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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Star Bulk Carriers Corporation | NASDAQ:SBLK | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.21 | 4.84% | 26.21 | 26.20 | 26.21 | 26.21 | 25.22 | 25.22 | 1,897,675 | 17:54:44 |
Date: March 23, 2015
|
STAR BULK CARRIERS CORP.
(Registrant)
|
|||
|
By:
|
/s/ Simos Spyrou | ||
Name: |
Simos Spyrou
|
|||
Title: |
Co-Chief Financial Officer
|
|||
Exhibit No.
|
Name
|
(Expressed in thousands of U.S. dollars,
except for daily rates and per share data)
|
Three months
ended
December 31, |
Three months
ended
December 31, |
Twelve months
ended
December 31, |
Twelve months
ended
December 31, |
||||||||||||
Total Revenues
|
$ | 65,650 | $ | 16,349 | $ | 147,387 | $ | 69,894 | ||||||||
EBITDA (1)
|
$ | 15,611 | $ | 6,974 | $ | 41,138 | $ | 30,847 | ||||||||
Adjusted EBITDA (1)
|
$ | 16,564 | $ | 7,387 | $ | 43,565 | $ | 32,331 | ||||||||
Net income / (loss)
|
$ | (8,074 | ) | $ | 54 | $ | (11,723 | ) | $ | 1,850 | ||||||
Adjusted Net income / (loss)
|
$ | (5,539 | ) | $ | 2,068 | $ | (3,183 | ) | $ | 9,686 | ||||||
Earnings / (loss) per share basic and diluted
|
$ | (0.083 | ) | $ | 0.002 | $ | (0.20 | ) | $ | 0.13 | ||||||
Adjusted earnings/ (loss) per share basic and diluted
|
$ | (0.06 | ) | $ | 0.07 | $ | (0.05 | ) | $ | 0.69 | ||||||
Average Number of Vessels
|
50.8 | 13.2 | 28.9 | 13.3 | ||||||||||||
Time Charter Equivalent Rate ("TCE")
|
$ | 11,384 | $ | 14,467 | $ | 12,161 | $ | 14,427 | ||||||||
Average OPEX per day per vessel
|
$ | 4,704 | $ | 5,392 | $ | 5,037 | $ | 5,564 |
|
(1)
|
See the table at the back of this release for a reconciliation of EBITDA and Adjusted EBITDA to Net Cash Provided by Operating Activities, which is the most directly comparable financial measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”).
|
—
|
Regarding revenue, we have announced the formation of Capesize Chartering Ltd., in cooperation with four other capesize owners and we are seeking to create similar arrangements for other dry bulk segments. Moreover, we have managed to outperform the Baltic Indices on an adjusted basis for the fourth year in a row across all vessel sizes.
|
—
|
Regarding OPEX, we are focused on taking advantage of our increased scale to further enhance our operational capabilities and reduce our operating expenses. In an environment where low break-even rates are crucial, our average operating expenses per vessel for 2014 were at $4,750/day, down 14.0% year-over-year, making us one of the lowest cost dry bulk operators. We will continue to take advantage of our economies of scale, to further drive down costs while maintaining the highest standards of safety and quality.
|
—
|
Regarding debt financing, we have been successful in tapping both existing and new banking relationships to secure $906.0m of committed debt financing for 30 out of our 32 newbuilding vessels, proving our ability to source secured debt financing even in this difficult market. We are currently in final negotiations with two major lending institutions for the financing of our two remaining newbuilding vessels.
|
—
|
Regarding our ships, we have disposed of five older 90’s built Panamax and Handymax vessels and there will be further disposals of vessels that do not fit the profile of our fleet. Importantly, we have agreed to defer certain pre - delivery instalments for newbuilding vessels from 2015 to 2016, as well as to delay vessel deliveries.
|
—
|
Regarding our balance sheet, we have raised $245 million of new equity in January 2015 to fully fund our newbuilding program and increase our cash reserves. The participation of many prominent institutional investors, including our major shareholders Oaktree Capital Management, Monarch Alternative Capital and Angelo, Gordon & Co, as well as of my family and my business associates was a welcome endorsement of our company.
|
Vessel Name
|
Drybulk
Vessel Type
|
Capacity
(dwt.)
