Star Bulk Carriers Corp (SBLK) 2024 Q1 法說會逐字稿

Thank you for standing by ladies and gentlemen, and welcome to the Star Bulk Carriers conference call on the first-quarter 2024 financial results. We have with us Mr. Petros Pappas, Chief Executive Officer; Mr. Hamish Norton, President; Mr. Simos Spyrou, and Mr. Christos Begleris. Co-Chief Financial Officers; Mr. Nicos Rescos, Chief Operating Officer; and Ms. Charis Plakantonaki, Chief Strategy Officer of the company.

感謝女士、先生們的支持，歡迎參加 Star Bulk Carriers 關於 2024 年第一季財務業績的電話會議。我們邀請了執行長 Petros Pappas 先生；總裁哈米甚·諾頓先生； Simos Spyrou 先生及 Christos Begleris 先生。聯席財務長；營運長 Nicos Rescos 先生；以及公司首席策略長 Charis Plakantonaki 女士。

(Operator Instructions) I must advise you that this conference is being recorded today. We now pass the floor to one of your speakers today, Mr. Christos Begleris. Please go ahead, sir.

（操作員指示）我必須通知您，今天我們正在錄製這次會議。現在我們將發言權交給今天的一位發言者，克里斯托斯·貝格雷里斯先生。先生，請繼續。

Thank you, operator. I am Christos Begleris, Co-CFO of Star Bulk Carriers, and I would like to welcome you to our conference call regarding our financial results for the first quarter of 2024. 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'll go through our Q1 results.

謝謝您，接線生。我是 Star Bulk Carriers 的聯合財務長 Christos Begleris，歡迎您參加我們關於 2024 年第一季財務業績的電話會議。在我們開始之前，請您花一點時間閱讀我們簡報第二張投影片上的安全港聲明。在今天的演示中，我們將討論我們的第一季業績。

Cash evolution during the quarter, actions taken to create value for our shareholders, an update on the Eagle Bulk integration, vessel operations, fleet update the latest on the ESG front and our views on industry fundamentals before opening up for questions.

在回答問題之前，我們會介紹本季度的現金變化情況、為股東創造價值所採取的行動、Eagle Bulk 整合的最新進展、船舶運營情況、船隊更新、ESG 方面的最新情況以及我們對行業基本面的看法。

Let us now turn to slide number three of the presentation for a summary of our first-quarter 2024 highlights. For the first quarter, the company reported the following. Net income amounted to $75 million, with adjusted net income of $73 million or $0.87 adjusted earnings per share. Adjusted EBITDA was $123 million for the quarter.

現在讓我們轉到簡報的第三張投影片，以總結我們 2024 年第一季的亮點。第一季度，該公司報告如下。淨收入為 7,500 萬美元，調整後淨收入為 7,300 萬美元，或調整後每股收益 0.87 美元。本季調整後的 EBITDA 為 1.23 億美元。

For the first quarter, as per our existing dividend policy, we declared a dividend per share of $0.75 payable on or about June 6, 2023 (sic - "2024") since 2021, dividend distributions and share buybacks are over $1.2 billion and $0.4 billion, respectively. Our total liquidity today stands strong at $472 million. Meanwhile, our total debt stands at $1.45 billion.

對於第一季度，根據我們現有的股息政策，我們宣布每股股息為 0.75 美元，將於 2023 年 6 月 6 日左右（原文如此 - “2024 年”）支付，自 2021 年以來，股息分配和股票回購分別超過 12 億美元和 4 億美元。我們今天的總流動資金高達 4.72 億美元。同時，我們的總債務達到14.5億美元。

On the top right of the page, you will see our daily figures per vessel for the quarter, our TCE rate was $19,627 per vessel per day. Our combined daily OpEx and net cash G&A expenses per vessel per day amounted to $6,185. Therefore, our TCE less OpEx and cash G&A is around $13,442 per vessel per day.

在頁面的右上角，您將看到本季每艘船的每日數據，我們的 TCE 費率為每艘船每天 19,627 美元。我們每艘船每天的營運支出和淨現金一般及行政費用總計為 6,185 美元。因此，我們的 TCE 減去營運支出和現金 G&A 約為每艘船每天 13,442 美元。

Following Eagle shareholders’ approval on April 9, they go (inaudible) transaction was completed and each Eagle Bulk shareholder received 2.6211 Star Bulks shares per share of Eagle. Eagle Bulk's convertible notes will be exchangeable at the conversion rate equal to 83.67 shares of Star Bulks common stock when it matures on August 1, 2024.

經 Eagle 股東於 4 月 9 日批准後，交易完成（聽不清楚），每位 Eagle Bulk 股東將獲得每股 Eagle 股票 2.6211 股 Star Bulks 股票。Eagle Bulk 的可轉換票據將於 2024 年 8 月 1 日到期，以相當於 83.67 股 Star Bulks 普通股的轉換率進行兌換。

Cash received following Eagle merger amounted to $104.3 million. Currently, we have 161 vessels on a fully delivered basis, including the five newbuilding Kamsarmax vessels we have announced. During 2024, we have sold eight vessels for total gross proceeds of $150 million. Four of these vessels, namely Star Audrey, Star Pyxis, Stellar Eagle and Crowned Eagle are expected to be delivered during Q2 to the new owners.

