Safe Bulkers, Inc. Reports Third Quarter 2024 Results and Declares Dividend on Common Stock
Safe Bulkers (NYSE: SB) reported Q3 2024 financial results with net revenues of $75.9 million and net income of $25.1 million. The company declared a cash dividend of $0.05 per share on common stock. The fleet consists of 46 vessels with an average age of 9.8 years. Time charter equivalent rate was $17,108 in Q3 2024, compared to $14,861 in Q3 2023. The company has contracted revenue of approximately $232.7 million and maintains a newbuild program of seven vessels with scheduled deliveries through 2027.
Safe Bulkers (NYSE: SB) ha riportato i risultati finanziari per il terzo trimestre del 2024 con entrate nette di 75,9 milioni di dollari e un utile netto di 25,1 milioni di dollari. L'azienda ha dichiarato un dividendo in contante di 0,05 dollari per azione sulle azioni ordinarie. La flotta è composta da 46 navi con un'età media di 9,8 anni. La tariffa equivalente di time charter è stata di 17.108 dollari nel terzo trimestre del 2024, rispetto ai 14.861 dollari nel terzo trimestre del 2023. L'azienda ha ricavi contrattualizzati di circa 232,7 milioni di dollari e mantiene un programma di costruzione di sette navi con consegne programmate fino al 2027.
Safe Bulkers (NYSE: SB) informó sobre los resultados financieros del tercer trimestre de 2024 con ingresos netos de 75,9 millones de dólares y un ingreso neto de 25,1 millones de dólares. La compañía declaró un dividendo en efectivo de 0,05 dólares por acción sobre acciones comunes. La flota consiste en 46 buques con una edad promedio de 9,8 años. La tasa equivalente de fletamento a tiempo fue de 17,108 dólares en el tercer trimestre de 2024, en comparación con 14,861 dólares en el tercer trimestre de 2023. La compañía tiene ingresos contratados de aproximadamente 232,7 millones de dólares y mantiene un programa de nuevas construcciones de siete buques con entregas programadas hasta 2027.
세이프 벌커스(Safe Bulkers, NYSE: SB)는 2024년 3분기 재무 성과를 발표했으며, 순수익이 7,590만 달러와 순이익 2,510만 달러를 기록했습니다. 회사는 보통주에 대해 주당 0.05달러의 현금 배당금을 배포했습니다. 이 함대는 평균 9.8년의 연령을 가진 46척의 선박으로 구성되어 있습니다. 2024년 3분기 시간 용선 대체 요금은 17,108달러로, 2023년 3분기의 14,861달러와 비교됩니다. 회사는 약 2억 3,270만 달러의 계약 수익을 기록했으며, 2027년까지 일정된 인도예정인 7척의 신조 프로그램을 유지하고 있습니다.
Safe Bulkers (NYSE: SB) a rapporté les résultats financiers du troisième trimestre 2024 avec des revenus nets de 75,9 millions de dollars et un bénéfice net de 25,1 millions de dollars. L'entreprise a déclaré un dividende en espèces de 0,05 dollar par action sur les actions ordinaires. La flotte se compose de 46 navires avec un âge moyen de 9,8 ans. Le taux d'équivalent de time charter était de 17 108 dollars au troisième trimestre 2024, contre 14 861 dollars au troisième trimestre 2023. L'entreprise dispose de revenus contractuels d'environ 232,7 millions de dollars et maintient un programme de constructions neuves de sept navires dont les livraisons sont prévues jusqu'en 2027.
Safe Bulkers (NYSE: SB) berichtete über die Finanz Ergebnisse für das dritte Quartal 2024 mit Nettoeinnahmen von 75,9 Millionen Dollar und einem Nettogewinn von 25,1 Millionen Dollar. Das Unternehmen erklärte eine Bardividende von 0,05 Dollar pro Aktie auf Stammaktien. Die Flotte besteht aus 46 Schiffen mit einem Durchschnittsalter von 9,8 Jahren. Der Zeitcharteräquivalentsatz betrug im dritten Quartal 2024 17.108 Dollar, verglichen mit 14.861 Dollar im dritten Quartal 2023. Das Unternehmen hat vertraglich gesicherte Einnahmen von etwa 232,7 Millionen Dollar und hält ein Neubauprogramm mit sieben Schiffen, deren Auslieferungen bis 2027 geplant sind.
- Net income increased to $25.1M in Q3 2024 from $15.0M in Q3 2023
- Time charter equivalent rate improved to $17,108 from $14,861 year-over-year
- Contracted revenue of $232.7M from time charter contracts
- Sale of Paraskevi 2 vessel for $20.3M, purchased for $14.1M in 2021
- Charter market is gradually softening
- Remaining capital expenditure requirements of $206.5M for newbuilds
- Outstanding consolidated debt of $514.5M as of November 1, 2024
Insights
MONACO, Nov. 13, 2024 (GLOBE NEWSWIRE) -- Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced today its unaudited financial results for the three and nine month periods ended September 30, 2024. The Board of Directors of the Company also declared a cash dividend of
| Financial highlights | |||||||
| In million U.S. Dollars except per share data | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Nine Months 2024 | Nine Months 2023 |
| Net revenues | 75.9 | 78.5 | 81.7 | 82.3 | 64.7 | 236.1 | 202.1 |
| Net income | 25.1 | 27.6 | 25.3 | 27.6 | 15.0 | 78.0 | 49.7 |
| Adjusted Net income1 | 19.0 | 20.3 | 24.2 | 29.5 | 11.1 | 63.4 | 40.7 |
| EBITDA2 | 47.4 | 49.2 | 47.9 | 48.8 | 34.8 | 144.5 | 107.4 |
| Adjusted EBITDA2 | 41.3 | 41.8 | 46.8 | 50.7 | 30.9 | 130.0 | 98.3 |
| Earnings per share basic and diluted3 | 0.22 | 0.24 | 0.21 | 0.23 | 0.12 | 0.67 | 0.38 |
| Adjusted earnings per share basic and diluted3 | 0.16 | 0.17 | 0.20 | 0.25 | 0.08 | 0.53 | 0.30 |
| Average daily results in U.S. Dollars | |||||||
| Time charter equivalent rate4 | 17,108 | 18,650 | 18,158 | 18,321 | 14,861 | 17,968 | 15,954 |
| Daily vessel operating expenses5 | 5,311 | 6,254 | 5,442 | 4,642 | 5,357 | 5,665 | 5,794 |
| Daily vessel operating expenses excluding dry-docking and pre-delivery expenses6 | 4,999 | 5,089 | 5,038 | 4,232 | 4,720 | 5,042 | 5,024 |
| Daily general and administrative expenses7 | 1,680 | 1,595 | 1,513 | 1,473 | 1,453 | 1,595 | 1,460 |
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| 1 | Adjusted Net income is a non-GAAP measure. Adjusted Net income represents Net income before impairment and loss on vessels held for sale, gain/(loss) on sale of assets, gain/(loss) on derivatives, early redelivery income/(cost), other operating expense and gain/(loss) on foreign currency. See Table 3. |