|
Year Built
|
Date Delivered to
Star Bulk
|
||||||
1
|
Indomitable
|
Capesize
|
182,476
|
2015
|
8-Jan-15
|
|||||
2
|
Leviathan
|
Capesize
|
182,511
|
2014
|
19-Sep-14
|
|||||
3
|
Peloreus
|
Capesize
|
182,496
|
2014
|
22-Jul-14
|
|||||
4
|
Obelix
|
Capesize
|
181,433
|
|
2011
|
11-Jul-14
|
||||
5
|
Christine (tbr Star Martha)
|
Capesize
|
180,274
|
2010
|
31-Oct-14
|
|||||
6
|
Sandra (tbr Star Pauline)
|
Capesize
|
180,274
|
2008
|
29-Dec-14
|
|||||
7
|
Pantagruel
|
Capesize
|
180,181
|
|
2004
|
11-Jul-14
|
||||
8
|
Star Borealis
|
Capesize
|
179,678
|
|
2011
|
9-Sep-11
|
||||
9
|
Star Polaris
|
Capesize
|
179,600
|
|
2011
|
14-Nov-11
|
||||
10
|
Star Angie (ex Iron Miner)
|
Capesize
|
177,931
|
2007
|
29-Oct-14
|
|||||
11
|
Big Fish
|
Capesize
|
177,643
|
|
2004
|
11-Jul-14
|
||||
12
|
Kymopolia
|
Capesize
|
176,990
|
|
2006
|
11-Jul-14
|
||||
13
|
Big Bang
|
Capesize
|
174,109
|
|
2007
|
11-Jul-14
|
||||
14
|
Star Aurora
|
Capesize
|
171,199
|
|
2000
|
8-Sep-10
|
||||
15
|
Star Mega
|
Capesize
|
170,631
|
|
1994
|
16-Aug-11
|
||||
16
|
Lowlands Beilun (tbr Star Despoina)
|
Capesize
|
170,162
|
1999
|
29-Dec-14
|
|||||
17
|
Star Big
|
Capesize
|
168,404
|
|
1996
|
25-Jul-11
|
||||
18
|
Star Eleonora (ex Kirmar)
|
Capesize
|
164,218
|
2001
|
3-Dec-14
|
|||||
19
|
Star Monisha (ex Iron Beauty)
|
Capesize
|
164,218
|
2001
|
2-Feb-15
|
|||||
20
|
Amami
|
Post Panamax
|
98,681
|
|
2011
|
11-Jul-14
|
||||
21
|
Madredeus
|
Post Panamax
|
98,681
|
2011
|
11-Jul-14
|
|||||
22
|
Star Sirius
|
Post Panamax
|
98,681
|
|
2011
|
7-Mar-14
|
||||
23
|
Star Vega
|
Post Panamax
|
98,681
|
|
2011
|
13-Feb-14
|
||||
24
|
Star Angelina (ex ABYO Angelina)
|
Kamsarmax
|
82,981
|
2006
|
5-Dec-14
|
|||||
25
|
Star Gwyneth (ex ABYO Gwyneth)
|
Kamsarmax
|
82,790
|
2006
|
5-Dec-14
|
|||||
26
|
Star Kamila (ex Iron Bradyn)
|
Kamsarmax
|
82,769
|
2005
|
3-Sep-14
|
|||||
27
|
Pendulum
|
Kamsarmax
|
82,619
|
|
2006
|
11-Jul-14
|
||||
28
|
Star Maria (ex Iron Lindrew)
|
Kamsarmax
|
82,598
|
2007
|
5-Nov-14
|
|||||
29
|
Star Markella (ex Iron Brooke)
|
Kamsarmax
|
82,594
|
2007
|
29-Sep-14
|
|||||
30
|
Star Danai (ex Pascha)
|
Kamsarmax
|
82,574
|
2006
|
21-Oct-14
|
|||||
31
|
Star Georgia (ex Coal Hunter)
|
Kamsarmax
|
82,298
|
2006
|
14-Oct-14
|
|||||
32
|
Star Sophia (ex Iron Manolis)
|
Kamsarmax
|
82,269
|
2007
|
31-Oct-14
|
|||||
33
|
Star Mariella (ex Santa Barbara)
|
Kamsarmax
|
82,266
|
2006
|
19-Sep-14
|
|||||
34
|
Star Moira (ex Iron Vassilis)
|
Kamsarmax
|
82,257
|
2006
|
19-Nov-14
|
|||||
35
|
Star Nina (ex Iron Kalypso)
|
Kamsarmax
|
82,224
|
2006
|
5-Jan-15
|
|||||
36
|
Star Renee (ex Coal Gypsy)
|
Kamsarmax
|
82,221
|
2006
|
19-Dec-14
|
|||||
37
|
Star Nasia (ex Iron Anne)
|
Kamsarmax
|
82,220
|
2006
|
29-Aug-14
|
|||||
38
|
Star Laura (ex Iron Fuzeyya)
|
Kamsarmax
|
82,209
|
2006
|
9-Dec-14
|
|||||
39
|
Star Helena (ex Iron Bill)
|
Kamsarmax
|
82,187
|
2006
|
29-Dec-14
|
|||||
40
|
Mercurial Virgo
|
Kamsarmax
|
81,545
|
2013
|
11-Jul-14
|
|||||
41
|
Magnum Opus
|
Kamsarmax
|
81,022
|
2014
|
11-Jul-14
|
|||||
42
|
Tsu Ebisu
|
Kamsarmax
|
81,001
|
2014
|
11-Jul-14
|
|||||
43
|
Star Iris (ex Grain Express)
|
Panamax
|
76,466
|
2004
|
8-Sep-14
|
44
|
Star Aline (ex IronKnight)
|
Panamax
|
76,429
|
2004
|
4-Sep-14
|
|||||
45
|
Star Emily (ex Grain Harvester)
|
Panamax
|
76,417
|
2004
|
16-Sep-14
|
|||||
46
|
Star Christianna (ex Isminaki)
|
Panamax
|
74,577
|
1998
|
6-Oct-14
|
|||||
47
|
Star Natalie (ex Angela Star)
|
Panamax
|
73,798
|
1998
|
