declared ($0.95 per share) (Note 9) |
|
|
|
(98,196)
|
(98,196)
|
|
Offering expenses |
$ 0
|
|
(55)
|
0
|
(55)
|
|
Ending balance, shares at Jun. 30, 2023 |
103,183,510
|
|
|
|
|
|
Ending balance, value at Jun. 30, 2023 |
$ 1,032
|
|
$ 2,639,319
|
$ (656,724)
|
$ 1,993,679
|
$ 10,052
|
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v3.23.2
Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash Flows from Operating Activities: |
|
|
Net income |
$ 90,194
|
$ 370,510
|
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: |
|
|
Depreciation (Note 5) |
70,075
|
77,469
|
Amortization of debt (loans & leases) issuance costs (Note 8) |
1,990
|
2,641
|
Amortization of operating lease right-of-use assets (Note 6) |
5,465
|
0
|
Gain/(Loss) on debt extinguishment, net (Note 8) |
888
|
(129)
|
Impairment loss (Note 5) |
7,700
|
(0)
|
Loss / (gain) on sale of vessels (Note 6) |
34
|
0
|
Loss on bad debt |
300
|
(0)
|
Share-based compensation (Note 11) |
6,360
|
11,480
|
Gain from insurance proceeds relating to vessel total loss (Note 5) |
(28,163)
|
0
|
Loss on write-down of inventory |
4,743
|
(0)
|
Change in fair value of forward freight derivatives and bunker swaps (Note 13) |
3,065
|
877
|
Other non-cash charges |
76
|
(321)
|
Gain on hull and machinery claims |
(200)
|
0
|
Equity in income / (loss) of investee (Note 3) |
(33)
|
10
|
(Increase)/Decrease in: |
|
|
Trade accounts receivable |
23,292
|
(12,371)
|
Inventories |
(2,734)
|
(22,586)
|
Prepaid expenses and other receivables |
(12,774)
|
1,937
|
Derivatives asset |
2,057
|
(753)
|
Due from related parties |
39
|
(911)
|
Due from managers |
31
|
9,404
|
Increase/(Decrease) in: |
|
|
Accounts payable |
4,694
|
11,388
|
Operating lease liability (Note 6) |
(5,465)
|
0
|
Due to related parties |
474
|
1,758
|
Accrued liabilities |
(532)
|
3,859
|
Due to managers |
7,340
|
11,533
|
Deferred revenue |
1,154
|
3,292
|
Net cash provided by / (used in) Operating Activities |
180,070
|
469,087
|
Cash Flows from Investing Activities: |
|
|
Vessel upgrades and other fixed assets |
(8,764)
|
(12,368)
|
Cash proceeds from vessel sales (Note 5) |
32,448
|
0
|
Cash proceeds from vessel total loss (Note 5) |
55,000
|
0
|
Treasury bills |
0
|
(35,226)
|
Hull and machinery insurance proceeds |
558
|
1,735
|
Net cash provided by / (used in) Investing Activities |
79,242
|
(45,859)
|
Cash Flows from Financing Activities: |
|
|
Proceeds from bank loans, leases and notes (Note 8) |
77,000
|
100,000
|
Loan and lease prepayments and repayments |
(208,967)
|
(267,351)
|
Financing and debt extinguishment fees paid |
(930)
|
(3,044)
|
Dividends paid (Note 9) |
(98,196)
|
(375,251)
|
Proceeds from issuance of common stock |
0
|
19,792
|
Offering expenses paid |
(55)
|
(207)
|
Repurchase of common shares (Note 9) |
(13,056)
|
(20,068)
|
Net cash provided by / (used in) Financing Activities |
(244,204)
|
(546,129)
|
Net increase/(decrease) in cash and cash equivalents and restricted cash |
15,108
|
(122,901)
|
Cash and cash equivalents and restricted cash at beginning of period |
286,344
|
473,271
|
Cash and cash equivalents and restricted cash at end of period |
301,452
|
350,370
|
Cash paid during the period for: |
|
|
Interest |
28,033
|
22,784
|
Non-cash investing and financing activities: |
|
|
Vessel upgrades |
3,422
|
1,520
|
Reconciliation of (a) cash and cash equivalents, and restricted cash reported within the consolidated balance sheets to (b) the total amount of such items reported in the statements of cash flows: |
|
|
Cash and cash equivalents |
285,248
|
335,774
|
Restricted cash, current (Note 8) |
14,183
|
12,575
|
Restricted cash, non-current (Note 8) |
2,021
|
2,021
|
Cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows |
$ 301,452
|
$ 350,370
|
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v3.23.2
Basis of Presentation and General Information
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Basis of Presentation and General Information |
1.
Basis of Presentation and General Information:
Star Bulk Carriers
Corp. (“Star Bulk”) is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector.
Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains offices in Athens, New York, Limassol, Singapore
and Germany. Star Bulk’s common shares trade on the NASDAQ Global Select Market under the ticker symbol “SBLK”.
The unaudited interim
condensed consolidated financial statements include the accounts of Star Bulk and its wholly owned subsidiaries (collectively, the “Company”)
and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”)
and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial information.
Accordingly, they do not include all the information and notes required by U.S. GAAP for annual financial statements.
These unaudited interim
condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements for the
year ended December 31, 2022 and, in the opinion of management, reflect all normal recurring adjustments considered necessary for a fair
presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Operating results
for the six-month period ended June 30, 2023 are not necessarily indicative of the results that might be expected for the fiscal year
ending December 31, 2023.
The unaudited interim
condensed consolidated financial statements presented in this report should be read in conjunction with the annual consolidated financial
statements for the year ended December 31, 2022 included in the Company’s Annual Report on Form 20-F for the year ended December
31, 2022 (the “2022 Annual Report”). The balance sheet as of December 31, 2022 has been derived from the audited consolidated
financial statements as of that date, but, pursuant to the requirements for interim financial information, does not include all of the
information and footnotes required by U.S. GAAP for complete financial statements.
Unless otherwise defined
herein, capitalized words and expressions used herein shall have the same meanings ascribed to them in the 2022 Annual Report.
The 2019 Novel Coronavirus (“COVID-19”) pandemic
resulted in a significant reduction in global economic activity and extreme volatility in the global financial market. During the second
half of 2022, freight rates declined from highs seen earlier in the year as China’s COVID-related lockdown measures intensified.
The end of the zero COVID-19 policy by the Chinese authorities during the first quarter of 2023 fueled markets with optimism that resulted
in the rebound of freight levels. During the second quarter of 2023, freight rates have receded, as despite the uplift of the exporting
activity, the relaxation of COVID-19 related inefficiencies resulted in the increase of effective ship supply. Concurrently, Chinese macro
data are implying a stalling economy, while the outlook of the western economies is getting worse as a result of the tightening cycle
that central banks are implementing in order to fight inflation. There continues to be a high level of uncertainty relating to how the
COVID-19 pandemic will evolve, the evolution and emergence of existing and future variants, the availability of vaccines and their global
deployment, the development of effective treatments, the imposition of effective public safety and other protective measures and the public's
and government's responses to such measures. As a result of the COVID-19 pandemic restrictions imposed since 2020, additional crew expenses
have been incurred. An increase in the severity or duration or a resurgence of the COVID-19 pandemic and any significant disruption of
wide-scale vaccine distribution could have a material adverse effect on the Company’s future business, results of operations, cash
flows, financial condition, the carrying value of the Company’s assets, the fair values of the Company’s vessels, and the
Company’s ability to pay dividends.
As of June 30, 2023
and as adjusted for the delivery to the buyers of the vessel Star Polaris and the five Delphin Vessels, discussed in Note 5, the
Company owned a modern fleet of 120 dry bulk vessels consisting of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax
and Supramax vessels with a carrying capacity between 52,425 deadweight tonnage (“dwt”) and 209,529 dwt, a combined carrying
capacity of 13.3 million dwt and an average age of 11.5 years.
|
X |
- DefinitionThe entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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v3.23.2
Significant Accounting Policies and Recent Accounting Pronouncements
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Significant Accounting Policies and Recent Accounting Pronouncements |
2. Significant
accounting policies and recent accounting pronouncements: Significant Accounting Policies and Recent Accounting Pronouncements
A summary of the Company’s
significant accounting policies and recent accounting pronouncements is provided in Note 2 to the Company’s consolidated financial
statements included in the 2022 Annual Report. Other than the change in accounting estimate described below, there have been no changes
to the Company’s significant accounting policies and recent accounting pronouncements in the six-month period ended June 30, 2023.
Vessel Depreciation:
The cost of each of
the Company’s vessels is depreciated beginning when the vessel is ready for its intended use, on a straight-line basis over the
vessel’s remaining economic useful life, after considering the estimated residual value (vessel’s residual value is equal
to the product of its lightweight tonnage and estimated scrap rate per ton).
Effective as of January 1,
2023, following management’s reassessment of the residual value of the Company’s vessels, the Company increased the estimated
scrap rate per lightweight ton from $0.3 to $0.4. The current value of $0.4 was based on the historical average demolition prices prevailing
in the market in the last 20 years. The change in this accounting estimate, which pursuant to ASC 250 “Accounting Changes and Error
Corrections” was applied prospectively and did not require retrospective application, decreased the depreciation expense and increased
the net income for the six-month period ended June 30, 2023 by $7,982 or $0.08 per basic and diluted share.
|
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v3.23.2
Transactions with Related Parties
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
Transactions with Related Parties |
3.
Transactions with Related Parties:
Details of the Company’s
transactions with related parties did not change in the six-month period ended June 30, 2023 and are discussed in Note 3 of the Company’s
consolidated financial statements for the year ended December 31, 2022, included in the 2022 Annual Report.
