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 six months
periods ended June 30, 2021.
Financial highlights |
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In million U.S. Dollars except per share data |
Q2 2021 |
Q1 2021 |
Q4 2020 |
Q3 2020 |
Q2 2020 |
Six Months 2021 |
Six Months 2020 |
Net Revenues |
81.6 |
|
62.5 |
|
52.2 |
|
51.9 |
|
48.3 |
|
144.1 |
|
94.0 |
|
Net income/(loss) |
32.4 |
|
21.3 |
|
7.6 |
|
3.3 |
|
(13.9 |
) |
53.8 |
|
(23.8 |
) |
Adjusted Net income/(loss)1 |
36.3 |
|
16.7 |
|
7.7 |
|
3.5 |
|
(13.3 |
) |
52.9 |
|
(23.5 |
) |
EBITDA2 |
50.2 |
|
39.3 |
|
26.2 |
|
22.1 |
|
5.7 |
|
89.5 |
|
15.4 |
|
Adjusted EBITDA 2 |
54.1 |
|
34.6 |
|
26.3 |
|
22.3 |
|
6.3 |
|
88.7 |
|
15.7 |
|
Earnings/(loss) per share basic and diluted 3 |
0.27 |
|
0.18 |
|
0.04 |
|
0.00 |
|
(0.16 |
) |
0.45 |
|
(0.29 |
) |
Adjusted earnings/(loss) per share basic and diluted 3 |
0.31 |
|
0.14 |
|
0.04 |
|
0.00 |
|
(0.16 |
) |
0.45 |
|
(0.29 |
) |
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Average Daily results in U.S. Dollars |
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Time charter equivalent rate4 |
21,098 |
|
15,567 |
|
12,319 |
|
12,575 |
|
8,094 |
|
18,321 |
|
8,585 |
|
Daily vessel operating expenses5 |
4,874 |
|
4,702 |
|
3,978 |
|
4,896 |
|
4,729 |
|
4,788 |
|
4,750 |
|
Daily vessel operating expenses excluding dry-docking and
pre-delivery expenses6 |
4,568 |
|
4,358 |
|
3,955 |
|
4,459 |
|
4,207 |
|
4,463 |
|
4,246 |
|
Daily general and administrative expenses7 |
1,488 |
|
1,440 |
|
1,469 |
|
1,418 |
|
1,374 |
|
1,464 |
|
1,373 |
|
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In million U.S. Dollars |
|
|
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Total Cash8 |
127.4 |
|
130.1 |
|
124.0 |
|
106.7 |
|
118.8 |
|
|
|
Revolving credit facilities9 |
67.0 |
|
6.6 |
|
1.0 |
|
3.0 |
|
1.0 |
|
|
|
Financing Commitments10 |
54.7 |
|
54.7 |
|
46.2 |
|
0.0 |
|
0.0 |
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Total Debt11 |
491.4 |
|
603.2 |
|
607.7 |
|
608.9 |
|
625.4 |
|
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|
_______________1 Adjusted Net income/(loss) is a non-GAAP
measure. Adjusted Net income/(loss) represents Net income/(loss)
before gain/(loss) on derivatives, early redelivery income,
impairment and loss on assets, loss on inventory valuation and
gain/(loss) on foreign currency. See Table 4.2 EBITDA is a non-GAAP
measure and represents Net income/(loss) plus net interest expense,
tax, depreciation and amortization. See Table 4. Adjusted EBITDA is
a non-GAAP measure and represents EBITDA before gain/(loss) on
derivatives, early redelivery cost, loss on inventory valuation
and, gain/(loss) on foreign currency. See Table 4.3 Earnings/(loss)
per share and Adjusted Earnings/(loss) per share represent Net
Income and Adjusted Net income less preferred dividend and
mezzanine equity measurement divided by the weighted average number
of shares respectively. See Table 4.4 Time charter equivalent rate,
or TCE rate, represents charter revenues less commissions and
voyage expenses divided by the number of available days. See Table
5.5 Daily vessel operating expenses are calculated by dividing
vessel operating expenses for the relevant period by ownership days
for such period. See Table 5.6 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. See Table 5.7 Daily general and administrative
expenses are calculated by dividing general and administrative
expenses for the relevant period by ownership days for such period.
See Table 5.8 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 Total
Debt represents Long-term debt plus Current portion of long-term
debt and Liability directly associated with assets held for sale,
net of deferred financing costs.
Management Commentary
Dr. Loukas Barmparis, President of the Company,
said: ''We are happy to present to our shareholders the financial
results for the second quarter 2021, with strong profitability,
reduced debt and substantial actions towards fleet renewal.''
Update on COVID-19, company's actions
and status
There has been a negative effect from the
COVID-19 pandemic on the Company's results of operations and
financial condition during the second quarter, due to higher crew
and related costs of about $1.1 million. Any future impact of
COVID-19 on the Company’s results of operations and financial
condition and any long-term impact of the pandemic on the dry bulk
industry, will depend on future developments, which are highly
uncertain and cannot be predicted, including new waves of the
pandemic and any new potential restrictions imposed as a result of
the virus, new information which may emerge concerning the severity
of the virus and/or actions taken to contain or treat its impact,
including distribution and effectiveness of the vaccines, as well
as political implications that could further impact world trade and
global growth.
The COVID-19 pandemic has had a significant
impact on the shipping industry and seafarers in general, as port
lockdowns were imposed globally during 2020 and 2021. The Company
has worked extensively to find solutions focusing on effectively
managing crew changes despite the ongoing port closures and travel
restrictions imposed by governments around the world. The Company
has also taken measures to protect its seafarers' and shore
employees' health and well-being, keep its vessels sailing with
minimal disruption to their trading ability, service its charterers
and mitigate and address the risks, effects and impact of COVID-19
on its operations and financial performance.
At-the-market equity offering
program
In August 2020, the Company filed a prospectus
supplement with the Securities and Exchange Commission (“SEC”),
under which it could offer and sell shares of its common stock
(“Shares”) from time to time up to aggregate sales proceeds of
$23.5 million through an “at-the-market” equity offering program
(the “ATM Program”).
In May 2021, the Company filed a supplement to
its prospectus supplement to increase the capacity under the ATM
Program to allow for sales of Shares for aggregate gross offering
proceeds of up to $100.0 million under the ATM Program. As of June
30, 2021, the Company had sold 17,271,006 shares of common stock
under the ATM Program with aggregate net offering proceeds to the
Company of $61.5 million. Shares of common stock with aggregate
sales proceeds of up to approximately $38.5 million remain
available for sale.