Eagle 合併後收到的現金達 1.043 億美元。目前，我們已全面交付 161 艘船舶，其中包括已宣佈建造的 5 艘 Kamsarmax 型新船。2024 年，我們出售了 8 艘船舶，總收入為 1.5 億美元。其中四艘船，即“Star Audrey”、“Star Pyxis”、“Stellar Eagle”和“Crowned Eagle”，預計將在第二季交付給新船東。

Slide 4 graphically illustrates the change in the company's cash balance during the first quarter. We started the quarter with $262 million in cash and generated positive cash flow from operating activities of $114 million, including debt proceeds and repayments, CapEx payments for energy-saving devices and ballast water treatment system installments and the Q4 dividend payment, we arrived at the cash balance of $269 million at the end of the quarter.

投影片 4 以圖形方式說明了該公司第一季現金餘額的變化。本季初我們的現金餘額為 2.62 億美元，並從經營活動產生了 1.14 億美元的正現金流，包括債務收益和償還、節能設備和壓載水處理系統分期付款的資本支出以及第四季度的股息支付，本季末我們的現金餘額為 2.69 億美元。

Slide 5 provides an overview of the company's capital allocation policy over the last three years in the various leverage we have used to create shareholder value. On the top left, we show our net debt evolution. Since 2021, we have reduced leverage in the company by 43%. Over the same period we have declared consecutive quarterly dividends totaling $1.2 billion.

投影片 5 概述了過去三年來公司用於創造股東價值的各種槓桿的資本配置政策。在左上角，我們展示了我們的淨債務演變。自2021年以來，我們已將公司的槓桿率降低了43％。在同一時期，我們宣布連續季度派發股息，總額達 12 億美元。

We have taken advantage of historically elevated S and P values to sell some of our older and less efficient vessels using the equity proceeds to buy back our shares at attractive values. Since 2022, we have bought back $423 million worth of Star Bulks stock, 20 million shares valued at $380 million were bought in the fourth quarter of 2023 from Oaktree, given that our shares at the time were trading at a significant discount to net asset value, and we use procees from vessel sales at net asset value, we have taken advantage of the arbitrage to create shareholder value.

我們利用標準普爾和普爾歷史上較高的價值，出售了一些較舊、效率較低的船隻，並利用股權收益以有吸引力的價格回購我們的股票。自 2022 年以來，我們已回購了價值 4.23 億美元的 Star Bulks 股票，其中 2023 年第四季度從 Oaktree 購買了 2000 萬股，價值 3.8 億美元，考慮到我們當時的股票交易價格遠低於淨資產價值，並且我們按淨資產價值使用船舶收益銷售，我們利用了股東收益。

Combining all of the above we see that we are focused on returning capital to shareholders while at the same time deleveraging the balance sheet and buying back shares when there are opportunities to do so accretively. In total since 2021, we have taken actions of $2.1 billion to create value for our shareholders.

綜合以上所有因素，我們發現，我們專注於向股東返還資本，同時降低資產負債表中的槓桿率，並在有機會實現增值時回購股票。自 2021 年以來，我們共計採取了 21 億美元的行動來為股東創造價值。

I will now pass the floor to our COO, Nicos Rescos for an update on the Eagle Bulk transaction integration and our operational performance.

現在，我將請我們的營運長 Nicos Rescos 介紹 Eagle Bulk 交易整合和我們的營運績效的最新情況。

Thank you, Christos. Slide 6 illustrates a summary of Eagle Bulk transaction integration. The merger with Eagle Bulk will allow us to leverage our strong global presence of the combined entity with offices in Singapore, the US, Greece, Denmark and Cyprus. The respective Singapore offices are to merge into one and continue as a commercial and technical management hub covering the Asia Pacific.

謝謝你，克里斯托斯。投影片 6 說明了 Eagle Bulk 交易整合的摘要。與 Eagle Bulk 的合併將使我們能夠利用合併後實體的強大全球影響力，在新加坡、美國、希臘、丹麥和塞浦路斯均設有辦事處。新加坡的各個辦事處將合併為一個，並繼續作為覆蓋亞太地區的商業和技術管理中心。

The Stamford office is to continue both on commercial and technical management covering the Atlantic and the US markets. Together with the Athens headquarters in Europe, we will maintain presence in Copenhagen for chartering operations covering the Atlantic, Continental, the [med] area.

史丹佛辦事處將繼續負責大西洋和美國市場的商業和技術管理。與歐洲雅典總部一起，我們將維持在哥本哈根的業務，以開展覆蓋大西洋、大陸和地中海地區的租船業務。

We are creating a new integrated commercial team, managing the second largest Ultramax, Supramax fleet globally to combined capabilities and name for improved time charter performance. We also aim to rebalance employment strategy and include voyage business. We have already refinanced the ex-Eagle debt facility resulting in interest cost savings of $3.2 million per year.

我們正在組建一支新的綜合商業團隊，管理全球第二大 Ultramax 和 Supramax 船隊，以整合能力和名稱，提高定期租船績效。我們也旨在重新平衡就業策略並納入航行業務。我們已經對前 Eagle 債務進行了再融資，每年節省了 320 萬美元的利息成本。

We have executed new insurance agreements for the ex-Eagle vessels, saving $1.9 million per annum in insurance premium costs. Crewing will be gradually taken in house with an expected cost reduction of about $600 per vessel per day during the next 18 months.

我們為前 Eagle 船隻簽訂了新的保險協議，每年節省 190 萬美元的保險費成本。船員配置將逐步在船內進行，預計未來 18 個月內每艘船每天的船員成本將減少約 600 美元。

Significant synergies are expected from the centralization of procurement of all store spare parts and lubricants. Dry docks of ex-Eagle Bulk vessels will benefit from Star Bulk competitive pricing agreements with service providers and shipyards globally. Marine safety, quality and technical maintenance standards, processes, policies and systems are to be applied across the combined fleet, aiming to align with the Star Bulk Rightship Safety Score and Port State Control performance. Lastly, systems integrations are underway to enable efficiencies amongst offices and departments and create further synergies.