Transactions and balances
with related parties are analyzed as follows:
Transactions
with Related Parties - Balance Sheets (Table)
Balance Sheets
|
|
December
31, 2022 |
|
|
June
30, 2023 |
Long
term investment |
|
|
|
|
|
Interchart |
$ |
1,349 |
|
$ |
1,381 |
Starocean |
|
202 |
|
|
203 |
CCL Pool |
|
125 |
|
|
125 |
Long
term investment |
$ |
1,676 |
|
$ |
1,709 |
|
|
|
|
|
|
Due
from related parties |
|
|
|
|
|
Oceanbulk Maritime and its affiliates |
|
287 |
|
|
248 |
Interchart |
|
3 |
|
|
3 |
Starocean |
|
34 |
|
|
34 |
Due
from related parties |
$ |
324 |
|
$ |
285 |
|
|
|
|
|
|
Due
to related parties |
|
|
|
|
|
Management and Directors
Fees |
|
114 |
|
|
38 |
Iblea Ship Management Limited |
|
1,387 |
|
|
1,937 |
Due
to related parties |
$ |
1,501 |
|
$ |
1,975 |
3. Transactions with
Related Parties - continued:
Transactions with Related Parties - Income Statements (Table)
Income statements
|
Six months ended June 30, |
|
|
2022 |
|
|
2023 |
Voyage expenses: |
|
|
|
|
|
Voyage expenses-Interchart |
$ |
(2,070) |
|
$ |
(2,070) |
General and administrative expenses: |
|
|
|
|
|
Consultancy fees |
$ |
(270) |
|
$ |
(281) |
Directors compensation |
|
(90) |
|
|
(93) |
Office rent - Combine Marine Ltd. & Alma Properties |
|
(19) |
|
|
(19) |
General and administrative expenses - Oceanbulk Maritime and its affiliates |
|
(100) |
|
|
(104) |
Management fees: |
|
|
|
|
|
Management fees- Augustea Technoservices Ltd. and affiliates |
$ |
(1,264) |
|
$ |
- |
Management fees- Iblea Ship Management Limited |
|
(1,426) |
|
|
(1,514) |
Equity in income/(loss of investee) |
|
|
|
|
|
Interchart |
$ |
(22) |
|
$ |
32 |
Starocean |
|
12 |
|
|
1 |
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.2
Inventories
|
6 Months Ended |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
Inventories |
4.
Inventories:
The amounts shown
in the consolidated balance sheets are analyzed as follows:
Inventories (Table)
|
|
December
31, 2022 |
|
|
June
30, 2023 |
Lubricants |
$ |
15,863 |
|
$ |
14,917 |
Bunkers |
|
51,299 |
|
|
50,102 |
Total |
$ |
67,162 |
|
$ |
65,019 |
|
X |
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v3.23.2
Vessels and other fixed assets, net
|
6 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Vessels and other fixed assets, net |
5.
Vessels and other fixed assets, net:
The amounts in the
consolidated balance sheets are analyzed as follows:
Vessels and other fixed assets, net - Schedules of vessels and
other fixed assets, net (Table)
|
|
Cost |
|
Accumulated
depreciation |
|
Net
Book Value |
Balance,
December 31, 2022 |
$ |
3,843,686 |
$ |
(962,135) |
$ |
2,881,551 |
- Acquisition of other fixed assets, vessel improvements
and other vessel costs |
|
12,186 |
|
- |
|
12,186 |
- Vessel total loss |
|
(27,570) |
|
1,581 |
|
(25,989) |
- Vessel sale |
|
(55,248) |
|
22,766 |
|
(32,482) |
- Impairment loss |
|
(7,700) |
|
- |
|
(7,700) |
- Depreciation for the period |
|
- |
|
(70,075) |
|
(70,075) |
Balance,
June 30, 2023 |
$ |
3,765,354 |
$ |
(1,007,863) |
$ |
2,757,491 |
During the first quarter
of 2023, the Company agreed with the war risk insurers of the vessel Star Pavlina, that the vessel became a constructive total
loss on February 24, 2023 and as a consequence that the Company is entitled to be indemnified for the
vessel’s total insurance value given its prolonged detainment in Ukraine following the commencement of Russia’s military
action against Ukraine on February 24, 2022 as further disclosed in Notes 15b) and 19c) of the Company’s consolidated financial
statements for the year ended December 31, 2022, included in the 2022 Annual Report. As a result, the Company recognized a gain of $28,163
which is included within “Other operational gain” in the unaudited interim condensed
consolidated income statement for the six-month period ended June 30, 2023. In addition, in 2023
and up to February 24, 2023, the Company earned through its war risk insurance policy detention compensation with respect to this vessel,
an amount of $2,658 which is also included within “Other operational gain” in
the 2023 unaudited interim condensed consolidated income statement. On April 12, 2023
and on May 4, 2023 the Company received the total insurance value of the vessel Star Pavlina.
During the six-month
period ended June 30, 2023, the Company decided to sell opportunistically certain vessels and renew its fleet taking advantage of the
elevated vessel market values. On March
24, 2023, the Company agreed to sell to a third party the vessels Star Borealis and Star Polaris with delivery
to their new owner upon completion of their then-existing employment. Star Borealis and Star Polaris were delivered to
their new owner on May 4, 2023 and July 7, 2023 (Note 15), respectively. With respect to the sale of Star Borealis, a loss of $34
was recognized for the six-month period ended June 30, 2023 which is separately reflected in the unaudited interim condensed consolidated
income statement for the corresponding period. By reference to the agreed sale prices of Star Borealis
and Star Polaris (Level 2), the Company recognized an impairment loss of $7,700
for the six-month period ended June 30, 2023, which is separately reflected in the
unaudited interim condensed consolidated income statement for
the corresponding period. In addition, on May
26, 2023, the Company agreed to sell to a third party the vessels Star Centaurus, Star Columba, Star Aquila, Star Hercules
and Star Cephueus (five of the Delphin Vessels), with delivery to their new owner upon completion of their then-existing employment.
Star Centaurus, Star Columba and Star Aquila were delivered to their new owner in July 2023 (Note 15) while the delivery
of Star Hercules and Star Cepheus is expected within August 2023. Given their employment as of June 30, 2023, none of the above-mentioned
vessels met the criteria to be classified as held for sale as of that date and by reference to their agreed sale prices, no
impairment loss was recognized for the six-month period ended June 30, 2023. The gain from
the sale of the above-mentioned vessels that will be recognized in the third quarter of 2023 is expected to be approximately $20.0
million in aggregate.
As of June 30, 2023,
98 of the Company’s vessels, having a net carrying value of $2,149,014, serve as collateral under certain of the Company’s
loan facilities and were subject to first-priority mortgages (Note 8). Title of ownership is held by the relevant lenders for another 11 vessels
with a carrying value of $319,558 to secure the relevant sale and lease back financing transactions (Note 7). In addition, 18 of the Company’s
vessels having a net carrying value of $352,136 are subject to second-priority mortgages and serve as collateral under one of the
Company’s loan facilities (Note 8).
During the six month
period ended June 30, 2023, the Company continued the technical upgrades to its fleet, such as the installation of ballast water treatment
systems (“BWTS”) and Energy Saving Devices (“ESD”).
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.23.2
Operating leases
|
6 Months Ended |
Jun. 30, 2023 |
Operating Leases |
|
Operating leases |
6.
Operating leases:
a) Time charter-in
vessel agreements
The
carrying value of the assets and liabilities recognized on the balance sheet as of
December 31, 2022 and June 30, 2023 in connection with the time charter-in vessel arrangements with an initial term exceeding
12 months, as described in Note 6 to the Company’s consolidated financial statements included in the 2022 Annual Report, amounted
to $37,191 and
$31,774,
respectively and are included under “Operating lease liabilities current and non- current” in the consolidated balance
sheets. The time charter-in hire payments required to be made after June 30, 2023, for these outstanding operating lease
liabilities are as follows:
Operating
leases - Operating lease liabilities of time charter-in vessel agreements (Table)
Twelve month
periods ending |
|
Amount |
June 30,
2024 |
$ |
7,534 |
June 30,
2025 |
|
6,242 |
June 30,
2026 |
|
6,242 |
June 30,
2027 |
|
5,900 |
June 30,
2028 |
|
6,259 |
June 30,
2029 and thereafter |
|
2,633 |
Total
undiscounted lease payments |
$ |
34,810 |
Discount
based on incremental borrowing rate |
|
(3,036) |
Present
value of lease liability |
|
31,774 |
The weighted average remaining lease term of these
charter-in vessel arrangements as of June 30, 2023 is 5.19 years.
The charter-in hire expenses for these long-term charter-in arrangements for the six-month periods ended June 30, 2022 and 2023, were
$5,953
and $5,960,
respectively and are separately presented in the unaudited interim condensed consolidated income statements.
6.
Operating leases - continued:
b) Office rental
arrangements
The
carrying value of the assets and liabilities recognized on the balance sheet as of
December 31, 2022 and June 30, 2023 in connection with the office rental arrangements as described in Note 6 to the
Company’s consolidated financial statements included in the 2022 Annual Report, amounted
to $427 and
$379,
respectively and are included under “Operating lease liabilities current
and non- current” in the consolidated balance sheets. The office rental payments required to be made after June 30, 2023, for these outstanding operating lease
liabilities are as follows:
Operating leases - Operating lease liabilities
of office rental agreements (Table)
Twelve month
periods ending |
|
Amount |
June 30,
2024 |
$ |
274 |
June 30,
2025 |
|
107 |
June 30,
2026 |
|
- |
June 30,
2027 |
|
- |
June 30,
2028 |
|
- |
June 30,
2029 and thereafter |
|
- |
Total
undiscounted lease payments |
$ |
381 |
Discount
based on incremental borrowing rate |
|
(2) |
Present
value of lease liability |
|
379 |
The weighted average remaining lease term of these
office rental arrangements as of June 30, 2023 is 1.36 years.
The lease expenses for these office rental arrangements for the six-month periods ended June 30, 2022 and 2023, were $247
and $255,
respectively and are included under “General and administrative expenses” in the unaudited interim condensed consolidated
income statements.
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- DefinitionThe entire disclosure for lessor's operating leases.
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v3.23.2
Lease financings
|
6 Months Ended |
Jun. 30, 2023 |
Lease Financings |
|
Lease financings |
7.
Lease financings:
Details of the Company’s
lease financings are discussed in Note 7 of the Company’s consolidated financial statements for the year ended December 31, 2022,
included in the 2022 Annual Report.
All of the Company’s
lease financings bear interest at SOFR plus a margin, with the exception of three of them, which are expected to have been refinanced
by October 2023. The corresponding interest expense of the Company’s bareboat lease financing activities is included within “Interest
and finance costs” in the unaudited interim condensed consolidated income statements (Note 8).
Some of the Company’s
lease financings contain financial and other covenants similar to those included in its credit facilities, as described in Note 8 below
and in Note 8 of the Company’s consolidated financial statements for the year ended December 31, 2022, included in the 2022 Annual
Report, with which, as of June 30, 2023, the Company was in compliance (Note 8).