| 2 | EBITDA is a non-GAAP measure and represents Net income plus net interest expense, tax, depreciation and amortization. See Table 3. Adjusted EBITDA is a non-GAAP measure and represents EBITDA before gain/(loss) on derivatives, early redelivery income/(cost), other operating expenses and gain/(loss) on foreign currency. See Table 3. |
| 3 | Earnings per share ("EPS") and Adjusted EPS represent Net Income and Adjusted Net income less preferred dividend divided by the weighted average number of shares respectively. See Table 3. |
| 4 | Time charter equivalent ("TCE") rate represents charter revenues less commissions and voyage expenses divided by the number of available days. See Table 4. |
| 5 | Daily vessel operating expenses are calculated by dividing vessel operating expenses for the relevant period by the number of ownership days for such period. See Table 4. |
| 6 | Daily vessel operating expenses excluding dry-docking and pre-delivery expenses are calculated by dividing vessel operating expenses excluding dry-docking and pre-delivery expenses for the relevant period by the number of ownership days for such period. See Table 4. |
| 7 | Daily general and administrative expenses are calculated by dividing general and administrative expenses for the relevant period by the number of ownership days for such period. See Table 4. |
| Selected financial highlights | |||||
| In million U.S. Dollars | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
| Total cash8 | 92.6 | 81.6 | 87.1 | 98.8 | 83.3 |
| Undrawn revolving credit facilities9 | 225.0 | 179.5 | 129.2 | 131.5 | 148.0 |
| Financing commitments10 | — | — | — | 55.5 | 51.0 |
| Unsecured debt11 | 110.2 | 105.6 | 107.9 | 108.6 | 103.8 |
| Secured debt12 | 379.6 | 385.5 | 426.4 | 398.6 | 336.9 |
| Total debt13 | 489.8 | 491.1 | 534.3 | 507.2 | 440.7 |
| Number of vessels at period end | 45 | 45 | 47 | 46 | 45 |
| Average age of fleet | 9.95 | 9.99 | 10.04 | 10.19 | 10.59 |
| Net debt per vessel14 | 8.8 | 9.1 | 9.5 | 8.9 | 7.9 |
Management Commentary
Dr. Loukas Barmparis, President of the Company, said: "We had a good quarter compared to the same quarter last year, however the charter market is gradually softening, along with continuing geopolitical uncertainties. We remained focused on capital allocation towards our newbuilds program, on improving our operational efficiency and on rewarding our shareholders with a dividend of five cents per share of common stock."
Environmental Investments - Dry-Dockings
The Company is gradually renewing its fleet with newbuilds designed to meet the most recent International Maritime Organization (the "IMO") regulations related to the reduction of greenhouse gas emissions (the "IMO GHG Phase 3") and nitrogen oxides emissions (the "IMO NOx Tier III"), and selectively selling older vessels. As of November 1, 2024, the IMO GHG Phase 3 NOx Tier III newbuild program consisted of 18 vessels in the aggregate, including contracts for two methanol dual-fueled Kamsarmax newbuilds. Eleven of such newbuild vessels have already been delivered to us. The aggregate capital expenditure of the newbuild program is approximately
Furthermore, the Company is continuing the environmental upgrade program of its existing fleet, targeting increased energy efficiency and lower fuel consumption, which is expected to reduce GHG emissions. As of November 1, 2024, 24 existing vessels have been upgraded. The cost of low friction paint applications that are part of the environmental upgrades is recorded as operating expenses, while the cost of energy saving devices is capitalized and recorded as capital expenditures.
All eight of the Company's Capesize class vessels are equipped with exhaust cleaning devices ("Scrubbers"). During the third quarter of 2024 and as of November 1, 2024, the Company has completed dry dockings, including environmental upgrades on three vessels, namely the Mount Troodos, the Pedhoulas Merchant and the Troodos Air and has initiated dry docking, including environmental upgrades, on one vessel, namely the Venus Heritage, with a total of 25 estimated aggregate down time days.
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| 8 | Total Cash represents Cash and cash equivalents plus Time deposits and Restricted cash. |
| 9 | Undrawn borrowing capacity under revolving reducing credit facilities. |
| 10 | Secured financing commitments for loan and sale and lease back financings. |
| 11 | Unsecured debt represents the five-year tenor unsecured non-amortizing bond, net of deferred financing costs, maturing in February 2027. |
| 12 | Secured debt represents Long-term debt plus current portion of long-term debt, net of deferred financing costs. |
| 13 | Total Debt represents Unsecured debt plus Secured debt. |
| 14 | Net debt per vessel represents Total Debt less Total Cash divided by the number of vessels at period's end. |
Fleet Update
As of November 1, 2024, we had a fleet of 46 vessels consisting of 8 Panamax, 13 Kamsarmax, 17 Post-Panamax and 8 Capesize class vessels, with an aggregate carrying capacity of 4.6 million dwt and an average age of 9.8 years. In our fleet, 11 are IMO GHG Phase 3 - NOx Tier III ships built 2022 onwards and 11 vessels are eco-ships built 2014 onwards. From our remaining existing fleet all but one have already been environmentally upgraded. During the fourth quarter of 2024 we have scheduled to upgrade the remaining vessel.
Orderbook
As of November 1, 2024, we had an orderbook of seven IMO GHG Phase 3 - NOx Tier III Kamsarmax class newbuilds, two of which are methanol dual-fueled, with scheduled deliveries, one in 2025, four in 2026 and two in 2027.