預計所有商店備件和潤滑油的集中採購將產生顯著的協同效應。前 Eagle Bulk 船舶的乾船塢將受益於 Star Bulk 與全球服務提供者和造船廠達成的具有競爭力的定價協議。海上安全、品質和技術維護標準、流程、政策和系統將應用於整個聯合船隊，旨在與星級散貨右船安全評分和港口國控制績效保持一致。最後，正在進行系統集成，以提高辦公室和部門之間的效率並創造進一步的協同效應。

Turning to slide 7, we provide an operational update. Operating expenses was at $4,962 for Q1 2024. Net cash, G&A expenses was $1,223 per vessel per day for the same period. In addition, we continue to rate the top amongst our listed peers in terms of Ridership Safety Score. (inaudible) date provide a fleet update and some guidance around the future Dry dock and the relevant total off-hire days.

轉到幻燈片 7，我們提供了營運更新。2024 年第一季的營運費用為 4,962 美元。同一時期，每艘船每天的淨現金及一般行政費用為 1,223 美元。此外，在乘客安全評分方面，我們在同行中繼續名列前茅。 （聽不清楚）日期提供船隊更新資訊以及有關未來幹船塢和相關總停租天數的一些指導。

On the top right of the page, we provide a CapEx schedule, illustrating our newbuilding CapEx and the vessel energy efficiency upgrades with 100% of our fleet by now being ballast water system fitted. Our expected Dry dock expense for the remainder of 2024 is estimated at $42.4 million for the Dry-docking of 51 vessels, including 12 ex Eagle Bulk vessels.

在頁面的右上角，我們提供了資本支出計劃，說明了我們的新船資本支出和船舶能源效率升級，目前我們 100% 的船隊都安裝了壓載水系統。我們預計 2024 年剩餘時間的乾船塢費用為 4,240 萬美元，用於 51 艘船舶的乾船塢，其中包括 12 艘前 Eagle Bulk 船舶。

In total, we expect to have approximately 1,250 [off-hire] days for the same period. Based on our latest construction schedule our newbuilding vessels are expect to be delivered during Q4 of 2025, Q2 and Q3 of 2026.

整體而言，我們預計同一時期的停租天數約為 1,250 天。根據我們最新的建造計劃，我們新建船舶預計將於 2025 年第四季、2026 年第二季和第三季交付。

In line [EXI and CII] relations will continue investing in upgrading our fleet with the latest operational technologies available aimed in improving our fuel consumption and reducing our environmental footprint and further enhancing commercial attractiveness of the Star Bulks fleet regarding our energy-saving devices program during the quarter, we have completed and tested retrofits on four vessels with 19 more vessels planned for retrofit by the end of 2024. The above numbers are based on current estimates around Dry dock, retrofit planning, vessel employment and yard capacity.

根據與 EXI 和 CII 的關係，我們將繼續投資升級我們的船隊，採用最新的運營技術，旨在改善我們的燃料消耗，減少我們的環境足跡，並進一步提高 Star Bulks 船隊的商業吸引力。 就本季度的節能設備計劃而言，我們已經完成並測試了四艘船的改裝，計劃到 2024 艘船對另外 19 艘船。以上數字是基於乾船塢、改造規劃、船舶使用和船廠容量的當前估計。

Turning to slide 9 for an update on our fleet sales. On the vessel sales front, we'll continue disposing of vessels opportunistically at historically attractive levels, having agreed during Q1 to sell seven vessels for total gross proceeds of $134 million, reducing our average fleet age and improving overall fleet efficiency.

請翻到第 9 張投影片來了解我們的車隊銷售最新情況。在船舶銷售方面，我們將繼續以歷史性有吸引力的價格適時出售船舶，我們已在第一季度同意出售七艘船舶，總收益為 1.34 億美元，從而降低我們船隊的平均船齡並提高整體船隊效率。

During the second quarter, we have further agreed to sell one more vessel the Crowned Eagle. We took delivery of three out of the six long term charter-in eco vessels that will be delivered to us throughout 2024 and specifically to (inaudible) and Kamsarmaxes (inaudible) Ultramax.

第二季度，我們也同意出售另一艘船「Crowned Eagle」。我們接收了六艘長期租賃生態船舶中的三艘，這些船舶將於 2024 年交付給我們，具體來說是 (聽不清楚) 和 Kamsarmaxes (聽不清楚) Ultramax。

Eagle Bulk existing chartering contracts have been rolled over to Star Bulk following the merger were five firm shipbuilding contracts with Qingdao shipyard for the construction of 82,000 deadweight Kamsarmax newbuilding vessels. Considering the aforementioned changes in our fleet mix, we operate one of the largest dry bulk fleet amongst US and European listed peers with 161 vessels on a fully delivered basis and an average age of 11.3 years.

合併後，Eagle Bulk 現有的租船合約已轉給 Star Bulk，後者與青島船廠簽訂了五份確定的造船合同，用於建造 82,000 載重噸的 Kamsarmax 型新船。考慮到上述船隊結構的變化，我們運營著美國和歐洲上市同行中最大的干散貨船隊之一，完全交付的船隻數量為 161 艘，平均船齡為 11.3 年。

I'll now pass the floor to our Chief Strategy Officer, Charis Plakantonaki for an ESG update.

