SBLK - Earnings call 3 2023 | Star Bulk Carriers Corp.

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Operator

Thank you for standing by, ladies and gentlemen, and welcome to the Star Bulk Carriers Conference Call on the third quarter 2023 financial results.

We have with us Mr. Petros Pappas, Chief Executive Officer; Mr. Hamish Norton, President; Mr. Simos Spyrou, Mr. Officers; Financial Co-Chief Begleris, Mr. Christos Operating Nicos Mrs. and Rescos, Chief Officer; company. Officer Charis Strategy the Plakantonaki, Chief of [Operator advise I today. Instructions] must being conference recorded is you that this

now your one Please We ahead. floor Mr. go today, Spyrou. of the pass speakers to

Simos Spyrou

Financial results Thank Bulk of quarter for to you the Carriers, Spyrou, call conference XXXX. like Star to would third Officer our you, I for Simos operator. welcome I'm Co-Chief and our of financial

safe harbor Before I the moment ask to our to of you a on we take statement presentation. begin, kindly #X Slide read

In results, and today's the an fleet our industry questions. presentation, we front will opening operations, views our go update financings through QX before latest and ESG for fundamentals buybacks, and the on on share up on

Slide summary adjusted or for to and per highlights. was $XX the us adjusted amounted million third XXXX quarter $X.XX income now of million share. third income $XX of #X a the $X.XX for Net the quarter. share earnings for EBITDA net to per quarter turn presentation Adjusted of or our million Let $XX

as distributions our exceed billion third of quarter, record or X, per as declared XXXX, of $X.XX per per buybacks the existing with date we dividend December Since share. XXXX. a and For share dividend dividend policy, share $XX.X $X

total remaining cash at stands stands X share the vessels sold at Meanwhile, debt our today billion. total of and our Our from $XXX for million forma approximately delivery pro buyback $X.XX Oaktree.

page, figures vessel quarter. per of On daily the for top you will the our see right the

rate per day. equivalent per $XX,XXX was charter time Our vessel

$X,XXX. G&A per approximately vessel expenses expenses operating $X,XXX per less OpEx, and less G&A daily is per Our TCE per to day amounted our cash Therefore, day vessel. combined net

agreed of years. Looking renewal, with average we an our have age vessels XX.X to sell towards of X fleet

these proceeds discount at During XX.X cash used proceeds we million. This combined Total age gross sales one additional vessels months share insurance of average of have has years. had a from buyback received to X which were XXXX, from $XXX.X XX NAV. and sold vessel, been a the for

On of dates and XX,XXX QX, up firm X QX October newbuilding delivery QX with XXXX optional the X construction for XXXX. deadweight and XXXX, we shipbuilding ton vessels entered in contracts Kamsarmax into to X

Slide the X illustrates a EPS accretive Oaktree to announced share, we summary a with of we and repurchase tools DPS. was to We transactions agreed value, expect to have shareholder recently strategic per believe drive of variety that Capital. these utilized and NAV be

have an per today, of million share $XX As we average Oaktree Capital. at agreed from repurchase to affiliates price of of shares XX

that is sales at mostly Given we the prices, by sales higher NAV. NAV financed from current than these shareholder share are as repurchase been creating value have significant vessel implied the attractive historical

under an issued XXX,XXX proceeds $XX.XX ATM at our program price shares During offering share, million sold of this common favorable average a we quarter, have in gross of arbitrage. unlocking per $XX.XX and effective resulting

XX,XXX,XXX block the As date XX,XXX,XXX Oaktree. we the of second release, for or of adjusted as by have shares closing repurchased the outstanding this of

illustration of an share us sources the financing allowed of At of our that see the complete and page, the buyback. bottom repurchase will you the to

renewal now Rescos, our us Nicos COO, about operational will floor efforts. I performance, our talk to the to on pass update fleet our

Nicos Rescos

Thank you, Simos.