Vessel Sales
In July 2024, the Company delivered to her new owners the Paraskevi 2, a 2011-built, Panamax class, dry-bulk vessel, sold at a gross sale price of
Newbuild deliveries
In July 2024, the Company took delivery of the Chinese-built Kamsarmax class Pedhoulas Farmer, its tenth IMO GHG Phase 3 - NOx Tier III newbuild, with advanced energy efficiency characteristics resulting in lower fuel consumption.
In October 2024, the Company took delivery of the Chinese-built Kamsarmax class Pedhoulas Fighter, its eleventh IMO GHG Phase 3 - NOx Tier III newbuild, sister to the Pedhoulas Farmer.
Chartering our Fleet
Our vessels are used to transport bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes. We intend to employ our vessels on both period time charters and spot time charters, according to our assessment of market conditions. Our customers represent some of the world’s largest consumers of marine drybulk transportation services. The vessels we deploy on period time charters provide us with visible and relatively stable cash flows, while the vessels we deploy in the spot market allow us to maintain our flexibility in low charter market conditions as well as provide an opportunity for a potential upside in our revenue when charter market conditions improve. The chartering of our vessels is arranged by our Managers15 without any management commission.
During the third quarter of 2024, we operated 45.27 vessels, on average earning a TCE of
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| 15 | Safety Management Overseas S.A., Safe Bulkers Management Monaco Inc., and Safe Bulkers Management Limited, each of which is referred to herein as "our Manager" and collectively "our Managers". |
In September 2024, the Company agreed the extension of the long-term period time charter of the Capesize class Lake Despina in direct continuation with the same charterer. The new time charter period will commence in December 2024 with a minimum duration of four years at a gross daily time charter rate of
As of November 1, 2024, all eight of our Capesize class vessels have been chartered in period time charters, six of which have remaining charter durations exceeding one year. The average remaining charter duration of our Capesize class vessels was 2.6 years and the average daily charter hire was
Our contracted fleet employment profile as of November 1, 2024, is presented in Table 1 below.
Table 1: Contracted employment profile of fleet ownership days as of November 1, 2024
| 2024 (remaining) | |
| 2024 (full year) | |
| 2025 | |
| 2026 | |
Debt
As of September 30, 2024, our consolidated debt before deferred financing costs was
________________________________
| 16 | Consolidated leverage is a non-GAAP measure and represents total consolidated liabilities divided by total consolidated assets. Total consolidated assets are based on the market value of all vessels, as provided by independent broker valuers on quarter-end, owned or leased on a finance lease taking into account their employment, and the book value of all other assets. This measure assists our management and investors by increasing the comparability of our leverage from period to period. |
Table 2: Loan repayment Schedule as of September 30, 2024
(in USD million)
| Ending December 31, | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031-2034 | Total |
| Secured debt | 6.7 | 60.8 | 57.3 | 49.9 | 54.2 | 41.1 | 29.7 | 87.4 | 387.1 |
| Unsecured debt | 0.0 | 0.0 | 0.0 | 111.6 | 0.0 | 0.0 | 0.0 | 0.0 | 111.6 |
| Total debt | 6.7 | 60.8 | 57.3 | 161.5 | 54.2 | 41.1 | 29.7 | 87.4 | 498.7 |
| Fleet scrap value17 | 330.5 | ||||||||
Liquidity, capital resources, capital expenditure requirements and debt as of September 30, 2024
As of September 30, 2024, we had a fleet of 45 vessels and an orderbook of eight newbuilds. In relation to our orderbook, we had paid
We had
In relation to capital expenditure requirements of the eight newbuilds, the schedule of payments were
The scrap value17 of our fleet was
Liquidity, capital resources, capital expenditure requirements and debt as of November 1, 2024
As of November 1, 2024, we had a fleet of 46 vessels and an orderbook of seven newbuilds. In relation to our orderbook, we have paid
We had
In relation to capital expenditure requirements of the seven newbuilds, the schedule of payments was
The scrap value17 of the fleet was
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| 17 | The fleet scrap value is calculated on the basis of fleet aggregate light weight tons ("lwt"), excluding any held for sale vessels, and market scrap rate of |
Dividend Policy
On November 13, 2024, the Board of Directors of the Company declared a cash dividend on the Company's common stock of
In October 2024, the Board of Directors of the Company declared a cash dividend of
In July 2024, the Board of Directors of the Company declared a cash dividend on the Company's common stock of
In July 2024, the Board of Directors of the Company declared a cash dividend of
The declaration and payment of dividends, if any, will always be subject to the discretion of the Board of Directors of the Company. There is no guarantee that the Company’s Board of Directors will determine to issue cash dividends in the future. The timing and amount of any dividends declared will depend on, among other things: (i) the Company's earnings, fleet employment profile, financial condition and cash requirements and available sources of liquidity; (ii) decisions in relation to the Company’s growth, fleet renewal and leverage strategies; (iii) provisions of Marshall Islands and Liberian law governing the payment of dividends; (iv) restrictive covenants in the Company’s existing and future debt instruments; and (v) global economic and financial conditions.
War in Ukraine
As a result of the war between Russia and Ukraine that commenced in February 2022, the US, the EU, the UK, Switzerland and other countries and territories have announced unprecedented levels of sanctions and other measures against Russia and certain Russian entities and nationals. We intend on complying with these requirements and addressing their potential consequences. While we do not have any Ukrainian or Russian crews, our vessels currently do not sail in the Black Sea and we conduct limited operations in Russia, we will continue to monitor the situation to assess whether the conflict could have any impact on our operations or financial performance.
Trade disruption in the Red Sea and conflicts in Middle East
Following attacks on merchant vessels in the region of the southern end of the Red Sea, there is disruption in the maritime trade and supply chains towards the Mediterranean Sea through the Suez Canal. Since the beginning of this disruption, we have diverted our fleet from sailing in the Red Sea region. The conflicts in the Middle East represent additional geopolitical and economic risks that could increase the volatility of the global economy. While our vessels currently do not sail in the Red Sea, we will continue to monitor the situation to assess whether there will be any impact on our operations which could negatively affect our results of operations and financial condition.
Conference Call
On Thursday, November 14, 2024, at 9:00 A.M. Eastern Time, the Company’s management team will host a conference call to discuss the Company’s financial results.
Conference Call Details:
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: +1 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In), or +0 800 756 3429 (UK Toll-Free Dial In). Please quote “Safe Bulkers” to the operator and/or conference ID 13749644. Click here for additional participant International Toll-Free access numbers.
Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option.