The principal payments
required to be made after June 30, 2023, for the Company’s outstanding finance lease obligations recognized on the balance sheet,
as of that date, are as follows:
Lease financings
- Capital lease obligations, Principal payments (Table)
Twelve month
periods ending |
|
Amount |
June 30,
2024 |
$ |
13,719 |
June
30, 2025 |
|
13,719 |
June 30,
2026 |
|
13,719 |
June 30,
2027 |
|
13,719 |
June 30,
2028 |
|
20,141 |
June
30, 2029 and thereafter |
|
98,439 |
Total
bareboat lease minimum payments |
$ |
173,456 |
Unamortized
lease issuance costs |
|
(2,305) |
Total
bareboat lease minimum payments, net |
$ |
171,151 |
Lease
financing short term |
|
13,719 |
Lease
financing long term, net of unamortized lease issuance costs |
|
157,432 |
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v3.23.2
Long-term bank loans
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
Long-term bank loans |
8.
Long-term bank loans:
Details of the Company’s
credit facilities are discussed in Note 8 of the Company’s consolidated financial statements for the year ended December 31, 2022,
included in the 2022 Annual Report and supplemented by the below new activities during the six-month period ended June 30, 2023.
As further discussed
in Note 19a) and Note 8 of the Company’s consolidated financial statements for the year ended December 31, 2022, included in the
2022 Annual Report, on January 13, 2023, the Company drew down the amounts of $22,829 and $24,171, under the two tranches available of
the “Standard Chartered $47,000 Facility”.
In addition to the scheduled repayments during
the six-month period ended June 30, 2023, on March 10, 2023 the Company prepaid an amount of $18,236 corresponding to the outstanding
loan amount of the vessel Star Pavlina under the ING $310,600 Facility following the
developments around the said vessel discussed in Note 5 above. In addition, in view of their agreed sales, as further discussed in Note
5 above, the Company prepaid i) on March 29, 2023, an amount of $26,207 corresponding to the outstanding loan amount of the vessels Star
Borealis and Star Polaris under the DNB $107,500 Facility and ii) on June 27, 2023, an amount of $6,256 corresponding to the
outstanding loan amount of the vessel Star Columba under the Citi $100,000 Facility.
8. Long-term
bank loans - continued:
In March 2023, the Company entered into a
committed term sheet with Skandinaviska Enskilda Banken AB for a loan facility of up to $30,000 (the
“SEB $30,000 Facility”) which was signed on May
25, 2023. The facility amount of $30,000 was
drawn on May
30, 2023 and was used to
replenish the funds used by the Company in May 2023 to prepay the outstanding loan amount of the vessel Star Aquarius of
$13,125 and the outstanding lease amount of the vessel Star Pisces of $12,418. The SEB $30,000 Facility was drawn in two equal
tranches, each repayable in 20 equal
consecutive quarterly installments
of $413 and
a balloon payment of $6,750 due
in May
2028, along with the last installment. The loan is
secured by first priority mortgages on the vessels Star Aquarius and Star Pisces.
In March 2023, the Company entered into a
committed term sheet with Nordea Bank Abp for a loan facility of up to $50,000 (the
“Nordea $50,000 Facility”), which was signed on July
10, 2023. The facility amount was drawn on July
12, 2023 and was used to
replenish the funds used by the Company in May 2023 to prepay the outstanding loan amount under the DSF $55,000 Facility of the
vessels Star Eleni and Star Leo, of $42,308, in aggregate. The Nordea $50,000 Facility was drawn in two equal
tranches, each repayable in 20 equal
consecutive quarterly installments
of $521 and
a balloon payment of $14,583 due
in July
2028, along with the last installment. The loan is
secured by first priority mortgages on the vessels Star Eleni and Star Leo.
The Company’s credit facilities contain financial
covenants and undertakings, a summary of which is included in Note 8 of the Company’s consolidated financial statements for the
year ended December 31, 2022, included in the 2022 Annual Report.
As of December 31,
2022 and June 30, 2023, the Company was required to maintain minimum liquidity, not legally restricted, of $64,000 and $63,000, respectively,
which is included within “Cash and cash equivalents” in the consolidated balance sheets. In addition, as of December 31, 2022
and June 30, 2023, the Company was required to maintain a minimum liquidity, legally restricted, of $16,590 and $16,204, respectively,
and is included within “Restricted cash, current and non-current” in the consolidated balance sheets.
As of June 30, 2023,
the Company was in compliance with the applicable financial and other covenants contained in its credit facilities and lease financings
as described in Note 7.
The principal payments
required to be made after June 30, 2023 for the Company’s then-outstanding bank loans, are as follows:
Long-term bank
loans - Principal repayments (Table)
Twelve month
periods ending |
|
Amount |
June 30,
2024 |
$ |
205,192 |
June 30,
2025 |
|
143,921 |
June 30,
2026 |
|
226,400 |
June 30,
2027 |
|
199,251 |
June 30,
2028 |
|
173,098 |
June 30,
2029 and thereafter |
|
43,589 |
Total
Long-term bank loans |
$ |
991,451 |
Unamortized
loan issuance costs |
|
(7,235) |
Total
Long-term bank loans, net |
$ |
984,216 |
Current
portion of long-term bank loans |
|
205,192 |
Long-term
bank loans, net of current portion and unamortized loan issuance costs |
|
779,024 |
8. Long-term
bank loans - continued:
As of June 30,
2023, all of the Company’s bank loans bear interest at SOFR
plus a margin, with the exception of five of them which are expected to have been transitioned to SOFR by August 2023. In
addition, following a number of interest rate swaps that it has entered into, the Company has converted a total of $431,559 of
its outstanding debt as of June 30, 2023 from floating benchmark rate to an average fixed rate of 40 bps with average maturity of
1.2 years. The weighted average interest rate (including the margin) related to the Company’s existing bank loans and
lease financings (Note 7) for the six-month periods ended June 30, 2022 and 2023 was 2.82%
and 4.67%,
respectively.
The amounts of “Interest
and finance costs” included in the unaudited interim condensed consolidated income statements are analyzed as follows:
Long-term bank
loans - Interest and finance costs (Table)
|
|
|
|
|
|
|
|
Six months ended June 30, |
|
|
2022 |
|
|
2023 |
Interest
on financing agreements |
$ |
21,718 |
|
$ |
43,323 |
Reclassification
adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other Comprehensive Income (Note 13) |
|
(633) |
|
|
(14,412) |
Amortization
of debt (loan & lease) issuance costs |
|
2,641 |
|
|
1,990 |
Other
bank and finance charges |
|
582 |
|
|
830 |
Interest
and finance costs |
$ |
24,308 |
|
$ |
31,731 |
During the six-month period ended June 30, 2023,
the Company wrote off an amount of $785
of unamortized debt issuance costs and incurred other expenses of $103,
mainly in connection with the loan prepayments discussed above, which are included under “Gain/(Loss) on debt extinguishment, net”
in the unaudited interim condensed consolidated income statement for the corresponding period.
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v3.23.2
Preferred and Common Shares and Additional Paid-in Capital
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Preferred and Common Shares and Additional Paid-in Capital |
9.
Preferred and Common Shares and Additional Paid-in Capital:
Details of the Company’s
preferred shares and common shares are discussed in Note 9 of the Company’s consolidated financial statements for the year ended
December 31, 2022, included in the 2022 Annual Report.
During the six-month
period ended June 30, 2023, the Company issued 450,000 common shares pursuant to its Performance Incentive Program discussed in Note 11
of the Company’s consolidated financial statements for the year ended December 31, 2022, included in the 2022 Annual Report.
In 2023 and until May 16, 2023 when
the new Share Repurchase Program, discussed below, was adopted, the Company repurchased 531,223 shares under the previous authorized share
repurchase program in open market transactions at an average price of $20.98 per share, for an aggregate consideration of $11,159 including
commissions.
On May 16, 2023, the Company’s
Board of Directors cancelled the previous share repurchase program under which $8,549 was still outstanding to be repurchased and authorized
a new share repurchase program of up to an aggregate of $50,000 (together with the previous authorized share repurchase program “Share
Repurchase Program”). The timing and amount of any repurchases will be in the sole discretion
of the Company’s management team, and will depend on legal requirements, market conditions, share price, alternative uses of capital
and other factors. The Company is not obligated under the terms of the Share Repurchase Program to repurchase any of its common shares.
The Share Repurchase Program has no expiration date and may be suspended or terminated by the Company’s Board of Directors at any
time without prior notice. Common shares purchased as part of this program will be cancelled by the Company.
9. Preferred
and Common Shares and Additional Paid-in Capital - continued:
In June 2023, under the
Share Repurchase Program, the Company repurchased 107,349 common shares in open market transactions at an average price of $17.65 per
share for an aggregate consideration of $1,897 including commissions. All the repurchased shares in 2023 under the Share Repurchase Program
described above were cancelled and removed from the Company’s share capital as of June 30, 2023.
Pursuant to its dividend
policy, during the six-month period ended June 30, 2023, the Company declared and paid a cash dividend of $98,196 or $0.95 per common
share.
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v3.23.2
Earnings per Share
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
Earnings per Share |
10.
Earnings per Share:
The computation of
basic earnings per share is based on the weighted average number of common shares outstanding for the six-month periods ended June
30, 2022 and 2023. The calculation of basic earnings per share does not consider the non-vested shares as outstanding until the time-based
vesting restriction has lapsed. Diluted earnings per share gives effect to stock awards and restricted stock units using the treasury
stock method, unless the impact is anti-dilutive.
The Company calculates
basic and diluted earnings per share as follows:
Earnings per
Share (Table)
|
|
|
|
|
|
|
Six months ended June 30, |
|
|
2022 |
|
2023 |
Income : |
|
|
|
|
Net income |
$ |
370,510 |
$ |
90,194 |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share: |
|
|
|
|
Weighted average common shares outstanding, basic |
|
102,098,942 |
|
102,821,671 |
Basic earnings per share |
$ |
3.63 |
$ |
0.88 |
|
|
|
|
|
Effect of dilutive securities: |
|
|
|
|
Dillutive effect of non vested shares |
|
341,003 |
|
349,053 |
Weighted average common shares outstanding, diluted |
|
102,439,945 |
|
103,170,724 |
|
|
|
|
|
Diluted earnings
per share |
$ |
3.62 |
$ |
0.87 |
|
X |
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v3.23.2
Equity Incentive Plans
|
6 Months Ended |
Jun. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Equity Incentive Plans |
11.
Equity Incentive Plans:
Details of the Company’s
equity incentive plans and share awards granted through December 31, 2022, are discussed in Note 11 of the Company’s consolidated
financial statements for the year ended December 31, 2022, included in the 2022 Annual Report.