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 flow, while the vessels we deploy in the
spot market allow us to maintain our flexibility in low charter
market conditions and provide an opportunity for a potential upside
in our revenue when charter market conditions improve.
During the second quarter of 2021, we operated
41.49 vessels on average earning a TCE12 of $21,098 compared to
41.82 vessels earning a TCE of $8,094 during the same period in
2020. Our contracted employment profile is presented below in Table
1._______________12 Time Charter Equivalent (“TCE”) rate represents
charter revenues net of commissions and voyage expenses divided by
the number of available days.
Table 1: Contracted employment profile of
fleet ownership days as of July 23, 2021
2021 (remaining) |
75% |
2021 (full year) |
89% |
2022 |
33% |
2023 |
17% |
The detailed employment profile of our fleet is
presented in Table 6.
Fleet update
As of July 23, 2021, the orderbook of the
Company consisted of eight Japanese, dry-bulk newbuilds of which
five were Kamsarmax class vessels and three were Post-Panamax class
vessels, with scheduled deliveries of two within 2022, four within
2023 and two within 2024. All eight newbuild vessels are designed
to meet the Phase 3 requirements of Energy Efficiency Design Index
related to the reduction of green house gas emissions (''GHG -EEDI
Phase 3'') as adopted by the International Maritime Organization,
("IMO") and also comply with the latest NOx emissions regulation,
NOx-Tier III (IMO, MARPOL Annex VI, reg. 13).
As of July 23, 2021 the Company had entered into
agreements to acquire one second-hand Panamax class vessel and to
sell six vessels, of which four were Panamax and two were Kamsarmax
class vessels.
In more detail:
Orderbook
In October 2020, the Company entered into an
agreement for the acquisition of one 82,000 dwt, Kamsarmax class
newbuild vessel.
In December 2020, the Company entered into an
agreement for the acquisition of one 87,000 dwt, Post-Panamax class
newbuild vessel.
In May 2021, the Company entered into an
agreement for the acquisition of two 87,000 dwt, Post-Panamax class
newbuild vessels.
In June 2021, the Company entered into an
agreement for the acquisition of one 82,000 dwt, Kamsarmax class
newbuild vessel.
In July 2021, the Company entered into an
agreement for the acquisition of three 82,000 dwt, Kamsarmax class
newbuild vessels.
Second-hand acquisitions
In March 2021, the Company took delivery of MV
Paraskevi 2, a 2011-built Japanese Panamax class vessel at a gross
price of $14.1 million.
In June 2021, the Company entered into an
agreement for the acquisition of the 2013-built Japanese Panamax
class MV Koulitsa 2, at a gross price of $22.0 million which was
delivered to us on July 26, 2021. The purchase was funded by the
cash reserves of the Company.
Vessel sales
In January 2021, the Company entered into an
agreement for the sale of the Panamax class MV Paraskevi, built
2003, at a gross sale price of $7.3 million. The vessel was
delivered to her new owners in April 2021.
In January 2021, the Company entered into an
agreement for the sale of the Panamax class MV Vassos, built 2004,
at a gross sale price of $8.7 million. The vessel was delivered to
her new owners in May 2021.
In May 2021, the Company entered into an
agreement for the sale of the Kamsarmax class MV Pedhoulas Builder,
built 2012, at a gross sale price of $22.5 million. The vessel was
delivered to her new owners in in June 2021.
In May 2021, the Company entered into an
agreement for the sale of the Kamsarmax class MV Pedhoulas Farmer,
built 2012, at a gross sale price of $22.0 million. The sale is
expected to be consummated in September 2021.
In May 2021, the Company entered into an
agreement for the sale of the Panamax class MV Maria, built 2003,
at a gross sale price of $12.0 million. The sale is expected to be
consummated in August 2021.
In June 2021, the Company entered into an
agreement for the sale of the Panamax class MV Koulitsa, built
2003, at a gross sale price of $13.6 million. The sale is expected
to be consummated in October 2021.
New credit facility
In June 2021, the Company entered into a credit
facility of $70.0 million with a five-year tenor, comprising of a
term loan tranche of $30.0 million and a reducing revolving credit
facility tranche providing for a draw down capacity of up to $40.0
million, with respect to seven vessels. The agreement contained
financial covenants in line with the existing loan and credit
facilities of the Company. The proceeds from the credit facility
refinanced loan facilities of $64.3 million maturing in 2023, in
respect of eight vessels, seven of which secure the new credit
facility and one of which remained debt free. We do not intend to
utilize the full capacity of the revolving credit facility tranche
at this time. The refinancing transaction was evaluated and
approved by the Board of Directors of the Company, excluding an
independent member of the Board of the Company, who serves as the
Chief Executive Officer of the financial institution that is the
lender in the transaction.
Debt Profile
As of June 30, 2021, our consolidated debt
before deferred financing costs was $496.1 million. The loan
repayment schedule of the Company as of June 30, 2021, is presented
below in Table 2.
During the second quarter of 2021, we voluntary
prepaid debt in relation to vessels sales or debt refinancing in
the aggregate amount of $182.3 million, made scheduled principal
payments of $9.7 million and had loan drawdowns of $80.5
million.
Table 2: Loan repayment
Schedule(in USD millions)
Ending December 31, |
2021 |
2022 |
2023 |
2024 |
2025 |
2026 |
2027 |
2028-2031 |
Total |
June 30, 2021 |
31.3 |
46.2 |
76.0 |
168.0 |
62.9 |
56.9 |
43.5 |
11.3 |
496.1 |
Liquidity, capital expenditure
requirements and debt as of June 30, 2021
We had $127.4 million in cash, cash equivalents,
bank time deposits and restricted cash, $67.0 million in undrawn
borrowing capacity available under revolving reducing credit
facilities and $54.7 million in secured commitments for loan and
sale and lease back agreements, in relation to two newbuild vessels
and refinancing of one existing vessel. Furthermore, excluding the
vessels committed for sale, we have additional borrowing capacity
in relation to one unencumbered existing vessel and to three
newbuilds upon their delivery.
We had a fleet of 40 vessels, three of which
have been committed to be sold but have not yet been delivered to
their new owners. In addition, the Company had committed to the
purchase of a second-hand Panamax, and had placed orders for five
newbuild vessels.
The remaining capital expenditure requirements
were $151.0 million in aggregate, consisting of $130.9 million in
relation to the five newbuild vessels, $17.6 million in relation to
the second-hand acquisition and $2.5 million in relation to one
exhaust gas cleaning device (‘Scrubber’) and ballast water
treatment systems (‘BWTS’) retrofits. The schedule of payments of
the remaining capital expenditure requirements is $19.4 million in
2021, $57.4 million in 2022, and $74.2 million in 2023.