Slides and Audio Webcast:
There will also be a live, and then archived, webcast of the conference call and accompanying slides, available through the Company’s website. To listen to the archived audio file, visit our website www.safebulkers.com, and click on Events & Presentations. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
Management Discussion of Third Quarter 2024 Results
During the third quarter of 2024, we operated in a stronger charter market environment compared to the same period in 2023, with increased revenues due to higher charter hires, increased earnings from Scrubber fitted vessels and higher interest expenses due to increased interest rates. During the third quarter of 2024, we operated 45.27 vessels on average, earning an average TCE of
Net revenues: Net revenues increased by
Vessel operating expenses: Vessel operating expenses increased by
Depreciation: Depreciation expense increased by
Foreign currency gain/(loss): Foreign currency loss amounted to
(Loss)/gain on derivatives: Gain on derivatives amounted to
Voyage expenses: Voyage expenses decreased to
Gain on sale of assets: Gain on sale of assets increased to
Interest expense: Interest expense increased to
Daily vessel operating expenses18: Daily vessel operating expenses, calculated by dividing vessel operating expenses by the ownership days of the relevant period, decreased by
Daily general and administrative expenses18: Daily general and administrative expenses, which include management fees payable to our Managers and daily company administration expenses, increased by
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| 18 | See table 4 |
Unaudited Interim Financial Information and Other Data
SAFE BULKERS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands of U.S. Dollars except for share and per share data)
| Three-Months Period Ended September 30, | Nine-Months Period Ended September 30, | ||||||||||
| 2023 | 2024 | 2023 | 2024 | ||||||||
| REVENUES: | |||||||||||
| Revenues | 67,101 | 79,236 | 209,909 | 246,159 | |||||||
| Commissions | (2,451 | ) | (3,313 | ) | (7,797 | ) | (10,018 | ) | |||
| Net revenues | 64,650 | 75,923 | 202,112 | 236,141 | |||||||
| EXPENSES: | |||||||||||
| Voyage expenses | (5,948 | ) | (5,419 | ) | (16,105 | ) | (14,394 | ) | |||
| Vessel operating expenses | (21,750 | ) | (22,121 | ) | (69,583 | ) | (71,286 | ) | |||
| Depreciation | (13,735 | ) | (14,669 | ) | (39,913 | ) | (43,160 | ) | |||
| General and administrative expenses | (5,899 | ) | (6,996 | ) | (17,536 | ) | (20,069 | ) | |||
| Gain on sale of assets | 3,316 | 7,674 | 7,953 | 16,555 | |||||||
| Operating income | 20,634 | 34,392 | 66,928 | 103,787 | |||||||
| OTHER (EXPENSE) / INCOME: | |||||||||||
| Interest expense | (6,162 | ) | (7,681 | ) | (17,510 | ) | (23,521 | ) | |||
| Other finance cost | (142 | ) | (96 | ) | (562 | ) | (437 | ) | |||
| Interest income | 841 | 725 | 1,667 | 2,369 | |||||||
| (Loss)/Gain on derivatives | (900 | ) | 1,097 | 651 | (1,062 | ) | |||||
| Foreign currency gain/(loss) | 1,491 | (2,631 | ) | 461 | (925 | ) | |||||
| Amortization and write-off of deferred finance charges | (717 | ) | (683 | ) | (1,894 | ) | (2,196 | ) | |||
| Net income | 15,045 | 25,123 | 49,741 | 78,015 | |||||||
| Less Preferred dividend | 2,000 | 2,000 | 6,000 | 6,000 | |||||||
| Net income available to common shareholders | 13,045 | 23,123 | 43,741 | 72,015 | |||||||
| Earnings per share basic and diluted | 0.12 | 0.22 | 0.38 | 0.67 | |||||||
| Weighted average number of shares | 111,603,616 | 106,774,053 | 114,295,273 | 107,987,162 | |||||||
| Nine-Months Period Ended September 30, | ||||||
| 2023 | 2024 | |||||
| (In millions of U.S. Dollars) | ||||||
| CASH FLOW DATA | ||||||
| Net cash provided by operating activities | 83.2 | 101.0 | ||||
| Net cash used in investing activities | (85.5 | ) | (27.6 | ) | ||
| Net cash used in financing activities | (23.9 | ) | (66.5 | ) | ||
| Net (decrease)/increase in cash and cash equivalents | (26.2 | ) | 6.9 | |||
SAFE BULKERS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands of U.S. Dollars)
| December 31, 2023 | September 30, 2024 | |||
| ASSETS | ||||
| Cash and cash equivalents, time deposits, and restricted cash | 89,942 | 85,292 | ||
| Other current assets | 32,550 | 34,225 | ||
| Assets held for sale | 24,229 | — | ||
| Vessels, net | 1,091,518 | 1,122,000 | ||
| Advances for vessels | 89,703 | 96,695 | ||
| Restricted cash non-current | 8,850 | 7,275 | ||
| Other non-current assets | 3,024 | 2,504 | ||
| Total assets | 1,339,816 | 1,347,991 | ||
| LIABILITIES AND EQUITY | ||||
| Current portion of long-term debt | 24,781 | 60,213 | ||
| Other financing liability | 748 | — | ||
| Other current liabilities | 30,204 | 28,806 | ||
| Long-term debt, net of current portion | 482,391 | 429,561 | ||
| Other non-current liabilities | 9,181 | 4,049 | ||
| Shareholders’ equity | 792,511 | 825,362 | ||
| Total liabilities and equity | 1,339,816 | 1,347,991 | ||
TABLE 3
RECONCILIATION OF ADJUSTED NET INCOME, EBITDA, ADJUSTED EBITDA AND ADJUSTED EARNINGS PER SHARE
| Three-Months Period Ended September 30, | Nine-Months Period Ended September 30, | |||||||||||
| (In thousands of U.S. Dollars except for share and per share data) | 2023 | 2024 | 2023 | 2024 | ||||||||
| Adjusted Net Income | ||||||||||||
| Net Income | 15,045 | 25,123 | 49,741 | 78,015 | ||||||||
| Less Gain on sale of assets | (3,316 | ) | (7,674 | ) | (7,953 | ) | (16,555 | ) | ||||
| Less Loss/(gain) on derivatives | 900 | (1,097 | ) | (651 | ) | 1,062 | ||||||
| Plus Foreign currency (gain)/loss | (1,491 | ) | 2,631 | (461 | ) | 925 | ||||||
| Adjusted Net income | 11,138 | 18,983 | 40,676 | 63,447 | ||||||||
| EBITDA - Adjusted EBITDA | ||||||||||||
| Net Income | 15,045 | 25,123 | 49,741 | 78,015 | ||||||||
| Plus Net Interest expense | 5,321 | 6,956 | 15,843 | 21,152 | ||||||||
| Plus Depreciation | 13,735 | 14,669 | 39,913 | 43,160 | ||||||||
| Plus Amortization and write-off of deferred finance charges | 717 | 683 | 1,894 | 2,196 | ||||||||
| EBITDA | 34,818 | 47,431 | 107,391 | 144,523 | ||||||||
