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 twelve months
periods ended December 31, 2021. The Board of Directors of the
Company also declared a cash dividend of $0.05 per share of common
stock.
Financial highlights |
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In million U.S. Dollars except per share data |
Q4 2021 |
Q3 2021 |
Q2 2021 |
Q1 2021 |
Q4 2020 |
Twelve Months 2021 |
Twelve Months 2020 |
Net Revenues |
92.4 |
|
92.5 |
|
81.6 |
|
62.5 |
|
52.2 |
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329.0 |
|
198.2 |
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Net income/(loss) |
65.2 |
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55.4 |
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32.4 |
|
21.3 |
|
7.6 |
|
174.3 |
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(12.9 |
) |
Adjusted Net income/(loss)1 |
50.4 |
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50.7 |
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36.3 |
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16.7 |
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7.7 |
|
154.0 |
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(12.3 |
) |
EBITDA2 |
82.4 |
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72.4 |
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50.2 |
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39.3 |
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26.2 |
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244.3 |
|
63.7 |
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Adjusted EBITDA 2 |
67.6 |
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67.7 |
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54.1 |
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34.6 |
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26.3 |
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223.9 |
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64.3 |
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Earnings/(loss) per share basic and diluted3 |
0.51 |
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0.44 |
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0.27 |
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0.18 |
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0.04 |
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1.44 |
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(0.25 |
) |
Adjusted earnings/(loss) per share basic and diluted 3 |
0.39 |
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0.40 |
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0.31 |
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0.14 |
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0.04 |
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1.26 |
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(0.24 |
) |
Average Daily results in U.S. Dollars |
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Time charter equivalent rate4 |
26,180 |
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24,427 |
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21,098 |
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15,567 |
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12,319 |
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21,752 |
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10,559 |
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Daily vessel operating expenses5 |
5,149 |
|
4,608 |
|
4,874 |
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4,702 |
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3,978 |
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4,830 |
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4,591 |
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Daily vessel operating expenses excluding dry-docking and
pre-delivery expenses6 |
4,666 |
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4,570 |
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4,539 |
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4,350 |
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3,955 |
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4,529 |
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4,226 |
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Daily general and administrative expenses7 |
1,517 |
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1,590 |
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1,488 |
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1,440 |
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1,469 |
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1,508 |
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1,408 |
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In million U.S. Dollars |
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Total cash8 |
112.3 |
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108.6 |
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127.4 |
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130.1 |
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124.0 |
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Revolving credit facilities9 |
137.7 |
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88.9 |
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67.0 |
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6.6 |
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1.0 |
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Financing commitments10 |
46.2 |
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46.2 |
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54.7 |
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54.7 |
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46.2 |
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Total debt11 |
355.7 |
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413.8 |
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491.4 |
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603.2 |
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611.7 |
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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/(cost),gain on sale of assets 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, other operating expenses 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: ''2021 was a very good year for our Company. We were
able to renew our fleet with environmentally advanced vessels,
enter into several favorable time charters, substantially
deleverage and improve our liquidity. As a result of our strong
performance the Company is declaring a $0.05 dividend per
share.''
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 fourth quarter, due to crew
repatriation and related costs of about $0.2 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 could
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.
Conflict in Ukraine
As a result of the conflict between Russia and
Ukraine, Switzerland, the US, the EU, the UK and others 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 crew, our vessels currently do not sail in
the Black Sea and we otherwise conduct limited operations in Russia
and Ukraine, we will continue to monitor the situation to assess
whether the conflict could have any impact on our operations or
financial performance.
Issuance of €100m 5-year Unsecured Bond
at 2.95%
In February 2022, the Company through its wholly
owned subsidiary Safe Bulkers Participation Plc. the (''Issuer''),
issued and listed a bond in the amount of 100 million Euro (the
“Bond”) on the Athens Exchange. The Bond has a tenor of five years,
is guaranteed by the Company, is unsecured and pays a coupon of
2.95%, due semi-annually. The trading of the Bond commenced on
February 14, 2022. The Company plans to use the net proceeds of the
offering received from the Issuer (estimated at about €97.0
million) for the repayment of debt and/or redemption of preferred
shares and/or acquisition of vessels and/or general corporate
purposes.
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.
During the three month period ended December 31,
2021, the Company did not sell any shares of common stock under the
ATM Program. Since the inception of the ATM Program and until
September 30, 2021, the Company had sold 19,417,280 shares of
common stock under the ATM Program with aggregate net offering
proceeds to the Company of $71.5 million. Shares of common stock
with aggregate sales proceeds of up to $28.5 million remain
available for sale.
Chartering our fleetOur 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. As of March 4, 2022 we employed, or had
contracted to employ, 10 vessels in the spot time charter market
(with up to 3 months original duration) and 30 vessels in the
period time charter (with original duration in excess of 3 months),
7 of which have original duration of more than 1 year, and 9
have original duration of more than 2 years. As of March 4, 2022,
the average remaining charter duration across our fleet is 1.2
years.
During the fourth quarter of 2021, the Company
has entered into the following period time charters with original
durations longer than 2 years:
- in October 2021, the Company
entered into a long-term period time charter for the Capesize
vessel MV Stelios Y, for duration of 3 years at a gross daily
charter rate of $24,400. The contract grants the charterer an
option to extend the period for an additional year at a gross daily
charter rate of $26,500. This employment is anticipated to generate
approximately US$26.7 million of gross revenue for the minimum
scheduled 3-year period of the time charter. The charter commenced
in November 2021.