expenses, QX we Let Operating XXXX. was excluding nonrecurring to an update. for me turn X, where Slide expenses, operational provide $X,XXX

per same $X,XXX for day cash period. the expenses G&A per vessel Net were

to continue safety top score. list rate will of we amongst peers addition, In our terms in the of Rightship at

guidance future offhire some around and and update efficiency expenses fleet our a dry provides operating vessel days. dock total and the X Slide relevant

of the $X.X estimated upgrade million at our quarter vessels, next million $XX.X dry bulk docking dry vessel towards CapEx. expected in another Our the XX is for expense with for XXXX

period. the In our enhancing commercial the in footprint, Star fleet fleet. operational same to expect available, attractiveness our have we EEXI continue Bulk we and CII improving regulations, and In latest total, line consumption X,XXX environmental technologies the will of fuel upgrading further our for the with the with reducing approximately aimed days investing offhire and

saving devices program, have energy retrofit retrofits end and dock XX current yard retrofitted tested The be vessels X and on more around with our and are by based Regarding we capacity. employment on vessel planning, completed estimates the this year. of to dry numbers vessels above

onboard emissions. we have retain second to the of a the During in technology net -- to during with COX testing capture carbon progressed quarter quarter, capability up third further with XX%

cost-effective our technology industrial continue with our working can vessels on carbon of will our be in the developing partners, which future aiming on solution, We capture fleet. retrofitted selectively

bunkering working safety We supply and with vessel actively fuels consideration of design on the developments. together demand, carbon-neutral and are

to an the turn I update Slide Please newbuilding recent X. around have order.

QX to emissions. XXXX, loading The latest renewal. We have discharging shaft operations. high to turns subsequently the steps be best-in-class in ensure The our the and connect provisions further designed Having in engine marine to a decided with vessels, sea towards optionality XXXX energy at power China the XXXX, above in options. and Kamsarmax QX will support using to coming vessels be a now and aimed production consumption and to generator a offering our latest to measures and take into fitted built at entire fuel-efficient generation including delivered Eco requirement fleet Kamsarmax power fuel vessels X land-based specification, are ordered charters while grid

efficiency. improving having front, On at of overall average opportunistically, we attractive our to historically sell disposing the sales age prices, reduced vessels vessels X fleet continue agreed fleet and

the pass Strategy I for to Plakantonaki, update. will an Charis ESG Officer, our Chief now floor

Charis Plakantonaki

leadership Slide turn ESG we on the X, to you, Please front. highlight Nicos. our where Thank continued

has its Bulk consecutive transparent of strategy a the performance, ESG and report, For comprehensive ESG year, published fifth provides company's the Star which annual account and objectives.

disclosures the and GRI GRI standards has specific SASB assurance report accordance & and with in Young limited prepared has external XXXX indicators. The on been latest Ernst from received

initiatives. emissions an improved performance as reduction report key and other average in COX a equivalent efficiency annual well previous year, fleet the result of total compared to technical indicators, Among we ratio as a operational X.X% as of

X discloses emissions, also bulk environment, the materiality a Having holders report engaged implemented double economy, Scope companies. the the among Greek-based way people company towards for analysis shipping and be to The impact next dry paving represent an first company's year.

this peers. XX.X Following U.S.-listed score in highest Sustainalytics has score to smart development, achieving Star among improved ESG its XXXX the risk Bulk from our XX.X today,

Shipowners' retention severe from On damages rates the local well-being the have have and the programs. implementation societal communities to Greek company's in to we support contributed suffered And have employee front, the of floods. engagement which following the efforts Greece, Union of we improved

our an and between Ore in East of development We involvement Green active the continue Corridor Asia. Iron West Australia

and market a now will floor I our pass CEO, his Petros Pappas, remarks. closing to the for update

Petros Pappas

Thank X for Please to update Charis. turn a of brief you, supply. Slide

to During year-to-date was the was XX.X and deadweight delivered, million first sent XX.X XX million X.X months of a for net total and or of fleet deadweight XXXX, X% growth a year-over-year. demolition of X.X% deadweight million

the outlook costs the Uncertainty deadweight XXXX control. close seen have of on of dry to continues we future high new in of have shipbuilding order and XX.X be firm with of and to The the bulk X.X% until orders million end the book helped an fleet year-to-date. best CPR supply capacity shipping propulsion, keep orders limited recent history under

levels while fuel-inefficient prices scrap age during should of the of XX have above years. next elevated make of fleet, at overaged over attractive an seasonal years X.X% stand and at option vessels downturns tonnage stabilized Furthermore, demolition and the

new during to knots new as QX The average of fleet low regulations. environmental result of bulk XX.XX costs, rates decreased steaming and speed a dry higher bunker of freight the a lower

