Fleet Employment Profile (As of February 25, 2008)
Currently Star Bulk's fleet is employed as follows:
Time
Vessel Year Delivery Time Charter Charter
Name Type DWT Built to Star Expiry (2) Rate (3)
---------- -------- -------- -------- --------- --------------- ----------
Vessels delivered to Star Bulk as of December 31, 2007
---------- -------- -------- -------- --------- --------------- ----------
Star Dec. 3, Dec. 15, 2008 -
Epsilon Supramax 52,402 2001 2007 Mar. 15, 2009 $ 25,550
---------- -------- -------- -------- --------- --------------- ----------
Dec. 6, Apr. 2, 2009 -
Star Theta Supramax 52,425 2003 2007 Jun. 16, 2009 $ 32,500
---------- -------- -------- -------- --------- --------------- ----------
Dec. 14, Aug. 24, 2010 -
Star Kappa Supramax 52,055 2001 2007 Nov. 23, 2010 $ 47,800
---------- -------- -------- -------- --------- --------------- ----------
Dec. 28, Feb. 5, 2010 -
Star Beta Capesize 174,691 1993 2007 May. 5, 2010 $ 106,500
---------- -------- -------- -------- --------- --------------- ----------
Vessels delivered to Star Bulk after December 31, 2007
---------- -------- -------- -------- --------- --------------- ----------
Jan. 2, Feb. 7, 2009 -
Star Delta Supramax 52,434 2000 2008 May 7, 2009 $ 25,800
---------- -------- -------- -------- --------- --------------- ----------
Apr. 12, 2008
(1)
Jan. 2, Mar. 12,2013 - $ 30,500
Star Zeta Supramax 52,994 2003 2008 Jun. 12, 2013 $ 38,750
---------- -------- -------- -------- --------- --------------- ----------
Jan. 4, Jan. 4, 2009 -
Star Gamma Supramax 53,098 2002 2008 Feb. 14, 2009 $ 28,500
---------- -------- -------- -------- --------- --------------- ----------
Jan. 9, Jul. 5, 2009 -
Star Alpha Capesize 175,075 1992 2008 Oct. 5, 2009 $ 47,500
---------- -------- -------- -------- --------- --------------- ----------
Vessels to be delivered
---------- -------- -------- -------- --------- --------------- ----------
March, Feb. 2009 -
Star Iota Panamax 78,585 1983 2008 (1) Apr. 2009 $ 18,000
---------- -------- -------- -------- --------- --------------- ----------
May. 2008
Star Sigma Capesize 184,000 1991 (1) Mar. 2009 $ 100,000
---------- -------- -------- -------- --------- --------------- ----------
(1) Indicates expected delivery/redelivery date to Star Bulk.
(2) Represents the earliest and latest expiry dates allowed by the charter
party. Charterers have the right to add off-hire days, if any, that
occurred during the charter period.
(3) Represents the gross daily rate.
Summary of Selected Financial & Other Data
Three Months Ended Year Ended
December 31, December 31,
2007 2006 2007 2006
---------- ----------- ---------- -----------
(unaudited) (unaudited) (unaudited) (unaudited)
INCOME STATEMENT DATA (in
thousands of US Dollars):
Voyage and time charter
revenues $ 3,688 $ 0 $ 3,688 $ 0
Voyage expenses 98 0 98 0
Vessel operating expenses 744 0 744 0
Net income 1,613 617 3,410 2,978
FLEET DATA
Average number of vessels
(1) 0.84 0 0.21 0
Number of vessels 4.00 0 4.00 0
Average age of
operational fleet (in
years) (2) 8.0 0 8.0 0
Ownership days (3) 77.48 0 77.48 0
Voyage days (4) 68.71 0 68.71 0
Fleet utilization (5) 88.68% na 88.68% na
(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) Average age of operational fleet is calculated as at December 31, 2007.
(3) Ownership days are the total calendar days each vessel in the fleet was
owned by Star Bulk for the relevant period.
(4) Voyage days are the total days the vessels were in our possession for
the relevant period net of any off-hire days. Off-hire days include the
days a vessel is idle from the time of the transfer of ownership until
the vessel is readied to sail under the new crew/management following
the issuance of new certificates.
(5) Fleet utilization is calculated by dividing voyage days by ownership
days for the relevant period.
Dividend
The board of directors declared a cash dividend on its common stock of
$0.10 per share in respect of the fourth quarter 2007. The Company
previously announced that it intended to pay a partial dividend per share
based on a dividend of $0.325 per share for its first full operating
quarter in 2008 pro rated for the number of fleet operating days in the
fourth quarter of 2007. Such pro-rated dividend would be equal to $0.03 per
share. The board of directors determined to increase the Company's initial
dividend to $0.10 per share. This cash dividend will be payable on or about
February 29, 2008 to shareholders of record as of February 25, 2008. The
Company further announced that it adjusted upward from $0.325 to $0.35 per
share the minimum dividend that the Company expects to declare in respect
of the first quarter of 2008.
The Company had 42,516,433 shares of common stock outstanding as of
December 31, 2007.
Conference Call details:
Star Bulk's management team will host a conference call tomorrow,
Wednesday, February 27, 2008, at 08:30 a.m., Eastern Standard Time (EST) to
discuss the Company's financial results.