現在，我將把發言權交給我們的首席策略長 Charis Plakantonaki，請他介紹 ESG 最新情況。

Thank you, Nico. Please turn to slide 10, where we highlight our continued leadership on the ESG front. The Star Bulks Sustainalytics, is ESG Risk Smart Score a further improved from 21.3 medium range to 19 low risk, maintaining Star Bulks number one, ranking among US listed peers and positioning the company as one of the best-performing companies globally in the category transportation shipping.

謝謝你，尼科。請翻到第 10 張投影片，我們在此重點介紹我們在 ESG 的持續領導地位。Star Bulks Sustainalytics 的 ESG 風險智慧評分進一步從 21.3 中等範圍提高到 19 低風險，保持了 Star Bulks 的第一名，在美國上市同行中名列前茅，並將公司定位為全球運輸航運類別中表現最好的公司之一。

During Q1 '2024 can be done along with our partners, the scoping of work and initial projects with a maritime emissions reduction center to develop and adopt new identification solutions for reducing greenhouse gas emissions from the (inaudible) the center was granted the motivation award at the ESG Shipping Awards International 2024.

2024 年第一季度，我們將與合作夥伴一起確定工作範圍並與海事減排中心合作開展初步項目，以開發和採用新的識別解決方案，減少溫室氣體排放（聽不清），該中心在 2024 年 ESG 國際航運獎中獲得了激勵獎。

On the regulatory front, MEPC 81 has progressed discussions related to IMO’s mid-term market-based measures which are set to come into force in 2027, we are continuously assessing the impact of upcoming environmental regulations and considering action plan options from our clients. As part of our Star Bulks growth programs to enhance diversity and inclusion, our first female candidates have embarked on board one of our Newcastlemax vessels.

在監管方面，MEPC 81 已就國際海事組織 (IMO) 中期市場化措施展開討論，這些措施將於 2027 年生效，我們正在持續評估即將出台的環境法規的影響，並考慮客戶的行動計劃選項。作為 Star Bulks 增強多元化和包容性成長計畫的一部分，我們的首批女性候選人已登上我們的一艘 Newcastlemax 型船舶。

We continue the deployment of Starlink along with the installation of Firewalls on board our vessels and have embarked on a project to equip our vessels with the CyberOwl technology to digitalize and advance the monitoring of onboard systems’ performance and security.

我們繼續部署 Starlink 並在船上安裝防火牆，並且已啟動一項項目，為我們的船舶配備 Cyber​​Owl 技術，以實現數位化並加強對船上系統性能和安全性的監控。

On the governance front, and as part of our enhanced Code of Business Conduct and Ethics, we have launched a new online Whistleblowing platform on the company’s website to encourage open reporting by employees, crews, and third parties, safeguard confidentiality and anonymity, and improve the handling and monitoring process of any whistleblowing reports.

在治理方面，作為我們加強的商業行為和道德準則的一部分，我們在公司網站上推出了一個新的線上舉報平台，以鼓勵員工、工作人員和第三方公開舉報，保障機密性和匿名性，並改進任何舉報報告的處理和監控流程。

I will now pass the floor to our CEO, Petros Pappas for a market update and his closing remarks.

現在，我將把發言權交給我們的執行長 Petros Pappas，請他介紹市場最新情況並作最後發言。

Thank you, Charis. Please turn to slide 11 for a brief update of supply. During the first four months of 2024, a total of 12.1 million deadweight was delivered and 1.6 million deadweight was sent to demolition for a net fleet growth of 10.5 million deadweight for 2.9% year on year. Uncertainty on future green propulsion, high shipbuilding costs and limited shipyard capacity until late 2026 has helped keep new orders under relative control.

謝謝你，查理斯。請翻到投影片 11 查看供應的簡要更新情況。2024 年前 4 個月，共交付 1,210 萬載重噸，拆解 160 萬載重噸，船隊淨增加 1,050 萬載重噸，年增 2.9%。未來綠色推進的不確定性、高昂的造船成本以及直到2026年底有限的造船廠產能，導致新訂單處於相對控制之下。

The order book presently stands at a low level of 9.3% of the fleet. Furthermore, vessels above 20 and 15 years of age stand at [8.8%] and 21.2% of the fleet while scrap prices stabilized at elevated levels and to make demolition (inaudible) and energy inefficient tonnage and attractive option during the seasonal downturns over the next two years.

目前訂單量處於較低水平，僅佔船隊的 9.3%。此外，船齡在20年和15年以上的船舶分別佔船隊的[8.8%]和21.2%，而廢鋼價格穩定在高位，使得拆解（聽不清）和能源效率低下的噸位成為未來兩年​​季節性低迷期間有吸引力的選擇。

The average steaming speed of the Dry Bulk fleet decreased to a new record low level in January due to downward pressures from inflated bunker costs and new environmental regulations. Having said that, over the last two months speeds have rebounded to 11.2 knots following the higher freight rate environment and stabilization of oil prices. We expect the emissions regulations, including EXI and CII to increasingly incentivize slow steaming retrofits and to help moderate supply over the next several years.

由於燃油成本上漲和新環保法規帶來的下行壓力，1 月乾散貨船隊的平均航行速度降至歷史新低。話雖如此，但在過去兩個月中，隨著運費上漲和油價穩定，航速已回升至 11.2 節。我們預計，包括 EXI 和 CII 在內的排放法規將在未來幾年進一步激勵慢速航行改造，並有助於緩和供應。

Global port congestion followed a strong downward trend over the last two years. The gradually inflated available supply by approximately 5%. During the first quarter of 2024 congestion appears to have fully normalized on all sizes and going forward, we expect it to follow seasonal trends. Moreover Panama canal constraints since mid-2023 and rising tension in the Red Sea continue to cause strong inefficiencies for trade with a positive effect on the supply and demand balance of 2024. As a result of the above trends, nominal fleet growth is unlikely to exceed 2.5% per annum over the next couple of years.