On May 16, 2023,
the Company's Board of Directors adopted the 2023 Equity Incentive Plan (the “2023 Plan”) and reserved for issuance 631,500
common shares thereunder. On the same date, all of the 631,500 restricted common shares were granted to certain directors,
officers and employees of which 411,974 restricted
common shares vest in November 2023, 151,026 restricted common shares vest in May 2024 and the
remaining 68,500 common shares vest in May 2026. The fair value of each share was $18.19, based on the closing price of
the Company’s common shares on the grant date.
The stock-based compensation
cost for the six-month periods ended June 30, 2022 and 2023, which is included under “General and administrative expenses”
in the unaudited interim condensed consolidated income statements, amounted to $11,480 and $6,360, respectively, and include an amount
of $3,370 and $2,140, respectively, recognized in connection with the Company’s Performance Incentive Program. The respective charges
were calculated based on the fuel market prices at each period end and assuming 5% of Excess Savings
to be awarded by the Board of Directors.
A summary of the status
of the Company’s non-vested restricted shares as of June 30, 2023 and the movement during the six-month period ended June 30, 2023
is presented below.
Equity Incentive
Plans - Summary of non-vested restricted share options (Table)
|
Number of
shares |
|
Weighted
Average Grant Date Fair Value |
Unvested as at January 1, 2023 |
460,190 |
$ |
19.38 |
Granted |
1,081,500 |
|
18.42 |
Vested |
(765,715) |
|
18.60 |
Unvested as at June 30, 2023 |
775,975 |
$ |
18.81 |
As of June 30, 2023,
the estimated compensation cost relating to non-vested restricted share awards not yet recognized is $12,728 and is expected to be recognized
over the weighted average period of 1.00 year. During the six-month period ended June 30, 2023, the Company paid $548 for dividends to
shareholders of non-vested shares.
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.23.2
Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
12.
Commitments and Contingencies:
a)
Commitments:
The following tables
set forth inflows and outflows related to the Company’s charter party arrangements and other commitments, as at June 30, 2023.
Charter party arrangements:
Commitments and
Contingencies - Charter party agreements (Table)
|
|
|
Twelve month periods ending June 30, |
+ inflows/ - outflows |
|
|
Total |
|
|
2024 |
|
|
2025 |
|
|
2026 |
|
|
2027 |
|
|
2028 |
|
|
2029 and thereafter |
Future, minimum, non-cancellable charter revenues (1) |
|
$ |
85,097 |
|
$ |
74,363 |
|
$ |
10,734 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
85,097 |
|
$ |
74,363 |
|
$ |
10,734 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
____________________
| (1) | The amounts represent the minimum contractual charter revenues to be generated from the existing, as of
June 30, 2023, non-cancellable time charter agreements, until their expiration, net of address commission, assuming no off-hire days other
than those related to scheduled interim and special surveys of the vessels. Future inflows also include revenues deriving from index linked
charter agreements using i) the index rates at the commencement date of each agreement, in compliance with ASC 842, and do not reflect
relevant index charter rate information prevailing as of June 30, 2023 and ii) the remaining minimum duration of each contract. |
Other commitments:
Commitments and Contingencies
- Other commitments (Table)
|
|
|
Twelve month periods ending June 30, |
+ inflows/ - outflows |
|
|
Total |
|
|
2024 |
|
|
2025 |
|
|
2026 |
|
|
2027 |
|
|
2028 |
|
|
2029 and thereafter |
Charter-in expense newbuilding vessels (1) |
|
$ |
(212,834) |
|
$ |
(5,590) |
|
$ |
(26,711) |
|
$ |
(30,204) |
|
$ |
(30,204) |
|
$ |
(30,287) |
|
$ |
(89,838) |
Vessel BWTS and ESD (2) |
|
|
(9,630) |
|
|
(9,630) |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
(222,464) |
|
$ |
(15,220) |
|
$ |
(26,711) |
|
$ |
(30,204) |
|
$ |
(30,204) |
|
$ |
(30,287) |
|
$ |
(89,838) |
____________________
| (1) | The amounts represent minimum contractual charter-in commitments to be incurred with respect to four Kamsarmax
newbuildings and two Ultramax newbuildings which are expected to be delivered during 2024 and the charter-in contracts have a minimum
duration of 84 months per vessel. |
| (2) | The amounts represent the Company’s commitments as of June 30, 2023, for vessel upgrades (BWTS and
ESD). |
b)
Legal proceedings
Various claims, suits,
and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business.
In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations
of the Company’s vessels. The Company accrues for the cost of environmental liabilities when management becomes aware that
a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of, and has
not accrued for, any such claims or contingent liabilities requiring disclosure in the unaudited interim condensed consolidated financial
statements.
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v3.23.2
Fair value measurements and Hedging
|
6 Months Ended |
Jun. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Fair value measurements and Hedging |
13.
Fair value measurements and Hedging:
Fair value on a recurring basis:
Interest rate swaps
Details of the Company’s
interest rate swaps are discussed in Note 18 of the Company’s consolidated financial statements for the year ended December 31,
2022, included in the 2022 Annual Report.
During the six-month
period ended June 30, 2023, the Company early terminated two of its interest rate swaps with Citibank that were originally scheduled to
mature in August 2023 and October 2023. All of the Company’s interest rate swaps in place as of June 30, 2023 were designated and
qualified as cash flow hedges. The effective portion of the unrealized gains/losses from these swaps is recorded in Other Comprehensive
Income / (Loss) and no portion of these cash flow hedges was ineffective during the six-month period ended June 30, 2023.
A gain of approximately
$5,741 in connection with the interest rate swaps is expected to be reclassified into earnings during the following 12-month period when
realized.
Freight Derivatives and Bunker Swaps
The results of the
Company’s freight derivatives and bunker swaps for the six-month periods ended June 30, 2022 and 2023 and the valuation of their
open positions as at December 31, 2022 and June 30, 2023 are presented in the tables below.
The amounts of Gain
/ (Loss) on interest rate swaps, freight derivatives and bunker swaps recognized in the unaudited interim condensed consolidated income
statements, are analyzed as follows:
Fair value
measurements and Hedging - Derivative instruments effect on statements of operations (Table)
|
|
|
|
|
|
|
Six months ended June 30, |
|
|
2022 |
|
2023 |
Consolidated Statement of Operations |
|
|
|
|
Gain/(loss) on interest rate swaps, net |
|
|
|
|
Gains/(loss) of de-designated accounting hedging relationship |
|
- |
|
(507) |
Total Gain/(loss) on interest rate swaps, net |
$ |
- |
$ |
(507) |
|
|
|
|
|
Interest and finance costs |
|
|
|
|
Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other comprehensive income/(loss) (Note 8) |
|
633 |
|
14,412 |
Total Gain/(loss) recognized |
$ |
633 |
$ |
14,412 |
|
|
|
|
|
Gain/(loss) on forward freight agreements and bunker swaps, net |
|
|
|
|
Realized gain/(loss) on forward freight agreements and freight options |
|
1,023 |
|
2,796 |
Realized gain/(loss) on bunker swaps |
|
(4,085) |
|
4,476 |
Unrealized gain/(loss) on forward freight agreements and freight options |
|
(1,169) |
|
(116) |
Unrealized gain/(loss) on bunker swaps |
|
292 |
|
(2,949) |
Total Gain/(loss) recognized |
$ |
(3,939) |
$ |
4,207 |
13. Fair value measurements
and Hedging - continued:
Fair value on a recurring basis - continued:
The following table
summarizes the valuation of the Company’s financial instruments as of December 31, 2022 and June 30, 2023. The fair value of freight
derivatives and bunker swaps was determined through Level 1 inputs of the fair value hierarchy (quoted prices from the applicable exchanges
such as London Clearing House (LCH) or Singapore Exchange (SGX)), while the fair value of the interest rate swaps was determined through
Level 2 inputs of the fair value hierarchy (such as interest rate curves).
Fair value measurements
and Hedging - Fair value on a recurring basis - Quoted Prices in Active Markets (Table)
|
|
|
|
|
|
|
|
|
|
|
|
|
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) |
|
|
|
December 31, 2022 |
|
June 30, 2023 |
|
Balance Sheet Location |
|
(not designated as cash flow hedges) |
|
(designated as cash flow hedges) |
|
(not designated as cash flow hedges) |
|
(designated as cash flow hedges) |
ASSETS |
|
|
|
|
|
|
|
|
|
Forward freight agreements - current |
Derivatives, current asset portion |
$ |
191 |
$ |
- |
$ |
- |
$ |
- |
Bunker swaps - current |
Derivatives, current asset portion |
|
3,688 |
|
- |
|
738 |
|
- |
Forward freight agreements - non-current |
Derivatives, non-current asset portion |
|
- |
|
- |
|
75 |
|
- |
Total |
|
$ |
3,879 |
$ |
- |
$ |
813 |
$ |
- |
|
|
|
|
|
|
|
|
|
|
Fair value
measurements and Hedging - Fair value on recurring basis - Significant Other Observable Inputs (Table)
|
|
|
|
|
|
|
|
|
|
|
|
|
Significant Other Observable Inputs (Level 2) |
|
|
|
December 31, 2022 |
|
June 30, 2023 |
|
Balance Sheet Location |
|
(not designated as cash flow hedges) |
|
(designated as cash flow hedges) |
|
(not designated as cash flow hedges) |
|
(designated as cash flow hedges) |
ASSETS |
|
|
|
|
|
|
|
|
|
Interest rate swaps - current |
Derivatives, current asset portion |
$ |
1,665 |
$ |
20,041 |
$ |
- |
$ |
12,159 |
Interest rate swaps - non-current |
Derivatives, non-current asset portion |
|
798 |
|
7,868 |
|
- |
|
5,247 |
Total |
|
$ |
2,463 |
$ |
27,909 |
$ |
- |
$ |
17,406 |
Certain of the Company’s
financial instruments discussed above require the Company to periodically post additional collateral depending on the level of any open
position under such financial instruments, which as of December 31, 2022 and June 30, 2023 amounted to $2,199 and $2,485, respectively,
and are included within “Restricted cash, current” in the consolidated balance sheets (Note 8).
The carrying values
of temporary cash investments, restricted cash, accounts receivable and accounts payable approximate their fair value due to the short-term
nature of these financial instruments. The fair value of long-term bank loans and under lease financings (Level 2), bearing interest at
variable interest rates, approximates their recorded values as of June 30, 2023, due to the variable interest rate nature thereof.
Fair value on a non-recurring basis:
As further disclosed in Note
5, during the six-month period ended June 30, 2023 the Company recognized an impairment loss of $7,700 relating to the agreed sale of
two of its vessels. The carrying value of the respective vessels was written down to the fair value as determined by reference to their
agreed sale prices (Level 2) which amounted to $65,400.
