- Star Bulk Carriers (SBLK -1.7%) reports Q4 revenue decline of 25.2% Y/Y to $186M but beating estimates by $45M.
- Adjusted time charter equivalent revenues were $140.5M (-4.7% Y/Y), Adj. EBITDA was $81.5M (-7.7% Y/Y) with TCE for the quarter increasing to $13,415/day per vessel.
- On a full year basis, the Co. managed to have a profitable year, despite the challenges posed by Covid-19, with net income of $9.7M.
- Q4 TCE rate: Capesize / Newcastlemax Vessels: $17,383/day; Post Panamax / Kamsarmax / Panamax Vessels: $12,486/day and Ultramax / Supramax Vessels: $10,681/day.
- The strong cash flow from operations during 2H of the year has enabled to reduce net debt by $149M to date.
- On the financial side, the Co. strengthened its liquidity by ~$111M, raising over $500M of new debt and taking advantage of record low interest rates to fix LIBOR on ~$1B of debt at 46 bps for a period of ~4 years.
- During Q4 2020, the Company repaid in full the amount outstanding under the $30M HSBC Working Capital Facility France.
- Previously: Star Bulk Carriers EPS beats by $0.07, beats on revenue (Feb. 17)