過去兩年，全球港口擁擠狀況呈現強勁下降趨勢。可用供應量逐漸增加約 5%。在 2024 年第一季度，各種規模的擁塞似乎都已完全正常化，展望未來，我們預計它將遵循季節性趨勢。此外，自 2023 年中期以來巴拿馬運河的限制以及紅海緊張局勢的加劇繼續導致貿易效率嚴重低下，對 2024 年的供需平衡產生積極影響。基於上述趨勢，未來幾年名目船隊成長率不太可能超過每年 2.5%。

Let us now turn to slide 12 for a brief update of demand. According to Clarkson’s, total Dry Bulk trade during 2024 is projected to expand by 1.6% in tons and 2.4% in ton-miles. During the first quarter 2024, total Dry Bulk volumes decreased by approximately 5.5% year on year, supported by iron ore, coal and record minor bulk exports, while ton-miles increased at a faster pace due to favorable conditions in Panama canal inefficiencies.

現在讓我們翻到第 12 張投影片來簡短了解需求的最新情況。根據克拉克森的數據，預計 2024 年乾散貨貿易總量將以噸位計算成長 1.6%，以噸英里計算成長 2.4%。2024 年第一季度，受鐵礦石、煤炭和創紀錄的小宗散貨出口推動，乾散貨總量同比下降約 5.5%，而由於巴拿馬運河效率低下的有利條件，噸英里數增長速度更快。

The IMF is projecting global GDP growth at 3.2% for 2024 and 2025 at the same pace as in 2023, with China projected to slow down to 4.6% and 4.1% respectively. Nevertheless, Chinese GDP increased by 5.3% in Q1, faster than initial expected while Dry Bulk imports were up by 8.2% compared to last year. The country's full economic recovery from COVID-19 has yet to unfold due to the struggling property market, but has received support by strength in infrastructure, manufacturing and exports.

國際貨幣基金組織預測，2024年和2025年全球GDP成長率將與2023年相同，為3.2%，而中國經濟成長率預計將分別放緩至4.6%和4.1%。儘管如此，中國第一季的 GDP 成長率為 5.3%，快於最初的預期，而乾散貨進口量與去年同期相比成長了 8.2%。由於房地產市場的低迷，該國經濟尚未從新冠疫情中全面復甦，但得益於基礎設施、製造業和出口的強勁增長，該國經濟獲得了支撐。

Th Dry Bulk demand from the rest of the world is experiencing a strong recovery over the last quarters that is expected to continue as it received support from lower commodity prices and expectations of easing monetary policy. During the first quarter, imports were up by 2.9% year over year, with the increase coming mainly from India and Far East countries, while imports from Western economies are also moving higher following two years of contraction. Iron ore trade is projected to remain flat in tons and to expand by 1% in ton miles during 2024.

受大宗商品價格下跌和貨幣政策放鬆預期的支撐，全球其他地區的乾散貨需求在過去幾季強勁復甦，預計這一趨勢將持續。第一季度，進口年增2.9%，成長主要來自印度和遠東國家，而來自西方經濟體的進口在經歷兩年的收縮後也呈現上升趨勢。預計 2024 年鐵礦石貿易量（以噸計算）將保持平穩，以噸英里計算將增加 1%。

China, steel production declined by 3.1% year on year. During the first quarter, weak domestic consumption is forcing steelmakers to export excess output and some western economies are raising tariffs as a response. At the same time, domestic iron ore production and imports increased by 15.7% and 7% respectively, and have helped full stockpiles higher.

中國鋼鐵產量年減3.1%。第一季度，國內消費疲軟迫使鋼鐵企業出口過剩產能，而一些西方經濟體則採取了提高關稅的措施。同時，國內鐵礦石產量和進口量分別成長15.7%和7%，帶動庫存總量上升。

On the other hand, steel production from the rest of the world has been on a strong upward trend since September and increased by 7.2% during the first quarter. Coal trade is projected to contract by 0.3% in tons and by 2.5% in ton-miles during 2024. Global focus on energy security has inflated coal trade, while Atlantic exporters have redistributed original quantities East with positive effect for ton miles.

另一方面，全球其他地區鋼鐵產量自9月以來呈現強勁上升趨勢，第一季成長7.2%。預計 2024 年煤炭貿易量將萎縮 0.3%（以噸計算），煤炭貿易量將萎縮 2.5%（以噸英里計算）。全球對能源安全的關注導致煤炭貿易膨脹，而大西洋出口國已將原始煤炭數量重新分配到東部，對噸英里產生了積極影響。

Chinese imports surged 61% during 2023 and remained strong during the first quarter of 2024, supported by 4.1% year on year decline in domestic coal production and a 7.4% year on year increase in thermal electricity generation. Furthermore, India is emerging as a leading buyer of coal during the last quarters as consumption has outpaced domestic production and has led to a strong increase in imports.

