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Lead Analyst, Drewry Maritime Financial Research

Victoria Saraglis

Lead Analyst

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Equity Bottom-Up

• Third consecutive positive adjusted net profit of USD 10.7m recorded in the second quarter of 2018.• About 60% of the available days in the third quarter of 2018 have been contracted at an average time charter equivalent rate of USD 13,882, an uptick from USD 13,567 reported in the second quarter.• The company successfully closed its recently reported transactions and took delivery of 15 vessels acquired from Songa Bulk ASA in July 2018 and 16 vessels acquired from Augustea Atlantica SpA and York Capital Management in August 2018, increasing the fleet size to 105 vessels. Debt of USD 490m has been procured to fund these vessels partly, and as a consequence, the total debt has increased to USD 1.49bn.• On 16 July 2018, Star Bulk commenced trading on the Oslo Stock Exchange, under the ticker “SBLK R” as part of the Songa vessel acquisition contract.• The three vessels acquired from Oceanbulk Container Carriers LLC are expected to be delivered in first half of 2019. These vessels will be fully financed by debt financing of USD 104.4m arranged from CSSC Shipping Company Limited.• A committed term loan facility with HSBC for USD 80m has been entered into in July 2018 to refinance amounts outstanding under the HSBC USD 86.6m facility and HSH USD 64.5m facility; and• In July 2018, USD 22.7m was paid pursuant to the cash sweep mechanism.

• Third consecutive positive adjusted net profit of USD 10.7m recorded in the second quarter of 2018.• About 60% of the available days in the third quarter of 2018 have been contracted at an average time charter equivalent rate of USD 13,882, an uptick from USD 13,567 reported in the second quarter.• The company successfully closed its recently reported transactions and took delivery of 15 vessels acquired from Songa Bulk ASA in July 2018 and 16 vessels acquired from Augustea Atlantica SpA and York Capital Management in August 2018, increasing the fleet size to 105 vessels. Debt of USD 490m has been procured to fund these vessels partly, and as a consequence, the total debt has increased to USD 1.49bn.• On 16 July 2018, Star Bulk commenced trading on the Oslo Stock Exchange, under the ticker “SBLK R” as part of the Songa vessel acquisition contract.• The three vessels acquired from Oceanbulk Container Carriers LLC are expected to be delivered in first half of 2019. These vessels will be fully financed by debt financing of USD 104.4m arranged from CSSC Shipping Company Limited.• A committed term loan facility with HSBC for USD 80m has been entered into in July 2018 to refinance amounts outstanding under the HSBC USD 86.6m facility and HSH USD 64.5m facility; and• In July 2018, USD 22.7m was paid pursuant to the cash sweep mechanism.

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