We and next supply to EEXI, regulations help expect increasingly incentivize slow years. CII the over steaming moderate the

last port during earnings Global a supply throughout negative X% effect significantly and congestion approximately with inflated years by adjusted XXXX. the lower X on

changes during congestion from the seasonal inefficiencies trading and Nevertheless, on, normalized should the and follow quarter have pre-COVID Ukraine related slightly now in in third levels patterns. above patterns war to

of a unlikely annum above to 'XX per above -- fleet XXXX As is X% trends, XXXX. result average and during the net growth

bulk demand. projected during Clarksons, to for ton-miles. brief to trade turn now in by is of XXXX expand XX Let's update to total X.X% Slide According dry a

the bulk struggling coal year-over-year during by During ore increased sentiment trade recovery by of macro iron total X X volumes supported first imports increased dry China XX.X% minor a weak the property bulk record sector, and a months. of and XXXX, Despite dry quarters trade have and exports. first by X.X% bulk

On costs policy and the inflation. food by other effort Ukraine, hand, declined fight world as economies imports in by by to increased energy in the the the rest monetary affected have of the and tightening was to demand Western war X.X%

X.X%. the bulk ton-miles During IMF is XXXX, in to at X.X% dry growth forecast increase presently by projected with for global GDP demand standing

Chinese Middle support is measures A the and of series from government bulk the materials dry demand raw XXXX. rest stimulus East, are a to Moreover, during over demand India especially year for last and the recovery. the expected world, experiencing of

Iron by to X.X%, XXXX. contracted At trade X stockpiles iron first decreased strong to marginally supported is increased infrastructure X.X% XXXX the steel ore and same time, projects, manufacturing expected in to during output China the X-year during by X.X% X.X% a and by quarters, while contract year-over-year ore by expand production domestic by exports. low.

in place, noticeable of energy is affected the Atlantic. the world rising rebound weak steel X.X% costs rest high steel declined the over Steel and by production supported output the prices a by But period, taking same from by margins. in

trade Global X.X% inflated on XXXX of is and X.X% during expand has focus the while benefited by has trades energy XXXX. reshuffling Coal to and by expected trade, Russian to ton-miles. security in contract coal European

coal by Panamax Australian ban unofficial has to vessels. the is China Moreover, Capesize been and support on and lifted providing

compared and as production XXXX, X X.X%. whilst coal During Chinese limited by of year the months thermal to hydropower was to last electricity X.X% contracted, increased surged growth imports domestic first

and leading power stand India trade expected while X.X% to electricity by domestic coal growth levels. as expand during stocks is production outpacing is X.X% very low at as is oil at emerging a currently XXXX in and soybean Grain demand XXXX. importer plants

grain Ukraine. quarters the decrease During exports from trade of of and Argentina, by year, first X the affected the was the U.S.

fill soybean that Increasing helped year. have record ton-miles constraints likely benefit in U.S. crop export Brazil experienced seasons to Canal of Panama during and losses. gap are the season crossings corn this the

focus crops. remain Niño affect demand food El and expected increased XXXX conditions the Latin to but in years. global Grain is projected the over to next high, on inflate is Australian Chinese weather supply American trade grain security and Nevertheless, might

up the to X.X% Minor and sanctions XXXX and improving bulk has global during fundamentals. war is global exports bulk trade XXXX. steel Atlantic by strong macroeconomic year-to-date. X.X% industries have GDP industry Africa Moreover, vessels expanding trades. backhaul The trade subsequent disrupted by support bauxite Minor in ton-miles XX% expected and Russian to the to is approximately supported the by highest and on for correlation fertilizer Capesize to expand shortages have in with Ukraine generate growth West continue and created exports,

improving Finally, is scrubber-fitted its take for fleet due dry favorable to transition. dynamics, and large shareholders. needs bulk investment continuing outlook Star its increasingly to infrastructure of opportunities positive market to macro global focused and sentiment on for and to remain fleet and Bulk the remains due market actively world's create green for diverse advantage positioned well its supply managing value

Without your taking operator I the the time, floor more questions over now you will any may for of pass have. to any

Operator

of from Deutsche first Amit Our Instructions] [Operator question Mehrotra Bank. line the comes with

Christopher Robertson

for Amit. Chris Robertson on is This

of think there quarter-to-date, the bit Just you just to far stronger normal the looking a booked into bit But at congestion enter more than looks looking robust on the the remainder now XQ. the see be Or seasonality? so short-term keep a any of as pullback sequentially factors than of going year? a we'll for forward quarter, rates anything or that usual do we it the are might rates else little end like on that