- in October 2021, the Company
entered into a long-term period time charter for the Capesize class
vessel MV Lake Despina, with forward delivery date, for duration of
3 years at a gross daily charter rate of $22,500 plus a one-off
$3.0 million payment upon charter commencement. The charter
agreement also grants the charterer an option to extend the period
time charter for an additional year at a gross daily charter rate
of $27,500. This employment is anticipated to generate
approximately US$27.6 million of gross revenue for the minimum
scheduled 3-year period of the time charter. The charter commenced
in February 2022.
During the fourth quarter of 2021, we operated
39.23 vessels on average earning a TCE12 of $26,180 compared to
42.00 vessels earning a TCE of $12,319 during the same period in
2020. Our contracted employment profile is presented below in Table
1.
Table 1: Contracted employment profile of
fleet ownership days as of March 4, 2022
2022 (remaining) |
55 |
% |
2022 (full year) |
62 |
% |
2023 |
24 |
% |
2024 |
18 |
% |
The detailed employment profile of our fleet is
presented in Table 6.
_____________________________________12 Time
Charter Equivalent (“TCE”) rate represents charter revenues net of
commissions and voyage expenses divided by the number of available
days.
Fleet update
Newbuild orders
As of March 4, 2022, the orderbook of the
Company consisted of 9 Japanese, dry-bulk newbuilds of which six
were Kamsarmax class vessels and three were Post-Panamax class
vessels, with scheduled deliveries of two within 2022, five within
2023 and two within 2024. All newbuilds on the Company's orderbook
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). The first
Kamsarmax class newbuild on the Company's orderbook is scheduled to
be delivered in May 2022.
Second-hand acquisitions
In November 2021, the Company took delivery of
the MV Stelios Y, a 2012-built, Japanese, dry-bulk, 181,400 dwt,
Capesize class vessel. The vessel was acquired by the Company under
a twelve-month bareboat charter agreement, with a down payment of
$4.5 million on signing, a payment of $4.5 million on delivery of
the vessel to the Company, payment of a daily charter rate of
$14,500 over the period of the twelve month bareboat charter and
payment of $18.0 million at the end of the bareboat charter with
concurrent transfer of ownership of the vessel to the Company; in
aggregate the acquisition cost for the vessel being $32.3 million
before commissions. All payments have been funded from the cash
reserves of the Company.
In February 2022, the Company took delivery of
the MV Maria, a 2014-built, Japanese, dry-bulk, 181,300 dwt,
Capesize class vessel. The vessel was acquired at a price of $33.8
million before commissions, which was funded from the cash reserves
of the Company. MV Maria is sister-ship with the MV Stelios Y.
On aggregate, during 2021 and until March 4,
2022, the Company acquired five second-hand vessels with total
deadweight of 0.61 million tones and of 8.8 years average age at an
aggregate acquisition cost of $125.3 million before commissions and
other expenses, all five acquisitions being funded from cash
reserves of the Company. All five vessels have been delivered to
the Company:
- the 2011-built, Panamax class MV
Paraskevi 2 acquired for $14.1 million before commissions and other
expenses in March 2021,
- the 2013-built Panamax class MV
Koulitsa 2 acquired for $22.0 million before commissions and other
expenses in July 2021,
- the 2013-built Post-Panamax class
vessel MV Venus Harmony acquired for $23.1 million before
commissions and other expenses in October 2021,
- the 2012-built, Capesize class MV
Stelios Y acquired for $32.3 million before commissions and other
expenses in November 2021,
- and the 2014-built, Capesize class
MV Maria acquired for $33.8 million before commissions and other
expenses in February 2022.
Vessel sales
In September 2021, the Company entered into an
agreement for the sale of the Kamsarmax class MV Pedhoulas Fighter,
built 2012, at a gross sale price of $23.7 million. The sale was
consummated in November 2021.
On aggregate, during 2021 the Company sold seven
older, or, Chinese-built vessels, all of which were delivered to
their new owners within 2021. In addition to the MV Pedhoulas
Fighter noted above the following vessels were sold:
- the Panamax class MV Paraskevi,
built 2003, sold at a gross sale price of $7.3 million, was
delivered to her new owners in April 2021,
- the Panamax class MV Vassos, built
2004, sold at a gross sale price of $8.7 million, was delivered to
her new owners in May 2021,
- the Chinese 2012 built Kamsarmax
class MV Pedhoulas Builder, sold at a gross sale price of $22.5
million, was delivered to her new owners in June 2021,
- the Chinese 2012 built Kamsarmax
class MV Pedhoulas Farmer, sold at a gross sale price of $22.0
million, was delivered to her new owners in September 2021,
- the Panamax class MV Maria, built
2003, sold at a gross sale price of $12.0 million, was delivered to
her new owners in September 2021,
- the Panamax class MV Koulitsa,
built 2003, sold at a gross sale price of $13.6 million, was
delivered to her new owners in November 2021.
The aggregate sale proceeds from the seven
vessels with total deadweight of 0.55 million tones and of 14.3
years average age before commissions, other expenses and amounts
outstanding under associated credit facilities amounted to $109.8
million.