2023 年，中國進口量激增 61%，並在 2024 年第一季保持強勁，這得益於國內煤炭產量年減 4.1% 和火力發電量年增 7.4%。此外，由於煤炭消費量超過國內產量，導致進口量大幅成長，印度最近幾季逐漸成為煤炭的主要買家。

Grain trade is projected to expand by 2.1% tons and by 5.2% ton-miles during 2024. Exports from Latin America increased by approximately 14% during the first quarter, following strong Brazilian soybean exports and the recovery of Argentinean volumes. Forever Ukraine increased exports to the highest level since the start of the war, while lower grain prices, improving crop forecasts and increased focus and food security is projected to support growth rate in the medium term.

預計 2024 年穀物貿易量將增加 2.1% 噸位和 5.2% 噸英里。由於巴西大豆出口強勁以及阿根廷出口量回升，第一季拉丁美洲出口成長了約 14%。烏克蘭的出口量永遠增至戰爭開始以來的最高水平，而糧食價格下降、農作物預測改善以及對糧食安全的關注度提高預計將在中期內支撐其成長率。

Minor bulk trade is projected to expand by 3.7% in tons and by 4.7% in ton-miles during 2024. Minor bulk trade has the highest correlation to global GDP growth and the recent strength in the container market provides a positive indicator for short term prospects of smaller sites. The positive price arbitrage continues to incentivize Chinese steel exports and backhaul trades, while bauxite exports out of West Africa continue to expand that the high price base and generate strong ton-miles for Capsize vessels.

預計 2024 年小宗散裝貿易噸數將增加 3.7%，噸英里數將增加 4.7%。小型散貨貿易與全球GDP成長的相關性最高，而近期貨櫃市場的強勁表現為小型散貨貿易的短期前景提供了一個積極的指標。正價格套利繼續刺激中國的鋼鐵出口和回程貿易，而西非的鋁土礦出口繼續擴大高價格基數，並為好望角型船舶帶來強勁的噸海裡數。

As a final comment, the long-term prospects of the Dry bulk market remain positive due to favorable supply dynamics, increased in efficiencies in trade and a recovery of demand supported by large global infrastructure investment needs for the world's green transition.

最後，由於供應動態良好、貿易效率提高以及世界綠色轉型帶來的全球基礎設施投資需求所推動的需求復甦，乾散貨市場的長期前景仍然樂觀。

Star Bulk expects to take advantage of the recent strength in the Dry bulk market, having mostly maintained its diverse scrubber-fitted fleet in the spot market and thus continue to create value for its shareholders.

Star Bulk 預計將利用乾散貨市場近期的強勢，在現貨市場上基本維持其多樣化的配備洗滌器的船隊，從而繼續為股東創造價值。

Without taking any more of your time. I will now pass the floor over to the operator to answer any questions you may have.

不再佔用您的時間。現在我將把發言權交給接線員，以回答大家的任何問題。

Thank you. Again at this time we'll be conducting a question-and-answer session. (Operator Instructions)

謝謝。此時我們將再次進行問答環節。（操作員指令）

Omar Nokta, Jeffries.

奧馬爾諾克塔、傑弗里斯。

Thank you. Hey, guys. Good afternoon. Just a couple of questions for me and you've been asked this before I recall you were asked shortly after the Eagle announcement, just in general how you view the Star Bulks fleet from here, that just you just talked about the diversified just towards the end of your comments, you mentioned the diversified fleet.

謝謝。嘿，大家好。午安.我只想問你幾個問題，你之前也被問過這個問題，我記得在 Eagle 公告發布後不久就被問到過，你總體上如何看待 Star Bulks 船隊，剛才你談到了多元化，在你評論的最後，你提到了多元化船隊。

You've been more dynamic recently obviously, the demerger, you've sold some ships post-merger now you're a bit bottom heavy on the Supra, Ultra side. Obviously, given you more exposure to the minor bulk trade, I guess in general, as we think of you being more dynamic with the fleet. Our Capes have placed a Capsize vessel that is at a place. We'd like to see a higher ratio of star fleet going forward or do you prefer to build or increase the sub cap ratio the fleet? Sorry for the long-winded question.

顯然，你們最近更加活躍，拆分，合併後你們出售了一些船隻，現在你們在 Supra、Ultra 方面處於劣勢。顯然，考慮到您更多地接觸小宗散貨貿易，我想總的來說，我們認為您的船隊會更有活力。我們的 Capes 已將一艘 Capsize 船放置在某個地方。我們希望看到未來星際艦隊的比例更高，還是您更喜歡建造或增加艦隊的子上限比例？抱歉，這個問題問得太長了。

Thank you, Omar. Well, it happened that this is a Supramax, Ultramax fleet on next merger may be a Cape fleet who knows for the time being, you're right, we are smaller vessel heavy, but that also gives us an opportunity in the sense that during high markets like this is, one can sell older vessels of the fleet. And that way, keep the average age at a better level. So I think that going forward, you may see us sell some of our less efficient than older vessels, and that may kind of rectify the count until we'll make our next move.

謝謝你，奧馬爾。嗯，碰巧這是一支 Supramax 船隊，下次合併時，Ultramax 船隊可能是一支 Cape 船隊，目前誰也不知道，你是對的，我們的船舶較小，但從某種意義上說，這也給了我們一個機會，在這樣的高端市場，人們可以出售船隊中較舊的船舶。這樣，平均年齡就能維持在較好的水準。因此我認為，展望未來，您可能會看到我們出售一些效率較低的舊船隻，這可能會糾正這種情況，直到我們採取下一步行動。

Makes sense. Thanks. But just and maybe just a follow-up on the in terms of just the debt load at the moment with the company, you have $1 billion for of debt, can you about 470 or so of cash. How are you thinking about is that amount of debt in general? Are you comfortable keeping it at that level?

