Safe Bulkers posts higher profit in Q1

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Safe Bulkers, an international provider of marine drybulk transportation services, announced its unaudited financial results for the three month periods ended March 31, 2024. The Board of Directors of the Company also declared a cash dividend of $0.05 per share of outstanding common stock.

Financial highlights    
In million U.S. Dollars except per share dataQ1 2024Q4 2023Q3 2023Q2 2023Q1 2023
Net revenues81.782.364.770.6      66.8
Net income      25.327.615.015.4      19.3
Adjusted Net income1      24.229.511.115.3      14.2
EBITDA2      47.948.834.834.4      38.2
Adjusted EBITDA 2      46.850.730.934.3      33.1
Earnings per share basic and diluted3      0.210.230.120.12      0.15
Adjusted earnings per share basic and diluted 3      0.200.250.080.12      0.10
      
      
Average daily results in U.S. Dollars    
Time charter equivalent rate4  18,15818,32114,86117,271  15,760
Daily vessel operating expenses5    5,4424,6425,3576,477    5,550
Daily vessel operating expenses excluding dry-docking and pre-delivery expenses6    5,0384,2324,7205,224    5,132
Daily general and administrative expenses7    1,5131,4731,4531,435    1,493
      

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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. DollarsQ1 2024Q4 2023Q3 2023Q2 2023Q1 2023
Total cash8      87.198.883.388.5      98.7
Undrawn revolving credit facilities9    129.2131.5148.0128.5    109.0
Financing commitments10         —55.551.080.7    148.2
Unsecured debt11    107.9108.6103.8106.7    106.5
Secured debt12    426.4398.6336.9339.0    316.0
Total debt13    534.3507.2440.7445.7    422.5
Number of vessels at period end         47464545         44
Average age of fleet    10.0410.1910.5910.60    10.59
Net debt per vessel14        9.58.97.97.9        7.4

Management Commentary

Dr. Loukas Barmparis, President of the Company, said: “During the first quarter of 2024, we operated in a relatively stronger market compared to the previous year. Having comfortable liquidity and leverage, and consistent with our ESG strategy, we placed an additional order for a Phase 3 newbuild, continued the renewal of our fleet by selling three of our older vessels, repurchased 4.9 million shares of our common stock and at the same time declared a dividend of five cents per share of common stock. We are focused to create long-term value for our shareholders by maintaining a strong capital structure together with the development of a young, modern and energy efficient fleet, with operational competitive advantage ahead of forthcoming stringent environmental regulations.”