New credit facilities
In December 2021, the Company entered into a new
credit facility of $100.0 million with a five-year tenor secured by
six vessels, comprising of a term loan tranche of $50.0 million and
a revolving credit facility tranche providing for a draw down
capacity of up to $50.0 million reducing from its fourth year
onwards. This agreement represents the Company’s second
sustainability linked credit facility and incorporates an incentive
discount or increase on the facility margin, linked to
independently verified predetermined emission targets. The proceeds
from the credit facility were used to refinance loan facilities of
an aggregate outstanding amount of $50.0 million secured by five of
these vessels and maturing up to 2024, and the repurchase of one
vessel under a sale and leaseback agreement for an amount of $20.7
million. The Company has not made any drawing under the reducing
revolving credit facility tranche. The agreement contains financial
covenants in line with the existing loan and credit facilities of
the Company.
Debt Profile
- Secured Debt
As of December 31, 2021 our consolidated secured
debt before deferred financing costs was $360.3 million. During the
fourth quarter of 2021, we prepaid debt in relation to vessels
sales or debt refinancing in the aggregate amount of $99.6 million,
made scheduled principal payments of $8.9 million and made loan
drawings of $50.0 million. The repayment schedule of our secured
debt as of December 31, 2021 is presented in Table 2 below:
Table 2: Loan repayment
Schedule(in USD million)
Ending December 31, |
2022 |
2023 |
2024 |
2025 |
2026 |
2027 |
2028 |
2029-2031 |
Total |
|
41.2 |
|
41.6 |
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71.7 |
|
76.0 |
|
76.2 |
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31.1 |
|
3.9 |
|
18.6 |
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360.3 |
|
Since the beginning of 2022 and until
March 4, 2022, we have made aggregate loan prepayments of
$58.8 million, in addition to scheduled repayments of $2.1 million
and loan drawings of $30.0 million, thus reducing our consolidated
secured debt before deferred financing costs to $329.4 million. The
repayment schedule of our secured debt as of March 4, 2022 is
presented in Table 3 below:
Table 3: Loan repayment
Schedule(in USD million)
Ending December 31, |
2022 |
2023 |
2024 |
2025 |
2026 |
2027 |
2028 |
2029-2031 |
Total |
|
23.3 |
|
38.6 |
|
71.7 |
|
76.0 |
|
66.2 |
|
31.1 |
|
3.9 |
|
18.6 |
|
329.4 |
|
- Unsecured Debt
The €100 million bond issued in February 2022 is
non-amortising and matures in February 2027. It may be redeemed at
our option in part or in full after February 2024, subject to the
payment of a premium ranging from 1.5% to 0.5% of the redeemed
amount depending on the timing of the redemption.
Liquidity and capital resources, capital
expenditure requirements and debt as of December 31,
2021
We had $112.3 million in cash, cash equivalents,
bank time deposits and restricted cash, $137.7 million in undrawn
borrowing capacity available under revolving reducing credit
facilities and $46.2 million in secured commitments for loan and
sale and lease back agreements, in relation to two newbuild
vessels. Furthermore, we had additional borrowing capacity in
relation to four unencumbered vessels and seven newbuilds upon
their delivery.
We had a fleet of 39 vessels and had placed
orders for nine newbuild vessels. The remaining capital expenditure
requirements were $247.7 million in aggregate, consisting of $247.4
million in relation to the nine newbuild vessels and $0.3 million
in relation to one exhaust gas cleaning device (‘Scrubber’) and
several ballast water treatment systems (‘BWTS’) retrofits. The
schedule of payments of the remaining capital expenditure
requirements is $58.7 million in 2022, $141.6 million in 2023 and
$47.4 million in 2024.
We had $360.3 million of outstanding
consolidated debt before deferred financing costs.
Liquidity, capital expenditure
requirements and debt as of March 4, 2022
We had $194.0 million in cash, cash equivalents,
bank time deposits, restricted cash, $147.7 million in undrawn
borrowing capacity available under revolving reducing credit
facilities, $46.2 million in secured commitments for loan and sale
and lease back agreements, in relation to two newbuild vessels.
Furthermore, we have additional borrowing capacity in relation to
four unencumbered vessels and seven newbuilds upon their
delivery.
We had a fleet of 40 vessels, and had placed
orders for nine newbuild vessels. The remaining capital expenditure
requirements were $245.0 million in aggregate, consisting of $244.4
million in relation to the nine newbuild vessels and $0.6 million
in relation to Scrubber and several BWTS retrofits. The schedule of
payments of the remaining capital expenditure requirements is $55.8
million in 2022, $142.8 million in 2023 and $47.4 million in
2024.
Including the Bond issued in February 2022, we
had $438.7 million of outstanding consolidated debt before deferred
financing costs.
Derivatives
During the fourth quarter 2021 the Company
terminated certain interest rate derivative contracts that were due
to mature in 2023 and 2024 with an aggregate notional amount of
$51.6 million and received an aggregate payment of $0.6 million
from the counterparty banks. All these derivative contracts were
related to underlying loan facilities that were fully repaid. As of
December 31, 2021, the aggregate notional amount of outstanding
interest rate derivative contracts was $300.0 million or about 83%
of the aggregate debt outstanding at that date.
In January 2022, the Company terminated several
interest rate derivative contracts that were due to mature in 2025
and 2026 with an aggregate notional amount of $240.0 million and
received an aggregate payment of $8.3 million. At the same time,
the Company entered into pay-fixed, receive-variable interest rate
derivative contracts commencing in January 2022 and February 2022
and maturing in January 2024 and February 2024 for an aggregate
notional amount of $240.0 million, at an average fixed rate of
1.346%.