| Less Gain on sale of assets | (3,316 | ) | (7,674 | ) | (7,953 | ) | (16,555 | ) | ||||
| Less Loss/(gain) on derivatives | 900 | (1,097 | ) | (651 | ) | 1,062 | ||||||
| Plus Foreign currency (gain)/loss | (1,491 | ) | 2,631 | (461 | ) | 925 | ||||||
| ADJUSTED EBITDA | 30,911 | 41,291 | 98,326 | 129,955 | ||||||||
| Earnings per share | ||||||||||||
| Net Income | 15,045 | 25,123 | 49,741 | 78,015 | ||||||||
| Less Preferred dividend | 2,000 | 2,000 | 6,000 | 6,000 | ||||||||
| Net income available to common shareholders | 13,045 | 23,123 | 43,741 | 72,015 | ||||||||
| Weighted average number of shares | 111,603,616 | 106,774,053 | 114,295,273 | 107,987,162 | ||||||||
| Earnings per share | 0.12 | 0.22 | 0.38 | 0.67 | ||||||||
| Adjusted Earnings per share | ||||||||||||
| Adjusted Net income | 11,138 | 18,983 | 40,676 | 63,447 | ||||||||
| Less Preferred dividend | 2,000 | 2,000 | 6,000 | 6,000 | ||||||||
| Adjusted Net income available to common shareholders | 9,138 | 16,983 | 34,676 | 57,447 | ||||||||
| Weighted average number of shares | 111,603,616 | 106,774,053 | 114,295,273 | 107,987,162 | ||||||||
| Adjusted Earnings per share | 0.08 | 0.16 | 0.30 | 0.53 | ||||||||
- EBITDA, Adjusted EBITDA, Adjusted Net income and Adjusted earnings per share are non-US GAAP financial measurements.
- EBITDA represents Net income before interest, income tax expense, depreciation and amortization.
- Adjusted EBITDA represents EBITDA before gain on sale of assets, gain/(loss) on derivatives, and gain/(loss) on foreign currency.
- Adjusted Net income represents Net income before gain on sale of assets, gain/(loss) on derivatives, gain/(loss) on foreign currency.
- Adjusted earnings per share represents Adjusted Net income less preferred dividend divided by the weighted average number of shares.
- EBITDA, Adjusted EBITDA, Adjusted Net income and Adjusted earnings per share are used as supplemental financial measures by management and external users of financial statements, such as investors, to assess our financial and operating performance. The Company believes that these non-GAAP financial measures assist our management and investors by increasing the comparability of our performance from period to period. The Company believes that including these supplemental financial measures assists our management and investors in (i) understanding and analyzing the results of our operating and business performance, (ii) selecting between investing in us and other investment alternatives and (iii) monitoring our financial and operational performance in assessing whether to continue investing in us. The Company believes that EBITDA, Adjusted EBITDA, Adjusted Net income and Adjusted earnings per share are useful in evaluating the Company’s operating performance from period to period because the calculation of EBITDA generally eliminates the effects of financings, income taxes and the accounting effects of capital expenditures and acquisitions, the calculation of Adjusted EBITDA and Adjusted Net Income/(loss) generally further eliminates from EBITDA and Net Income/(loss) respectively the effects from impairment and loss on vessels held for sale, gain/(loss) on sale of assets, gain/(loss) on derivatives, early redelivery income/(cost), other operating expenses and gain/(loss) on foreign currency, items which may vary from year to year and for different companies for reasons unrelated to overall operating performance. EBITDA, Adjusted EBITDA, Adjusted Net income and Adjusted earnings per share have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of the Company’s results as reported under US GAAP. While EBITDA and Adjusted EBITDA, Adjusted Net income and Adjusted earnings per share are frequently used as measures of operating results and performance, they are not necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. In evaluating Adjusted EBITDA, Adjusted Net income/(loss) and Adjusted earnings/(loss) per share, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted EBITDA, Adjusted Net income and Adjusted earnings per share should not be construed as an inference that our future results will be unaffected by the excluded items.
TABLE 4: FLEET DATA, AVERAGE DAILY INDICATORS RECONCILIATION
| Three-Months Period Ended September 30, | Nine-Months Period Ended September 30, | ||||||||||||||
| 2023 | 2024 | 2023 | 2024 | ||||||||||||
| FLEET DATA | |||||||||||||||
| Number of vessels at period end | 45 | 45 | 45 | 45 | |||||||||||
| Average age of fleet (in years) | 10.59 | 9.95 | 10.59 | 9.95 | |||||||||||
| Ownership days(1) | 4,060 | 4,165 | 12,009 | 12,583 | |||||||||||
| Available days(2) | 3,950 | 4,121 | 11,659 | 12,341 | |||||||||||
| Average number of vessels in the period(3) | 44.13 | 45.27 | 43.99 | 45.92 | |||||||||||
| AVERAGE DAILY RESULTS | |||||||||||||||
| Time charter equivalent rate(4) | $ | 14,861 | $ | 17,108 | $ | 15,954 | $ | 17,968 | |||||||
| Daily vessel operating expenses(5) | $ | 5,357 | $ | 5,311 | $ | 5,794 | $ | 5,665 | |||||||
| Daily vessel operating expenses excluding dry-docking and pre-delivery expenses(6) | $ | 4,720 | $ | 4,999 | $ | 5,024 | $ | 5,042 | |||||||
| Daily general and administrative expenses(7) | $ | 1,453 | $ | 1,680 | $ | 1,460 | $ | 1,595 | |||||||
| TIME CHARTER EQUIVALENT RATE RECONCILIATION | |||||||||||||||
| (In thousands of U.S. Dollars except for available days and Time charter equivalent rate) | |||||||||||||||
| Revenues | $ | 67,101 | $ | 79,236 | $ | 209,909 | $ | 246,159 | |||||||
| Less commissions | (2,451 | ) | (3,313 | ) | (7,797 | ) | (10,018 | ) | |||||||
| Less voyage expenses | (5,948 | ) | (5,419 | ) | (16,105 | ) | (14,394 | ) | |||||||
| Time charter equivalent revenue | $ | 58,702 | $ | 70,504 | $ | 186,007 | $ | 221,747 | |||||||
| Available days(2) | 3,950 | 4,121 | 11,659 | 12,341 | |||||||||||
| Time charter equivalent rate(4) | $ | 14,861 | $ | 17,108 | $ | 15,954 | $ | 17,968 | |||||||
_____________
(1) Ownership days represent the aggregate number of days in a period during which each vessel in our fleet has been owned by us.
