Star Bulk Carriers announced its unaudited results for the second quarter and the first half of 2015. Net revenues were $46.1 million and adjusted EBITDA of $6.3 million.
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Petros Pappas, chief executive officer of Star Bulk, commented: Our bottom line has been affected by non-cash losses of $39.1 million related to the sale of four of our onthe-water vessels and one newbuilding vessel under construction, as well as the cancellation of one of our newbuilding vessels.
“We strive to be among the lowest cost operators in the dry bulk space. One year ago, during the second quarter of 2014, our average daily operating expenses per vessel were $5,208 per day, and our average daily net cash G&A expenses per vessel were $1,288 per day, with total running cost amounting to $6,496 per day.
"Twelve months later, we reduced our average daily operating expenses by 17.2%, to $4,311 per vessel per day, and our net cash G&A expenses per vessel by 13.8%, to $1,110 per vessel per day, clearly validating our consolidation strategy and the resulting economies of scale.
"On a fully delivered fleet of 90 vessels, this reduction would be equivalent to approximately $35 million in annual cost savings.
“Furthermore, we continue our efforts to preserve a strong liquidity position. During the first half of 2015, we have agreed to cancel one newbuilding vessel, without incurring any penalties, thereby reducing the equity portion of our capital expenditures by $11.6 million.
"Furthermore, we have recently come to an agreement to reduce the final purchase price of certain of our newbuilding vessels by an aggregate amount of $25.8 million.
"Finally, we have agreed to delay the delivery of our newbuilding vessels for a total of 91 months, corresponding to an average of 4.6 months per vessel.
“We have disposed of a total of 12 vessels since December 2014, including ten vessels built during the 1990s that did not fit the commercial profile of our fleet, one modern Supramax vessel and one newbuilding vessel under construction, to be sold upon its delivery.
"Following the completion of the above sales, we will have collected proceeds of $60.9 million after repayment of relevant debt facilities.
“As compared to the first half of the year, spot and period rates have been higher, especially for Capesize vessels. Commercially, we are striving to position our vessels in a flexible manner, so as to take advantage of this upswing in the market." ■