In February 2022, the Company terminated all
outstanding interest rate derivative contracts with an aggregate
notional amount of $300.0 million and received an aggregate payment
of $2.8 million.
During the fourth quarter of 2021, the Company
entered into forward freight agreements on the Panamax index for
825 days in aggregate for the period to December 2022. In January
2022 and February 2022, the Company entered into forward freight
agreements on the Panamax index for 480 days in aggregate for the
period to March 2023. The objective of these trades is the
reduction of the risk arising from the volatility in the charter
rates.
ESG Report
In October 2021, we released our inaugural
Environmental, Social and Governance (ESG) Report which records
our efforts to further strengthen the Company’s environmental
stewardship, social contribution and corporate governance, and
provides a transparent account of our ESG strategy and performance.
The ESG Report is accessible on the Company’s website
(www.safebulkers.com). The content on our website is not
incorporated by reference into this release.
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 35 existing vessels as of March 4, 2022. In
February 2021, the Company entered into an agreement for an
additional Scrubber installation in one of its Capesize class
vessels, the installation of which initiated in February 2022.
The Company has scheduled six dry-dockings for
the first and second quarter 2022 with an estimated aggregate
number of 100 down-time days during the first quarter 2022 and 43
down-time days during the second quarter 2022.
Dividend Policy
On March 4, 2022, the Board of Directors of the
Company declared a cash dividend on the Company’s common stock of
$0.05 per share payable on or about March 28, 2022 to shareholders
of record at the close of trading of the Company's common stock on
the New York Stock Exchange (the “NYSE”) on March 21, 2022.
The Company had 121,649,103 shares of common
stock issued and outstanding as of March 4, 2022.
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 October 29, 2021 to January 29, 2022, which was
paid on January 31, 2022 to the respective shareholders of record
as of January 20, 2022.
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.
Conference Call
On Thursday, March 10, 2022 at 9:00 A.M.
Eastern Time, the Company’s management team will host a conference
call to discuss the Company’s financial results.
Participants should dial into the call 10
minutes before the scheduled time using the following numbers: 1
(877) 553-9962 (US Toll Free Dial In), 0(808) 238-0669 (UK Toll
Free Dial In) or +44 (0) 2071 928592 (Standard International
Dial In). Please quote Safe Bulkers to the operator.
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 Fourth Quarter
2021 Results
During the fourth quarter of 2021, we operated
in an improved charter market environment compared to the same
period of 2020, with lower interest expenses, reduced voyage
expenses and increased revenues which also
include earnings from scrubber fitted vessels. During
the fourth quarter of 2021, we had a TCE of $26,180 compared to a
TCE of $12,319 during the same period in 2020. The net income for
the fourth quarter of 2021 reached $65.2 million compared to net
income of $7.6 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 77% to
$92.4 million for the fourth quarter of 2021, compared to $52.2
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
$0.5 million for the fourth quarter of 2021 compared to $4.7
million for the same period in 2020, mainly due to decreased vessel
repositioning expenses.
Vessel operating expenses: Vessel operating
expenses increased by 21% to $18.6 million for the fourth quarter
of 2021 compared to $15.4 million for the same period in 2020,
mainly affected by increased dry-docking expenses, increased spare
parts, stores and provisions expenses related to works performed
during vessels dry-dockings, increased provision of technical
services and increased crew repatriation expenses due to the
COVID-19 pandemic. In more detail: i) dry-docking expenses
increased to $1.6 million related to three fully completed
dry-dockings during the fourth quarter of 2021, compared to $0.1
million related to one partially completed dry-docking for the same
period of 2020, ii) spare parts, stores and provisions expenses
increased to $3.7 million for the fourth quarter of 2021, compared
to $2.9 million for the same period in 2020, iii) repairs and
maintenance, excluding dry-docking expenses, increased to $1.7
million compared to $0.7 million for the same period in 2020, and
iv) crew repatriation and related costs increased to $1.2 million
for the fourth quarter of 2021 compared to $1.0 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 $1.7
million and $0.1 million for the fourth quarter of 2021 and 2020,
respectively, vessel operating expenses increased by 10% during the
fourth quarter of 2021 in comparison to the same quarter of 2020.
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. Other
shipping companies may defer and amortize dry-docking expense and
many do not include dry-docking expenses within vessel operating
expenses costs but present these separately.
Depreciation: Depreciation decreased by 5% to
$13.2 million for the fourth quarter of 2021, compared to $13.9
million for the same period in 2020, as a result of the cessation
of depreciation for the seven vessels which were classified as
assets held for sale during 2020 and 2021, partially offset by the
acquisition of the vessels Paraskevi 2 during the first quarter of
2021, Koulitsa 2 during the third quarter of 2021 and Venus Harmony
and Stelios Y during the fourth quarter of 2021.
Interest expense: Interest expense decreased to
$2.9 million in the fourth quarter of 2021 compared to $4.3 million
for the same period in 2020, as a result of the reduction of the
outstanding loans as well as the decreased USD LIBOR13 affecting
the weighted average interest rate of our loans and credit
facilities.
Gain on assets sale: Gain on sale of assets for
the fourth quarter of 2021 amounted to $10.9 million, compared to
zero for the same period in 2020, as a result of a gain of $5.2
million from the sale of MV Pedhoulas Fighter and of $5.7 million
from the sale of MV Koulitsa.