有道理。謝謝。但是，也許只是就目前公司債務負擔而言的後續情況，你有 10 億美元的債務，你能有大約 4.7 億美元的現金嗎？您如何看待一般的債務金額？您是否願意將其保持在該水平？

You have on slide 5 of the 43% reductions in net debt since '21. Do you feel the need to keep that trend going and lowering that figure? or okay with the current balance.

第 5 張投影片顯示了自 21 年以來淨債務減少了 43%。您是否認為有必要保持這種趨勢並降低這個數字？或對當前餘額表示滿意。

A further moment Omar, we're continuing to delever at basically the same absolute rate. Yes, we've been delevering, for a while. We're paying down now (multiple speakers) $250 million in debt a year and you for the foreseeable future, we're going to keep doing that. Obviously, at some point we get to net debt zero and we'll figure out something to do then, but we want to set the company up to be able to get into the era of decarbonization. And we think you need a strong company with a strong balance sheet to do that well.

奧馬爾，我們將繼續以基本相同的絕對速度去槓桿。是的，我們去槓桿已經有一段時間了。我們現在每年償還（多位發言者） 2.5 億美元的債務，在可預見的未來，我們將繼續這樣做。顯然，在某個時候我們就會實現淨債務為零，然後我們會想出一些辦法，但我們希望公司能夠進入脫碳時代。我們認為，要做好這件事，就需要一家擁有強大資產負債表的強大公司。

Yeah, I agree. And then I guess just on that, potentially getting to net debt zero, is that in any way shift or change the dividend policy approach or the minimum cash requirements you're looking to keep?

是的，我同意。然後我想，就這一點而言，有可能實現淨債務為零，這是否會以某種方式轉變或改變股息政策方法或您希望保持的最低現金要求？

We have no current plans to change any of our capital allocation policies on -- if the world changes, the policy may change, but for the moment, the policy is our policy.

我們目前沒有計劃改變任何資本配置政策——如果世界發生變化，政策可能會改變，但目前，該政策就是我們的政策。

Okay. Very good. Thanks, Hamish and thanks, Petros, I'll turn it over.

好的。非常好。謝謝，哈米甚 (Hamish)，謝謝，佩特羅斯 (Petros)，我會把它轉交給他的。

Thank you Omar.

謝謝你，奧馬爾。

Thank you.

謝謝。

Ben Nolan, Stifel.

本·諾蘭（Ben Nolan），斯蒂費爾（Stifel）。

Yeah, thanks. Actually, first, Hamish, could you maybe dive into that comment that you made there about we had wanting to have a strong balance sheet to move into a decarbonization -- decarbonizing world or I forget exactly how you framed it. What does that mean at some point you're going to need to replace the assets for things that have much lower carbon emissions? Or maybe just unpack that comment if you could?

是的，謝謝。實際上，首先，哈米甚，你能否深入探討一下你剛才提到的關於我們想要擁有強大的資產負債表以進入脫碳——脫碳世界的評論，或者我忘記你是如何表述它的。這是什麼意思呢？ 在某個時候你需要用碳排放量低得多的東西來替換這些資產？或者如果你可以的話，也許只是解釋一下那條評論？

I mean, I guess the answer is, we don't actually know what's going to happen. And if you don't know what's going to happen? That sounds like a really good reason to have a strong balance sheet, the more you know, it's going to happen the more you can lever up in anticipation of what's going to happen.

我猜答案是，我們實際上並不知道會發生什麼。如果您不知道會發生什麼？這聽起來像是擁有強大資產負債表的一個很好的理由，你知道的越多，你就越能預期會發生什麼。

But yes. I mean, we think that probably there will be expensive ships burning expensive fuel, getting really high charter rates, and we think it will be very good for the business and very good for us because we think it will favor large companies that can afford, R&D and compliance and all the overheads that go with having as a difficult regulatory environment. But whatever it is, it's going to favor big companies with lots of resources and a strong balance sheet.

但確實如此。我的意思是，我們認為可能會有昂貴的船舶燃燒昂貴的燃料，獲得非常高的租船費率，我們認為這對業務非常有利，對我們也非常有利，因為我們認為這將有利於那些有能力承擔研發和合規以及在困難的監管環境中產生的所有管理費用的大公司。但無論如何，它都會有利於擁有大量資源和強大資產負債表的大公司。

And if I may add to Hamish point. This is Christos (inaudible) then we think it's prudent that doing a healthy market, reduce debts as much as possible. So that in the future, effectively, we have more capacity to take on more debt on when the prices are lower and when we want to further leverage on the upside?

我可以補充一下 Hamish 的觀點。這是克里斯托斯（聽不清楚），我們認為建立一個健康的市場、盡可能減少債務是明智之舉。那麼，在未來，當價格較低且我們想進一步利用上行槓桿時，我們是否實際上有能力承擔更多的債務？

Sure. Yes. And I absolutely agree that, sticking with sort of the de-carbonization team a little bit. I know that you guys have investigated or invested in some cases in certain early-stage R&D type technologies. Curious if you have any updated thoughts on what that might look like, whether it's carbon capture or any particular fuel types that you think are emerging as the best candidates in any new color in that respect.

當然。是的。我完全同意這一點，堅持脫碳團隊的觀點。我知道你們對某些早期研發類技術有調查或投資過一些案例。好奇您是否對它可能會是什麼樣子有任何最新的想法，無論是碳捕獲還是任何特定燃料類型，您認為這些燃料類型在任何新顏色方面都將成為最佳候選者。

Hi, Ben. This is Nicos. For the time being, we're investing in technologies that have been tested, so basically improving as much as we can the existing fleet, you will have no fit that we are continuing stalling energy efficiency devices that are proven to a decrease of consumption and improve the commercial appeal of each vessel.