The remaining proceeds in relation to committed
sale of the three vessels were $47.6 million.
We had $496.1 million of outstanding
consolidated debt before deferred financing costs, reduced from
$607.6 million as of March 31, 2021.
Liquidity, capital expenditure
requirements and debt as of July 23, 2021
We had $115.6 million in cash, cash equivalents,
bank time deposits, restricted cash, $67.0 million in undrawn
borrowing capacity available under revolving credit facilities and
$54.7 million in secured commitments for loan and sale and lease
back agreements, in relation to two newbuild vessels and
refinancing of one existing vessel. Furthermore, excluding the
vessels committed for sale, we have additional borrowing capacity
in relation to one unencumbered existing vessel and to six
newbuilds upon their delivery.
We had a fleet of 40 vessels, three of which
have been committed to be sold but have not yet been delivered to
their new owners. In addition, the Company had committed the
purchase of one second-hand Panamax vessel, and had placed orders
for eight newbuild vessels.
The remaining capital expenditure requirements
were $230.0 million in aggregate, consisting of $210.0 million in
relation to the eight newbuild vessels, $17.6 million in relation
to the second-hand acquisition and $2.4 million in relation to one
exhaust gas cleaning device (‘Scrubber’) and ballast water
treatment systems (‘BWTS’) retrofits. The schedule of payments of
the remaining capital expenditure requirements is $19.3 million
were payable in 2021, $57.4 million in 2022, and $107.1 million in
2023 and $46.2 million in 2024.
The remaining proceeds in relation to committed
sale of the three vessels were $47.6 million.
We had $482.2 million of outstanding
consolidated debt before deferred financing costs, reduced from
$496.1 million as of June 30, 2021.
Derivatives
In May 2021, the Company entered into a
pay-fixed, receive-variable interest rate derivative contract
commencing in May 2021 and maturing in May 2026, at a fixed rate of
0.95% and for a notional amount of $50.0 million. As of June 30,
2021, the aggregate notional amount of outstanding interest rate
derivative contracts was $323.0 million or about 65% of the
aggregate debt outstanding at that date.
During the second quarter the Company entered
into forward freight agreements on the Panamax index for 90 days in
aggregate for the period to June 2022, with the objective of
reducing the risk arising from the volatility in the charter
rates.
Subsequently, in July 2021, the Company entered
into two pay-fixed, receive-variable interest rate derivative
contracts commencing July 2021 and maturing July 2026: i) at a
fixed rate of 0.829% for a notional amount of $10.0 million and ii)
at a fixed rate of 0.77% for a notional amount of $20.0 million. As
of July 23, 2021, the aggregate notional amount of outstanding
interest rate derivative contracts was $353.0 million or about 73%
of the aggregate debt outstanding at that date.
Environmental Social Responsibility -
Environmental investments - Dry-dockings
The Company continues the retrofit of its
vessels with ballast water treatment systems, having installed such
systems on 31 of its vessels as of June 30, 2021. In February 2021,
the Company entered into an agreement for an additional scrubber
installation in one of its Capesize class vessels, during the
fourth quarter of 2021.
The Company has not scheduled dry-dockings for the third quarter
of 2021 and has scheduled five dry-dockings for the fourth quarter
2021 with an estimated number of 120 down-time days.
Dividend Policy
The Company has not declared a dividend on the
Company’s common stock for the second quarter of 2021. The Company
had 119,488,328 shares of common stock issued and outstanding as of
July 23, 2021.
The Company declared a cash dividend of $0.50
per share on each of its 8.00% Series C Cumulative Redeemable
Perpetual Preferred Shares (NYSE: SB.PR.C) and 8.00% Series D
Cumulative Redeemable Perpetual Preferred Shares (NYSE: SB.PR.D)
for the period from April 20, 2021 to July 29, 2021, which is
scheduled to be paid on July 30, 2021 to the respective
shareholders of record as of July 23, 2021.
The declaration and payment of dividends, if
any, will always be subject to the discretion of the Board of
Directors of the Company. The timing and amount of any dividends
declared will depend on, among other things: (i) the Company’s
earnings, financial condition and cash requirements and available
sources of liquidity; (ii) decisions in relation to the Company’s
growth 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.
Conference Call
On Thursday, July 29, 2021 at 9:30 A.M.
Eastern Time, the Company’s management team will host a conference
call to discuss the Company’s financial results.
A telephonic replay of the conference and
accompanying slides will be available following the completion of
the call and will remain available until Wednesday, August 4, 2021.
To listen to the archived audio file, visit our website
www.safebulkers.com and click on Events & Presentations.
Slides and Audio Webcast
There will also be a live, and then archived,
webcast of the conference call, available through the Company’s
website (www.safebulkers.com). Participants in the live webcast
should register on the website approximately 10 minutes prior to
the start of the webcast.
Management Discussion of Second Quarter
2021 Results
During the second quarter of 2021, we operated
in an improved charter market environment compared to the first
quarter of 2021, with lower interest expenses, while our net
revenues of $81.6 million during the second quarter of 2021,
compared to $48.3 million for the same period in 2020, were further
increased by the earnings from scrubber fitted vessels and the
reduced voyage expenses. During the second quarter of 2021, we had
a TCE of $21,098 compared to a TCE of $8,094 during the same period
in 2020. The net income for the second quarter of 2021, reached
$32.4 million compared to net loss of $13.9 million during the same
period in 2020. In more detail the change in net income resulted
from the following main factors:
Net revenues: Net revenues increased by 69% to
$81.6 million for the second quarter of 2021, compared to $48.3
million for the same period in 2020, mainly due to the increased
TCE rate as a result of the improved market, assisted by the
additional revenues earned by our scrubber fitted vessels.
Voyage expenses: Voyage expenses decreased to
$3.4 million for the second quarter of 2021 compared to $18.6
million for the same period in 2020, as a net effect of decreased
vessel repositioning expenses, lower loss on bunkers sales and
reduced bunker consumption costs for scrubber fitted vessels under
charter agreements which provide for variable consideration based
on the bunker consumption.
