Star Bulk Carriers Corp. (SBLK)
Q2 2010 Earnings Call Transcript
August 11, 2010 8:30 am ET
Akis Tsirigakis - Chairman and CEO
George Syllantavos - CFO
George Pickral - Stephens Inc.
Natasha Boyden - Cantor Fitzgerald
Robert MacKenzie - FBR Capital Markets
Otto Roethenmund - Internation Capital
Welcome to the Star Bulk conference call on the second 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 now pass the floor to one of your speakers today, Mr. 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 moment to read the Safe Harbor statement on Slide 2. I would like now to take the time and use this introduction to make a few brief points before I commence with the proper presentation.
We continue to believe that we are one of the most undervalued companies in the dry bulk sector. It is a very volatile dry bulk market. Star Bulk remains financially strong with modest leverage, substantial charter coverage, ample liquidity and positive cash flows. We also continue to maintain and excellent relationship with our lenders.
Our reduction of operating cost campaign continues to show tangible results in both G&A and operating expenses quarter-after-quarter. This was achieved while the quality of our operations was enhanced and our utilization rate substantially increased.