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Star Bulk Carriers Corp. Q1 2010 Earnings Call Transcript

Star Bulk Carriers Corp. (SBLK)

Q1 2010 Earnings Call Transcript

May 20, 2010 9:30 a.m. ET

Executives

Akis Tsirigakis - Chairman and CEO

George Syllantavos - CFO

Analysts

Natasha Boyden - Cantor Fitzgerald

George Pickral - Stephens Inc.

Doug Garber - FBR Capital Markets

Presentation

Operator

Welcome to the Star Bulk conference call on the first quarter 2010 financial results. We have with us Mr. Akis Tsirigakis, Chairman and Chief Executive Officer; and Mr. George Syllantavos, Chief Financial Officer of the company. (Operator instructions)

We'll now pass the floor to one of your speakers today, Mr. Akis Tsirigakis.

Akis Tsirigakis

Good morning, ladies and gentlemen, and welcome to the Star Bulk conference call. I am Akis Tsirigakis, the Chief Executive Officer of Star Bulk. And with me today is George Syllantavos, our Chief Financial Officer.

Before we begin with our slide presentation, I kindly ask you to take a few moments and read the Safe Harbor statement on slide number two. It will take a minute to do it.

I would like to take this time now and use this introduction to make a few brief points. We continue to believe that we are one of the most undervalued companies in the dry bulk sector, especially since our company remains financially strong with modest leverage, substantial charter coverage, ample liquidity and positive cash flows.

We have had quite a busy and fulfilling first quarter of 2010 with several key developments. Our reduction of operating cost campaign continued to show great success for the third quarter in a row. This was achieved while the quality of our operation was enhanced rather than compromised.

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