Vessel operating expenses: Vessel operating
expenses increased by 2% to $18.4 million for the second quarter of
2021 compared to $18.0 million for the same period in 2020, as a
result of the combined effect of reduced dry-dockings and provision
of technical services and increased crew repatriation expenses due
to the COVID-19 pandemic. In more detail: i) spares decreased to
$2.2 million for the second quarter of 2021, compared to $2.3
million for the same period in 2020, ii) repairs and maintenance
decreased to $2.3 million compared to $3.5 million for the same
period in 2020, iii) dry docking expense decreased to $1.2 million
related to two fully and one partially completed drydockings during
the second quarter of 2021, compared to $1.8 million related to two
fully and two partially completed dry dockings for the same period
of 2020, iv) crew wages, repatriation and related costs increased
to $9.3 million for the second quarter of 2021 compared to $7.9
million for the same period in 2020 and v) stores and provisions
increased to $1.9 million for the second quarter of 2021, compared
to $1.6 million for the same period in 2020. The Company expenses
dry-docking and pre-delivery costs as incurred, which costs may
vary from period to period. Excluding dry-docking and pre-delivery
costs of $1.1 million and $2.0 million for the second quarter of
2021 and 2020, respectively, vessel operating expenses increased to
$17.2 million for the second quarter of 2021 compared to $16.0
million for the same period in 2020, mainly as a result of the
increased crew repatriation expenses due to the COVID-19
restrictions. Dry-docking expense is related to the number of
dry-dockings in each period and pre-delivery expenses to the number
of vessel deliveries and second hand acquisitions in each period.
Certain other shipping companies may defer and amortize dry-docking
expense and many do not include dry-docking expenses within vessel
operating expenses costs and present these separately.
Depreciation: Depreciation decreased by 3% to
$13.0 million for the second quarter of 2021, compared to $13.5
million for the same period in 2020, as a result of the cessation
of depreciation for the vessels Paraskevi and Vassos which were
classified as assets held for sale during the fourth quarter of
2020 and during the first quarter of 2021, respectively, and a
result of the cessation of depreciation for the vessels Pedhoulas
Builder, Pedhoulas Farmer, Koulitsa and Maria which were all
classified as assets held for sale during the second quarter of
2021, partially offset by the acquisition of the MV Paraskevi 2
during the first quarter of 2021 .
Interest expense: Interest expense decreased to
$4.1 million in the second quarter of 2021 compared to $5.9 million
for the same period in 2020, as a result of the reduction of the
outstanding loans as well as the decreased USD LIBOR affecting the
weighted average interest rate of our loans and credit
facilities.
Impairment and loss on assets: Loss on sale of
assets for the second quarter of 2021 amounted to $2.0 million,
compared to zero for the same period in 2020, as a result of a
non-cash loss of $1.8 million from the sale of MV Pedhoulas
Builder, of $0.1 million from the sale of MV Vassos and of $0.1
million from the sale of MV Paraskevi.
Daily vessel operating expenses: Daily vessel
operating expenses, calculated by dividing vessel operating
expenses by the ownership days of the relevant period, increased by
3% to $4,874 for the second quarter of 2021 compared to $4,729 for
the same period in 2020. Daily vessel operating expenses excluding
dry-docking and pre-delivery expenses increased by 9% to $4,568 for
the second quarter of 2021 compared to $4,207 for the same period
in 2020.
Daily general and administrative expenses14:
Daily general and administrative expenses, which include management
fees payable to our Managers and daily company administrations
expenses, increased by 8% to $1,488 for the second quarter of 2021,
compared to $1,374 for the same period in 2020, as a result of
strengthened exchange rate of Euro versus USD affecting our
management fees which are denominated in Euro, partly offset by the
decreased company administration expenses.
Balance sheet
Assets held for sale/Liabilities directly
associated with assets held for sale: As of June 30, 2021, we had
classified the assets and liabilities directly associated with the
vessels Maria, Koulitsa and Pedhoulas Farmer as assets held for
sale and presented them on the balance sheet separately under (a)
current assets in the amount of $38.0 million, which represents the
net book value of the vessels and their inventories, and (b)
liabilities directly associated with assets held for sale of $17.2
million, representing the outstanding balance of the credit
facility relating to the vessel Pedhoulas Farmer net of deferred
finance charges.
Unaudited Interim Financial Information
and Other Data
|
SAFE BULKERS, INC.CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)(In thousands of U.S. Dollars except
for share and per share data) |
|
|
|
|
|
Three-Months Period Ended June
30, |
|
Six-Months Period EndedJune
30, |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
REVENUES: |
|
|
|
|
|
|
|
Revenues |
50,054 |
|
|
84,963 |
|
|
97,640 |
|
|
150,185 |
|
Commissions |
(1,773 |
) |
|
(3,385 |
) |
|
(3,644 |
) |
|
(6,089 |
) |
Net revenues |
48,281 |
|
|
81,578 |
|
|
93,996 |
|
|
144,096 |
|
EXPENSES: |
|
|
|
|
|
|
|
Voyage expenses |
(18,583 |
) |
|
(3,430 |
) |
|
(31,787 |
) |
|
(7,806 |
) |
Vessel operating expenses |
(18,000 |
) |
|
(18,406 |
) |
|
(35,799 |
) |
|
(36,294 |
) |
Depreciation |
(13,459 |
) |
|
(13,006 |
) |
|
(26,565 |
) |
|
(26,330 |
) |
General and administrative expenses |
(5,230 |
) |
|
(5,618 |
) |
|
(10,345 |
) |
|
(11,097 |
) |
Impairment and loss on assets |
— |
|
|
(1,973 |
) |
|
— |
|
|
(3,393 |
) |
Early redelivery income |
— |
|
|
— |
|
|
— |
|
|
7,555 |
|
Operating (loss)/income |
(6,991 |
) |
|
39,145 |
|
|
(10,500 |
) |
|
66,731 |
|
OTHER (EXPENSE) /
INCOME: |
|
|
|
|
|
|
|
Interest expense |
(5,868 |
) |
|
(4,062 |
) |
|
(12,292 |
) |
|
(8,314 |
) |
Other finance cost |
(206 |
) |
|
(73 |
) |
|
(359 |
) |
|
(224 |
) |
Interest income |
135 |
|
|
19 |
|
|
519 |
|
|
52 |
|
Loss on derivatives |
(783 |
) |
|
(2,266 |
) |
|
(736 |
) |
|
(3,162 |
) |
Foreign currency gain/(loss) |
233 |
|
|
407 |
|
|
434 |
|
|
(175 |
) |
Amortization and write-off of deferred finance charges |
(401 |
) |
|
(724 |
) |
|
(896 |
) |
|
(1,144 |
) |
Net (loss)/income |
(13,881 |
) |
|
32,446 |
|
|
(23,830 |
) |
|
53,764 |
|
Less Preferred dividend |
2,874 |
|
|
2,746 |
|
|
5,746 |
|
|
5,571 |
|
Less/(Plus) Mezzanine equity measurement |
53 |
|
|
— |
|
|
135 |
|
|
(271 |
) |
Net (loss)/income available to common
shareholders |
(16,808 |
) |
|
29,700 |
|
|
(29,711 |
) |
|
48,464 |
|
(Loss)/earnings per share basic and
diluted |
(0.16 |
) |
|
0.27 |
|
|
(0.29 |
) |
|
0.45 |
|
Weighted average number of shares |
102,726,265 |
|
|
109,696,378 |
|
|
103,067,556 |
|
|
106,547,372 |
|
|
|
Six-Months Period EndedJune
30, |
|
|
2020 |
|
2021 |
(In millions of U.S.