29-Aug-14
|
|||||
48
|
Star Nicole (ex Elinakos)
|
Panamax
|
73,751
|
1997
|
14-Jan-15
|
|||||
49
|
Star Vanessa (ex Coal Pride)
|
Panamax
|
72,493
|
1999
|
7-Nov-14
|
|||||
50
|
Star Claudia (ex Happyday)
|
Panamax
|
71,662
|
1997
|
20-Jan-15
|
|||||
51
|
Star Monika (ex Birthday)
|
Panamax
|
71,504
|
1993
|
10-Oct-14
|
|||||
52
|
Star Challenger
|
Ultramax
|
61,462
|
2012
|
12-Dec-13
|
|||||
53
|
Star Fighter
|
Ultramax
|
61,455
|
2013
|
30-Dec-13
|
|||||
54
|
Honey Badger
|
Ultramax
|
61,297
|
2015
|
27-Feb-15
|
|||||
55
|
Wolverine
|
Ultramax
|
61,297
|
2015
|
27-Feb-15
|
|||||
56
|
Maiden Voyage
|
Supramax
|
58,722
|
2012
|
11-Jul-14
|
|||||
57
|
Strange Attractor
|
Supramax
|
55,742
|
|
2006
|
11-Jul-14
|
||||
58
|
Star Omicron
|
Supramax
|
53,489
|
|
2005
|
17-Apr-08
|
||||
59
|
Star Gamma
|
Supramax
|
53,098
|
|
2002
|
4-Jan-08
|
||||
60
|
Star Zeta
|
Supramax
|
52,994
|
|
2003
|
2-Jan-08
|
||||
61
|
Star Delta
|
Supramax
|
52,434
|
|
2000
|
2-Jan-08
|
||||
62
|
Star Theta
|
Supramax
|
52,425
|
|
2003
|
6-Dec-07
|
||||
63
|
Star Epsilon
|
Supramax
|
52,402
|
|
2001
|
3-Dec-07
|
||||
64
|
Star Cosmo
|
Supramax
|
52,246
|
|
2005
|
1-Jul-08
|
||||
65
|
Star Kappa
|
Supramax
|
52,055
|
|
2001
|
14-Dec-07
|
||||
66
|
Star Michele (ex Emerald)
|
Handymax
|
45,588
|
1998
|
14-Oct-14
|
|||||
Total dwt:
|
6,795,599
|
Vessel Name
|
Drybulk
Vessel Type
|
Capacity
(DWT)
|
Year Built
|
Shipyard
|
||||
Ore Hansa (tbr Star Jennifer)
|
Kamsarmax
|
82,209
|
2006
|
Tsuneishi Japan
|
||||
Total DWT:
|
82,209
|
Vessel Name
|
Drybulk
Vessel Type
|
Capacity
(DWT)
|
Shipyard
|
Expected
Delivery
Date
|
||||||
1
|
HN 1061 (tbn Roberta)
|
Ultramax
|
64,000
|
New Yangzijiang, China
|
March 2015
|
|||||
2
|
HN 1063 (tbn Idee Fixe)
|
Ultramax
|
64,000
|
New Yangzijiang, China
|
March 2015
|
|||||
3
|
HN 1062 (tbn Laura)
|
Ultramax
|
64,000
|
New Yangzijiang, China
|
March 2015
|
|||||
4
|
HN NE 166 (tbn Gargantua)
|
Newcastlemax
|
209,000
|
NACKS, China
|
April 2015
|
|||||
5
|
HN 5017 (tbn Deep Blue)
|
Capesize
|
182,000
|
JMU, Japan
|
April 2015
|
|||||
6
|
HN 1312 (tbn Bruno Marks)
|
Capesize
|
180,000
|
SWS, China
|
May 2015
|
|||||
7
|
HN 1064 (tbn Kaley)
|
Ultramax
|
64,000
|
New Yangzijiang, China
|
May 2015
|
|||||
8
|
HN 5040 (tbn Star Aquarius)
|
Ultramax
|
60,000
|
JMU, Japan
|
May 2015
|
|||||
9
|
HN NE 167 (tbn Goliath)
|
Newcastlemax
|
209,000
|
NACKS, China
|
June 2015
|
|||||
10
|
HN NE 184 (tbn Maharaj)
|
Newcastlemax
|
209,000
|
NACKS, China
|
July 2015
|
|||||
11
|
HN 1313 (tbn Jenmark)
|
Capesize
|
180,000
|
SWS, China
|
July 2015
|
|||||
12
|
HN 1080 (tbn Kennadi)
|
Ultramax
|
64,000
|
New Yangzijiang, China
|
July 2015
|
|||||
13
|
HN 5043 (tbn Star Pisces)
|
Ultramax
|
60,000
|
JMU, Japan
|
July 2015
|
|||||
14
|
HN 1372 (tbn Star Libra)
|
Newcastlemax
|
208,000
|
SWS, China
|
August 2015
|
|||||
15
|
HN 1081 (tbn Mackenzie)
|
Ultramax
|
64,000
|
New Yangzijiang, China
|
August 2015
|
|||||
16
|
HN 5055 (tbn Behemoth)
|
Capesize
|
182,000
|
JMU, Japan
|
September 2015
|
|||||
17
|
HN 1338 (tbn Star Aries)
|
Capesize
|
180,000
|
SWS, China
|
September 2015
|
|||||
18
|
HN NE 196 (tbn Star Antares)
|
Ultramax
|
61,000
|
NACKS, China
|
September 2015
|
|||||
19
|
HN 1082 (tbn Night Owl)
|
Ultramax
|
64,000
|
New Yangzijiang, China
|
October 2015
|
|||||
20
|
HN 1359 (tbn Star Marisa)
|
Newcastlemax
|
208,000
|
SWS, China
|
November 2015
|
|||||
21
|
HN 5056 (tbn Megalodon)
|
Capesize
|
182,000
|
JMU, Japan
|
November 2015
|
|||||
22