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v3.23.2
Voyage revenues
|
6 Months Ended |
Jun. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Voyage revenues |
14.
Voyage revenues:
The following table
shows the voyage revenues earned from time charters, voyage charters and pool agreements for the six-month periods ended June 30, 2022
and 2023, as presented in the consolidated income statements:
Voyage revenues
(Table)
|
|
Six months ended June 30, |
|
|
2022 |
|
2023 |
|
|
|
|
|
Time charters |
$ |
448,357 |
$ |
241,378 |
Voyage charters |
|
326,323 |
|
219,666 |
Pool revenues |
|
3,537 |
|
1,677 |
|
$ |
778,217 |
$ |
462,721 |
As
of December 31, 2022 and June 30, 2023, trade accounts receivable from voyage charter agreements amounted to $24,144
and $15,951,
respectively. This decrease was mainly attributable to the timing of collections and lower rates prevailing during the six-month period
ended June 30, 2023.
Further, as of June
30, 2023, capitalized contract fulfilment costs which are recorded under “Other current
assets” increased by $1,515 compared to December 31, 2022, from $4,366 to $5,881. The outstanding balance is mainly affected by
the timing of commencement of revenue recognition.
Under ASC 606, unearned
voyage charter revenue represents the consideration received for undelivered performance obligations. The Company recorded $9,215
as unearned revenue related to voyages charter agreements in progress as of December 31,
2022, which were recognized in earnings in the six-month period ended June 30, 2023 as the performance obligations were satisfied in that
period. In addition, the Company recorded $8,319 as unearned revenue related to voyage charter
agreements in progress as of June 30, 2023, which will be recognized in earnings as the performance obligations will be satisfied.
The amount invoiced
to charterers in connection with the additional revenue for scrubber-fitted vessels under time-charter contracts was $44,777 and $29,971
for the six-month periods ended June 30, 2022 and 2023, respectively, and did not include the fuel cost savings gained from the scrubber-fitted
vessels which were employed under voyage charter agreements.
Demurrage
income for the six-month periods ended June 30, 2022 and 2023 amounted to $23,449 and $6,608,
respectively, and is included in Voyage revenues in the unaudited interim condensed consolidated income statements.
The adjustment to
Company’s revenues from the vessels operating in the CCL Pool, deriving from the allocated pool result for those vessels as determined
in accordance with the agreed-upon formula, for the six-month periods ended June 30, 2022 and 2023 was $3,254 and $2,349, respectively,
and is included within “Pool Revenues” in the table above. Pool revenues also include other minor participation adjustments.
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v3.23.2
Subsequent Events
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
Subsequent Events |
15.
Subsequent Events:
a) | On August 3, 2023 the Company’s Board of
Directors declared a quarterly cash dividend of $0.40 per
share payable on or about September 7, 2023 to all shareholders of record as of August
22, 2023. The ex-dividend date is expected to be August 21, 2023. |
b) | On July 7, 2023, July 10, 2023, July 14, 2023 and July 24, 2023, the vessels Star Polaris, Star
Centaurus, Star Columba and Star Aquila, respectively, were delivered to their buyers, as discussed in Note 5. |
c) | On July 12, 2023, the amount of $50,000 was drawn under the Nordea $50,000 Facility, as discussed in Note
8. |
|
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v3.23.2
Transactions with Related Parties (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
Transactions with Related Parties - Balance Sheets (Table) |
Transactions
with Related Parties - Balance Sheets (Table)
Balance Sheets
|
|
December
31, 2022 |
|
|
June
30, 2023 |
Long
term investment |
|
|
|
|
|
Interchart |
$ |
1,349 |
|
$ |
1,381 |
Starocean |
|
202 |
|
|
203 |
CCL Pool |
|
125 |
|
|
125 |
Long
term investment |
$ |
1,676 |
|
$ |
1,709 |
|
|
|
|
|
|
Due
from related parties |
|
|
|
|
|
Oceanbulk Maritime and its affiliates |
|
287 |
|
|
248 |
Interchart |
|
3 |
|
|
3 |
Starocean |
|
34 |
|
|
34 |
Due
from related parties |
$ |
324 |
|
$ |
285 |
|
|
|
|
|
|
Due
to related parties |
|
|
|
|
|
Management and Directors
Fees |
|
114 |
|
|
38 |
Iblea Ship Management Limited |
|
1,387 |
|
|
1,937 |
Due
to related parties |
$ |
1,501 |
|
$ |
1,975 |
|
Transactions with Related Parties - Income Statements (Table) |
Transactions with Related Parties - Income Statements (Table)
Income statements
|
Six months ended June 30, |
|
|
2022 |
|
|
2023 |
Voyage expenses: |
|
|
|
|
|
Voyage expenses-Interchart |
$ |
(2,070) |
|
$ |
(2,070) |
General and administrative expenses: |
|
|
|
|
|
Consultancy fees |
$ |
(270) |
|
$ |
(281) |
Directors compensation |
|
(90) |
|
|
(93) |
Office rent - Combine Marine Ltd. & Alma Properties |
|
(19) |
|
|
(19) |
General and administrative expenses - Oceanbulk Maritime and its affiliates |
|
(100) |
|
|
(104) |
Management fees: |
|
|
|
|
|
Management fees- Augustea Technoservices Ltd. and affiliates |
$ |
(1,264) |
|
$ |
- |
Management fees- Iblea Ship Management Limited |
|
(1,426) |
|
|
(1,514) |
Equity in income/(loss of investee) |
|
|
|
|
|
Interchart |
$ |
(22) |
|
$ |
32 |
Starocean |
|
12 |
|
|
1 |
|
X |
- DefinitionTabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.
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X |
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v3.23.2
Vessels and other fixed assets, net (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Vessels and other fixed assets, net - Schedules of vessels and other fixed assets, net (Table) |
Vessels and other fixed assets, net - Schedules of vessels and
other fixed assets, net (Table)
|
|
Cost |
|
Accumulated
depreciation |
|
Net
Book Value |
Balance,
December 31, 2022 |
$ |
3,843,686 |
$ |
(962,135) |
$ |
2,881,551 |
- Acquisition of other fixed assets, vessel improvements
and other vessel costs |
|
12,186 |
|
- |
|
12,186 |
- Vessel total loss |
|
(27,570) |
|
1,581 |
|
(25,989) |
- Vessel sale |
|
(55,248) |
|
22,766 |
|
(32,482) |
- Impairment loss |
|
(7,700) |
|
- |
|
(7,700) |
- Depreciation for the period |
|
- |
|
(70,075) |
|
(70,075) |
Balance,
June 30, 2023 |
$ |
3,765,354 |
$ |
(1,007,863) |
$ |
2,757,491 |
|
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v3.23.2
Operating leases (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Operating Leases |
|
Operating leases - Operating lease liabilities of time charter-in vessel agreements (Table) |
Operating
leases - Operating lease liabilities of time charter-in vessel agreements (Table)
Twelve month
periods ending |
|
Amount |
June 30,
2024 |
$ |
7,534 |
June 30,
2025 |
|
6,242 |
June 30,
2026 |
|
6,242 |
June 30,
2027 |
|
5,900 |
June 30,
2028 |
|
6,259 |
June 30,
2029 and thereafter |
|
2,633 |
Total
undiscounted lease payments |
$ |
34,810 |
Discount
based on incremental borrowing rate |
|
(3,036) |
Present
value of lease liability |
|
31,774 |
|
Operating leases - Operating lease liabilities of office rental agreements (Table) |
Operating leases - Operating lease liabilities
of office rental agreements (Table)
Twelve month
periods ending |
|
Amount |
June 30,
2024 |
$ |
274 |
June 30,
2025 |
|
107 |
June 30,
2026 |
|
- |
June 30,
2027 |
|
- |
June 30,
2028 |
|
- |
June 30,
2029 and thereafter |
|
- |
Total
undiscounted lease payments |
$ |
381 |
Discount
based on incremental borrowing rate |
|
(2) |
Present
value of lease liability |
|
379 |
|
X |
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v3.23.2
Lease financings (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Lease Financings |
|
Lease financings - Capital lease obligations, Principal payments (Table) |
Lease financings
- Capital lease obligations, Principal payments (Table)
Twelve month
periods ending |
|
Amount |
June 30,
2024 |
$ |
13,719 |
June
30, 2025 |
|
13,719 |
June 30,
2026 |
|
13,719 |
June 30,
2027 |
|
13,719 |
June 30,
2028 |
|
20,141 |
June
30, 2029 and thereafter |
|
98,439 |
Total
bareboat lease minimum payments |
$ |
173,456 |
Unamortized
lease issuance costs |
|
(2,305) |
Total
bareboat lease minimum payments, net |
$ |
171,151 |
Lease
financing short term |
|
13,719 |
Lease
financing long term, net of unamortized lease issuance costs |
|
157,432 |
|
X |
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v3.23.2
Long-term bank loans (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
Long-term bank loans - Principal repayments (Table) |
Long-term bank
loans - Principal repayments (Table)
Twelve month
periods ending |
|
Amount |
June 30,
2024 |
$ |
205,192 |
June 30,
2025 |
|
143,921 |
June 30,
2026 |
|
226,400 |
June 30,
2027 |
|
199,251 |
June 30,
2028 |
|
173,098 |
June 30,
2029 and thereafter |
|
43,589 |
Total
Long-term bank loans |
$ |
991,451 |
Unamortized
loan issuance costs |
|
(7,235) |
Total
Long-term bank loans, net |
$ |
984,216 |
Current
portion of long-term bank loans |
|
205,192 |
Long-term
bank loans, net of current portion and unamortized loan issuance costs |
|
779,024 |
|
Long-term bank loans - Interest and finance costs (Table) |
Long-term bank
loans - Interest and finance costs (Table)
|
|
|
|
|
|
|
|
Six months ended June 30, |
|
|
2022 |
|
|
2023 |
Interest
on financing agreements |
$ |
21,718 |
|
$ |
43,323 |
Reclassification
adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other Comprehensive Income (Note 13) |
|
(633) |
|
|
(14,412) |
Amortization
of debt (loan & lease) issuance costs |
|
2,641 |
|
|
1,990 |
Other
bank and finance charges |
|
582 |
|
|
830 |
Interest
and finance costs |
$ |
24,308 |
|
$ |
31,731 |
|
X |
- DefinitionTabular disclosure of interest and finance costs.