Dollars) |
|
|
|
|
CASH FLOW
DATA |
|
|
|
|
Net cash provided by operating activities |
|
20.4 |
|
|
85.9 |
|
Net cash (used in)/provided by
investing activities |
|
(40.9 |
) |
|
11.7 |
|
Net cash provided by/(used in)
financing activities |
|
11.4 |
|
|
(83.2 |
) |
Net (decrease)/increase in
cash and cash equivalents |
|
(9.1 |
) |
|
14.4 |
|
|
|
|
|
|
|
|
SAFE BULKERS, INC.CONDENSED
CONSOLIDATED BALANCE SHEETS (UNAUDITED)(In
thousands of U.S. Dollars) |
|
|
|
December 31, 2020 |
|
June 30, 2021 |
ASSETS |
|
|
|
|
Cash, time deposits, and restricted cash |
|
105,218 |
|
|
115,211 |
|
Other current assets |
|
21,459 |
|
|
18,323 |
|
Assets held for sale |
|
8,057 |
|
|
37,981 |
|
Vessels, net |
|
942,164 |
|
|
859,960 |
|
Advances for vessels |
|
9,126 |
|
|
31,205 |
|
Restricted cash non-current |
|
18,754 |
|
|
12,150 |
|
Other non-current assets |
|
851 |
|
|
2,630 |
|
Total assets |
|
1,105,629 |
|
|
1,077,459 |
|
LIABILITIES AND EQUITY |
|
|
|
|
Current portion of long-term debt |
|
75,784 |
|
|
27,270 |
|
Liabilities directly associated with assets held for sale |
|
3,983 |
|
|
17,235 |
|
Other current liabilities |
|
24,948 |
|
|
23,256 |
|
Long-term debt, net of current portion |
|
531,883 |
|
|
446,923 |
|
Other non-current liabilities |
|
6,172 |
|
|
8,485 |
|
Mezzanine equity |
|
18,112 |
|
|
— |
|
Shareholders’ equity |
|
444,747 |
|
|
554,290 |
|
Total liabilities and equity |
|
1,105,629 |
|
|
1,077,459 |
|
|
|
|
|
|
|
|
TABLE 4 RECONCILIATION OF ADJUSTED NET
(LOSS)/INCOME, EBITDA, ADJUSTED EBITDA AND ADJUSTED (LOSS)/EARNINGS
PER SHARE |
|
|
|
Three-Months Period Ended June
30, |
|
Six-Months Period EndedJune
30, |
(In
thousands of U.S. Dollars except for share and per share data) |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
Adjusted Net
Income/(Loss) |
|
|
|
|
|
|
|
|
Net (Loss)/Income |
|
(13,881 |
) |
|
32,446 |
|
|
(23,830 |
) |
|
53,764 |
|
Plus
Impairment and loss on assets |
|
— |
|
|
1,973 |
|
|
— |
|
|
3,393 |
|
Plus Loss on derivatives |
|
783 |
|
|
2,266 |
|
|
736 |
|
|
3,162 |
|
Plus Foreign currency
(gain)/loss |
|
(233 |
) |
|
(407 |
) |
|
(434 |
) |
|
175 |
|
Less Early Redelivery
Income |
|
— |
|
|
— |
|
|
— |
|
|
(7,555 |
) |
Adjusted net
(loss)/income |
|
(13,331 |
) |
|
36,278 |
|
|
(23,528 |
) |
|
52,939 |
|
EBITDA - Adjusted EBITDA |
|
|
|
|
|
|
|
|
Net (loss)/income |
|
(13,881 |
) |
|
32,446 |
|
|
(23,830 |
) |
|
53,764 |
|
Plus Net
Interest expense |
|
5,733 |
|
|
4,043 |
|
|
11,773 |
|
|
8,262 |
|
Plus
Depreciation |
|
13,459 |
|
|
13,006 |
|
|
26,565 |
|
|
26,330 |
|
Plus
Amortization and write-off of deferred finance charges |
|
401 |
|
|
724 |
|
|
896 |
|
|
1,144 |
|
EBITDA |
|
5,712 |
|
|
50,219 |
|
|
15,404 |
|
|
89,500 |
|
Plus Impairment and loss on
assets |
|
— |
|
|
1,973 |
|
|
— |
|
|
3,393 |
|
Less Early Redelivery
Income |
|
— |
|
|
— |
|
|
— |
|
|
(7,555 |
) |
Plus Loss on derivatives |
|
783 |
|
|
2,266 |
|
|
736 |
|
|
3,162 |
|
Plus Foreign currency
(gain)/loss |
|
(233 |
) |
|
(407 |
) |
|
(434 |
) |
|
175 |
|
ADJUSTED EBITDA |
|
6,262 |
|
|
54,051 |
|
|
15,706 |
|
|
88,675 |
|
Earnings per share |
|
|
|
|
|
|
|
|
Net (loss)/income |
|
(13,881 |
) |
|
32,446 |
|
|
(23,830 |
) |
|
53,764 |
|
Less
Preferred dividend |
|
2,874 |
|
|
2,746 |
|
|
5,746 |
|
|
5,571 |
|
Less/(Plus) Mezzanine equity measurement |
|
53 |
|
|
— |
|
|
135 |
|
|
(271 |
) |
Net (loss)/income
available to common shareholders |
|
(16,808 |
) |
|
29,700 |
|
|
(29,711 |
) |
|
48,464 |
|
Weighted
average number of shares |
|
102,726,265 |
|
|
109,696,378 |
|
|
103,067,556 |
|
|
106,547,372 |
|
(Loss)/Earnings per share |
|
(0.16 |
) |
|
0.27 |
|
|
(0.29 |
) |
|
0.45 |
|
Adjusted
(Loss)/Earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net
(Loss)/Income |
|
(13,331 |
) |
|
36,278 |
|
|
(23,528 |
) |
|
52,939 |
|
Less
Preferred dividend |
|
2,874 |
|
|
2,746 |
|
|
5,746 |
|
|
5,571 |
|
Less/(Plus) Mezzanine equity
measurement |
|
53 |
|
|
— |
|
|
135 |
|
|
(271 |
) |
Adjusted Net (loss)/income
available to common shareholders |
|
(16,258 |
) |
|
33,532 |
|
|
(29,409 |
) |
|
47,639 |
|
Weighted
average number of shares |
|
102,726,265 |
|
|
109,696,378 |
|
|
103,067,556 |
|
|
106,547,372 |
|
Adjusted
(Loss)/Earnings per share |
|
(0.16 |
) |
|
0.31 |
|
|
(0.29 |
) |
|
0.45 |
|
EBITDA, Adjusted EBITDA, Adjusted Net income/(loss)
and Adjusted earnings/(loss) per share are not recognized
measurements under USGAAP.- EBITDA represents Net income before
interest, income tax expense, depreciation and amortization.-
Adjusted EBITDA represents EBITDA before loss on sale of assets,
loss on derivatives, early redelivery income and gain/(loss) on
foreign currency.- Adjusted Net income/(loss) represents Net
income/(loss) before impairment and loss on assets, loss on
derivatives, early redelivery income and gain/(loss) on foreign
currency.- Adjusted earnings/(loss) per share represents Adjusted
Net income/(loss) less preferred dividend and mezzanine equity
measurement divided by the weighted average number of shares.-
EBITDA, Adjusted EBITDA, Adjusted Net income/(loss) 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/(loss) and Adjusted
earnings/(loss) 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
assets, loss on derivatives, early redelivery income and
gain/(loss) on foreign currency and loss on inventory valuation,
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/(loss) and Adjusted
earnings/(loss) 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/(loss) and Adjusted earnings/(loss) per
share should not be construed as an inference that our future
results will be unaffected by the excluded items.