Petros Pappas

better better of than QX of I that. the going holidays has believe think Also, always that coming. will the will change carries rest part a think year don't about always to the it the has anything QX, of the we be Chris, rest as that to second because trade are versus been of part. is -- first as the normal usual. year be almost this the quarters QX than the XX% We usually

Christopher Robertson

Okay. Yes. Got that.

is that Or XXX Just to concluded adjusted threshold the reflect continue and moving looking going the will point the sales? at liquidity forward to be be off here, the announced dividend to minimum at be special vessels? calculated some recently -- policy

Simos Spyrou

released have been the the have Chris, we sold have we announced that are for today XX that million to or committed be X.X vessels sold.

threshold million. the reality, remaining in is So times XXX now vessels X.X

Christopher Robertson

Got it. That's helpful.

And but very AMP looks little a it technologies? bit vessels, of future question retrofitting be built with you Okay. design newbuilding engines. explain more Are the for to would just any efficient different on And aspects like last me, conventional is? can they'll enable that there what

Nicos Rescos

these all, the Chris, this B&W a which Thank from compared ships is the to are next engine, some day. with Well, the automatically brings by currently you And latest to about been for other question. is MAN of the engine vessels coming have first down of are year. Nicos. first that X tons ordered out the that X consumption built upgraded with ships

So that's pretty significant.

is do piece have shut generators. off allows basically that -- a which so on use power real that and AMP grid connect equipment, to you of import can a to a port dock you

adopted certain in We be option to this the that years, prefer this You shore in apart entire believe U.S., few next from going can operate actually is and [indiscernible]. using we'd is plug-in a to worldwide basically to available facility. the which the vessel ports, already offer power,

Christopher Robertson

Got good.... sounds It it. Yes.

Nicos Rescos

have we geofuel methanol, methanol. Well, the study for made

We of we any see supply methanol firm will make developments wait on the green the to vessels. to side upgrade before decision

Christopher Robertson

be idea in Any the the might required CapEx on that future? on that

Unknown Executive

[indiscernible]?

Nicos Rescos

You mean the methanol?

Christopher Robertson

Yes.

Nicos Rescos

roughly million. X around That's account so on estimated much

Operator

comes Jefferies. question of next from Omar Nokta Our the with line

Omar Nokta

a board. Obviously, maybe just fourth the the of about we've or into being improve talking Yes, year. up of rates market following Petros out strongest the the far XQ the seen on across kind average have I and in question and is quarter thus the quarter strength best the first bit

as improvement, would purely characterize caused Or the demand to this in just factors or other accordingly? -- this you of basically there are this background us terms of in seasonal? fundamental factors sort that guess I have improve is

Petros Pappas

trades. from Brazil, more also during of ore Well, year, There's the the part is iron second which production ton-miles. there improves more

I is also imports -- in India think stocks. this be strong will in because has time India very low around coal -- coal

-- bauxite grains, trade, will And the the continue rest usual. and of to as

reasons in So market I will during India ore major be why the is think iron going be ton-miles coal stronger and to imports QX. this

Omar Nokta

Okay. Yes.

medium-term "strength," you Just by it's perhaps next has gets, not better? definitely necessarily wondering more -- been. maybe Has you on or kind if that a of market, conviction better this being bit than saying but it's it seeing much year the outlook strong, given

and more let's Or you this you just as a seasonal a do characterize shift? get look that not as of not And much excited. maybe thing, at this so too

Bulk seen get over maybe to wanted Just Star couple of viewing past generally this kind months? we've market of strength the how is

Petros Pappas

unless Well, are to that is my personal are if opinion is developments that XXXX there geopolitical going to foresee. be similar difficult to XXXX any

for iron because China economies is also the has the that think to I going low will be improving stocks. ore, about world because example, and their rest the of same start mainly very

reduce course, a I think mainly to front, Niño lesser coal the trying certain of coal the consumption. degree because actually that may to And we El effect. of On see world trade is the

grains doing better. I are grains. El every think that Nino to is for think and I to And going The bauxite will will as positive -- actually China improve year. be

say market, better. perhaps bit similar would a I overall, a So

Omar Nokta

maybe follow-up And of newbuilding. perhaps Okay. then a kind the with just

As disposed Chris year. this obviously XX the was you've of asking, ships

a capital good doing so. raised of You amount

You of to used Oaktree chunk the it the buy big position.