Daily vessel operating expenses: Daily vessel
operating expenses, calculated by dividing vessel operating
expenses by the ownership days of the relevant period, increased by
29% to $5,149 for the fourth quarter of 2021 compared to $3,978 for
the same period in 2020. Daily vessel operating expenses excluding
dry-docking and pre-delivery expenses increased by 18% to $4,666
for the fourth quarter of 2021 compared to $3,955 for the same
period in 2020.
Daily general and administrative expenses14:
Daily general and administrative expenses, which include management
fees payable to our Managers15 and daily company administrations
expenses, increased by 3% to $1,517 for the fourth quarter of 2021,
compared to $1,469 for the same period in 2020, as a result of
increased personnel expenses and third party fees of the
company.
_____________________________________13 London
interbank offered rate.14 See table 515 Safety Management Overseas
S.A. and Safe Bulkers Management limited, each of which is a
referred to in this press release as "our Manager" and
collectively "our Managers"
Balance sheet
Right-of-use asset/Lease Liability: As of
December 31, 2021, we had classified the asset and liability
directly associated with the acquisition of the vessel Stelios Y:
as a) Right-of-use asset and presented it on the balance sheet
separately under Fixed assets in the amount of $31.9 million, which
represents i) the advance payments and additional purchase costs
paid for the vessel and ii) the future payments under the 12-month
period bareboat charter that commenced in November 2021 net of
accumulated depreciation of $0.2 million, and as (b) Current Lease
liabilities of $21.9 million, representing the outstanding balance
of the present value of the lease payments of the above mentioned
12-month bareboat charter.
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 EndedDecember
31, |
|
Twelve-Months Period EndedDecember
31, |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
REVENUES: |
|
|
|
|
|
|
|
Revenues |
54,403 |
|
|
96,442 |
|
|
206,035 |
|
|
343,475 |
|
Commissions |
(2,174 |
) |
|
(4,001 |
) |
|
(7,877 |
) |
|
(14,444 |
) |
Net revenues |
52,229 |
|
|
92,441 |
|
|
198,158 |
|
|
329,031 |
|
EXPENSES: |
|
|
|
|
|
|
|
Voyage expenses |
(4,716 |
) |
|
(469 |
) |
|
(41,582 |
) |
|
(9,753 |
) |
Vessel operating expenses |
(15,370 |
) |
|
(18,581 |
) |
|
(70,086 |
) |
|
(72,049 |
) |
Depreciation |
(13,874 |
) |
|
(13,211 |
) |
|
(54,269 |
) |
|
(52,364 |
) |
General and administrative expenses |
(5,677 |
) |
|
(5,474 |
) |
|
(21,502 |
) |
|
(22,498 |
) |
Gain on sale of assets |
— |
|
|
10,947 |
|
|
— |
|
|
11,579 |
|
Other operating expenses |
(241 |
) |
|
— |
|
|
(241 |
) |
|
— |
|
Early redelivery income |
— |
|
|
— |
|
|
— |
|
|
7,470 |
|
Operating income |
12,351 |
|
|
65,653 |
|
|
10,478 |
|
|
191,416 |
|
OTHER (EXPENSE) /
INCOME: |
|
|
|
|
|
|
|
Interest expense |
(4,333 |
) |
|
(2,893 |
) |
|
(21,233 |
) |
|
(14,719 |
) |
Other finance cost |
(174 |
) |
|
(337 |
) |
|
(641 |
) |
|
(798 |
) |
Interest income |
41 |
|
|
6 |
|
|
604 |
|
|
69 |
|
(Loss)/gain on derivatives |
(294 |
) |
|
4,165 |
|
|
(1,303 |
) |
|
2,188 |
|
Foreign currency gain/(loss) |
425 |
|
|
(299 |
) |
|
916 |
|
|
(910 |
) |
Amortization and write-off of deferred finance charges |
(402 |
) |
|
(1,090 |
) |
|
(1,726 |
) |
|
(2,898 |
) |
Net income/(loss) |
7,614 |
|
|
65,205 |
|
|
(12,905 |
) |
|
174,348 |
|
Less Preferred dividend |
2,878 |
|
|
2,746 |
|
|
11,500 |
|
|
11,064 |
|
Less/(Plus) Mezzanine equity measurement |
413 |
|
|
— |
|
|
908 |
|
|
(271 |
) |
Net income/(loss) available to common
shareholders |
4,323 |
|
|
62,459 |
|
|
(25,313 |
) |
|
163,555 |
|
Earnings/(loss) per share basic and
diluted |
0.04 |
|
|
0.51 |
|
|
(0.25 |
) |
|
1.44 |
|
Weighted average number of shares |
102,186,132 |
|
|
121,644,971 |
|
|
102,617,944 |
|
|
113,716,354 |
|
|
|
Twelve-Months Period EndedDecember
31, |
|
|
2020 |
|
2021 |
(In millions of U.S.
Dollars) |
|
|
|
|
CASH FLOW
DATA |
|
|
|
|
Net cash provided by operating activities |
|
63.4 |
|
|
217.2 |
|
Net cash (used in)/provided
by investing activities |
|
(34.8 |
) |
|
8.6 |
|
Net cash used in financing
activities |
|
(9.3 |
) |
|
(225.9 |
) |
Net increase/(decrease) in
cash and cash equivalents |
|
19.3 |
|
|
(0.1 |
) |
|
|
|
|
|
|
|
|
SAFE BULKERS,
INC.CONDENSEDCONSOLIDATED BALANCE
SHEETS (UNAUDITED)(In thousands of U.S.
