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Star Bulk Carriers' CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: SBLK

As of today, total debt stands at $235.1 million and our current cash position stands at $38.6 million. Our net debt stands at around 3.7 times 2012 EBITDA. For this calculation, we have annualized our first half 2012 EBITDA and we have adjusted it for non-recurring and non-cash items. We feel comfortable regarding our ability to service our loans as our remaining principal repayment obligations for 2012 stand at $8.9 million. As you can see in the graph, our debt amortization profile for 2013, 2014 and 2015 stands at $32 million, $33 million and $28 million respectively.

Please turn to slide six for an overview of our fleet employment and our charter counterparties. This information is also available on our website in a very transparent manner and is updated regularly. Currently, we have secured 86% of our operating days in 2012, 35% in 2013 and 19% for 2014, with most of the open days in the Supermax category. Specifically, our time charter coverage in the Capesize segment is 97% for 2012, 73% for 2013, and 43% for 2014.

We refer especially to the Capes as this segment has been the most volatile and the most negatively affected so far. Supermax raise have been less volatile and have maintained healthier margins. We plan to opportunistically employ our vessels with upcoming contract expirations on period or for charters as the freight rate environment improves.

Our total contracted revenue amounts to approximately $152 million, while it’s worth noting that we no longer have legacy charters from the highs of 2008 that would be extremely difficult for our charters service. Moreover, I would like to highlight the high quality credit profile of our charters with blue-chip companies like RioTinto, Cargill and Louis Dreyfus among our counterparts.

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