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v3.23.2
Earnings per Share (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
Earnings per Share (Table) |
Earnings per
Share (Table)
|
|
|
|
|
|
|
Six months ended June 30, |
|
|
2022 |
|
2023 |
Income : |
|
|
|
|
Net income |
$ |
370,510 |
$ |
90,194 |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share: |
|
|
|
|
Weighted average common shares outstanding, basic |
|
102,098,942 |
|
102,821,671 |
Basic earnings per share |
$ |
3.63 |
$ |
0.88 |
|
|
|
|
|
Effect of dilutive securities: |
|
|
|
|
Dillutive effect of non vested shares |
|
341,003 |
|
349,053 |
Weighted average common shares outstanding, diluted |
|
102,439,945 |
|
103,170,724 |
|
|
|
|
|
Diluted earnings
per share |
$ |
3.62 |
$ |
0.87 |
|
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- DefinitionDisclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.
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v3.23.2
Commitments and Contingencies (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies - Charter party agreements (Table) |
Commitments and
Contingencies - Charter party agreements (Table)
|
|
|
Twelve month periods ending June 30, |
+ inflows/ - outflows |
|
|
Total |
|
|
2024 |
|
|
2025 |
|
|
2026 |
|
|
2027 |
|
|
2028 |
|
|
2029 and thereafter |
Future, minimum, non-cancellable charter revenues (1) |
|
$ |
85,097 |
|
$ |
74,363 |
|
$ |
10,734 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
85,097 |
|
$ |
74,363 |
|
$ |
10,734 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
____________________
| (1) | The amounts represent the minimum contractual charter revenues to be generated from the existing, as of
June 30, 2023, non-cancellable time charter agreements, until their expiration, net of address commission, assuming no off-hire days other
than those related to scheduled interim and special surveys of the vessels. Future inflows also include revenues deriving from index linked
charter agreements using i) the index rates at the commencement date of each agreement, in compliance with ASC 842, and do not reflect
relevant index charter rate information prevailing as of June 30, 2023 and ii) the remaining minimum duration of each contract. |
|
Commitments and Contingencies - Other commitments (Table) |
Commitments and Contingencies
- Other commitments (Table)
|
|
|
Twelve month periods ending June 30, |
+ inflows/ - outflows |
|
|
Total |
|
|
2024 |
|
|
2025 |
|
|
2026 |
|
|
2027 |
|
|
2028 |
|
|
2029 and thereafter |
Charter-in expense newbuilding vessels (1) |
|
$ |
(212,834) |
|
$ |
(5,590) |
|
$ |
(26,711) |
|
$ |
(30,204) |
|
$ |
(30,204) |
|
$ |
(30,287) |
|
$ |
(89,838) |
Vessel BWTS and ESD (2) |
|
|
(9,630) |
|
|
(9,630) |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
(222,464) |
|
$ |
(15,220) |
|
$ |
(26,711) |
|
$ |
(30,204) |
|
$ |
(30,204) |
|
$ |
(30,287) |
|
$ |
(89,838) |
____________________
| (1) | The amounts represent minimum contractual charter-in commitments to be incurred with respect to four Kamsarmax
newbuildings and two Ultramax newbuildings which are expected to be delivered during 2024 and the charter-in contracts have a minimum
duration of 84 months per vessel. |
| (2) | The amounts represent the Company’s commitments as of June 30, 2023, for vessel upgrades (BWTS and
ESD). |
|
X |
- DefinitionTabular disclosure of contractual obligation by timing of payment due. Includes, but is not limited to, long-term debt obligation, lease obligation, and purchase obligation.
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v3.23.2
Fair value measurements and Hedging (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Fair value measurements and Hedging - Derivative instruments effect on statements of operations (Table) |
Fair value
measurements and Hedging - Derivative instruments effect on statements of operations (Table)
|
|
|
|
|
|
|
Six months ended June 30, |
|
|
2022 |
|
2023 |
Consolidated Statement of Operations |
|
|
|
|
Gain/(loss) on interest rate swaps, net |
|
|
|
|
Gains/(loss) of de-designated accounting hedging relationship |
|
- |
|
(507) |
Total Gain/(loss) on interest rate swaps, net |
$ |
- |
$ |
(507) |
|
|
|
|
|
Interest and finance costs |
|
|
|
|
Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other comprehensive income/(loss) (Note 8) |
|
633 |
|
14,412 |
Total Gain/(loss) recognized |
$ |
633 |
$ |
14,412 |
|
|
|
|
|
Gain/(loss) on forward freight agreements and bunker swaps, net |
|
|
|
|
Realized gain/(loss) on forward freight agreements and freight options |
|
1,023 |
|
2,796 |
Realized gain/(loss) on bunker swaps |
|
(4,085) |
|
4,476 |
Unrealized gain/(loss) on forward freight agreements and freight options |
|
(1,169) |
|
(116) |
Unrealized gain/(loss) on bunker swaps |
|
292 |
|
(2,949) |
Total Gain/(loss) recognized |
$ |
(3,939) |
$ |
4,207 |
|
Fair value measurements and Hedging - Fair value on a recurring basis - Quoted Prices in Active Markets (Table) |
Fair value measurements
and Hedging - Fair value on a recurring basis - Quoted Prices in Active Markets (Table)
|
|
|
|
|
|
|
|
|
|
|
|
|
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) |
|
|
|
December 31, 2022 |
|
June 30, 2023 |
|
Balance Sheet Location |
|
(not designated as cash flow hedges) |
|
(designated as cash flow hedges) |
|
(not designated as cash flow hedges) |
|
(designated as cash flow hedges) |
ASSETS |
|
|
|
|
|
|
|
|
|
Forward freight agreements - current |
Derivatives, current asset portion |
$ |
191 |
$ |
- |
$ |
- |
$ |
- |
Bunker swaps - current |
Derivatives, current asset portion |
|
3,688 |
|
- |
|
738 |
|
- |
Forward freight agreements - non-current |
Derivatives, non-current asset portion |
|
- |
|
- |
|
75 |
|
- |
Total |
|
$ |
3,879 |
$ |
- |
$ |
813 |
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
Fair value measurements and Hedging - Fair value on recurring basis - Significant Other Observable Inputs (Table) |
Fair value
measurements and Hedging - Fair value on recurring basis - Significant Other Observable Inputs (Table)
|
|
|
|
|
|
|
|
|
|
|
|
|
Significant Other Observable Inputs (Level 2) |
|
|
|
December 31, 2022 |
|
June 30, 2023 |
|
Balance Sheet Location |
|
(not designated as cash flow hedges) |
|
(designated as cash flow hedges) |
|
(not designated as cash flow hedges) |
|
(designated as cash flow hedges) |
ASSETS |
|
|
|
|
|
|
|
|
|
Interest rate swaps - current |
Derivatives, current asset portion |
$ |
1,665 |
$ |
20,041 |
$ |
- |
$ |
12,159 |
Interest rate swaps - non-current |
Derivatives, non-current asset portion |
|
798 |
|
7,868 |
|
- |
|
5,247 |
Total |
|
$ |
2,463 |
$ |
27,909 |
$ |
- |
$ |
17,406 |
|
X |
- DefinitionTabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).
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v3.23.2
Voyage revenues (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Voyage revenues (Table) |
Voyage revenues
(Table)
|
|
Six months ended June 30, |
|
|
2022 |
|
2023 |
|
|
|
|
|
Time charters |
$ |
448,357 |
$ |
241,378 |
Voyage charters |
|
326,323 |
|
219,666 |
Pool revenues |
|
3,537 |
|
1,677 |
|
$ |
778,217 |
$ |
462,721 |
|
X |
- DefinitionTabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.