it how footprint is you're going of in guess XXX in year? But ships, Bulk footprint, terms of kind still I think fleet as mass. is about critical as Star where about think substantial the you're you next to down do where we your today, into market

Should and the more in of these a be thinking just seller time then older that Kamsarmax over continuing this them market of perhaps newbuildings? you have Bulk to Star of You tonnage with newbuilding announced. replacing we be

Hamish Norton

older the and get every can't do year, right our fleet we'll thing. Obviously, is indefinitely. it old think getting commercial I

look the will life. right that long have long to that opportunities will ships ships not are get we and going to sell at So a life a have

And -- look all to we as the see possibilities, we always, seeing at and continue also we're merger time. opportunities

always to hard these As we've past, the are close. said in

Christos Begleris

is this Omar, add, to just And Christos.

also the further and vessels, are renew We which X fleet. charter-in the vessels effectively young have

Hamish Norton

those a lot And of us vessels of course, optionality. give

Petros Pappas

all and Yes, right? Yes. are delivering they year, this

Operator

with comes of question line from Nolan next Ben Stifel. the Our

Benjamin Nolan

Obviously, and bit The I too. little so to they be, a are newbuilds expensive curious higher on the replenish historically the appreciate need And normally bit than more forth. a bit selling assets. priced. fleet a little They're I'm newbuilds. you're would the

Do in you're do is reasonable we're maybe paying sort you view a where you new price and evil your paradigm the necessary terms make just basis? for that of Or bit that this are the a as price in higher paying on newbuilds a new? in little fleet of order a is that higher asset prices to just think of sure

Petros Pappas

Well, Ben, And this -- the vessels. and to made are be gone the -- wouldn't that first of otherwise case, similar is Japanese actually speed best actually vessels sure these consumption the buying all, that would we we're these have of we forward.

are similar. Japanese million than ones. expensive $X like sold these million And Japanese vessels or vessels more being $X are

do we them expensive. not So that consider

other Secondly, X, that, less like fuel tons X you than day, Kamsarmaxes the save a burn day. like sailing $X,XXX almost a actually that vessels

So recoup quickly. very the you very, differential

expensive. day, I'm the delivery at right going prices And if do very so sure think There's end one And now. vessels we pretty the could day, dates, the sell to not that go little the of these the to one closer newbuilding down. wanted, are even availability more

Hamish Norton

also of small. been change inflation XX% the pandemic, since over And prices. COVID in beginning U.S. It's the not dollar has

have will go So nominal dollar that to newbuildings of you up. expect prices

Petros Pappas

probably take that best-in-class a that thought have than will chance trade we longer to we what mean initially are vessels the lifetime. for Plus decarbonization And that will seeing will would. it

Benjamin Nolan

the ATM at around a than the and respect was my appreciate And that buyback price. share price That the it. Got with selling lower And I to also question buying you're activity. all sense. makes you're then next then

to least still that you NAV math, at it. slice shares the again, according Although trading are my below

order curious NAV. versus help share Just selling behind being few repurchase not in below this fund active just may a ships be the thinking ATM the extra to on

Hamish Norton

Ben, your is that do above share the shares price And basically, we we the to afraid have shareholder off. sells, down. you at then Oaktree if when and you better to about Oaktree in, where it?" something Can obviously, sells, you "I'm keeping a saying, sell going collapse. $X.XX overhang is them is price buy When coming shareholder the

equity could we sell better million we very what debt, basically would we did was we XX from But with ship those in in that to buy and wanted and each have if of we And proceeds case, was shares. beneficial a shareholders. at And for sales, It been could we we more ships think areas. do high did the each what even price. funded it

Petros Pappas

of like the buyback. ATM The was X.X%

Hamish Norton

limit Yes. But sell. ships profitable. extent we we try could the basically, the at to we that knew issued could we all it the of We would borrowings the but equity shareholders, we to prices think. be good we issue was sold that we could, the And for

Operator

[Operator Ho of Nathan from the next [ Instructions] line Bank ] comes of America. question Our with

Unknown Analyst

Great.

