Korea Stock Market Monthly Recap #26 (June 2018)

Will Oaktree Thank Their Lucky Stars for Reducing Its Stake in SBLK?

Dry Bulk Shipping Outlook 2019: Global Slowdown Casts Shadow on Long Held Recovery Narrative

Star Bulk Carriers (SBLK US) - Earnings Improvement Already in the Price

DMFR – 2Q17 Result Update – Star Bulk Carriers – Dead Cat Bounce or Path to Recovery?

Rates for Capes Plunge While Trade War Forces Panamax Futures Down, What’s Next for SBLK Investors?

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

1. Executive Summary• Second consecutive positive adjusted net profit of USD 11.9m recorded in the first quarter of 2018, compared with adjusted net profit of USD 21.5m in the fourth quarter of 2017 and adjusted net loss of USD 12.9m in the first quarter of 2017;• The company takes delivery of two newbuilding Newcastlemaxes – Star Eleni and Star Magnanimus – in January and March 2018, respectively. Both vessels are financed under bareboat leases, with a purchase obligation upon completion of…

1. Executive Summary• Second consecutive positive adjusted net profit of USD 11.9m recorded in the first quarter of 2018, compared with adjusted net profit of USD 21.5m in the fourth quarter of 2017 and adjusted net loss of USD 12.9m in the first quarter of 2017;• The company takes delivery of two newbuilding Newcastlemaxes – Star Eleni and Star Magnanimus – in January and March 2018, respectively. Both vessels are financed under bareboat leases, with a purchase obligation upon completion of…

Will the Trade War Cast a Shadow on Star Bulk’s Earnings Momentum?