|
HN 1083 (tbn Early Bird)
|
Ultramax
|
64,000
|
New Yangzijiang, China
|
November 2015
|
|||||
23
|
HN NE 197 (tbn Star Lutas)
|
Ultramax
|
61,000
|
NACKS, China
|
November 2015
|
|||||
24
|
HN 1342 (tbn Star Gemini)
|
Newcastlemax
|
208,000
|
SWS, China
|
January 2016
|
|||||
25
|
HN 1339 (tbn Star Taurus)
|
Capesize
|
180,000
|
SWS, China
|
January 2016
|
|||||
26
|
HN 1360 (tbn Star Ariadne)
|
Newcastlemax
|
208,000
|
SWS, China
|
February 2016
|
|||||
27
|
HN 1371 (tbn Star Virgo)
|
Newcastlemax
|
208,000
|
SWS, China
|
February 2016
|
|||||
28
|
HN NE 198 (tbn Star Poseidon)
|
Newcastlemax
|
209,000
|
NACKS, China
|
March 2016
|
|||||
29
|
HN 1343 (tbn Star Leo)
|
Newcastlemax
|
208,000
|
SWS, China
|
March 2016
|
|||||
30
|
HN 1361 (tbn Star Magnanimus)
|
Newcastlemax
|
208,000
|
SWS, China
|
May 2016
|
|||||
31
|
HN 1362 (tbn Star Manticore)
|
Newcastlemax
|
208,000
|
SWS, China
|
June 2016
|
|||||
32
|
HN 1363 (tbn Star Chaucer)
|
Newcastlemax
|
208,000
|
SWS, China
|
September 2016
|
|||||
Total DWT:
|
4,728,000
|
Vessel Name
|
Type
|
DWT
|
Year Built
|
|||
Serenity I
|
Supramax
|
53,688
|
2006
|
|||
Total
|
53,688
|
|
1.
|
Update on Financing
|
a)
|
Deutsche Bank – HSBC Bank - Sinosure $156.45 million facility: On February 11, 2015, we executed loan agreement with Deutsche Bank, HSBC Bank plc and the China Export & Credit Insurance Corporation (Sinosure) for the financing of an aggregate amount of up to $156.45 million to partially finance the construction cost of eight of our Ultramax bulk carriers, namely Honey Badger (ex-HN NE 164), Wolverine (ex-HN NE 165), HN NE 196 (tbn Star Antares), HN NE 197 (tbn Star Lutas), HN 1080 (tbn Kennadi), HN 1081 (tbn Mackenzie), HN 1082 (tbn Night Owl), HN 1083 (tbn Early Bird), which are currently under construction by Jiangsu Yangzijiang Shipbuilding Co. Ltd and Nantong COSCO KHI Ship Engineering Co. Ltd. The vessels Honey Badger (ex-HN NE 164) and Wolverine (ex-HN NE 165) were delivered to us on February 27, 2015. The remaining six vessels are expected to be delivered between July 2015 and November 2015. The financing is available in eight separate tranches, one for each financed Vessel, and will be credit insured (95%) by China Export & Credit Insurance Corporation. On March 13, 2015, we drew down the amount of $38.2 million for the delivery to us of the vessels Honey Badger (ex-HN NE 164) and Wolverine (ex-HN NE 165).
|
|
b)
|
DVB $31.0 million committed term-sheet: On March 6, 2015, we entered into a committed term sheet with DVB Bank SE for the financing of the newbuilding vessel HN 5017 (tbn Deep Blue) for an amount of up to $31.0 million.
|
|
c)
|
BNP $39.5 million committed term-sheet: On March 13, 2015, we entered into a committed term sheet with BNP Paribas for the financing of two vessels, the newbuilding vessel HN 5056 (tbn Megalodon) and the 2004 built Panamax vessel Star Emily, for an amount of up to $39.5 million.
|
|
d)
|
DNB – SEB – CEXIM $227.5 million committed term-sheet: On March 19, 2015, we entered into a committed term sheet with DNB Bank (DNB), SEB Bank (SEB) and the Export-Import Bank of China (CEXIM) for the financing of seven newbuilding vessels, namely HN 166 (tbn Gargantua), HN 167 (tbn Goliath), HN 1338 (tbn Star Aries), HN 184 (tbn Maharaj), HN 1339 (tbn Star Taurus), HN 1342 (tbn Star Gemini) and HN 198 (tbn Star Poseidon) for an amount of up to $227.5 million.
|
|
e)
|
On January 29, 2015, we fully prepaid the Excel Vessel Bridge Facility.
|
|
2.
