Core Viewpoint - Siemens Energy announced a plan to buy back shares worth up to 6 billion euros ($6.9 billion) by the end of its fiscal year 2028 [1] Company Summary - The share buyback program is a significant financial move aimed at enhancing shareholder value [1] - The timeline for the buyback extends until the end of fiscal year 2028, indicating a long-term commitment to returning capital to shareholders [1]

Group 1 - Star Bulk Carriers reported third-quarter earnings that missed analyst expectations, yet the stock price increased due to a significant dividend raise [1] - The shipping industry is showing signs of recovery as trade and geopolitical tensions ease, with several shipping stocks approaching buy points [1] - Star Bulk Carriers operates one of the largest dry bulk shipping fleets globally, indicating its substantial market presence [1] Group 2 - Star Bulk Carriers received a Relative Strength Rating upgrade, reflecting improved technical performance despite still being below benchmark levels [3] - ZIM Integrated Shipping also achieved a Relative Strength Rating upgrade, indicating positive momentum in the shipping sector [3] - Kirby Corp's Relative Strength Rating improved to 73, showcasing a trend of rising relative strength among shipping stocks [3]

Financial Data and Key Metrics Changes - The company reported a net income of $18.5 million and an adjusted net income of $32.4 million, translating to an adjusted income per share of $0.16 [4] - Adjusted EBITDA for the quarter was $87 million [4] - Total cash reached $454 million, while total debt stood at $1.028 billion, with additional liquidity of $115 million from undrawn revolver facilities, resulting in pro forma liquidity exceeding $570 million [4] - The company repurchased 250,000 shares for $4.4 million during the quarter and an additional 360,000 shares for $6.7 million in the fourth quarter to date [4] Business Line Data and Key Metrics Changes - Operating expenses for Q3 2025 were $5,096 per vessel per day, with net cash G&A expenses at $1,325 per vessel per day [9] - The time-charter equivalent (TCE) rate was $16,634 per vessel per day, leading to a TCE less OPEX and CAS G&A of approximately $10,213 per vessel per day [5] Market Data and Key Metrics Changes - Total dry bulk trade volumes increased by 5.1% year over year during Q3, supported by strong iron ore, grain, and minor bulk exports [17] - Chinese dry bulk imports rose by 4.4% year over year in Q3 after a contraction in the first half [18] - The fleet growth for the first ten months of 2025 was 2.6%, with a modest newbuilding order book at 10.9% of the existing fleet [15] Company Strategy and Development Direction - The company is focused on fleet renewal and energy efficiency, with ongoing investments in newbuilding vessels and technology upgrades [13][10] - The capital allocation policy has prioritized returns to shareholders, with a total of $2.8 billion in dividends, share buybacks, and debt repayment since 2021 [6][4] - The company aims to actively manage its scrubber-fitted fleet to capitalize on market opportunities [22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the medium to long-term outlook for the dry bulk market, supported by favorable supply dynamics and stricter environmental regulations [22] - The company noted that global port congestion has eased and is expected to follow seasonal trends, having a relatively neutral impact on effective supply growth [16] - The CEO highlighted the spillover effect from larger vessels contributing to strong demand in the sub-cape segments, driven by improved grain trade and coal performance [33] Other Important Information - The company has completed 51 energy-saving device installations, with plans for nine more in 2025 [10] - The average age of the fleet is 11.9 years, with ongoing efforts to optimize fleet efficiency through selective disposals and acquisitions [11] Q&A Session Summary Question: Expectations around total net change in debt in 2026 - The company has secured financing for the first five newbuilds at $130 million, with discussions ongoing for the last three [26] Question: Planned amortization during 2026 - Amortization is expected to remain around $50 million per quarter, with refinanced older facilities and new facilities having a 17-year amortization profile [27] Question: Dividend policy regarding minimum cash balance per vessel - The dividend policy remains unchanged, with the company maintaining a cash balance significantly above the required level [30][32] Question: Strong rate performance in sub-cape segments - Management attributed the strong performance to both spillover effects from larger vessels and improved demand fundamentals in the sub-cape segment [33] Question: Fleet composition and focus on Kamsarmax vessels - The company is renewing its aging Kamsarmax fleet, taking advantage of early deliveries and favorable pricing [38]