Dollars) |
|
|
|
|
|
|
|
|
|
December 31, 2020 |
|
December 31, 2021 |
ASSETS |
|
|
|
|
|
|
Cash and cash equivalents, time deposits, and restricted cash |
|
105,218 |
|
|
102,084 |
|
Other current assets |
|
21,459 |
|
|
22,032 |
|
Assets held for sale |
|
8,057 |
|
|
— |
|
Vessels, net |
|
942,164 |
|
|
864,391 |
|
Right-of-use asset |
|
— |
|
|
31,938 |
|
Advances for vessels |
|
9,126 |
|
|
56,484 |
|
Restricted cash non-current |
|
18,754 |
|
|
10,250 |
|
Other non-current assets |
|
851 |
|
|
7,141 |
|
Total assets |
|
1,105,629 |
|
|
1,094,320 |
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
|
Current portion of long-term debt |
|
75,784 |
|
|
39,912 |
|
Liabilities directly associated with assets held for sale |
|
3,983 |
|
|
— |
|
Lease Liability |
|
— |
|
|
21,945 |
|
Other current liabilities |
|
24,948 |
|
|
26,835 |
|
Long-term debt, net of current portion |
|
531,883 |
|
|
315,796 |
|
Other non-current liabilities |
|
6,172 |
|
|
10,592 |
|
Mezzanine equity |
|
18,112 |
|
|
— |
|
Shareholders’ equity |
|
444,747 |
|
|
679,240 |
|
Total liabilities and equity |
|
1,105,629 |
|
|
1,094,320 |
|
|
|
|
|
|
|
|
|
TABLE 4RECONCILIATION OF ADJUSTED NET
INCOME/(LOSS), EBITDA, ADJUSTED EBITDA AND ADJUSTED EARNINGS/(LOSS)
PER SHARE |
|
|
|
|
|
|
|
Three-Months Period EndedDecember
31, |
|
Twelve-Months Period EndedDecember
31, |
(In thousands of U.S. Dollars
except for share and per share data) |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
Adjusted Net
Income/(Loss) |
|
|
|
|
|
|
|
|
Net Income/(loss) |
|
7,614 |
|
|
65,205 |
|
|
(12,905 |
) |
|
174,348 |
|
Less Gain on sale of assets |
|
— |
|
|
(10,947 |
) |
|
— |
|
|
(11,579 |
) |
Plus Loss/(gain) on
derivatives |
|
294 |
|
|
(4,165 |
) |
|
1,303 |
|
|
(2,188 |
) |
Plus Foreign currency
(gain)/loss |
|
(425 |
) |
|
299 |
|
|
(916 |
) |
|
910 |
|
Plus Early Redelivery
income |
|
— |
|
|
— |
|
|
— |
|
|
(7,470 |
) |
Plus Other operating
expenses |
|
241 |
|
|
— |
|
|
241 |
|
|
— |
|
Adjusted net
income/(loss) |
|
7,724 |
|
|
50,392 |
|
|
(12,277 |
) |
|
154,021 |
|
EBITDA - Adjusted
EBITDA |
|
|
|
|
|
|
|
|
Net
income/(loss) |
|
7,614 |
|
|
65,205 |
|
|
(12,905 |
) |
|
174,348 |
|
Plus Net Interest expense |
|
4,292 |
|
|
2,887 |
|
|
20,629 |
|
|
14,650 |
|
Plus Depreciation |
|
13,874 |
|
|
13,211 |
|
|
54,269 |
|
|
52,364 |
|
Plus Amortization and write-off
of deferred finance charges |
|
402 |
|
|
1,090 |
|
|
1,726 |
|
|
2,898 |
|
EBITDA |
|
26,182 |
|
|
82,393 |
|
|
63,719 |
|
|
244,260 |
|
Less Gain on sale of assets |
|
— |
|
|
(10,947 |
) |
|
— |
|
|
(11,579 |
) |
Plus Early Redelivery income |
|
— |
|
|
— |
|
|
— |
|
|
(7,470 |
) |
Plus Other operating
expenses |
|
241 |
|
|
— |
|
|
241 |
|
|
— |
|
Plus Loss/(gain) on
derivatives |
|
294 |
|
|
(4,165 |
) |
|
1,303 |
|
|
(2,188 |
) |
Plus Foreign currency
(gain)/loss |
|
(425 |
) |
|
299 |
|
|
(916 |
) |
|
910 |
|
ADJUSTED
EBITDA |
|
26,292 |
|
|
67,580 |
|
|
64,347 |
|
|
223,933 |
|
Earnings per
share |
|
|
|
|
|
|
|
|
Net
income/(loss) |
|
7,614 |
|
|
65,205 |
|
|
(12,905 |
) |
|
174,348 |
|
Less Preferred dividend |
|
2,878 |
|
|
2,746 |
|
|
11,500 |
|
|
11,064 |
|
Less/(Plus) Mezzanine equity
measurement |
|
413 |
|
|
— |
|
|
908 |
|
|
(271 |
) |
Net income/(loss)
available to common shareholders |
|
4,323 |
|
|
62,459 |
|
|
(25,313 |
) |
|
163,555 |
|
Weighted average number of
shares |
|
102,186,132 |
|
|
121,644,971 |
|
|
102,617,944 |
|
|
