Star Bulk Carriers Corp.

Thank you for standing by, ladies and gentlemen, and welcome to the Star Bulk Carriers conference call on the second quarter 2026 financial results. We have with us Mr. Hamish Norton, President, Mr. Simos Spyrou, Co-Chief Financial Officer, Mr. Christos Begleris, Co-Chief Financial Officer, Mr. Constantinos Sinopoulos, Deputy Chief Financial Officer, Mr. Nicos Rescos, Chief Operating Officer, Mrs. Charis Plakantonaki, Chief Strategy Officer, Mr. Constantinos Simantiras, Head of Market Research. 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 on your telephone keypad and wait for your name to be announced. I must advise you that this conference is being recorded today. We now pass the floor to one of your speakers today, Mr. Spyrou. Please go ahead, sir.

Thank you, operator. Good morning, ladies and gentlemen, and thank you for joining us today. I'm Simos Spyrou, Co-Chief Financial Officer of Staple Carriers, and I would like to welcome you to our conference call regarding our financial results for the second quarter of 2026. Before we begin, I kindly ask you to take a moment to read the Safe Harbor Statement on slide number two of the presentation. In today's presentation, we will review our second quarter 2026 company highlights, financial performance, capital allocation initiatives, cash evolution during the quarter, operational performance and cash flow potential, our continued investments in the fleet, developments on the regulatory front, and our perspective on industry fundamentals. We will then open the floor for questions. Turning to slide three. The second quarter was characterized by strong profitability, disciplined capital allocation, and continued balance in strength. For the second quarter of 2026, net income amounted to 144.9 million, while adjusted net income reached 134.8 million, or 1.21 adjusted earnings per share. Adjusted EBITDA was 184.2 million, demonstrating the robust cash-generating capacity of our platform. Shareholder returns. We continue to actively return capital to shareholders through our policy of distributing 100% of our operating cash flow, subject to maintaining a minimum cash balance of $2.1 million per vessel. Our board of directors declared a $0.90 per share dividend for the quarter, payable on September 3 to all shareholders of record as of August 21. Our balance sheet remains a key strategic advantage. Total cash and cash equivalents are approximately at $532 million. Outstanding debt is approximately $955 million. Untrown revolver capacity at $110 million. Importantly, we also currently own 29 debt-free vessels with an aggregate market value close to $790 million. During the third quarter of 2026, We expect to collect net sale proceeds of approximately 31.5 million for the sold vessels. Our low leverage as well as this unencumbered asset base provides substantial financial flexibility to fund growth opportunities as well as downside protection. On the top right of the slide, you can see our per vessel daily performance metrics for the quarter. Time charter equivalent of $24,486 per day per vessel. Combined daily operating expenses and net cash G&A expenses of $6,542 per day per vessel. This results in a daily cash margin of approximately $17,944 per vessel per day before debt service and capex. These numbers highlight the operating efficiency of our platform and our ability to generate meaningful cash flow. Slide 4 summarizes our capital allocation Track record since 2021. Over this period, we have executed approximately $3.2 billion in value-enhancing actions, including dividends, share refugies, and debt repayment. Namely, we have returned approximately $14.9 per shares in dividends, representing approximately 52% of our current share price. We have reduced total net debt by 66%, bringing leverage to a level where net debt stands at 50% of demolition value of our fleet. We have also expanded the fleet opportunistically through accretive fleet acquisitions, issuing equity at or above an AV, thereby increasing scale while protecting per share value. The result is a larger, more efficient platform with materially lower financial risk and significantly enhanced free cash flow per share potential. Slide number five illustrates the movement in our cash balance during the second quarter. We began the second quarter with $409 million in cash. We generated $150 million in operating cash flow. After vessel sale proceeds, debt roll-downs and repayments, CAPEX payments related to new building installments and ESD and ballast water treatment installations, and the fourth quarter dividend payment, we ended up with $565 million in cash. This sequential increase in costs underscores a strong internal cost generation of the company, even after substantial shareholder returns and investments in fleet upgrades. Moving to slide number six. In the second quarter of 2026, StarPulse delivered a well-balanced operating performance across all segments, supported by our diversified fleet of 138 vessels and over 12,200 ownership days. Newcastle Max and Cape Sides vessels contributed 35% of our revenue and 39% of our adjusted EBITDA, benefiting from strong market positioning and representing 41% of our fleet market value. Panamax and Camsomax segments continue to provide stable earnings, contributing 28% of revenue and 24% of adjusted EBITDA, namely $77.7 million and $42.4 million respectively. Ultramax and Supramax vessels remain the largest contributor to revenue at 37%, generating 104.4 million in revenue and 66.5 million in adjusted EBITDA, reflecting the strength of our exposure in geared segments. Slide number seven highlights the inherent operating leverage embedded in our business model. With approximately 49,000 fleet available days on an annualized basis for the next 12 months, and based on the current next-12-month SFA curve of approximately 22,000 per day on a fleet-wide basis, the company would generate approximately $4.1 per share of free cash flow, representing 14.3% its implied cash flow yield. The slide illustrates the strength of our platform in a rising market. Every $1,500 per share fleet-wide increase in TCE equates to an EBITDA increase of $72 million. This would translate to $0.64 per share of incremental dividend to our shareholder, given our existing approach to distributions. In summary, During the second quarter, we delivered solid profitability, strengthened our liquidity position, continued to reduce leverage, returned meaningful capital to shareholders, and preserved significant optionality for future capital allocation. Our balanced resilience, operating efficiency, and Discipline Capital Allocation Framework position us well to navigate market volatility while continuing to enhance per share value. With that, I will now pass the floor to our COO, Nicos Rescos, for an update on our operational performance and the continuing investments we are making in our fleet.