|
Vessel deliveries
|
|
a)
|
Delivery of newbuilding vessels:
|
(i)
|
On January 8, 2015, we took delivery of the M/V Indomitable (ex-HN 5016). The delivery instalment of $34.94 million was partially financed by $32.48 million drawn down under the BNP $32.5 million term loan facility and the remaining amount was financed by using existing cash.
|
(ii)
|
On February 27, 2015, we took delivery of the vessels Honey Badger (ex-HN 164) and Wolverine (ex-HN 165). The delivery installments of $19.42 million per each vessel were partially financed by $38.2 million drawn on March 13, 2015 under the Deutsche Bank – HSBC Bank - Sinosure $156.45 million facility.
|
|
b)
|
Excel Vessel deliveries: Subsequent to December 31, 2014, we took delivery of the following Excel vessels, in exchange for 3,264,726 common shares and $30.29 million in cash:
|
(i)
|
On January 5, 2015, vessel Star Nina (ex. Iron Kalypso).
|
(ii)
|
On January 14, 2015, vessel Star Nicole (ex. Elinakos).
|
(iii)
|
On January 20, 2015, vessel Star Claudia (ex. Happyday).
|
(iv)
|
On February 2, 2015, vessel Star Monisha (ex. Iron Beauty).
|
(v)
|
On March 5, 2015, vessel Rodon.
|
|
3.
|
Vessel sales
|
|
4.
|
Other subsequent events
|
|
a)
|
Equity offering: On January 14, 2015, we completed a primary underwritten public offering of 49,000,418 of common shares, at a price of $5.00 per share. The aggregate proceeds, net of underwriters’ commissions, were $242.2 million. The net proceeds from the offering are expected to be used for the financing of our newbuilding program and general corporate purposes.
|
|
b)
|
Outsourcing of certain procurement services: As of January 1, 2015, we have engaged Ship Procurement Services S.A. (SPS), an unaffiliated third party company, to provide to our fleet certain procurement services at a daily fee of $295 per vessel. SPS will be offering procurement services to a potential fleet of approximately 150 vessels and Star Bulk expects to achieve synergies through economies of scale on the operating expenses and the dry docking costs of the vessels.
|
(*)
|
Amounts relating to variations in period – on – period comparisons shown in this section are derived from the actual numbers in our books and records.
|
—
|
Amortization of fair value of above market acquired time charters of $1.6 million, or $0.02 per basic and diluted share, associated with time charters attached to vessels acquired in the third quarter of 2011 (namely Star Big and Star Mega), vessels acquired as part of the merger with Oceanbulk, in July 2014 (namely Amami and Madredeus) and one Excel vessel (namely Christine). These assets are amortized over the respective charter parties΄ duration as a decrease to voyage revenues;
|
—
|
Expenses of $1.0 million, or $0.01 per basic and diluted share, relating to the stock based compensation recognized in connection with the shares issued to our directors and employees;
|
—
|
Equity in income of investee of $0.1 million, or $0.001 per basic and diluted share.
|
—
|
Amortization of fair value of above market acquired time charters of $1.6 million, or $0.06 per basic and diluted share, associated with the acquired vessels Star Big and Star Mega, which are amortized over the remaining period as a decrease to voyage revenues;
|
—
|
Expenses of $0.4 million, or $0.02, per basic and diluted share, relating to the stock based compensation recognized in connection with shares issued to our directors and employees; and
|
—
|
Unrealized gain of $0.03 million, or $0.001 per basic and diluted share, in connection with the mark to market valuation of our derivatives, which had not been designated as cash flow hedges.
|
(*)
|
Amounts relating to variations in period – on – period comparisons shown in this section are derived from the actual numbers in our books and records.
|
—
|
Amortization of fair value of above market acquired time charters of $6.1 million, or $0.10 per basic and diluted share, associated with time charters attached to vessels acquired in the third quarter of 2011, (Star Big and Star Mega), vessels acquired as part of the merger with the Oceanbulk companies, in July 2014, (Amami and Madredeus) and one Excel vessel (namely Christine). These assets are amortized over the respective charter parties’ duration as a decrease to voyage revenues;
|
—
|
Expenses of $5.8 million, or $0.10 per basic and diluted share, relating to the stock based compensation recognized in connection with shares issued to our directors and employees;
|
—
|
Unrealized loss of $0.8 million, or $0.01 per basic and diluted share, in connection with the mark to market valuation of the Company’s derivatives, before we designate them as cash flow hedges;
|
—
|
A loss on bad debts of $0.2 million or $0.004 per basic and diluted share associated with the write-off of disputed charterer balances.
|
—
|
A gain of $1.4 million, or $0.02 per basic and diluted share, regarding the extinguishment of the liability to previous charterer of Star Borealis, related to the amount of fuel and lubricants remaining on board the vessel at the time of the charter repudiation;
|
—
|
A gain from bargain purchase of $12.3 million, or $0.21 per basic and diluted share, resulting from the acquisition of Oceanbulk and the Pappas Companies; and
|
—
|
Equity in income of investee of $0.1 million, or $0.002 per basic and diluted share.
