Star Bulk Carriers Corp.

Thank you for standing by, ladies and gentlemen, and welcome to the Star Bowl Carriers Conference Call on the Third Quarter 2025 Financial Results. We have with us today Mr. Petros Papas, Chief Executive Officer, Mr. Hamish Norton, President, Mr. Simos Spiro, and Mr. Christos Beglaris, Co-Chief Financial Officers, Mr. Nikos Reskos, Chief Operating Officer, and Mrs. Harris Plaka-Dinoki, and Mr. Constantine Simatris. At this time, all participants are on a listen-only mode. There will be a presentation followed by a question-and-answer session, at which time, if you'd like to ask a question, please press star 1 on your telephone keypad. I must advise you that this conference is being recorded today. We will now pass the floor over to your speakers. Mr. Spiro, please go ahead, sir.

Thank you, Senator. I'm Christos Beglenis. Co-Chief Financial Officer of Starbell Carriers, and I would like to welcome you to our conference call regarding our financial results for the third quarter of 2025. Before we begin, I kindly ask you to take a moment to read the safe harbor statement on slide number two of our presentation. In today's presentation, we will go through our third quarter company highlights, financial results, actions taken to create value for our shareholders, cash evolution during the quarter, national operations, our investments in our fleet, the latest on the regulatory 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 third quarter 2025 highlights. The company reported the following. Net income amounted to 18.5 million, adjusted net income of $32.4 million, or $0.16 adjusted income per share. Adjusted EBITDA was $87 million for the quarter. During the third quarter, we repurchased 250,000 shares for a total of $4.4 million, while from the beginning of the fourth quarter until today, we have bought back 360,000 shares for $6.7 million. Our board of directors decided to continue prioritizing returns to shareholders given the company's strong position, declaring a dividend per share of $0.11 for the quarter, payable on or December 18, 2025. Our total cash today stands at $454 million. Meanwhile, our total debt stands at 1.028 billion. Through undrawn revolver facilities, we have additional liquidity of 115 million, resulting to pro forma liquidity of more than 570 million. We have approximately 91 million remaining from our recently renewed share repurchase program. Finally, we currently have 15 debt-free vessels with an aggregate market value of $336 million. On the top right of the page, you will see our daily figures per vessel for the quarter. Our time charter equivalent rate was $16,634 per vessel per day. Our combined daily OPEX and net cost general and administrative expenses per vessel per day amounted to $6,421. Therefore, our TC, LES, OPEX, and GAS GMA is approximately $10,213 per vessel per day. Slide four provides an overview of the company's capital allocation policy over the last three years and the various levers we have used to strengthen the company, increase the increasing value of our shares, and return capital to our shareholders. In total, since 2021, we have taken actions totaling 2.8 billion in dividends, share buybacks, and debt repayment to create value for our shareholders. At the same time, Starbucks has been growing the platform at opportune times through consecutive fleet buyouts by issuing shares at or above net asset value. On the top right-hand corner, we illustrate how the company has used both dividends and buybacks over time to return capital. We have returned in total $13.2 per share in dividends since 2021. This corresponds to approximately 70% of our current share price. On the bottom of the page, we saw our net debt evolution. Since 2021, our average net debt has reduced by 50%, reaching a level where it is covered by the fleet scrap value at a comparable level. Slide 5 graphically illustrates the changes in the company's cash balance during the third quarter. We started the quarter with $431 million in cash. We generated positive cash flow from operating activities of $92 million. After including vessel sales proceeds, debt proceeds and repayments, capex payments for energy saving devices and ballast water treatment systems, share buybacks and the dividend payment for the second quarter, we arrived at a cash balance of $457 million at the end of the quarter. I will now pass the floor to our COO, Nikos Reskos, for an update on our operational performance and the investment we continue to make on our fleet.

Thank you, Christos. Please turn to slide 6, where we provide an operational update. All of the expenses for Q3 2025 stand at $5,096 per vessel per day. Net cash G&A expenses were $1,325 per vessel per day for the same period. In addition, we continue to rate at the top amongst our listed peers in terms of rideship safety scores. Slide 7 provides a fleet update and some guidance around our future dry dock and relevant total off-hours days. During October, we entered into three prompt resale innovation agreements with Hengli Shipbuilding for 382,000 deadweight scrubber-feeded Kamsa Max New Buildings scheduled for delivery in Q3, 2026. Our five Kamsa Max New Buildings under construction at Kingdao Shipyard are expected to be delivered during Q3 and Q4, 2026. We have secured $130 million in debt on the five King Daniel Building Camsomax vessels, plus another $74 million expected against the three Hengli Camsomax vessels. As of Q3, we have completed 51 ESD installations, with four vessels completed during the quarter, and with nine remaining and planned for 2025. On the top right of the page, we have our CAPEX schedule, illustrating our new building CAPEX, and racial energy efficiency upgrade expenses. On the bottom of the page, we provide our expected driver expense schedule, which for the remaining of 2025 and 26 is estimated at 20 and 47 million, respectively. In total, we expect to have approximately 580 and 1,140 of our days for the same periods. Please turn to slide eight for an update on our fleet. On the vessel sales front, we'll continue disposing non-ecovessels opportunistically, reducing our average fleet age and improving overall fleet efficiency. We'll continue to optimize our fleet through selective disposals and acquisitions. During Q3, we sold and delivered six Camsomax and Supramax vessels, collecting total proceeds of $75.5 million, with another two Supramaxes, Tairana and Salsa Piper, delivered in October. generating around 25 million in proceeds. We maintain eight long-term chartering contracts, which provide flexibility and leverage across market cycles. Considering the information changes in our fleet mix, we operate one of the largest drive-out fleets amongst U.S. and European-listed peers, with 145 vessels on a fully-delivered basis and an average age of 11.9 years. I will now pass the floor to our CSO, Harris Plakotonaki, for an update on recent global environmental regulation developments.