Safe Bulkers, an international provider of marine dry bulk transportation services, announced its unaudited financial results for the three and twelve month periods ended December 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 data | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Twelve Months 2024 | Twelve Months 2023 |
| Net revenues | 71.5 | 75.9 | 78.5 | 81.7 | 82.3 | 307.6 | 284.4 |
| Net income | 19.4 | 25.1 | 27.6 | 25.3 | 27.6 | 97.4 | 77.4 |
| Adjusted Net income1 | 18.1 | 19.0 | 20.3 | 24.2 | 29.5 | 81.6 | 70.2 |
| EBITDA2 | 41.9 | 47.4 | 49.2 | 47.9 | 48.8 | 186.4 | 156.2 |
| Adjusted EBITDA 2 | 40.7 | 41.3 | 41.8 | 46.8 | 50.7 | 170.7 | 149.0 |
| Earnings per share basic and diluted3 | 0.16 | 0.22 | 0.24 | 0.21 | 0.23 | 0.83 | 0.61 |
| Adjusted earnings per share basic and diluted 3 | 0.15 | 0.16 | 0.17 | 0.20 | 0.25 | 0.68 | 0.55 |
| Average daily results in U.S. Dollars | |||||||
| Time charter equivalent rate4 | 16,521 | 17,108 | 18,650 | 18,158 | 18,321 | 17,602 | 16,579 |
| Daily vessel operating expenses5 | 5,047 | 5,311 | 6,254 | 5,442 | 4,642 | 5,510 | 5,494 |
| Daily vessel operating expenses excluding dry-docking and pre-delivery expenses6 | 4,787 | 4,999 | 5,089 | 5,038 | 4,232 | 4,978 | 4,818 |
| Daily general and administrative expenses7 | 1,650 | 1,680 | 1,595 | 1,513 | 1,473 | 1,609 | 1,464 |
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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 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
| Total cash8 | 135.9 | 92.6 | 81.6 | 87.1 | 98.8 |
| Undrawn revolving credit facilities9 | 140.2 | 225.0 | 179.5 | 129.2 | 131.5 |
| Financing commitments10 | — | — | — | — | 55.5 |
| Unsecured debt11 | 102.6 | 110.2 | 105.6 | 106.2 | 108.6 |
| Secured debt12 | 434.0 | 379.6 | 385.5 | 419.0 | 398.6 |
| Total debt13 | 536.6 | 489.8 | 491.1 | 525.3 | 507.2 |
| Number of vessels at period end | 46 | 45 | 45 | 47 | 46 |
| Average age of fleet | 9.99 | 9.95 | 9.99 | 10.04 | 10.19 |
| Net debt per vessel14 | 8.7 | 8.8 | 9.1 | 9.3 | 8.9 |
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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.
Management Commentary
Dr. Loukas Barmparis, President of the Company, said: “We are earning premium charter rates for our environmentally upgraded vessels and benefiting from our capes that have period time charters. However, the charter market weakened during the fourth quarter of 2024 and impacted our revenues and profitability. In this environment our Company maintains a strong capital structure, and has declared a five cents per share dividend, rewarding our common shareholders.”