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v3.23.2
Transactions with Related Parties - Balance Sheets (Table) (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Related Party Transaction [Line Items] |
|
|
Long term investment |
$ 1,709
|
$ 1,676
|
Due from related parties |
|
|
Due from related parties |
285
|
324
|
Due to related parties |
|
|
Due to related parties |
1,975
|
1,501
|
Interchart [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Long term investment |
1,381
|
1,349
|
Due from related parties |
|
|
Due from related parties |
3
|
3
|
Starocean [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Long term investment |
203
|
202
|
Due from related parties |
|
|
Due from related parties |
34
|
34
|
CCL Pool [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Long term investment |
125
|
125
|
Oceanbulk Maritime and its affiliates [Member] |
|
|
Due from related parties |
|
|
Due from related parties |
248
|
287
|
Management and Directors fees [Member] |
|
|
Due to related parties |
|
|
Due to related parties |
38
|
114
|
Iblea Ship Management Limited [Member] |
|
|
Due to related parties |
|
|
Due to related parties |
$ 1,937
|
$ 1,387
|
X |
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v3.23.2
Transactions with Related Parties - Income Statements (Table) (Details) - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Related Party Transaction [Line Items] |
|
|
Voyage expenses |
$ (128,635)
|
$ (119,785)
|
Consultancy fees |
(281)
|
(270)
|
Directors compensation |
(93)
|
(90)
|
General and Administrative Expense |
(22,675)
|
(25,912)
|
Income (Loss) from Equity Method Investments |
33
|
(10)
|
Interchart [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Voyage expenses |
(2,070)
|
(2,070)
|
Income (Loss) from Equity Method Investments |
32
|
(22)
|
Combine Marine Ltd. and Alma Properties [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Office rent |
(19)
|
(19)
|
Oceanbulk Maritime and its affiliates [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
General and Administrative Expense |
(104)
|
(100)
|
Augustea Technoservices Ltd. and affiliates [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Management fees |
0
|
(1,264)
|
Iblea Ship Management Limited [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Management fees |
(1,514)
|
(1,426)
|
Starocean [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Income (Loss) from Equity Method Investments |
$ 1
|
$ 12
|
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v3.23.2
Vessels and other fixed assets, net - Schedules of vessels and other fixed assets, net (Table) (Details) - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Balance, period start |
$ 2,881,551
|
|
- Depreciation for the period |
(70,075)
|
$ (77,469)
|
Balance, period end |
2,757,491
|
|
Cost [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Balance, period start |
3,843,686
|
|
- Acquisition of other fixed assets, vessel improvements and other vessel costs |
12,186
|
|
- Vessel total loss |
(27,570)
|
|
- Vessel sale |
(55,248)
|
|
- Impairment loss |
(7,700)
|
|
- Depreciation for the period |
0
|
|
Balance, period end |
3,765,354
|
|
Accumulated depreciation [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Balance, period start |
(962,135)
|
|
- Vessel total loss |
1,581
|
|
- Vessel sale |
22,766
|
|
- Depreciation for the period |
(70,075)
|
|
Balance, period end |
(1,007,863)
|
|
Net Book Value [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Balance, period start |
2,881,551
|
|
- Acquisition of other fixed assets, vessel improvements and other vessel costs |
12,186
|
|
- Vessel total loss |
(25,989)
|
|
- Vessel sale |
(32,482)
|
|
- Impairment loss |
(7,700)
|
|
- Depreciation for the period |
(70,075)
|
|
Balance, period end |
$ 2,757,491
|
|
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v3.23.2
Vessels and other fixed assets, net (Details Narrative) $ in Thousands |
6 Months Ended |
9 Months Ended |
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
|
Property, Plant and Equipment [Line Items] |
|
|
|
Other operational gain |
$ 33,676
|
$ 2,103
|
|
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$ 34
|
$ 0
|
|
Number of vessels owned |
120
|
|
|
First-priority mortgage [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Number of vessels owned as collateral |
98
|
|
|
Debt Instrument, Collateral Amount |
$ 2,149,014
|
|
|
Lease Agreements [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Debt Instrument, Collateral Amount |
$ 319,558
|
|
|
Number of vessels owned |
11
|
|
|
Second-priority mortgage [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Debt Instrument, Collateral Amount |
$ 352,136
|
|
|
Number of vessels owned |
18
|
|
|
Star Pavlina Constructive Total Loss [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Other operational gain |
$ 28,163
|
|
|
Star Pavlina War Risk Insurance [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Other operational gain |
$ 2,658
|
|
|
Star Borealis and Star Polaris [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Date of sale |
Mar. 24, 2023
|
|
|
Asset Impairment Charges |
$ 7,700
|
|
|
Star Borealis [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
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$ 34
|
|
|
Star Centaurus, Star Columba, Star Aquila, Star Hercules and Star Cephueus [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Date of sale |
May 26, 2023
|
|
|
Asset Impairment Charges |
$ 0
|
|
|
Expected gain on sale of vessel |
|
|
$ 20
|
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v3.23.2
Operating leases - Operating lease liabilities of time charter-in vessel agreements (Table) (Details) - Time charter-in vessels [Member] $ in Thousands |
Jun. 30, 2023
USD ($)
|
Property, Plant and Equipment [Line Items] |
|
June 30, 2024 |
$ 7,534
|
June 30, 2025 |
6,242
|
June 30, 2026 |
6,242
|
June 30, 2027 |
5,900
|
June 30, 2028 |
6,259
|
June 30, 2029 and thereafter |
2,633
|
Total undiscounted lease payments |
34,810
|
Discount based on incremental borrowing rate |
(3,036)
|
Present value of lease liability |
$ 31,774
|
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v3.23.2
Operating leases (Details Narrative) - USD ($) $ in Thousands |
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Operating Lease, Right-of-Use Asset |
$ 32,153
|
|
$ 37,618
|
Charter In Vessels [Member] |
|
|
|
Operating Lease, Right-of-Use Asset |
$ 31,774
|
|
37,191
|
Operating Lease, Weighted Average Remaining Lease Term |
5 years 2 months 8 days
|
|
|
Operating Lease, Expense |
$ 5,960
|
$ 5,953
|
|
Office Rental [Member] |
|
|
|
Operating Lease, Right-of-Use Asset |
$ 379
|
|
$ 427
|
Operating Lease, Weighted Average Remaining Lease Term |
1 year 4 months 9 days
|
|
|
Operating Lease, Expense |
$ 255
|
$ 247
|
|
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v3.23.2
Lease financings - Capital lease obligations, Principal payments (Table) (Details) - Financing Lease [Member] $ in Thousands |
Jun. 30, 2023
USD ($)
|
Debt Instrument [Line Items] |
|
June 30, 2024 |
$ 13,719
|
June 30, 2025 |
13,719
|
June 30, 2026 |
13,719
|
June 30, 2027 |
13,719
|
June 30, 2028 |
20,141
|
June 30, 2029 and thereafter |
98,439
|
Total bareboat lease minimum payments |
173,456
|
Unamortized lease issuance costs |
(2,305)
|
Total bareboat lease minimum payments, net |
171,151
|
Lease financing short term |
13,719
|
Lease financing long term, net of unamortized lease issuance costs |
$ 157,432
|
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v3.23.2
Long-term bank loans - Principal repayments (Table) (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Debt Instrument [Line Items] |
|
|
Current portion of long-term bank loans |
$ 205,192
|
$ 166,586
|
Long-term bank loans, net of current portion and unamortized loan issuance costs |
779,024
|
$ 927,995
|
Long-Term Debt [Member] |
|
|
Debt Instrument [Line Items] |
|
|
June 30, 2024 |
205,192
|
|
June 30, 2025 |
143,921
|
|
June 30, 2026 |
226,400
|
|
June 30, 2027 |
199,251
|
|
June 30, 2028 |
173,098
|
|
June 30, 2029 and thereafter |
43,589
|
|
Total Long-term bank loans |
991,451
|
|
Unamortized loan issuance costs |
(7,235)
|
|
Total Long-term bank loans, net |
984,216
|
|
Current portion of long-term bank loans |
205,192
|
|
Long-term bank loans, net of current portion and unamortized loan issuance costs |
$ 779,024
|
|
X |
- DefinitionAmount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt.
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v3.23.2
Long-term bank loans (Details Narrative) $ in Thousands |
|
3 Months Ended |
5 Months Ended |
6 Months Ended |
|
|
|
|
|
Jan. 13, 2023
USD ($)
|
Mar. 31, 2023
USD ($)
|
May 30, 2023
USD ($)
|
Jul. 12, 2023
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 27, 2023
USD ($)
|
Mar. 29, 2023
USD ($)
|
Mar. 10, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Jun. 30, 2022
USD ($)
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents, at Carrying Value |
|
|
|
|
$ 285,248
|
|
|
|
$ 269,754
|
$ 335,774
|
Debt Instrument, Covenant Compliance |
|
|
|
|
As of June 30, 2023,
the Company was in compliance with the applicable financial and other covenants contained in its credit facilities and lease financings
as described in Note 7.
|
|
|
|
|
|
Long-Term Debt, Weighted Average Interest Rate, at Point in Time |
|
|
|
|
4.67%
|
|
|
|
|
2.82%
|
Debt [Member] |
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
Deferred Debt Issuance Cost, Writeoff |
|
|
|
|
$ 785
|
|
|
|
|
|
Other prepayment expenses |
|
|
|
|
103
|
|
|
|
|
|
Interest Rate Swap [Member] |
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
Derivative, Notional Amount |
|
|
|
|
$ 431,559
|
|
|
|
|
|
Average fixed rate |
|
|
|
|
0.40%
|
|
|
|
|
|
Average maturity |
|
|
|
|
1 year 2 months 12 days
|
|
|
|
|
|
Minimum liquidity, not legally restricted [Member] |
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents, at Carrying Value |
|
|
|
|
$ 63,000
|
|
|
|
64,000
|
|
Minimum liquidity, legally restricted [Member] |
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
Restriced cash and cash equivalents, current and non-current |
|
|
|
|
$ 16,204
|
|
|
|
$ 16,590
|
|
Standard Chartered $47,000 Facility [Member] |
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of Loan Tranches |
|
|
|
|
2
|
|
|
|
|
|
Standard Chartered $47,000 Facility [Member] | Tranche A [Member] |
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
Proceeds from Lines of Credit |
$ 22,829
|
|
|
|
|
|
|
|
|
|
Standard Chartered $47,000 Facility [Member] | Tranche B [Member] |
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
Proceeds from Lines of Credit |
$ 24,171
|
|
|
|
|
|
|
|
|
|
ING $310,600 Facility [member] | Star Pavlina [Member] |
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
Debt instrument, prepayment amount |
|
|
|
|
|
|
|
$ 18,236
|
|
|
DNB $107,500 Facility [Member] | Star Borealis and Star Polaris [Member] |
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
Debt instrument, prepayment amount |
|
|
|
|
|
|
$ 26,207
|
|
|
|
Citi $100,000 Facility [Member] | Star Columba [Member] |
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
Debt instrument, prepayment amount |
|
|
|
|
|
$ 6,256
|
|
|
|
|
SEB $30,000 Facility [Member] |
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
Proceeds from Lines of Credit |
|
|
$ 30,000
|
|
|
|
|
|
|
|
Number of Loan Tranches |
|
2
|
|
|
|
|
|
|
|
|
Description of scope, credit facility |
|
to
replenish the funds used by the Company in May 2023 to prepay the outstanding loan amount of the vessel Star Aquarius of
$13,125 and the outstanding lease amount of the vessel Star Pisces of $12,418
|
|
|
|
|
|
|
|
|
Repayment installment |
|
20
|
|
|
|
|
|
|
|
|
Line of Credit Facility, Frequency of Payments |
|
quarterly
|
|
|
|
|
|
|
|
|
Line of Credit Facility, Periodic Payment |
|
$ 413
|
|
|
|
|
|
|
|
|
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid |
|
$ 6,750
|
|
|
|
|
|
|
|
|
Line of credit facility, maturity date |
|
May
2028
|
|
|
|
|
|
|
|
|
Line of Credit Facility, Collateral |
|
is
secured by first priority mortgages on the vessels Star Aquarius and Star Pisces
|
|
|
|
|
|
|
|
|
Nordea $50,000 Facility [Member] |
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
Proceeds from Lines of Credit |
|
|
|
$ 50,000
|
|
|
|
|
|
|
Number of Loan Tranches |
|
2
|
|
|
|
|
|
|
|
|
Description of scope, credit facility |
|
to
replenish the funds used by the Company in May 2023 to prepay the outstanding loan amount under the DSF $55,000 Facility of the