think little a continue differently. bit thought of on there. ask a guess little this to train Ben's I I'll just question I want would just I And

to framework. significant And you same right about I now like think back NAV and that the a the all the with issuance. to -- a align from spoke Oaktree, buying discount mean shares discount share vessels seems with disposal the with I little to bit

in about given to kind I'm your with net asset strategy just relative capital you're value. what is you of on cash, currently is team Like to now value where context where your price? are newbuild, deciding But seeing your the of your thinking curious with asset do how this share how

Hamish Norton

the Nathan. for Well, thanks question,

we not duplicate. this being looked client in newbuildings, that shipyards. the anywhere -- these ship shipyard opportunity a and we a think a situation a other slots get, an wanted as not us us an -- chance would that have exceptional I to We the were was quality are think where to for couldn't specifically chance frankly, we be that these available as that offered at has going else frankly,

on available to yet and engine They an to a that our tweak to needs. generally worked design with put on us their isn't and shaft generally put generator

and was, if So an of that's we out planning we're opportunity thought our go. good the to not This with go replace newbuildings frankly, to question. let too the sort point that fleet was of

Unknown Analyst

it. Got

up follow that. to on Just

For vessel, or a look Japanese like a Korean times -- like-for-like say, yard? lead would the at what look in,

Hamish Norton

Lead times.

Petros Pappas

For Korean yards.

Hamish Norton

basically, Korean is a about Japan Well, we I year or Japanese. are presently later. mean offering For mid-XXXX.

container and For Korea they're doesn't vessels occupied tanker and build carriers vessels. bulk because in with LNG

Unknown Executive

for China, And are I offered slots there guess no XXXX.

can those this XXXX. find few And not slots and You are quality. only for very

Petros Pappas

And few. not not yes, actually you second -- half as I think said, XX, very

Unknown Analyst

And as little helpful. fleet. mind That's earlier think bit potentially seeing brought renewing the another Hamish, possibility just what of currently? you're if kind you're Okay. expanding I mergers you the of of using how and that, up you the opportunities seeing market way a about about Maybe wouldn't

Hamish Norton

And fleets if of the our Well, we by if or not significant our always transactions only increase shares amount it. avoid NAV. much see can looking time buy We opportunities to use do we above and these any to leverage to opportunity the we're shares. we our can we see frankly, at use

sticky. since So we're recently bit pandemic. things been it's sellers to have sticky. bit a the get these And The COVID hard done been a until

these them, think. maybe making we I be X of it close around did COVID, turning to The easier bit seems a market to before about and Although little transactions.

hopeful. I'm So

Operator

comes the question Clarksons next Our of Securities. line Folden with Nyttingnes Bendik from

Bendik Nyttingnes

Yes.

like aspects. upon intensity I steaming? Do the EU I the such slow impact you to dry wanted ETS and touch factors carbon [indiscernible] indicator bulk beyond affecting think see system? just with you that ESG the regards to into of from the some the XXXX touch market Do going and stuff any see market as or

Petros Pappas

among a that probably to means Well, better we have CII. vessels will the think

reduce I will vessels probably that also think the speed.

be going be vessels. beneficial because less to there's this supply that is think basically I So going to of

environmental the we this company in industry. So as consider the only regulations shipping positive for

Bendik Nyttingnes

some as you the look also the what for vessels? to options, financing And you at the little point a just those for price decide on same expect the elaborate like the detail you can Okay. are technical to... if end, would And firm the

Nicos Rescos

price is optional vessels. And X the as the X the we vessels, have to like and firm that the for the The $X lot be would while. cash term. don't vessels, first for for holds it of a firm near same $X option and pay It's part. us for million exactly a million That's the

So to -- to from begin the not finance debt can out with. we're we finance It's big way a with and we'll closer view. it, it frankly, the deal, then best delivery, to figure shareholders' point of

Simos Spyrou

will Just distributable to the $X plus for clarify, balance cash this million our dividends. cash for not affect

Hamish Norton

Yes, out finance operating exactly. planning to flow. cash We're not these of

Operator

There are call remarks. management no further I'd to the questions to for queue. in like closing the hand back

Petros Pappas

No much. Thank further very remarks, operator. you

Operator

conclude does this gentlemen, your participation. Thank teleconference. and you for Ladies today's

You may a your lines this wonderful day. at and time, disconnect have

Petros Pappas

you You, much. very too. Thank

Star Bulk Carriers (SBLK) 14 Nov 232023 Q3 Earnings call transcript