(2) Available days represent the total number of days in a period during which each vessel in our fleet was in our possession, net of off-hire days associated with scheduled maintenance, which includes major repairs, dry-dockings, vessel upgrades or special or intermediate surveys.
(3) Average number of vessels in the period is calculated by dividing ownership days in the period by the number of days in that period.
(4) Time charter equivalent rate, or TCE rate, represents our charter revenues less commissions and voyage expenses during a period divided by the number of available days during such period. TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on period time charters and spot time charters with daily earnings generated by vessels on voyage charters, because charter rates for vessels on voyage charters are generally not expressed in per day amounts, while charter rates for vessels on period time charters and spot time charters generally are expressed in such amounts. We have only rarely employed our vessels on voyage charters and, as a result, generally our TCE rates approximate our time charter rates.
(5) Daily vessel operating expenses are calculated by dividing vessel operating expenses for the relevant period by ownership days for such period. Vessel operating expenses include crewing, insurance, lubricants, spare parts, provisions, stores, repairs, maintenance including dry-docking, statutory and classification expenses and other miscellaneous items.
(6) Daily vessel operating expenses excluding dry-docking and pre-delivery expenses are calculated by dividing vessel operating expenses excluding dry-docking and pre-delivery expenses for the relevant period by ownership days for such period. Dry-docking expenses include costs of shipyard, paints and agent expenses and pre-delivery expenses include initially supplied spare parts, stores, provisions and other miscellaneous items provided to a newbuild acquisition prior to their operation.
(7) Daily general and administrative expenses are calculated by dividing general and administrative expenses for the relevant period by ownership days for such period. Daily general and administrative expenses include daily management fees payable to our Managers and daily company administration expenses.
Table 5: Detailed fleet and employment profile as of November 1, 2024
| Vessel Name | Dwt | Year Built 1 | Country of Construction | Charter Type | Charter Rate 2 | Commissions 3 | Charter Period 4 | ||||||||||
| CURRENT FLEET | |||||||||||||||||
| Panamax | |||||||||||||||||
| Zoe 11 | 75,000 | 2013 | Japan | Period | $ | 16,750 | 3.75 | % | February 2024 | January 2025 | |||||||
| Koulitsa 2 | 78,100 | 2013 | Japan | Period | $ | 16,500 | 5.00 | % | July 2024 | January 2025 | |||||||
| Kypros Land11 | 77,100 | 2014 | Japan | Period13 | $ | 13,800 | 3.75 | % | August 2020 | August 2022 | |||||||
| BPI 82 5TC * | 3.75 | % | August 2022 | August 2025 | |||||||||||||
| Kypros Sea | 77,100 | 2014 | Japan | Period13 | $ | 13,800 | 3.75 | % | July 2020 | July 2022 | |||||||
| BPI 82 5TC * | 3.75 | % | July 2022 | July 2025 | |||||||||||||
| Kypros Bravery | 78,000 | 2015 | Japan | Period12 | $ | 11,750 | 3.75 | % | August 2020 | August 2022 | |||||||
| BPI 82 5TC * | 3.75 | % | August 2022 | August 2025 | |||||||||||||
| Kypros Sky | 77,100 | 2015 | Japan | Period12 | $ | 11,750 | 3.75 | % | August 2020 | August 2022 | |||||||
| BPI 82 5TC * | 3.75 | % | August 2022 | August 2025 | |||||||||||||
| Kypros Loyalty | 78,000 | 2015 | Japan | Period12 | $ | 11,750 | 3.75 | % | July 2020 | July 2022 | |||||||
| BPI 82 5TC * | 3.75 | % | July 2022 | July 2025 | |||||||||||||
| Kypros Spirit | 78,000 | 2016 | Japan | Period13 | $ | 13,800 | 3.75 | % | August 2020 | August 2022 | |||||||
| BPI 82 5TC * | 3.75 | % | August 2022 | July 2025 | |||||||||||||
| Kamsarmax | |||||||||||||||||
| Pedhoulas Merchant | 82,300 | 2006 | Japan | Spot23 | $ | 17,000 | 5.00 | % | September 2024 | November 2024 | |||||||
| Pedhoulas Leader | 82,300 | 2007 | Japan | Period26 | $ | 12,400 | 5.00 | % | November 2023 | December 2024 | |||||||
| Pedhoulas Commander | 83,700 | 2008 | Japan | Period | $ | 17,850 | 5.00 | % | May 2024 | January 2025 | |||||||
| Pedhoulas Rose | 82,000 | 2017 | China | Spot18 | $ | 15,200 | 5.00 | % | September 2024 | November 2024 | |||||||
| Pedhoulas Cedrus14 | 81,800 | 2018 | Japan | Period | $ | 15,000 | 5.00 | % | October 2024 | February 2025 | |||||||
| Vassos8 | 82,000 | 2022 | Japan | Spot | $ | 16,000 | 3.75 | % | October 2024 | December 2024 | |||||||
| Pedhoulas Trader20 | 82,000 | 2023 | Japan | Period | $ | 19,500 | 5.00 | % | July 2024 | July 2025 | |||||||