|
TABLE 5: FLEET DATA, AVERAGE DAILY INDICATORS
RECONCILIATION |
|
|
|
|
|
Three-Months Period Ended June
30, |
|
Six-Months Period EndedJune
30, |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
FLEET DATA |
|
|
|
|
|
|
|
Number of vessels at period’s
end |
42 |
|
|
40 |
|
|
42 |
|
|
40 |
|
Average age of fleet (in
years) |
9.60 |
|
|
10.27 |
|
|
9.60 |
|
|
10.27 |
|
Ownership days (1) |
3,806 |
|
|
3,776 |
|
|
7,537 |
|
|
7,580 |
|
Available days (2) |
3,669 |
|
|
3,704 |
|
|
7,246 |
|
|
7,439 |
|
Average number of vessels in
the period (3) |
41.82 |
|
|
41.49 |
|
|
41.41 |
|
|
41.88 |
|
AVERAGE DAILY RESULTS |
|
|
|
|
|
|
|
Time charter equivalent rate (4) |
$ |
8,094 |
|
|
$ |
21,098 |
|
|
$ |
8,585 |
|
|
$ |
18,321 |
|
Daily vessel operating
expenses (5) |
$ |
4,729 |
|
|
$ |
4,874 |
|
|
$ |
4,750 |
|
|
$ |
4,788 |
|
Daily vessel operating
expenses excluding dry-docking and pre-delivery expenses (6) |
$ |
4,207 |
|
|
$ |
4,568 |
|
|
$ |
4,246 |
|
|
$ |
4,463 |
|
Daily general and
administrative expenses (7) |
$ |
1,374 |
|
|
$ |
1,488 |
|
|
$ |
1,373 |
|
|
$ |
1,464 |
|
TIME CHARTER EQUIVALENT RATE
RECONCILIATION |
|
|
|
|
|
|
|
(In thousands of U.S. Dollars
except for available days and Time charter equivalent rate) |
|
|
|
|
|
|
|
Revenues |
$ |
50,054 |
|
|
$ |
84,963 |
|
|
$ |
97,640 |
|
|
$ |
150,185 |
|
Less commissions |
(1,773 |
) |
|
(3,385 |
) |
|
(3,644 |
) |
|
(6,089 |
) |
Less voyage expenses |
(18,583 |
) |
|
(3,430 |
) |
|
(31,787 |
) |
|
(7,806 |
) |
Time charter equivalent
revenue |
$ |
29,698 |
|
|
$ |
78,148 |
|
|
$ |
62,209 |
|
|
$ |
136,290 |
|
Available days (2) |
3,669 |
|
|
3,704 |
|
|
7,246 |
|
|
7,439 |
|
Time charter equivalent rate
(4) |
$ |
8,094 |
|
|
$ |
21,098 |
|
|
$ |
8,585 |
|
|
$ |
18,321 |
|
|
|
|
|
|
|
|
|
_____________
(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, drydockings, 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 or second hand 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 6: Detailed fleet and employment
profile as of July 23, 2021
Vessel Name |
|
Dwt |
|
YearBuilt 1 |
|
Country ofConstruction |
|
CharterType |
|
CharterRate
2 |
|
Commissions 3 |
|
Charter Period 4 |
CURRENT FLEET |
|
|
|
|
|
|
|
|
|
|
|
|
|
Panamax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maria 19 |
|
76,000 |
|
2003 |
|
Japan |
|
Spot |
|
$ |
25,000 |
|
|
3.75 |
% |
|
June 2021 |
August 2021 |
Koulitsa
20 |
|
76,900 |
|
2003 |
|
Japan |
|
Period |
|
$ |
19,000 |
|
|
5.00 |
% |
|
April 2021 |
September 2021 |
Katerina |
|
76,000 |
|
2004 |
|
Japan |
|
Period |
|
97.5% BPI 74 |
|
5.00 |
% |
|
December 2020 |
October 2021 |
|
|
|
|
Period |
|
$ |
23,000 |
|
|
5.00 |
% |
|
October 2021 |
March 2022 |
Maritsa |
|
76,000 |
|
2005 |
|
Japan |
|
Period |
|
97.5% BPI 74 |
|
3.75 |
% |
|
December 2020 |
October 2021 |
Paraskevi2 |
|
75,000 |
|
2011 |
|
Japan |
|
Period |
|
$ |
13,800 |
|
|
5.00 |
% |
|
April 2021 |
July 2022 |
Efrossini |
|
75,000 |
|
2012 |
|
Japan |
|
Period |
|
101.5% BPI 74 |
|
5.00 |
% |
|
December 2020 |
October 2021 |
Zoe
11 |
|
75,000 |
|
2013 |
|
Japan |
|
Period |
|
$ |
11,650 |
|
|
5.00 |
% |
|
September 2020 |
July 2021 |
|
|
|
|
Period |
|
104.25% BPI 74 |
|
5.00 |
% |
|
August 2021 |
May 2022 |
Kypros
Land 11 , 15 |
|
77,100 |
|
2014 |
|
Japan |
|
Period |
|
$ |
13,800 |
|
|
3.75 |
% |
|
August 2020 |
August 2022 |
|
|
|
|
|
BPI 82 5TC * 97% - $2,150 |
|
3.75 |
% |
|
August 2022 |
August 2025 |
Kypros
Sea 15 |
|
77,100 |
|
2014 |
|
Japan |
|
Period |
|
$ |
13,800 |
|
|
3.75 |
% |
|
July 2020 |
July 2022 |
|
|
|
|
|
BPI 82 5TC * 97% - $2,150 |
|
3.75 |
% |
|
July 2022 |
July 2025 |
Kypros
Bravery 14 |
|
78,000 |
|
2015 |
|
Japan |
|
Period |
|
$ |
11,750 |
|
|
3.75 |
% |
|
August 2020 |
August 2022 |
|
|
|
|
|
BPI 82 5TC * 97% - $2,150 |
|
3.75 |
% |
|
August 2022 |
August 2025 |
Kypros
Sky 9 , 14 |
|
77,100 |
|
2015 |
|
Japan |
|
Period |
|
$ |
11,750 |
|
|
3.75 |
% |
|
August 2020 |
August 2022 |
|
|
|
|
|
BPI 82 5TC * 97% - $2,150 |
|
3.75 |
% |
|
August 2022 |
August 2025 |
Kypros
Loyalty 14 |
|
78,000 |
|
2015 |
|
Japan |
|
Period |
|
$ |
11,750 |
|
|
3.75 |
% |
|
July 2020 |
July 2022 |
|
|
|
|
|
BPI 82 5TC * 97% - $2,150 |
|
3.75 |
% |
|
July 2022 |
July 2025 |
Kypros
Spirit 9, 15 |
|
78,000 |
|
2016 |
|
Japan |
|
Period |
|
$ |
13,800 |
|
|
3.75 |
% |