|
—
|
Amortization of fair value of above market acquired time charters of $6.4 million, or $0.45 per basic and diluted share, associated with acquired time charters of Star Big and the Star Mega. These assets are amortized over their remaining period as a decrease to voyage revenues;
|
—
|
Expenses of $1.5 million, or $0.11 per basic and diluted share, relating to stock based compensation recognized in connection with the shares issued to our directors and employees;
|
—
|
Unrealized gain of $0.1 million, or $0.01 per basic and diluted share, in connection with the mark to market valuation of our derivatives, which had not been designated as cash flow hedges; and
|
—
|
Loss on sale of vessel of $0.1 million or $0.01 per basic and diluted share in connection with the sale of Star Sigma, which concluded in March 2013.
|
a)
|
acquisition-related expenses of $9.4 million incurred during the year ended December 31, 2014, in connection with the acquisition of Oceanbulk and the Pappas Companies;
|
b)
|
an 83% increase in our average number of employees during the year ended December 31, 2014 compared to the year ended December 31, 2013, due to the increase of our fleet to 28.9 vessels on average during the year ended December 31, 2014, as compared to 13.3 vessels on average during the year ended December 31, 2013; and
|
c)
|
stock based compensation expense of $1.8 million during the year ended December 31, 2014 relating to a severance payment in shares to our former Chief Executive Officer.
|
a)
|
$8.0 million of revenue from the sale to a non-related third party of the claim against the previous charterer of Star Borealis for charter party repudiation due to early redelivery of the vessel;
|
b)
|
$1.4 million regarding the extinguishment of the liability to the previous charterer of Star Borealis, related to the amount of fuel and lubricants remaining on board at the time of the charter repudiation;
|
c)
|
$0.2 million received as a rebate from our previous manning agent; and
|
d)
|
a $0.5 million gain derived from a hull and machinery and protection and indemnity claims.
|
—
|
$117.9 million paid for advances and other capitalized expenses for our newbuilding vessels,
|
—
|
$400.0 million paid for the acquisition of secondhand vessels (including Heron Vessels and most of the Excel Vessels),
|
—
|
$0.6 million paid for the acquisition of other fixed assets,
|
—
|
$0.2 million paid for the acquisition of 33% of the total outstanding common stock of Interchart Shipping Inc., a Liberian company that acts as a chartering broker to our fleet,
|
—
|
$4.9 million cash consideration paid for the acquisition of the above fair market charter parties attached to Excel Vessels namely Christine, Lowlands Beilun, Sandra, and
|
—
|
a net increase of $11.5 million in restricted cash,
|
—
|
hull and machinery insurance proceeds amounting to $0.6 million,
|
—
|
$96.3 million cash assumed as part of the acquisition of Oceanbulk and the Pappas Companies acquisition and
|
—
|
$1.1 million received, representing the 20% advance received based on the agreement signed in December 2014 to sell the vessel Star Kim (one of the Excel Vessels), which was delivered to her new owners in January 2015.
|
—
|
$67.9 million paid for advances and other capitalized expenses for our newbuilding vessels,
|
—
|
$59.9 million paid for the acquisition of secondhand vessels and other fixed assets,
|
—
|
$8.3 million of proceeds from the sale of Star Sigma,
|
—
|
a decrease of $7.7 million in restricted cash and
|
—
|
$4.3 million of hull and machinery insurance proceeds.
|
—
|
proceeds from bank loans and Excel Vessel Bridge Facility of $587.2 million for the financing of a) delivery installments for three of our newbuilding vessels (two of them delivered in 2014 and one delivered in early January 2015), b) secondhand vessels and c) partial refinancing of the Excel Vessel Bridge Facility,
|
—
|
$50.0 million proceeds from the issuance of our senior unsecured notes due 2019,
|
—
|
financing fees paid amounting to $6.5 million and
|
—
|
loan regular repayment installments as well as partial prepayment of Excel Vessel Bridge Facility amounting to $173.9 million.
|
—
|
gross proceeds from the rights offering and the underwritten public offering amounting to$150.9 million less offering expenses of $4.9 million,
|
—
|
loan installment payments and prepayments of $33.8 million and
|
—
|
$0.3 million of financing fees paid.
|
(TCE rates expressed in U.S. dollars)
|
||||||||
Three months ended
|
Three months ended
|
|||||||
December 31, 2014
|
December 31, 2013
|
|||||||
Average number of vessels (1)
|
50.8 | 13.2 | ||||||
Number of vessels (2)
|
62 | 15 | ||||||
Average age of operational fleet (in years) (3)
|
9.4 | 9.6 | ||||||
Ownership days (4)
|
4,670 | 1,218 | ||||||
Available days (5)
|
4,662 | 1,167 | ||||||
Voyage days for fleet (6)
|
3,989 | 1,147 | ||||||
Fleet utilization (7)
|
85.6% | 98.3% | ||||||
Average per-day TCE rate (8)
|
$ | 11,384 | $ | 14,467 | ||||
Average per day OPEX per vessel (9)
|
$ | 4,704 | $ | 5,392 |
Twelve months ended
|
Twelve months ended
|
|||||||
December 31, 2014
|
December 31, 2013
|
|||||||
Average number of vessels (1)
|
28.9 | 13.3 | ||||||
Number of vessels (2)
|
62 | 15 | ||||||
Average age of operational fleet (in years) (3)
|
9.4 | 9.6 | ||||||
Ownership days (4)
|
10,541 | 4,868 | ||||||
Available days (5)
|
10,413 | 4,763 | ||||||
Voyage days for fleet (6)
|
8,948 | 4,651 | ||||||
Fleet utilization (7)
|
85.9% | 97.6% | ||||||
Average per-day TCE rate (8)
|
$ | 12,161 | $ | 14,427 | ||||
Average per day OPEX per vessel (9)
|
$ | 5,037 | $ | 5,564 |
(1)
|
Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.