vessels Star Eleni and Star Leo, of $42,308, in aggregate
|
|
|
|
|
|
|
|
|
Repayment installment |
|
20
|
|
|
|
|
|
|
|
|
Line of Credit Facility, Frequency of Payments |
|
quarterly
|
|
|
|
|
|
|
|
|
Line of Credit Facility, Periodic Payment |
|
$ 521
|
|
|
|
|
|
|
|
|
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid |
|
$ 14,583
|
|
|
|
|
|
|
|
|
Line of credit facility, maturity date |
|
July
2028
|
|
|
|
|
|
|
|
|
Line of Credit Facility, Collateral |
|
is
secured by first priority mortgages on the vessels Star Eleni and Star Leo
|
|
|
|
|
|
|
|
|
All Bank Loans Except Five [Member] |
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Interest Rate Terms |
|
|
|
|
SOFR
plus a margin
|
|
|
|
|
|
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v3.23.2
Preferred and Common Shares and Additional Paid-in Capital (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
May 16, 2023 |
Equity, Class of Treasury Stock [Line Items] |
|
|
|
Treasury Stock, Retired, Cost Method, Amount |
$ 13,056
|
$ 20,068
|
|
Payments of Dividends |
$ 98,196
|
|
|
Common Stock, Dividends, Per Share, Cash Paid |
$ 0.95
|
|
|
Share Repurchase Program [Member] |
|
|
|
Equity, Class of Treasury Stock [Line Items] |
|
|
|
Stock Repurchase Program, Remaining Authorized Repurchase Amount |
|
|
$ 8,549
|
Stock Repurchase Program, Authorized Amount |
|
|
$ 50,000
|
Share Repurchase Program [Member] | Open Market Transactions [Member] |
|
|
|
Equity, Class of Treasury Stock [Line Items] |
|
|
|
Treasury Stock, Shares, Acquired |
107,349
|
|
|
Shares Acquired, Average Cost Per Share |
$ 17.65
|
|
|
Treasury Stock, Retired, Cost Method, Amount |
$ 1,897
|
|
|
Share Repurchase Program [Member] | Open Market Transactions [Member] | Until May 16, 2023 [Member] |
|
|
|
Equity, Class of Treasury Stock [Line Items] |
|
|
|
Treasury Stock, Shares, Acquired |
531,223
|
|
|
Shares Acquired, Average Cost Per Share |
$ 20.98
|
|
|
Treasury Stock, Retired, Cost Method, Amount |
$ 11,159
|
|
|
Performance Incentive Program [Member] |
|
|
|
Equity, Class of Treasury Stock [Line Items] |
|
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Number of shares issued |
450,000
|
|
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v3.23.2
Earnings per Share (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Earnings Per Share [Abstract] |
|
|
Net income |
$ 90,194
|
$ 370,510
|
Weighted average common shares outstanding, basic |
102,821,671
|
102,098,942
|
Basic earnings per share |
$ 0.88
|
$ 3.63
|
Dillutive effect of non vested shares |
349,053
|
341,003
|
Weighted average common shares outstanding, diluted |
103,170,724
|
102,439,945
|
Diluted earnings per share |
$ 0.87
|
$ 3.62
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Equity Incentive Plans (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
5 Months Ended |
6 Months Ended |
|
May 16, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Restricted common shares granted |
|
1,081,500
|
|
|
Number of restricted shares to be vested |
|
775,975
|
|
460,190
|
Grant date fair value |
|
$ 18.42
|
|
|
Stock based compensation cost |
|
$ 6,360
|
$ 11,480
|
|
Share-Based Payment Arrangement, Expense |
|
$ 2,140
|
$ 3,370
|
|
Award percentage |
|
5.00%
|
|
|
Estimated compensation cost relating to non-vested restricted awards |
|
$ 12,728
|
|
|
Weighted average period |
|
1 year
|
|
|
Dividends to sharehloders of non-vested shares |
|
$ 548
|
|
|
Equity Incentive Plan 2023 [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Shares reserved for issuance |
631,500
|
|
|
|
Restricted common shares granted |
631,500
|
|
|
|
Grant date fair value |
$ 18.19
|
|
|
|
Equity Incentive Plan 2023 [Member] | Vest in November 2023 [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Number of restricted shares to be vested |
411,974
|
|
|
|
Equity Incentive Plan 2023 [Member] | Vest in May 2024 [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Number of restricted shares to be vested |
151,026
|
|
|
|
Equity Incentive Plan 2023 [Member] | Vest in May 2026 [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Number of restricted shares to be vested |
68,500
|
|
|
|
X |
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v3.23.2
Commitments and Contingencies - Other commitments (Table) (Details) - Commitments [Member] $ in Thousands |
Jun. 30, 2023
USD ($)
|
Other Commitments [Line Items] |
|
|
Total |
$ (222,464)
|
|
2024 |
(15,220)
|
|
2024 |
(26,711)
|
|
2026 |
(30,204)
|
|
2027 |
(30,204)
|
|
2028 |
(30,287)
|
|
2029 and thereafter |
(89,838)
|
|
Charter-in expense newbuilding vessels (1) [Member] |
|
|
Other Commitments [Line Items] |
|
|
Total |
(212,834)
|
[1] |
2024 |
(5,590)
|
[1] |
2025 |
(26,711)
|
[1] |
2026 |
(30,204)
|
[1] |
2027 |
(30,204)
|
[1] |
2028 |
(30,287)
|
[1] |
2029 and thereafter |
(89,838)
|
[1] |
Vessel BWTS and ESD (2) [Member] |
|
|
Other Commitments [Line Items] |
|
|
Total |
(9,630)
|
[2] |
2024 |
(9,630)
|
[2] |
2025 |
0
|
[2] |
2026 |
0
|
[2] |
2027 |
0
|
[2] |
2028 |
0
|
[2] |
2029 and thereafter |
$ 0
|
[2] |
|
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v3.23.2
Fair value measurements and Hedging - Derivative instruments effect on statements of operations (Table) (Details) - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Gain/(loss) on interest rate swaps, net |
|
|
Gains/(loss) of de-designated accounting hedging relationship |
$ (507)
|
$ 0
|
Total Gain/(loss) on interest rate swaps, net |
(507)
|
0
|
Interest and finance costs |
|
|
Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other comprehensive income/(loss) (Note 8) |
14,412
|
633
|
Total Gain/(loss) recognized |
14,412
|
633
|
Gain/(loss) on forward freight agreements and bunker swaps, net |
|
|
Total Gain/(loss) recognized |
4,207
|
(3,939)
|
Forward Freight Agreements [Member] |
|
|
Gain/(loss) on forward freight agreements and bunker swaps, net |
|
|
Realized gain/(loss) on forward freight agreements and freight options |
2,796
|
1,023
|
Unrealized gain/(loss) on forward freight agreements and freight options |
(116)
|
(1,169)
|
Bunker Swaps [Member] |
|
|
Gain/(loss) on forward freight agreements and bunker swaps, net |
|
|
Realized gain/(loss) on bunker swaps |
4,476
|
(4,085)
|
Unrealized gain/(loss) on bunker swaps |
$ (2,949)
|
$ 292
|
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v3.23.2
Fair value measurements and Hedging - Fair value on a recurring basis - Quoted Prices in Active Markets (Table) (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Derivative Asset, Current |
$ 12,897
|
$ 25,585
|
Derivative Asset, Noncurrent |
5,322
|
8,666
|
Fair Value, Inputs, Level 1 [Member] | Not Designated as Hedging Instrument [Member] | Forward Freight Agreements [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Derivative Asset, Current |
(0)
|
191
|
Derivative Asset, Noncurrent |
75
|
(0)
|
Fair Value, Inputs, Level 1 [Member] | Not Designated as Hedging Instrument [Member] | Bunker Swaps [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Derivative Asset, Current |
738
|
3,688
|
Fair Value, Inputs, Level 1 [Member] | Not Designated as Hedging Instrument [Member] | Derivative Financial Instruments [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Derivative Asset |
813
|
3,879
|
Fair Value, Inputs, Level 1 [Member] | Designated as Hedging Instrument [Member] | Forward Freight Agreements [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
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(0)
|
(0)
|
Derivative Asset, Noncurrent |
(0)
|
(0)
|
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|
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|
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(0)
|
(0)
|
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|
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v3.23.2
Fair value measurements and Hedging - Fair value on recurring basis - Significant Other Observable Inputs (Table) (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Derivative Asset, Current |
$ 12,897
|
$ 25,585
|
Derivative Asset, Noncurrent |
5,322
|
8,666
|
Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Derivative Asset, Current |
(0)
|
1,665
|
Derivative Asset, Noncurrent |
(0)
|
798
|
Total |
(0)
|
2,463
|
Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Derivative Asset, Current |
12,159
|
20,041
|
Derivative Asset, Noncurrent |
5,247
|
7,868
|
Total |
$ 17,406
|
$ 27,909
|
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6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
|
|
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|
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|
|
$ 14,569
|
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|
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|
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|
|
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|
|
|
|
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|
|
|
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|
|
|
|
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|
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|
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6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
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|
|
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|
$ 778,217
|
Time charters [Member] |
|
|
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|
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|
|
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|
|
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219,666
|
326,323
|
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|
$ 3,537
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v3.23.2
Voyage revenues (Details Narrative) - USD ($) $ in Thousands |
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
Trade accounts receivable |
$ 59,728
|
|
$ 84,034
|
Other Assets, Current |
27,967
|
|
14,913
|
Unrearned revenue |
17,838
|
|
16,684
|
Demurrage income |
6,608
|
$ 23,449
|
|
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|
|
|
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|
|
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|
|
24,144
|
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8,319
|
|
9,215
|
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|
|
|
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|
|
|
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1,515
|
|
|
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5,881
|
|
$ 4,366
|
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|
|
|
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|
|
|
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29,971
|
44,777
|
|
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|
|
|
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|
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Voyage revenues |
$ 2,349
|
$ 3,254
|
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v3.23.2
Subsequent Events (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended |
7 Months Ended |
19 Months Ended |
Jul. 14, 2023 |
Jul. 12, 2023 |
Jul. 10, 2023 |
Jul. 07, 2023 |
Jul. 24, 2023 |
Aug. 03, 2023 |
Nordea $50,000 Facility [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Proceeds from Lines of Credit |
|
$ 50,000
|
|
|
|
|
Subsequent Event [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Cash dividend declared per share |
|
|
|
|
|
$ 0.40
|
Dividends Payable, Date to be Paid |
|
|
|
|
|
Sep. 07, 2023
|
Dividends Payable, Date of Record |
|
|
|
|
|
Aug. 22, 2023
|
Expected ex dividend date |
|
|
|
|
|
Aug. 21, 2023
|
Subsequent Event [Member] | Nordea $50,000 Facility [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Proceeds from Lines of Credit |
|
$ 50,000
|
|
|
|
|
Subsequent Event [Member] | Star Polaris [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Delivery date to buyers |
|
|
|
July 7, 2023
|
|
|
Subsequent Event [Member] | Star Centaurus [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Delivery date to buyers |
|
|
July 10, 2023
|
|
|
|
Subsequent Event [Member] | Star Columba [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Delivery date to buyers |
July 14, 2023
|
|
|
|
|
|
Subsequent Event [Member] | Star Aquila [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Delivery date to buyers |
|
|
|
|
July 24, 2023
|
|
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- DefinitionThe delivery date of the vessel to its buyers.
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Star Bulk Carriers (NASDAQ:SBLK)
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