Financial Data and Key Metrics Changes - The company reported a net income of $18.5 million, with an adjusted net income of $32.4 million, translating to an adjusted income per share of $0.16. Adjusted EBITDA for the quarter was $87 million [4] - Total cash reached $454 million, while total debt stood at $1.028 billion. Pro forma liquidity, including undrawn revolver facilities, exceeded $570 million [4] - The company repurchased 250,000 shares for $4.4 million during the third quarter and an additional 360,000 shares for $6.7 million in the fourth quarter to date [4] Business Line Data and Key Metrics Changes - Operating expenses for Q3 2025 were reported at $5,096 per vessel per day, with net cash G&A expenses at $1,325 per vessel per day [9] - The time-charter equivalent (TCE) rate was $16,634 per vessel per day, resulting in a TCE less OpEx and CAS G&A of approximately $10,213 per vessel per day [5] Market Data and Key Metrics Changes - Total dry bulk trade volumes increased by 5.1% year-over-year during Q3, supported by strong iron ore, grain, and minor bulk exports [17] - Chinese dry bulk imports rose by 4.4% year-over-year in Q3 after a contraction in the first half of the year [18] - The fleet growth for the first ten months of 2025 was 2.6%, with a modest newbuilding order book at 10.9% of the existing fleet [15] Company Strategy and Development Direction - The company is focused on fleet renewal and energy efficiency, with ongoing investments in green technologies and compliance with environmental regulations [13] - The strategy includes selective disposals and acquisitions to optimize fleet efficiency, with a focus on Kamsarmax vessels due to their favorable economics compared to Capesize vessels [38][39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the medium to long-term outlook for the dry bulk market, supported by a favorable supply outlook and easing trade tensions [22] - The company anticipates a gradual normalization of trade activity in 2026, particularly in light of recent geopolitical developments [18] Other Important Information - The company has completed 51 energy-saving device installations, with plans for additional upgrades in 2025 [10] - The board declared a dividend of $0.11 per share for the quarter, payable on December 18, 2025 [4] Q&A Session Summary Question: Expectations around total net change in debt in 2026 - The company secured financing for five newbuilds at $130 million and is in discussions for the remaining three, with amortization expected to remain around $50 million per quarter [26][27] Question: Dividend policy and cash balance calculations - The dividend policy is based on maintaining a cash balance above $2.1 million per vessel, which is currently well covered by the company's cash reserves [30][32] Question: Strong rate performance in sub-cape segments - Management attributed the strong performance to spillover effects from larger vessels and improved demand fundamentals in the grain and coal markets [33] Question: Fleet composition and Kamsarmax focus - The company is renewing its aging Kamsarmax fleet and taking advantage of favorable pricing and early delivery schedules for newbuilds [38][39] Question: Opportunities in the Capesize market - Management noted that finding Capesize vessels at reasonable prices is challenging, and current market conditions favor investments in Kamsarmax vessels [44]

Financial Data and Key Metrics Changes - The company reported a net income of $18.5 million and an adjusted net income of $32.4 million, translating to an adjusted income per share of $0.16 [4] - Adjusted EBITDA for the quarter was $87 million [4] - Total cash reached $454 million, while total debt stood at $1.028 billion, with additional liquidity of $115 million from undrawn revolver facilities, resulting in pro forma liquidity exceeding $570 million [4] - The company declared a dividend of $0.11 per share for the quarter, payable on December 18, 2025 [4] Business Line Data and Key Metrics Changes - The time-charter equivalent (TCE) rate was $16,634 per vessel per day, with combined daily operating expenses (OPEX) and net cash general and administrative expenses per vessel at $6,421, resulting in a TCE less OPEX and CAS G&A of approximately $10,213 per vessel per day [5] - Operating expenses for Q3 2025 were reported at $5,096 per vessel per day, with net cash G&A expenses at $1,325 per vessel per day [9] Market Data and Key Metrics Changes - Total dry bulk trade volumes increased by 5.1% year over year during Q3, supported by strong iron ore, grain, and minor bulk exports [18] - Chinese dry bulk imports recovered, increasing by 4.4% year over year during Q3 after a contraction in the first half [19] - The fleet is aging, with approximately 50% expected to be over 15 years old by the end of 2027, and effective capacity is projected to reduce by about 0.5% per annum during 2026 and 2027 [17] Company Strategy and Development Direction - The company is focused on fleet renewal and energy efficiency, with ongoing investments in newbuilding vessels and technology upgrades [13][10] - The strategy includes opportunistic disposals of non-eco vessels to improve fleet efficiency and reduce average fleet age [11] - The company aims to actively manage its diverse scrubber-fitted fleet to capitalize on market opportunities and deliver shareholder value [23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the medium to long-term outlook for the dry bulk market, supported by favorable supply dynamics and stricter environmental regulations [23] - The company noted that global port congestion has eased and is expected to follow seasonal trends, having a relatively neutral impact on effective supply growth [17] - The IMF forecasts global GDP growth at 3.1%, slightly below 2025 levels, while Chinese GDP is projected to slow to 4.2% [19] Other Important Information - The company has completed 51 energy-saving device installations, with plans for nine more in 2025 [10] - The company has been active in the market, securing $130 million in debt for newbuilding vessels and planning for additional financing [10] Q&A Session Summary Question: Expectations around total net change in debt in 2026 - Management clarified that amortization will remain around $50 million per quarter, with new facilities having a 17-year amortization profile [28] Question: Dividend policy and minimum cash balance per vessel - The dividend policy is based on the current fleet size, and the company maintains a cash balance significantly above the required level [31][33] Question: Strong rate performance in sub-cape segments - Management attributed the strong performance to spillover effects from larger vessels and improved demand fundamentals in the grain and coal markets [34] Question: Fleet composition and newbuilding strategy - The company is focusing on Kamsarmax vessels due to their cost-effectiveness and the need to renew an aging fleet [39]

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FINANCIAL RESULTS Q3 2025 November 2025 Forward-Looking Statements This presentation contains certain forward-looking statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may include statements concerning the Company's plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, identified by words such a ...

