Terza trimestrale Star Bulk
Petros Pappas, Chief Executive Officer of Star Bulk, commented: “This quarter marks the fourth consecutive profitable one, as we achieved $128.7 million in TCE Revenues, $80.1 million in Adjusted EBITDA and Net Income of $26.1 million. Our average TCE for the quarter continued to increase quarter on quarter to $14,521/day per vessel, while daily OPEX per vessel were at $4,054/day and Net Cash G&A expenses decreased to $918/day as a result of synergies from managing a larger fleet. As of today, we have fixed a minimum of 74% of Q4 2018 days at average TCE rates of $14,047 / day. During this quarter, we repaid all outstanding deferred debt amounts originating from the September 2016 restructuring of our finance agreements. We have also concluded the refinancing of loans of approximately $617 million with new debt financing totaling over $625 million, smoothening our maturity profile, reducing our interest cost by 70 bps and expanding our banking group with prominent European and Asian financial institutions. We have also effectively eliminated all debt maturities for 2018 and 2019. In light of the upcoming IMO regulations, we are proceeding with the retrofitting of our entire fleet with scrubbers before the end of 2019, ensuring compliance ahead of the January 1st 2020 implementation date.”