|
July 2020 |
July 2022 |
|
|
|
|
|
BPI 82 5TC * 97% - $2,150 |
|
3.75 |
% |
|
July 2022 |
July 2025 |
Kamsarmax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pedhoulas Merchant |
|
82,300 |
|
2006 |
|
Japan |
|
Period |
|
$ |
25,250 |
|
|
5.00 |
% |
|
June 2021 |
October 2021 |
Pedhoulas
Trader |
|
82,300 |
|
2006 |
|
Japan |
|
Period |
|
98% BPI 82 |
|
5.00 |
% |
|
February 2021 |
December 2021 |
Pedhoulas
Leader |
|
82,300 |
|
2007 |
|
Japan |
|
Period |
|
98% BPI 82 |
|
5.00 |
% |
|
December 2020 |
August 2021 |
Pedhoulas
Commander |
|
83,700 |
|
2008 |
|
Japan |
|
Period |
|
$ |
9,950 |
|
|
5.00 |
% |
|
June 2020 |
August 2021 |
|
|
|
|
Period |
|
$ |
20,500 |
|
|
5.00 |
% |
|
August 2021 |
July 2022 |
Pedhoulas
Fighter |
|
81,600 |
|
2012 |
|
China |
|
Period 12 |
|
$ |
19,700 |
|
|
5.00 |
% |
|
April 2021 |
November 2021 |
Pedhoulas
Farmer 5 |
|
81,600 |
|
2012 |
|
China |
|
Spot |
|
$ |
23,000 |
|
|
5.00 |
% |
|
April 2021 |
July 2021 |
Pedhoulas Cherry |
|
82,000 |
|
2015 |
|
China |
|
Period 13 |
|
$ |
23,000 |
|
|
5.00 |
% |
|
June 2021 |
March 2022 |
Pedhoulas Rose 6 |
|
82,000 |
|
2017 |
|
China |
|
Period 13 |
|
$ |
13,750 |
|
|
5.00 |
% |
|
December 2020 |
September 2021 |
Pedhoulas Cedrus18 |
|
82,000 |
|
2017 |
|
China |
|
Period |
|
$ |
27,800 |
|
|
3.75 |
% |
|
July 2021 |
May 2022 |
Post-Panamax |
|
|
|
|
|
|
|
|
|
|
|
|
|
Marina |
|
87,000 |
|
2006 |
|
Japan |
|
Spot12 |
|
$ |
34,000 |
|
|
5.00 |
% |
|
July 2021 |
August 2021 |
Xenia |
|
87,000 |
|
2006 |
|
Japan |
|
Period 12 |
|
$ |
20,750 |
|
|
5.00 |
% |
|
March 2021 |
September 2021 |
|
|
|
|
Period |
|
$ |
24,200 |
|
|
5.00 |
% |
|
September 2021 |
June 2022 |
Sophia |
|
87,000 |
|
2,007 |
|
Japan |
|
Spot |
|
$ |
27,250 |
|
|
5.00 |
% |
|
June 2021 |
July 2021 |
|
|
|
|
Spot |
|
$ |
25,000 |
|
|
5.00 |
% |
|
July 2021 |
September 2021 |
Eleni |
|
87,000 |
|
2008 |
|
Japan |
|
Spot12 |
|
$ |
27,850 |
|
|
5.00 |
% |
|
June 2021 |
August 2021 |
Martine |
|
87,000 |
|
2009 |
|
Japan |
|
Period13 |
|
$ |
15,100 |
|
|
5.00 |
% |
|
June 2021 |
August 2022 |
Andreas
K |
|
92,000 |
|
2009 |
|
South Korea |
|
Spot |
|
$ |
29,000 |
|
|
5.00 |
% |
|
June 2021 |
July 2021 |
|
|
|
|
Spot |
|
$ |
30,000 |
|
|
5.00 |
% |
|
July 2021 |
September 2021 |
Panayiota K 10 |
|
92,000 |
|
2010 |
|
South Korea |
|
Spot 13 |
|
$ |
34,500 |
|
|
5.00 |
% |
|
July 2021 |
August 2021 |
Agios
Spyridonas 10 |
|
92,000 |
|
2010 |
|
South Korea |
|
Spot |
|
$ |
30,850 |
|
|
3.75 |
% |
|
June 2021 |
August 2021 |
|
|
|
|
Spot |
|
$ |
31,500 |
|
|
3.75 |
% |
|
August 2021 |
September 2021 |
Venus Heritage 11 |
|
95,800 |
|
2010 |
|
Japan |
|
Spot 12 |
|
$ |
32,000 |
|
|
4.50 |
% |
|
June 2021 |
August 2021 |
Venus History 11 |
|
95,800 |
|
2011 |
|
Japan |
|
Spot13 |
|
$ |
32,500 |
|
|
5.00 |
% |
|
June 2021 |
August 2021 |
Venus Horizon |
|
95,800 |
|
2012 |
|
Japan |
|
Spot13 |
|
$ |
35,500 |
|
|
5.00 |
% |
|
July 2021 |
August 2021 |
Troodos Sun |
|
85,000 |
|
2016 |
|
Japan |
|
Spot |
|
BPI 82 5TC * 114% |
|
5.00 |
% |
|
June 2021 |
March 2023 |
Troodos Air |
|
85,000 |
|
2016 |
|
Japan |
|
Spot13 |
|
$ |
16,350 |
|
|
5.00 |
% |
|
March 2021 |
May 2022 |
Troodos Oak |
|
85,000 |
|
2020 |
|
Japan |
|
Spot |
|
$ |
29,400 |
|
|
3.75 |
% |
|
July 2021 |
May 2022 |
Capesize |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mount Troodos 16 |
|
181,400 |
|
2009 |
|
Japan |
|
Period 12 |
|
$ |
26,600 |
|
|
5.00 |
% |
|
April 2021 |
January 2022 |
Kanaris |
|
178,100 |
|
2010 |
|
China |
|
Period 7 |
|
$ |
25,928 |
|
|
2.50 |
% |
|
September 2011 |
September 2031 |
Pelopidas |
|
176,000 |
|
2011 |
|
China |
|
Period |
|
$ |
38,000 |
|
|
5.00 |
% |
|
January 2012 |
January 2022 |
Lake Despina 21 |
|
181,400 |
|
2014 |
|
Japan |
|
Period 8 |
|
BCI * 119% |
|
5.00 |
% |
|
February 2021 |
January 2022 |
TOTAL |
|
3,705,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Orderbook and Second-hand acquisition |
Koulitsa2 22 |
|
78,100 |
|
2013 |
|
Japan |
|
Period |
|
$ |
24,000 |
|
|
3.75 |
% |
|
July 2021 |
June 2022 |
TBN17 |
|
82,000 |
|
Q2 2022 |
|
Japan |
|
|
|
|
|
|
|
|
|
TBN |
|
82,000 |
|
Q4 2023 |
|
Japan |
|
|
|
|
|
|
|
|
|
TBN |
|
82,000 |
|
Q4 2023 |
|
Japan |
|
|
|
|
|
|
|
|
|
TBN |
|
82,000 |
|
Q1 2024 |
|
Japan |
|
|
|
|
|
|
|
|
|
TBN |
|
82,000 |
|
Q1 2024 |
|
Japan |
|
|
|
|
|
|
|
|