113,716,354 |
|
Earnings/(loss) per share |
|
0.04 |
|
|
0.51 |
|
|
(0.25 |
) |
|
1.44 |
|
Adjusted
Earnings/(loss) per share |
|
|
|
|
|
|
|
|
Adjusted Net
Income/(loss) |
|
7,724 |
|
|
50,392 |
|
|
(12,277 |
) |
|
154,021 |
|
Less Preferred dividend |
|
2,878 |
|
|
2,746 |
|
|
11,500 |
|
|
11,064 |
|
Less/(Plus) Mezzanine equity
measurement |
|
413 |
|
|
— |
|
|
908 |
|
|
(271 |
) |
Adjusted Net
income/(loss) available to common shareholders |
|
4,433 |
|
|
47,646 |
|
|
(24,685 |
) |
|
143,228 |
|
Weighted average number of
shares |
|
102,186,132 |
|
|
121,644,971 |
|
|
102,617,944 |
|
|
113,716,354 |
|
Adjusted
Earnings/(loss) per share |
|
0.04 |
|
|
0.39 |
|
|
(0.24 |
) |
|
1.26 |
|
EBITDA, Adjusted EBITDA, Adjusted Net
income/(loss) and Adjusted earnings/(loss) per share are not
recognized measurements under US GAAP.- EBITDA represents Net
income/(loss) before interest, income tax expense, depreciation and
amortization.- Adjusted EBITDA represents EBITDA before gain on
sale of assets, gain/(loss) on derivatives, early redelivery
income/(cost), other operating expenses and gain/(loss) on foreign
currency.- Adjusted Net income/(loss) represents Net income/(loss)
before gain on sale of assets, gain/(loss) on derivatives, early
redelivery income/(cost),other operating expenses 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
gain 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/(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 EndedDecember
31, |
|
Twelve-Months Period EndedDecember
31, |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
FLEET DATA |
|
|
|
|
|
|
|
Number of vessels at period end |
|
42 |
|
|
|
39 |
|
|
|
42 |
|
|
|
39 |
|
Average age of fleet (in
years) |
|
10.11 |
|
|
|
10.30 |
|
|
|
10.11 |
|
|
|
10.30 |
|
Ownership days(1) |
|
3,864 |
|
|
|
3,609 |
|
|
|
15,266 |
|
|
|
14,916 |
|
Available days(2) |
|
3,857 |
|
|
|
3,513 |
|
|
|
14,829 |
|
|
|
14,678 |
|
Average number of vessels in
the period(3) |
|
42.00 |
|
|
|
39.23 |
|
|
|
41.71 |
|
|
|
40.87 |
|
AVERAGE DAILY RESULTS |
|
|
|
|
|
|
|
Time charter equivalent
rate(4) |
$ |
12,319 |
|
|
$ |
26,180 |
|
|
$ |
10,559 |
|
|
$ |
21,752 |
|
Daily vessel operating
expenses(5) |
$ |
3,978 |
|
|
$ |
5,149 |
|
|
$ |
4,591 |
|
|
$ |
4,830 |
|
Daily vessel operating
expenses excluding dry-docking and pre-delivery expenses(6) |
$ |
3,955 |
|
|
$ |
4,666 |
|
|
$ |
4,226 |
|
|
$ |
4,529 |
|
Daily general and
administrative expenses(7) |
$ |
1,469 |
|
|
$ |
1,517 |
|
|
$ |
1,408 |
|
|
$ |
1,508 |
|
TIME CHARTER EQUIVALENT RATE
RECONCILIATION |
|
|
|
|
|
|
|
(In thousands of U.S. Dollars
except for available days and Time charter equivalent rate) |
|
|
|
|
|
|
|
Revenues |
$ |
54,403 |
|
|
$ |
96,442 |
|
|
$ |
206,035 |
|
|
$ |
343,475 |
|
Less commissions |
|
(2,174 |
) |
|
|
(4,001 |
) |
|
|
(7,877 |
) |
|
|
(14,444 |
) |
Less voyage expenses |
|
(4,716 |
) |
|
|
(469 |
) |
|
|
(41,582 |
) |
|
|
(9,753 |
) |
Time charter equivalent
revenue |
$ |
47,513 |
|
|
$ |
91,972 |
|
|
$ |
156,576 |
|
|
$ |
319,278 |
|
Available days(2) |
|
3,857 |
|
|
|
3,513 |
|
|
|
14,829 |
|
|
|
14,678 |
|
Time charter equivalent
rate(4) |
$ |
12,319 |
|
|
$ |
26,180 |
|
|
$ |
10,559 |
|
|
$ |
21,752 |
|
|
|
|
|
|
|
|
|
_____________
(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 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 March 4,
2022 |
Vessel Name |
|
Dwt |
|
YearBuilt1 |
|
Country ofConstruction |
|
CharterType |