| Morphou | 82,000 | 2023 | Japan | Period19 | $ | 17,569 | 5.00 | % | January 2024 | December 2024 | |||||||
| Rizokarpaso31 | 82,000 | 2023 | Japan | Period22 | $ | 16,800 | 5.00 | % | November 2023 | November 2024 | |||||||
| Period | $ | 16,900 | 5.00 | % | November 2024 | October 2025 | |||||||||||
| Ammoxostos32 | 82,000 | 2024 | Japan | Period28 | $ | 18,000 | 5.00 | % | January 2024 | December 2024 | |||||||
| Kerynia | 82,000 | 2024 | Japan | Period | $ | 18,750 | 5.00 | % | January 2024 | November 2024 | |||||||
| Pedhoulas Farmer | 82,500 | 2024 | China | Spot | $ | 20,000 | 5.00 | % | November 2024 | November 2024 | |||||||
| Pedhoulas Fighter | 82,500 | 2024 | China | Spot | $ | 16,500 | 5.00 | % | October 2024 | November 2024 | |||||||
| Post-Panamax | |||||||||||||||||
| Marina | 87,000 | 2006 | Japan | Period18,25 | $ | 13,097 | 5.00 | % | January 2024 | December 2024 | |||||||
| Xenia | 87,000 | 2006 | Japan | Period18 | $ | 14,500 | 5.00 | % | October 2024 | March 2025 | |||||||
| Sophia | 87,000 | 2007 | Japan | Spot18,9 | $ | 9,720 | 5.00 | % | August 2024 | November 2024 | |||||||
| Eleni | 87,000 | 2008 | Japan | Spot18 | $ | 11,250 | 5.00 | % | September 2024 | November 2024 | |||||||
| Spot18 | $ | 13,000 | 5.00 | % | September 2024 | October 2024 | |||||||||||
| Martine | 87,000 | 2009 | Japan | Spot18 | $ | 19,500 | 5.00 | % | October 2024 | January 2025 | |||||||
| Andreas K | 92,000 | 2009 | South Korea | Spot18 | $ | 13,100 | 5.00 | % | August 2024 | November 2024 | |||||||
| Agios Spyridonas | 92,000 | 2010 | South Korea | Spot18 | $ | 12,250 | 5.00 | % | September 2024 | November 2024 | |||||||
| Spot18 | $ | 12,500 | 5.00 | % | November 2024 | December 2024 | |||||||||||
| Venus Heritage11 | 95,800 | 2010 | Japan | Drydocking | October 2024 | November 2024 | |||||||||||
| Period18 | $ | 17,950 | 5.00 | % | November 2024 | July 2025 | |||||||||||
| Venus History11 | 95,800 | 2011 | Japan | Spot18 | $ | 15,250 | 5.00 | % | September 2024 | November 2024 | |||||||
| Venus Horizon | 95,800 | 2012 | Japan | Period18 | $ | 18,000 | 5.00 | % | September 2024 | May 2025 | |||||||
| Venus Harmony | 95,700 | 2013 | Japan | Period | $ | 18,250 | 5.00 | % | January 2024 | December 2024 | |||||||
| Troodos Sun16 | 85,000 | 2016 | Japan | Period18 | $ | 18,000 | 5.00 | % | May 2024 | January 2025 | |||||||
| Troodos Air | 85,000 | 2016 | Japan | Spot18,24 | $ | 9,600 | 5.00 | % | October 2024 | December 2024 | |||||||
| Troodos Oak | 85,000 | 2020 | Japan | Spot | $ | 14,500 | 5.00 | % | October 2024 | December 2024 | |||||||
| Climate Respect | 87,000 | 2022 | Japan | Period | $ | 22,400 | 5.00 | % | May 2024 | May 2025 | |||||||
| Climate Ethics | 87,000 | 2023 | Japan | Spot | $ | 16,000 | 5.00 | % | October 2024 | December 2024 | |||||||
| Climate Justice | 87,000 | 2023 | Japan | Period | $ | 21,500 | 5.00 | % | July 2023 | June 2025 | |||||||
| Capesize | |||||||||||||||||
| Mount Troodos | 181,400 | 2009 | Japan | Period18,34 | $ | 20,000 | 5.00 | % | July 2024 | May 2026 | |||||||
| Kanaris | 178,100 | 2010 | China | Period 5 | $ | 25,928 | 2.50 | % | September 2011 | September 2031 | |||||||
| Pelopidas | 176,000 | 2011 | China | Period18,27 | $ | 25,250 | 3.75 | % | June 2022 | May 2025 | |||||||
| Aghia Sofia10 | 176,000 | 2012 | China | Period18,17 | $ | 26,000 | 5.00 | % | July 2024 | February 2026 | |||||||
| Lake Despina 7 | 181,400 | 2014 | Japan | Period18,6 | $ | 25,200 | 3.75 | % | February 2022 | December 2024 | |||||||
| $ | 25,911 | 3.75 | % | December 2024 | July 2028 | ||||||||||||
| Stelios Y | 181,400 | 2012 | Japan | Period18,15 | $ | 24,400 | 3.75 | % | November 2021 | January 2025 | |||||||
| Period18,29 | BCI 5TC * | 3.75 | % | November 2024 | February 2027 | ||||||||||||
| Maria | 181,300 | 2014 | Japan | Period18,30 | $ | 25,950 | 5.00 | % | April 2024 | March 2028 | |||||||
| Michalis H | 180,400 | 2012 | China | Period18,21 | $ | 23,000 | 3.75 | % | September 2022 | July 2025 | |||||||
| TOTAL | 4,641,600 | ||||||||||||||||
| CHARTERED-IN | |||||||||||||||||
| Arethousa33 | 75,000 | 2012 | Japan | Spot | $ | 13,800 | 5.00 | % | October 2024 | November 2024 | |||||||
| TOTAL | 75,000 | ||||||||||||||||
| Orderbook | |||||||||||||||||
| TBN | 82,000 | Q2 2025 | Japan | ||||||||||||||
| TBN | 81,800 | Q2 2026 | Japan | ||||||||||||||
| TBN | 81,800 | Q3 2026 | Japan | ||||||||||||||
| TBN | 81,200 | Q4 2026 | China | ||||||||||||||
| TBN | 81,800 | Q4 2026 | Japan | ||||||||||||||
| TBN | 81,200 | Q1 2027 | China | ||||||||||||||
| TBN | 81,800 | Q1 2027 | Japan | ||||||||||||||
| TOTAL | 571,800 | ||||||||||||||||
(1) For existing vessels, the year represents the year built. For any newbuilds, the date shown reflects the expected delivery dates.