|
(2)
|
As of the last day of the periods reported.
|
(3)
|
Average age of operational fleet is calculated as of December 31, 2014 and 2013, respectively.
|
(4)
|
Ownership days are the total calendar days each vessel in the fleet was owned by us for the relevant period.
|
(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.
|
(6)
|
Voyage days are the total days the vessels were in our possession for the relevant period after subtracting off-hire days incurred for any reason (including off-hire for major repairs, dry docking, special or intermediate surveys).
|
(7)
|
Fleet utilization is calculated by dividing voyage days by available days for the relevant period. Ballast days for which a charter is not fixed are not included in the voyage days for the fleet utilization calculation.
|
(8)
|
Represents the weighted average daily TCE rates of our entire fleet. TCE rate is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE rate is determined by dividing voyage revenues (net of voyage expenses and amortization of fair value of above/below market acquired time charter agreements) by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well as commissions. TCE rate is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot charters, time charters and bareboat charters) under its vessels may be employed between the periods. We included TCE revenues, a non- GAAP measure, as it provides additional meaningful information in conjunction with voyage revenues, the most directly comparable GAAP measure, and it assists our management in making decisions regarding the deployment and use of our vessels and in evaluating our financial performance.
|
(9)
|
Average daily OPEX per vessel is calculated by dividing vessel operating expenses by ownership days.
|
(Expressed in thousands of U.S. dollars except for
share and per share data)
|
Three
months
ended
December 31,
2014
|
Three
months
ended
December 31,
2013
|
Twelve
months
ended
December 31,
2014
|
Twelve
months
ended
December 31,
2013
|
||||||||||||
Revenues:
|
||||||||||||||||
Voyage Revenues
|
65,500 | 15,662 | 145,041 | 68,296 | ||||||||||||
Management Fee Income
|
150 | 687 | 2,346 | 1,598 | ||||||||||||
Total revenues
|
65,650 | 16,349 | 147,387 | 69,894 | ||||||||||||
Expenses:
|
||||||||||||||||
Voyage expenses
|
(21,671 | ) | (669 | ) | (42,341 | ) | (7,549 | ) | ||||||||
Vessel operating expenses
|
(21,967 | ) | (6,568 | ) | (53,096 | ) | (27,087 | ) | ||||||||
Dry-docking expenses
|
(484 | ) | (1,342 | ) | (5,363 | ) | (3,519 | ) | ||||||||
Depreciation
|
(16,640 | ) | (4,034 | ) | (37,150 | ) | (16,061 | ) | ||||||||
Management fees
|
(35 | ) | - | (158 | ) | - | ||||||||||
Bad debt expense
|
- | - | (215 | ) | - | |||||||||||
General and administrative expenses
|
(7,756 | ) | (2,702 | ) | (32,723 | ) | (9,910 | ) | ||||||||
Other operational gain
|
219 | 499 | 10,003 | 3,787 | ||||||||||||
Other operational loss
|
- | (225 | ) | (94 | ) | (1,125 | ) | |||||||||
Loss on sale of vessel
|
- | - | - | (87 | ) | |||||||||||
Gain from bargain purchase
|
- | - | 12,318 | - | ||||||||||||
Operating income
|
(2,684 | ) | 1,308 | (1,432 | ) | 8,343 | ||||||||||
Interest and finance costs
|
(4,985 | ) | (1,309 | ) | (9,575 | ) | (6,814 | ) | ||||||||
Interest and other income
|
174 | 24 | 629 | 230 | ||||||||||||
Loss on debt extinguishment
|
(652 | ) | - | (652 | ) | - | ||||||||||
(Loss) / Gain on derivative financial instruments
|
(4 | ) | 31 | (799 | ) | 91 | ||||||||||
Total other expenses, net
|
(5,467 | ) | (1,254 | ) | (10,397 | ) | (6,493 | ) | ||||||||
Income / (loss) before equity in investee
|
(8,151 | ) | 54 | (11,829 | ) | 1,850 | ||||||||||
Equity in income of investee
|
77 | - | 106 | - | ||||||||||||
Net income / (loss)
|
(8,074 | ) | 54 | (11,723 | ) | 1,850 | ||||||||||
Earnings / (loss) per share, basic
|
$ | (0.083 | ) | $ | 0.002 | $ | (0.20 | ) | $ | 0.13 | ||||||
Earnings / (loss) per share, diluted
|
$ | (0.083 | ) | $ | 0.002 | $ | (0.20 | ) | $ | 0.13 | ||||||
Weighted average number of shares outstanding, basic
|
97,623,578 | 28,286,004 | 58,441,193 | 14,051,344 | ||||||||||||
Weighted average number of shares outstanding, diluted
|
