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TheStreet Open House

Star Bulk Carriers CEO Discusses Q1 2011 Results - Earnings Call Transcript

Turning to slide number 5, we’d like to point out in this slide that since reinstituting the dividend in the second quarter of 2009, we have rewarded shareholders with 8 consecutive dividends. Our dividend represent a meaningful yield which currently is the highest within the dry bulk universe, 8.7% on an annualized basis calculated as of yesterday’s close.

As you can see on the graph, only five out of 11 dry bulk peers distributed dividends to their shareholders, with Star Bulk having currently the highest dividend. I would like to remind our investors that Star Bulk is one of the few companies in the dry bulk industry that has paid dividends for 12 out of the 14 quarters since inception three years ago.

Slide 6 illustrates the fleet employment chart and counterparties, which you can also find on our website. 78% of our 2011 operating days are already picked, which most of the open days are in the Supramax category. Actually, our 2011 prime charter coverage in the Capesize sector is 94% (inaudible).

With charters expiring mainly in the Supramax category within 2011, we’re aiming to opportunistically recharter our vessels as the trade grade environment improves. I’ll not go into further details, as I believe the presentation is self-explanatory.

If you now turn to slide seven, we provide an overview of our counterparties, who are first class charterers while providing us with an excellent counterparty risk profile.

Please turn to slide eight for an update on our latest transaction. This morning, we announced that we have entered into definitive agreement to acquire two Capesize bulk carriers for approximately $51.5 million. The first Capesize vessel has a carrying capacity of approximately 168,000 tons and was built in South Korea in 1996. This vessel has a time charter agreement with a major mining company until November 2016 at a gross daily rate of 25,000 and is currently expected to be delivered to Star Bulk within July 2011.

Read the rest of this transcript for free on seekingalpha.com

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