嗨，本。這是 Nicos。目前，我們正在投資已經過測試的技術，因此基本上會盡可能地改進現有船隊，您不會發現我們繼續拖延已被證明可以減少消耗並提高每艘船的商業吸引力的節能設備。

We are agnostic of all technologies going in the market, we're testing how cleaning robots were testing pains. They both have an effect on performance, would have tested carbon capture on board on one of our vessels but it's a matter of putting on (inaudible) to make it into a viable commercial solution. We do believe that it is an intermediate solution until, we have fuels that will be widely acceptable both in terms of supply consumption and of course, on the engines. But for the time being, we're trying to improve the existing vessels as much as we can (inaudible) we do have hope that this may materialize later into the year.

我們對市場上的所有技術都持懷疑態度，我們正在測試清潔機器人如何測試痛苦。它們都會對性能產生影響，我們會在我們的船上測試碳捕獲，但這是將其變成可行的商業解決方案的問題（聽不清楚）。我們確實相信這是一個中間解決方案，直到我們擁有在供應消耗和引擎方面都被廣泛接受的燃料。但就目前而言，我們正在盡力改進現有船隻（聽不清楚），我們確實希望這可能會在今年稍後實現。

Okay. That's helpful. And then lastly for me, it seems like I appreciate the color that you guys gave on the integration of Eagle, and it seems like so far so good with respect to finding synergies, which I know is difficult in this industry, but the costs are down, the share prices up and at least by my math, is above NAV.

好的。這很有幫助。最後，對我來說，我很欣賞你們對 Eagle 整合的闡述，而且在尋找協同效應方面似乎到目前為止一切順利，我知道這在這個行業很難，但成本下降了，股價上漲了，至少根據我的計算，高於資產淨值。

So that part of the thesis has played out thus far. I'm curious if that is opening the doors for other opportunities and Petros, I know you talked about the next merger. What have you -- are you are you finding potential sellers out there. They can look at that transaction and say this is a good liquidity event for me in a way to maximize value for my assets in the same time you guys can utilize your shares as a currency?

到目前為止，論文的這一部分已經完成了。我很好奇這是否會為其他機會打開大門，Petros，我知道您談到了下一次合併。您有什麼—您是否在尋找潛在賣家？他們可以看到這筆交易並說這對我來說是一個很好的流動性事件，可以最大化我的資產價值，同時你們可以將股票用作貨幣？

Well, look every -- everything right, like that helps, right. Closing one deal and doing a good job of it is clearly going to help our reputation in the market for other deals. But you don't -- I don't underestimate how hard these deals are to get done, we have gotten a lot of them done but -- they're always hard to close and they're always low probability. That being said, we're looking at possible transactions. And we may be able to do one or more. We certainly intend to trying to keep growing.

好吧，看起來一切都正確，就像那樣有幫助，對吧。完成一筆交易並做好它顯然會提高我們在其他交易中的市場聲譽。但你不要——我不會低估這些交易的難度，我們已經完成了很多交易，但是——它們總是很難達成，而且成功的機率總是很低。話雖如此，我們正在考慮可能的交易。我們也許能夠做一項或多項。我們當然願意努力繼續發展。

Okay. That's all I guess, are you -- I don't know, maybe more optimistic about that maybe would have been a few months ago?

好的。我猜就這些了，是嗎──我不知道，也許幾個月前你對此更加樂觀？

I think we are more optimistic, but I hope our optimism is actually able to influence the way the world works (multiple speakers) we're doing our best.

我認為我們更加樂觀，但我希望我們的樂觀實際上能夠影響世界運作的方式（多位發言者）我們正在盡最大努力。

(multiple speakers) I think that we are more optimistic than the usual also because of the environmental regulations, I think they will have an impact on a positive impact on supply. And I think this is going to happen to take place for several years going forward. So that's a good basis for our optimism, I believe.

（多位講者）我認為我們比平常更樂觀，這也是因為環境法規，我認為它們將對供應產生正面影響。我認為這種情況將在未來幾年持續發生。所以我相信，這是我們保持樂觀的良好基礎。

Yeah, the environmental regulations due in large part is make it no funds to operate small shipping company. For a long time for centuries, it's been great fun to operate a small shipping company. I think that's changing. And the business is becoming less fund and more sort of demanding of a large corporate organization.

是啊，環境法規的出台很大程度上使得小型航運公司沒有資金來運作。幾個世紀以來，經營一家小型航運公司一直很有趣。我認為這種情況正在改變。企業對資金的要求越來越低，對大型企業組織的要求也越來越高。

Yeah, well, it's always fun to have fun. So I appreciate the color, I appreciate it, thanks.

是啊，玩得開心總是很有趣的。所以我很欣賞這種顏色，我很欣賞它，謝謝。

Thank you, Ben.

謝謝你，本。

Thank you. (Operator Instructions) And it looks like we have reached the end of the question-and-answer session, and I'll now turn the call back over to Mr. Petros Pappas for closing remarks..

謝謝。（操作員指示）看起來我們已經到了問答環節的結束，現在我將把電話轉回給 Petros Pappas 先生，請他作結束語。

No further comments operator, thank you very much.

操作員無需進一步評論，非常感謝。

Thank you. This concludes today's conference and you may disconnect your lines. Thank you for your participation.

謝謝。今天的會議到此結束，各位可以掛斷電話了。感謝您的參與。