97,623,578 | 28,488,902 | 58,441,193 | 14,116,389 |
ASSETS
|
December 31,
2014
|
December 31,
2013
|
||||||
Cash and restricted cash
|
89,352 | 55,410 | ||||||
Other current assets
|
45,078 | 8,269 | ||||||
TOTAL CURRENT ASSETS
|
134,430 | 63,679 | ||||||
Advances for vessels under construction and acquisition of vessels and other assets
|
454,612 | 67,932 | ||||||
Vessels and other fixed assets, net
|
1,441,851 | 326,674 | ||||||
Long-term investment
|
634 | 0 | ||||||
Restricted cash
|
10,620 | 620 | ||||||
Fair value of above market acquired time charter
|
11,908 | 7,978 | ||||||
Other non-current assets
|
8,029 | 1,205 | ||||||
TOTAL ASSETS
|
2,062,084 | 468,088 | ||||||
Current portion of long-term debt (including Excel Vessels Bridge Facility)
|
96,485 | 18,286 | ||||||
Other current liabilities
|
43,713 | 11,448 | ||||||
TOTAL CURRENT LIABILITIES
|
140,198 | 29,734 | ||||||
Long-term debt (including Excel Vessel Bridge Facility)
|
715,308 | 172,048 | ||||||
8% 2019 Senior Notes
|
50,000 | |||||||
Other non-current liabilities
|
2,276 | 200 | ||||||
TOTAL LIABILITIES
|
907,782 | 201,982 | ||||||
STOCKHOLDERS' EQUITY
|
1,154,302 | 266,106 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
2,062,084 | 468,088 |
(Expressed in thousands of U.S. dollars)
|
Twelve months
ended
December 31,
2014
|
Twelve months
ended
December 31,
2013
|
||||||
Net cash provided by operating activities
|
12,819 | 27,495 | ||||||
|
||||||||
Net cash used in investing activities
|
(437,075 | ) | (107,618 | ) | ||||
Net cash provided by financing activities
|
456,708 | 111,971 |
(Expressed in thousands of U.S. dollars)
|
Twelve months
ended
December 31,
2014
|
Twelve months
ended
December 31,
2013
|
Three months
ended
December 31,
2014
|
Three months
ended
December 31,
2013
|
||||||||||||
Net cash provided by/(used in) operating activities
|
12,819 | 27,495 | 5,150 | 5,064 | ||||||||||||
Net decrease / (increase) in current assets
|
23,507 | (4,183 | ) | (2,079 | ) | 356 | ||||||||||
Net increase / (decrease) in operating liabilities, excluding current portion of long term debt
|
(9,709 | ) | 1,927 | 9,756 | 796 | |||||||||||
Loss on debt extinguishment
|
(652 | ) | - | (652 | ) | |||||||||||
Stock – based compensation
|
(5,834 | ) | (1,488 | ) | (998 | ) | (444 | ) | ||||||||
Change in fair value of derivatives
|
(1,717 | ) | 91 | (863 | ) | 31 | ||||||||||
Total other expenses, net
|
8,917 | 6,062 | 5,220 | 1,171 | ||||||||||||
Loss on sale of vessel
|
- | (87 | ) | - | - | |||||||||||
Bad debt expense
|
(215 | ) | - | - | - | |||||||||||
Gain from Hull & Machinery claim
|
237 | 1,030 | - | - | ||||||||||||
Gain from bargain purchase
|
12,318 | - | - | - | ||||||||||||
Write-off of liability in other operational gain (non cash gain)
|
1,361 | - | - | - | ||||||||||||
Equity in income of investee
|
106 | - | 77 | - | ||||||||||||
EBITDA
|
41,138 | 30,847 | 15,611 | 6,974 | ||||||||||||
Less:
|
||||||||||||||||
Change in fair value of derivatives
|
- | (91 | ) | - | (31 | ) | ||||||||||
Gain from bargain purchase
|
(12,318 | ) | - | - | - | |||||||||||
Write-off of liability in other operational gain (non cash gain)
|
(1,361 | ) | - | - | - | |||||||||||
Equity in income of investee
|
(106 | ) | - | (77 | ) | - | ||||||||||
Plus:
|
||||||||||||||||
Change in fair value of derivatives
|
799 | - | 4 | - | ||||||||||||
Stock-based compensation
|
5,834 | 1,488 | 998 | 444 | ||||||||||||
Loss on sale of vessel
|
- | 87 | - | - | ||||||||||||
Loss on bad debt
|
215 | - | - | - | ||||||||||||
Severance cash payment
|
891 | - | - | - | ||||||||||||
Transaction costs related to Oceanbulk & Pappas companies acquisition
|
8,473 | - | 28 | - | ||||||||||||
Adjusted EBITDA
|
43,565 | 32,331 | 16,564 | 7,387 |
Company:
Simos Spyrou, Christos Begleris
Co ‐ Chief Financial Officers
Star Bulk Carriers Corp.
c/o Star Bulk Management Inc.
40 Ag. Konstantinou Av.
Maroussi 15124
Athens, Greece
Email: info@starbulk.com
www.starbulk.com
|
Investor Relations / Financial Media:
Nicolas Bornozis
President
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, NY 10169
Tel. (212) 661‐7566
E‐mail: starbulk@capitallink.com
www.capitallink.com
|
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