|
TBN |
|
87,000 |
|
Q3 2022 |
|
Japan |
|
|
|
|
|
|
|
|
|
TBN |
|
87,000 |
|
Q1 2023 |
|
Japan |
|
|
|
|
|
|
|
|
|
TBN |
|
87,000 |
|
Q2 2023 |
|
Japan |
|
|
|
|
|
|
|
|
|
(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
July 23, 2021, 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) MV Pedhoulas Farmer was sold and leased
back in 2015 on a bareboat charter basis for a period of 10 years,
with a purchase obligation at the end of the bareboat charter
period and purchase options in favor of the Company after the
second year of the bareboat charter, at annual intervals and
predetermined purchase prices. On May 7, 2021, the Company entered
into an agreement for the sale of MV Pedhoulas Farmer which sale is
expected to be consummated in September 2021.(6) MV Pedhoulas Rose
was sold and leased back, in 2017 on a bareboat charter basis for a
period of 10 years, with a purchase obligation at the end of the
bareboat charter period and purchase options in favor of the
Company after the second year of the bareboat charter, at annual
intervals and predetermined purchase prices.(7) Charterer agreed to
reimburse us for part of the cost of the scrubbers and BWTS to be
installed on the vessel, which is recorded by increasing the
recognized daily charter rate by $634 over the remaining tenor of
the time charter party.(8) A period time charter of 11 to 13 months
at a gross daily charter rate linked to the Baltic Exchange
Capesize Index (“BCI'') times 119%. (9) MV Kypros Sky and MV Kypros
Spirit were sold and leased back in December 2019 on a bareboat
charter basis for a period of eight 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.(10) MV Panayiota K and MV Agios
Spyridonas were sold and leased back in January 2020 on a bareboat
charter basis for a period of six 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) Scrubber benefit was agreed on the basis of
fuel consumption of heavy fuel oil and the price differential
between the heavy fuel oil and the compliant fuel cost for the
voyage and is included on the daily gross charter rate
presented.(13) Scrubber benefit was agreed on the basis of fuel
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.(14) A
period time charter of 5 years at a daily gross charter rate of
$11,750 for the first two years and a gross daily charter rate
linked to the BPI-82 5TC times 97% minus $2,150, for the remaining
period.(15) A period time charter of 5 years at a daily gross
charter rate of $13,800 for the first two years and a gross daily
charter rate linked to the BPI-82 5TC times 97% minus $2,150, for
the remaining period.(16) A period time charter at a gross daily
charter rate linked to the BCI' times 103.5% plus 80% of scrubber
benefit. (17) The newbuild vessel will be sold and leased back upon
delivery in 1H 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.(18) 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.(19) The
Company has entered an agreement to sell the vessel with expected
delivery to her new owners in August 2021. (20) The Company has
entered an agreement to sell the vessel with expected delivery to
her new owners in October 2021. (21) 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.(22) On June 16,
2021, the Company entered into an agreement for the acquisition of
the 2013-built Japanese Panamax class MV Koulitsa 2. The vessel was
delivered to the Company on July 26, 2021 and chartered for 11 to
14 months at a gross daily charter rate of $24,000.
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 StatementsThis
press release contains forward-looking statements (as defined in
Section 27A of the Securities Exchange Act of 1934, as amended, and
in Section 21E of the Securities Act of 1933, 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, risks
associated with operations outside the United States 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 undertaking 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
BarmparisPresidentSafe Bulkers, Inc.Tel.: +30 21 11888400+357 25
887200E-Mail: directors@safebulkers.com
Investor Relations / Media Contact:Nicolas
Bornozis, PresidentCapital Link, Inc.230 Park Avenue, Suite 1536New
York, N.Y. 10169Tel.: (212) 661-7566Fax: (212) 661-7526E-Mail:
safebulkers@capitallink.com
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