Star Bulk Carriers reports financial results for 3Q17
Published by Claire Cuddihy,
Assistant Editor
Dry Bulk,
Global shipping company, Star Bulk Carriers Corp., has announced its unaudited financial and operating results for the third quarter and nine months ended 30 September 2017.
The company reported US$60.3 million in Net TCE Revenues, $18.1 million in operating cash flow, US$15.7 million in free cash flow and a total cash position of US$249 million for 3Q 2017.
Petros Pappas, CEO of Star Bulk, commented: “The cash flow generation of Q3 2017 will allow us to repay approximately US$4.8 million of debt and capital lease obligations through the cash sweep mechanism we have as part of our restructuring agreements.”
He added: “Our reported average TCE per vessel for 3Q 2017 was US$9,619/day with an average fleet utilisation of 99.9%. We have taken advantage of the tightening market during the last two months by fixing 15 vessels on medium to long term charters adding cash flow visibility at healthy TCE rates above our fully loaded breakeven. Overall we have fixed 80% of our fleet available days during 4Q 2017 at an average daily TCE rate of US$12 615 and 25% of our fleet available days in 1Q 2018 at an average daily TCE rate US$11 982.”
“We have taken an additional step to strengthen our commercial capabilities through the establishment of our new subsidiary Star Logistics Management S.A. The new entity will focus on expanding our cargo flow for our Kamsarmax, Ultramax and Supramax vessels through direct contact with end users of dry bulk commodities.”
“Given our 3Q 2017 average OPEX and net cash G&A expenses per vessel, of US$3947/day and US$1,074/day respectively, we have an Adjusted EBITDA of $28.6 million, increased by 141% compared to 3Q 2016. Operational excellence and quality leadership remain among of our top priorities as evidenced by our continued presence among the top five dry bulk operators in Rightship vessel condition ratings.”
“On the financing side, we have refinanced our Senior Notes due in 2019 with newly issued Senior Notes maturing 2022, effectively pushing back their maturity by three years,” Pappas concluded.
Read the article online at: https://www.drybulkmagazine.com/shipping/20112017/star-bulk-carriers-reports-financial-results-for-3q17/
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