Participants should dial into the call 10 minutes before the scheduled time
using the following numbers: 1(866) 819-7111 (from the US), 0(800) 953-0329
(from the UK) or +(44) (0) 1452 542 301 (from outside the US). Please quote
"StarBulk."
In case of any problem with the above numbers, please dial 1(866) 223-0615
(from the US), 0(800) 694-1503 (from the UK) or +(44) (0) 1452 586-513
(from outside the US). Please quote "StarBulk."
A replay of the conference call will be available until March 4, 2008. The
United States replay number is 1(866) 247-4222; from the UK 0(800)
953-1533; the standard international replay number (+44) (0) 1452 55 00 00
and the access code required for the replay is: 3128607#.
Slides and audio webcast:
There will also be a simultaneous live webcast over the Internet, through
the Star Bulk website (www.starbulk.com). Participants to the live webcast
should register on the website approximately 10 minutes prior to the start
of the webcast.
About Star Bulk
Star Bulk is a global shipping company providing worldwide seaborne
transportation solutions in the dry bulk sector. Star Bulk's vessels
transport major bulks, which include iron ore, coal and grain and minor
bulks such as bauxite, fertilizers and steel products. Star Bulk was
incorporated in the Marshall Islands on December 13, 2006 and is
headquartered in Athens, Greece. Its common stock and warrants trade on the
NASDAQ Global Market under the symbols "SBLK" and "SBLKW" respectively.
Currently, Star Bulk has an operating fleet of eight dry bulk carriers,
plus definitive agreements to acquire a further two dry bulk carriers. The
total fleet consists of three Capesize, one Panamax and six Supramax dry
bulk vessels with an average age of approximately 11 years and a combined
cargo carrying capacity of approximately 927,759 deadweight tons.
Forward-Looking Statements
The information in this press release may contain forward-looking
statements within the meaning of the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include, but are not limited to,
statements regarding: (1) the delivery and operation of assets of Star
Bulk; (2) Star Bulk's future operating or financial results; (3) future,
pending or recent acquisitions, business strategy, areas of possible
expansion, and expected capital spending or operating expenses; (4) drybulk
market trends, including charter rates and factors affecting vessel supply
and demand; and (5) other statements identified by words such as
"anticipate," "believe," "plan," "estimate," "expect," "intend," "will,"
"should," "may," or words of similar meaning.
Such forward-looking statements are based upon various assumptions, many of
which are based, in turn, upon further assumptions, including without
limitation, Star Bulk's examination of historical operating trends, data
contained in their records and other data available from third parties.
Although Star Bulk believes that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to
predict and are beyond its control, Star Bulk cannot assure you that Star
Bulk will achieve or accomplish these expectations, beliefs or projections.
Important factors that could cause actual results to differ materially from
those discussed in the forward-looking statements include the failure of a
seller to deliver one or more vessels, the strength of world economies and
currencies, general market conditions, including changes in charterhire
rates and vessel values, changes in demand that may affect attitudes of
time charterers to scheduled and unscheduled drydocking, changes in Star
Bulk's operating expenses, including bunker prices, dry-docking and
insurance costs, or actions taken by regulatory authorities, potential
liability from pending or future litigation, domestic and international
political conditions, potential disruption of shipping routes due to
accidents and political events or acts by terrorists. Additional factors
that could cause Star Bulk's results to differ materially from those
described in the forward-looking statements can be found in Star Bulk's
Registration Statement on Form F-1/F-4 and reports on Form 6-K filed with
the Securities and Exchange Commission (the "SEC") and available at the
SEC's Internet site (http://www.sec.gov). The information set forth herein
speaks only as of the date hereof, and Star Bulk disclaims any intention or
obligation to update any forward-looking statements as a result of
developments occurring after the date of this communication.
STAR BULK CARRIERS CORP.
Expressed in thousands of U.S. Dollars, except number of shares
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended Year Ended
December 31, December 31,
2007 2006 2007 2006
----------- ----------- ----------- -----------
(unaudited) (unaudited) (unaudited) (unaudited)
REVENUES:
Voyage and time charter
revenues 3,688 0 3,688 0
EXPENSES:
Voyage and Other
Expenses 7,549 553 9,255 1,211
----------- ----------- ----------- -----------
Operating income /
(loss) (3,861) (553) (5,567) (1,211)
----------- ----------- ----------- -----------
OTHER INCOME
(EXPENSES):
Interest and finance
costs (45) 0 (45) 0
Interest Income 5,519 1,120 9,022 4,396
Income taxes 0 50 0 (207)
Net Income 1,613 617 3,410 2,978
=========== =========== =========== ===========
Earnings per common
share, basic $ 0.05 $ 0.02 $ 0.11 $ 0.10
=========== =========== =========== ===========
Weighted average number
of common shares,
basic 33,155,178 29,026,924 30,067,470 29,026,924
=========== =========== =========== ===========
Contact Information: Company: Akis Tsirigakis President and CEO Star Bulk Carriers Corp. Aethrion Center, Suite B-34 40 Ag. Konstantinou Maroussi 15124 Athens, Greece www.starbulk.com E-mail: ir@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: nbornozis@capitallink.com www.capitallink.com