The Value Investor's Edge Live #25: Star Bulk Carriers (SBLK) And The Dry Bulk Shipping Outlook

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Hamish Norton, President of Star Bulk Carriers (SBLK), Co-CFOs Christos Begleris and Simos Spyrou, and SBLK Head of Research Constantinos Simantiras joined J Mintzmyer's Value Investor's Edge Live on Nov. 19, 2020, to discuss the dry bulk markets and forward prospects and capital allocation priorities into 2021. Star Bulk Carriers is the largest US-listed dry bulk company with 116 vessels on the water.

This interview and discussion is relevant for anyone with dry bulk investments or interest in the overall sector, including Diana Shipping (DSX), Eagle Bulk (EGLE), Genco Shipping (GNK), Golden Ocean (GOGL), Navios Maritime (NM), Navios Maritime Partners (NMM), Safe Bulkers (SB), Scorpio Bulkers (SALT), and Seanergy Maritime (SHIP).

Topics Covered
  • (<1:05) Intro/Disclosures
  • (1:05) Current state of the market? Encouraging vs. challenging spots?
  • (4:30) Any noticeable impact from VALE exports yet? Offset vs. Australia?
  • (7:30) FFAs are pricing in forward weakness, thoughts on that?
  • (11:00) Plans to add any charter cover or remaining heavily spot exposed?
  • (12:30) Capital allocation priorities into 2021? Is liquidity sufficient now?
  • (16:15) Impact to cost interest costs with rates falling this year?
  • (18:45) How are the scrubbers performing? Current fuel spreads?
  • (24:15) What is the daily cost savings for scrubbers today?
  • (27:20) Long-term leverage target/vision?
  • (29:20) Commentary on dividends, sticking with same payout formula?
  • (31:00) Biggest concerns and challenges in the market?
  • (35:15) Any visibility on propulsion tech? Impact of climate regulations?
  • (43:00) Any impact on agricultural flows due to containership backhaul?
  • (45:00) What differentiates SBLK from peers? Why invest here?

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