Thank you, Simo. Turning to slide 8, which covers our operational performance. will continue to operate one of the most cost-efficient platforms in the drive-out sector. Demi-Opex for the second quarter came in at $5,180 per vessel, and Netcast GNA at $1,362, both among the lowest in our peer group, as illustrated. The sustained cost discipline reflects our scale, our integrated management platform, which translates directly into superior cost generation through the cycle. Moving to slide 9, which outlines our fleet-wide investment program. On the new building front, all five of our latest generation high-specification Councilmax new buildings are on track for delivery during 2026, with $122 million of capex remaining. Financing is in place, where we expect to draw down up to $129 million of debt against the five new building vessels, leaving the program fully funded on competitive terms. In a strengthening Camsomax market, the prompt deliveries of these vessels remain highly attractive to our customers, combined with a mark-to-market gain of approximately 56 million for our shareholders. On vessel upgrades, during the second quarter, we'll continue pushing through with energy-saving devices and with high-efficiency propeller installations. Having completed 62 ISD installations across the fleet, with a further seven scheduled for the year, 88% of our fleet is now fitted with ESDs. On vessel efficiency, we continue investing in hull upgrades in the way of optimized propellers, silicon panes, and deployment of hull-cleaning robots, where we measure tangible performance improvements ranging between 7% and 15%. This translates into improved commercial performance, lower emissions, and, for instance, our competitors. The top right of the slide illustrates our CAPEC schedule, presenting both the remaining new building installments and our vessel efficiency upgrade spending alongside the corresponding debt drawdowns. At the bottom, you can see our dry dock schedule for the remainder of 26 and 27. For Q3 and Q4 2026, approximately $16 and $11 million and around $460 and 280 off-hire days, respectively. For 2027, we expect to have $17 million in drive-thru costs and 450 off-hire days. Turn to slide 10 for a fleet update. We'll continue to actively rejuvenate the fleet through a disciplined combination of selective disposals and new building deliveries, prioritizing the divestment of all non-ecotonics to reduce average age and lift overall efficiency. As previously announced, the sales of Star Scarlet and Star Mariella were completed in Q2, 2026. During the second quarter, we agreed to sell one minicap and two capsule maxes, namely Star EVA, Star Moira, and Pendulum. Star Moira and Pendulum were delivered to the new owners in June and July 2026, while Star EVA is expected to be delivered during the third quarter of this year. In connection with the sales mentioned above, in the second quarter of 2026 we collected sales proceeds of approximately $60.2 million net of commissions and made debt repayments of approximately $21.4 million, while in the third quarter we expect to collect sales proceeds approximately $31.5 million net of commissions. Overall, a total amount of approximately $70.3 million net of commission on debt repayments will be collected from the vessel sales. Having sold 50 vessels since 2023, we have reinvested most of the net sale proceeds to fund accretive shared buybacks throughout this period. This quarter also marks the start of our new building delivery cycle with a larger generation of camshaft vessels joining the fleet. We took delivery of three out of the eight camshafts as new building vessels and expect to take delivery of the five remaining during Q3 and Q4 2026. We continue to maintain seven long-term chartering contracts, which provide commercial flexibility across market cycles. Starbuck operates one of the largest drive-up fleets among U.S. and European listed peers, with 138 vessels on a fully delivered basis and an average age of approximately 12.4 years, providing scale, modernity, and operating leverage to compound shareholder value as the market cycle evolves. I will now pass the floor to our Chief Strategy Officer, Charis Plakantonaki, for an update on recent global environmental regulation developments and our ESG performance.