(2) Quoted charter rates are the recognized daily gross charter rates. For charter parties with variable rates among periods or consecutive charter parties with the same charterer, the recognized gross daily charter rate represents the weighted average gross daily charter rate over the duration of the applicable charter period or series of charter periods, as applicable. In the case of a charter agreement that provides for additional payments, namely ballast bonus to compensate for vessel repositioning, the gross daily charter rate presented has been adjusted to reflect estimated vessel repositioning expenses. Gross charter rates are inclusive of commissions. Net charter rates are charter rates after the payment of commissions. In the case of voyage charters, the charter rate represents revenue recognized on a pro rata basis over the duration of the voyage from load to discharge port less related voyage expenses.
(3) Commissions reflect payments made to third-party brokers or our charterers.
(4) The start dates listed reflect either actual start dates or, in the case of contracted charters that had not commenced as of November 1, 2024, the scheduled start dates. Actual start dates and redelivery dates may differ from the referenced scheduled start and redelivery dates depending on the terms of the charter and market conditions and does not reflect the options to extend the period time charter.
(5) Charterer of MV Kanaris agreed to reimburse us for part of the cost of the scrubbers and BWTS installed on the vessel, which is recorded by increasing the recognized daily charter rate by
(6) A period time charter for a duration of 3 years at a gross daily charter rate of
(7) MV Lake Despina was sold and leased back in April 2021 on a bareboat charter basis for a period of seven years with a purchase option in favor of the Company five years and six months following the commencement of the bareboat charter period at a predetermined purchase price.
(8) MV Vassos was sold and leased back in May 2022 on a bareboat charter basis for a period of ten years with a purchase option in favor of the Company three years following the commencement of the bareboat charter period and a purchase obligation at the end of the bareboat charter period, all at predetermined purchase prices.
(9) A spot time charter at a daily gross charter rate of
(10) MV Aghia Sofia was sold and leased back in September 2022 on a bareboat charter basis, for a period of five years with purchase options in favor of the Company commencing three years following the commencement of the bareboat charter period and a purchase obligation at the end of the bareboat charter period, all at predetermined purchase prices.
(11) MV Zoe, MV Kypros Land, MV Venus Heritage and MV Venus History were sold and leased back in November 2019, on a bareboat charter basis, one for a period of eight years and three for a period of seven and a half years, with a purchase option in favor of the Company five years and nine months following the commencement of the bareboat charter period at a predetermined purchase price.
(12) A period time charter of five years at a daily gross charter rate of
(13) A period time charter of five years at a daily gross charter rate of
(14) MV Pedhoulas Cedrus was sold and leased back in February 2021 on a bareboat charter basis for a period of ten years with a purchase option in favor of the Company three years following the commencement of the bareboat charter period and a purchase obligation at the end of the bareboat charter period, all at predetermined purchase prices.
(15) A period time charter for a duration of 3 years at a gross daily charter rate of
(16) MV Troodos Sun was sold and leased back in September 2021 on a bareboat charter basis for a period of ten years, with purchase options in favor of the Company commencing three years following the commencement of the bareboat charter period and a purchase obligation at the end of the bareboat charter period, all at predetermined purchase prices.
(17) A period time charter for a duration of 18 to 21 months at a gross daily charter rate of
(18) Scrubber benefit was agreed on the basis of consumption of heavy fuel oil and the price differential between the heavy fuel oil and the compliant fuel cost for the voyage and is not included on the daily gross charter rate presented.
(19) A period time charter for a duration of 10 to 13 months at a daily gross charter rate of
(20) MV Pedhoulas Trader was sold and leased back in September 2023 on a bareboat charter basis for a period of ten years with a purchase option in favor of the Company three years following the commencement of the bareboat charter period and a purchase obligation at the end of the bareboat charter period, all at predetermined purchase prices.
(21) A period time charter for a minimum duration of three years at a gross daily charter rate of
(22) A period time charter for a duration of 9 to 12 months at a gross daily charter rate of
(23) A spot time charter at a daily gross charter rate of
(24) A spot time charter at a daily gross charter rate of
(25) A period time charter for a duration of 11 to 13 months at a daily gross charter rate of
(26) A period time charter for a duration of 10 to 12 months at a gross daily charter rate of
(27) A period time charter for a duration of three years at a gross daily charter rate of
(28) A period time charter for a duration of 9 to 12 months at a gross daily charter rate of
(29) A period time charter for a duration of two and a half years at a gross daily charter rate linked to the BCI 5TC times
(30) A period time charter for a duration of 48 to 60 months at a gross daily charter rate of
(31) MV Rizokarpaso was sold and leased back in November 2023 on a bareboat charter basis for a period of ten years with a purchase option in favor of the Company three years following the commencement of the bareboat charter period and a purchase obligation at the end of the bareboat charter period, all at predetermined purchase prices.
(32) MV Ammoxostos was sold and leased back in January 2024 on a bareboat charter basis for a period of ten years with a purchase option in favor of the Company three years following the commencement of the bareboat charter period and a purchase obligation at the end of the bareboat charter period, all at predetermined purchase prices.
(33) In March 2023, the Company entered into an agreement to sell MV Efrossini, a 2012 Japanese-built, Panamax class vessel to an unaffiliated third party at a gross sale price of
(34) A period time charter for a duration of 22 to 26 months at a gross daily charter rate of
About Safe Bulkers, Inc.
The Company is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes for some of the world’s largest users of marine drybulk transportation services. The Company’s common stock, series C preferred stock and series D preferred stock are listed on the NYSE, and trade under the symbols “SB”, “SB.PR.C” and “SB.PR.D”, respectively.
Forward-Looking Statements
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and in Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, the Company’s growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters. Words such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, business disruptions due to natural disasters or other events, such as the recent COVID-19 pandemic, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the demand for drybulk vessels, competitive factors in the market in which the Company operates, changes in TCE rates, changes in fuel prices, risks associated with operations outside the United States, general domestic and international political conditions, uncertainty in the banking sector and other related market volatility, disruption of shipping routes due to political events, risks associated with vessel construction and other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertakings to release any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
For further information please contact:
Company Contact:
Dr. Loukas Barmparis
President
Safe Bulkers, Inc.
Tel.: +30 21 11888400
+357 25 887200
E-Mail:directors@safebulkers.com
Investor Relations / Media Contact:
Nicolas Bornozis, President
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, N.Y. 10169
Tel.: (212) 661-7566
Fax: (212) 661-7526
E-Mail: safebulkers@capitallink.com
FAQ
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