Star Bulk Carriers Corp.

Thank you for standing by, ladies and gentlemen, and welcome to the Starbuck Carriers Conference Call on the second quarter 2022 financial results. We have with us Mr. Petros Papas, Chief Executive Officer, Mr. Hamish Norton, President, Mr. Nikos Reskos, Chief Operating Officer, Mr. Simo Spiro, and Mr. Christos Beglaris, co-chief financial officers of the company. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session, at which time, if you wish to ask a question, please press star 1-1 on your telephone keypad and wait for your name to be announced. I must advise you that this conference is being recorded today. I'll now pass the floor to one of your speakers today, Mr. Beglaris. Please go ahead, sir. Thank you, moderator.

I am Christos Begleris, co-CFO of Startup Carriers, and I would like to welcome you to our conference call regarding our financial results for the second quarter of 2022. Before we begin, I kindly ask you to take a moment to read the safe hardware statement on slide number two of our presentation. our second quarter results, cash evolution during the quarter, an overview of our balance sheet, an update on our scrubbers and vessel operations, the latest on the ESG front, and our views on industry fundamentals before opening up for questions. Let us now turn to slide number three of the presentation for a summary of our second quarter 2022 highlights. Net income for the second quarter amounted to $200.2 million, and adjusted net income of $204.5 million, or $2 adjusted earnings per share. Adjusted EBITDA was at $258.3 million for the quarter. For the second quarter, after our existing dividend policy, we declared a dividend per share of $1.65, The graph on the bottom of the page highlights the cumulative performance over the last 12 months, which illustrates the strength of the platform in a robust drive-out market. Our last 12 months adjusted EBITDA is 1.12 billion, and adjusted net income is 907 million U.S. dollars. Over the same period, we have returned a cumulative dividend of $6.55 per share, or $674 million to our shareholders. On the top right of the page, you will see our daily figures per vessel for the quarter. Our time charter equivalent rate was 30,451 per vessel per day. Our combined daily OPEX and net cash GNA Therefore, our TCE is 24,767 per vessel per day. Looking at our chartering coverage for the third quarter of 2022, we have covered 61% of our fees available days at the daily rate of $29,000 per day. Slide 4. We started the quarter with $444.4 million in cash and generated meaningful positive cash flow from operating activities of $239.9 million due to the strong freight market, after including debt proceeds and repayments, capex payments for ballast water treatment system installments, In the first quarter dividend payment, we arrive at a cash and cash equivalent balance of $385.6 million at the end of the quarter. Please turn to slide number five, where we highlight the continued strength of our balance sheet. Our total cash today stands at $474 million. Meanwhile, our total debt stands that decreased our annual regular debt repayments by $11 million and reduced our interest costs by $4 million per year as a result of achieving significantly lower margins. Our next 12-month amortization is $188 million. After the completion of the recent refinancings, we have 12 unlevered vessels with market value nexus of $210 million and market maturity where we have 22 million of common payments, part of which we're in the process of refinancing. In an increasing interest rate environment, we have fixed 55% of floating interest rate exposure at an average fixed rate of 45 basis points for an average remaining maturity of 1.7 years. I will now pass the floor to our CMO, Nikos Veskos, to talk about our scrappers and provide an update on our operational performance. Thank you, Christos. In slide 6, we would like to update investors about our scrapper investment. We are pleased to report that as of mid-June,

Yes, 94% of our best-described features, in regards to our past, present, and future, are covered by students with disabilities in the foreseeable future.