Core Insights - Star Bulk Carriers reported quarterly earnings of $0.28 per share, matching the Zacks Consensus Estimate, but down from $0.71 per share a year ago [1] - The company posted revenues of $263.86 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 1.09% and down from $344.28 million year-over-year [2] - Star Bulk Carriers shares have increased by approximately 28.1% since the beginning of the year, outperforming the S&P 500's gain of 13.4% [3] Earnings Performance - The company has surpassed consensus EPS estimates two times over the last four quarters [1] - Star Bulk Carriers has topped consensus revenue estimates three times over the last four quarters [2] - The current consensus EPS estimate for the upcoming quarter is $0.63, with expected revenues of $292.99 million, and for the current fiscal year, the estimate is $0.96 on revenues of $1.04 billion [7] Market Outlook - The stock's immediate price movement will depend on management's commentary during the earnings call [3] - The estimate revisions trend for Star Bulk Carriers was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] - The Transportation - Shipping industry is currently in the top 24% of Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8]

Market Performance - The U.S. stock market faced a challenging session on November 18, 2025, with all three major indexes closing lower for the second consecutive day. The Dow Jones Industrial Average fell 1.1% to close at 46,590.24 points, while the S&P 500 slid 0.8% to 6,672.41 points. The Nasdaq Composite dropped 1.2%, closing at 22,708.08 points [1][2][3] Sector Performance - The broader market sentiment remained negative, with decliners outnumbering advancers on both the NYSE and Nasdaq. The CBOE Volatility Index (VIX) surged 12.86% to 22.38, indicating heightened investor anxiety. The technology, materials, financials, and energy sectors were notable underperformers, with ten of the eleven S&P 500 sectors ending in negative territory [3] Major Stock Movements - Nvidia (NVDA) continued its downward trend, with shares declining 3.2% today, bringing its monthly loss to nearly 11%. Analysts expect strong fiscal Q3 earnings driven by robust AI demand, with Stifel raising its price target to $250 and BofA Securities increasing its EPS estimates to a $275 price target [4] - Home Depot (HD) shares slid nearly 4% after reporting weaker-than-expected quarterly earnings and trimming its full-year profit outlook, with Q3 comparable sales rising only 0.2% against a consensus estimate of 1.36% [5] - Amazon.com (AMZN) and Microsoft (MSFT) both experienced downgrades, falling more than 1% after revised ratings from Rothschild & Co Redburn. Cloudflare (NET) dropped over 3% due to global network issues impacting services like ChatGPT [6] Upcoming Market Events - Nvidia's fiscal Q3 2026 earnings report is highly anticipated, scheduled for release after market close on November 19, which is expected to provide insights into AI infrastructure demand [7] - Major retail earnings reports from Walmart Inc. (WMT), Target Corporation (TGT), and others are set for November 19, which will offer critical insights into consumer spending patterns ahead of the holiday shopping season [8] - A series of delayed economic reports, including the September jobs report and FOMC minutes, are expected this week, which could influence investor sentiment and Federal Reserve policy [9]

Core Viewpoint - Star Bulk Carriers Corp. reported a significant decline in financial performance for the third quarter of 2025 compared to the same period in 2024, with lower revenues, net income, and earnings per share, while continuing to focus on fleet modernization and shareholder returns through dividends and share repurchases [1][7][10]. Financial Performance - Voyage revenues decreased to $263.9 million in Q3 2025 from $344.3 million in Q3 2024 [23]. - Net income for Q3 2025 was $18.5 million, down from $81.3 million in Q3 2024, resulting in earnings per share of $0.16 compared to $0.70 [21][22]. - Adjusted net income was $32.4 million for Q3 2025, down from $82.7 million in Q3 2024 [21]. - EBITDA for Q3 2025 was $73.6 million, a decrease from $143.4 million in Q3 2024 [22][48]. Operational Metrics - The average number of vessels in the fleet decreased to 141.4 in Q3 2025 from 155.3 in Q3 2024 [41]. - Daily Time Charter Equivalent (TCE) rate fell to $16,634 in Q3 2025 from $18,843 in Q3 2024, reflecting weaker market conditions [23][41]. - Daily operating expenses per vessel were $5,209 in Q3 2025, slightly down from $5,287 in Q3 2024 [26][41]. Shareholder Returns - The company declared a quarterly cash dividend of $0.11 per share, marking the 19th consecutive dividend payment, with cumulative dividends since 2021 totaling $13.12 per share [9][11]. - Approximately $82.1 million has been deployed for share repurchases year-to-date, with $91.4 million remaining under the current share repurchase program [9][12]. Fleet and Acquisition Strategy - The company agreed to acquire three Kamsarmax newbuilding vessels under construction, scheduled for delivery in Q3 2026, as part of its strategy to modernize the fleet [8][15]. - The average age of the operational fleet increased to 12.5 years as of Q3 2025, compared to 11.9 years in Q3 2024 [41]. Market Conditions - The dry bulk market is facing challenges due to geopolitical tensions and regulatory uncertainties, but the company believes medium-term fundamentals remain strong due to an aging fleet and restricted fleet growth [10].