|
CharterRate2 |
|
Commissions3 |
|
Charter Period4 |
CURRENT FLEET |
|
|
|
|
|
|
|
|
|
|
|
|
|
Panamax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Katerina |
|
76,000 |
|
2004 |
|
Japan |
|
Period |
|
$ |
23,000 |
|
5.00 |
% |
|
December 2020 |
May 2022 |
|
|
|
|
Period20 |
|
10,950 + 50% *101% BPI 74 |
|
5.00 |
% |
|
June 2022 |
April 2023 |
Maritsa |
|
76,000 |
|
2005 |
|
Japan |
|
Period20 |
|
10,950 + 50% *101% BPI 74 |
|
5.00 |
% |
|
February 2022 |
January 2023 |
Paraskevi
2 |
|
75,000 |
|
2011 |
|
Japan |
|
Period |
|
$ |
13,800 |
|
5.00 |
% |
|
April 2021 |
July 2022 |
Efrossini |
|
75,000 |
|
2012 |
|
Japan |
|
Dry-dock |
|
|
|
|
|
February 2022 |
March 2022 |
|
|
|
|
Period22 |
|
103% BPI 74 |
|
3.75 |
% |
|
March 2022 |
February 2023 |
Zoe11 |
|
75,000 |
|
2013 |
|
Japan |
|
Period23 |
|
104.25% BPI 74 |
|
5.00 |
% |
|
August 2021 |
May 2022 |
Koulitsa 2 |
|
78,100 |
|
2013 |
|
Japan |
|
Period |
|
$ |
24,000 |
|
3.75 |
% |
|
July 2021 |
June 2022 |
Kypros
Land11 |
|
77,100 |
|
2014 |
|
Japan |
|
Period13 |
|
$ |
13,800 |
|
3.75 |
% |
|
August 2020 |
August 2022 |
|
|
|
|
|
BPI 82 5TC * 97% - $2,150 |
|
3.75 |
% |
|
August 2022 |
August 2025 |
Kypros
Sea |
|
77,100 |
|
2014 |
|
Japan |
|
Period13 |
|
$ |
13,800 |
|
3.75 |
% |
|
July 2020 |
July 2022 |
|
|
|
|
|
BPI 82 5TC * 97% - $2,150 |
|
3.75 |
% |
|
July 2022 |
September 2022 |
|
|
|
|
|
$ |
24,123 |
|
3.75 |
% |
|
September 2022 |
December 2022 |
|
|
|
|
|
BPI 82 5TC * 97% - $2,150 |
|
3.75 |
% |
|
December 2022 |
July 2025 |
Kypros
Bravery |
|
78,000 |
|
2015 |
|
Japan |
|
Period12 |
|
$ |
11,750 |
|
3.75 |
% |
|
August 2020 |
August 2022 |
|
|
|
|
|
BPI 82 5TC * 97% - $2,150 |
|
3.75 |
% |
|
August 2022 |
August 2025 |
Kypros
Sky9 |
|
77,100 |
|
2015 |
|
Japan |
|
Period12 |
|
$ |
11,750 |
|
3.75 |
% |
|
August 2020 |
August 2022 |
|
|
|
|
|
BPI 82 5TC * 97% - $2,150 |
|
3.75 |
% |
|
August 2022 |
August 2025 |
Kypros
Loyalty |
|
78,000 |
|
2015 |
|
Japan |
|
Period12 |
|
$ |
11,750 |
|
3.75 |
% |
|
July 2020 |
July 2022 |
|
|
|
|
|
BPI 82 5TC * 97% - $2,150 |
|
3.75 |
% |
|
July 2022 |
September 2022 |
|
|
|
|
|
$ |
23,153 |
|
3.75 |
% |
|
September 2022 |
December 2022 |
|
|
|
|
|
BPI 82 5TC * 97% - $2,150 |
|
3.75 |
% |
|
December 2022 |
July 2025 |
Kypros Spirit9 |
|
78,000 |
|
2016 |
|
Japan |
|
Period13 |
|
$ |
13,800 |
|
3.75 |
% |
|
August 2020 |
August 2022 |
|
|
|
|
|
BPI 82 5TC * 97% - $2,150 |
|
3.75 |
% |
|
August 2022 |
July 2025 |
Kamsarmax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pedhoulas
Merchant |
|
82,300 |
|
2006 |
|
Japan |
|
Period |
|
$ |
28,250 |
|
5.00 |
% |
|
June 2021 |
March 2022 |
|
|
|
|
Period |
|
$ |
25,900 |
|
3.75 |
% |
|
March 2022 |
March 2023 |
Pedhoulas
Trader |
|
82,300 |
|
2006 |
|
Japan |
|
Period24 |
|
15,500 + 50% *98% BPI 82 |
|
5.00 |
% |
|
November 2021 |
June 2022 |
Pedhoulas Leader |
|
82,300 |
|
2007 |
|
Japan |
|
Period |
|
$ |
28,750 |
|
5.00 |
% |
|
November 2021 |
July 2022 |
Pedhoulas Commander |
|
83,700 |
|
2008 |
|
Japan |
|
Period |
|
$ |
20,500 |
|
5.00 |
% |
|
August 2021 |
July 2022 |
Pedhoulas
Cherry |
|
82,000 |
|
2015 |
|
China |
|
Period18 |
|
$ |
23,000 |
|
5.00 |
% |
|
July 2021 |
May 2022 |
|
|
|
|
Period18 |
|
$ |
24,000 |
|
5.00 |
% |
|
May 2022 |
June 2023 |
Pedhoulas
Rose |
|
82,000 |
|
2017 |
|
China |
|
Spot18 |
|
$ |
21,000 |
|
3.75 |
% |
|
January 2022 |
March 2022 |
|
|
|
|
Period18,25 |
|
12,750 + 50% *104% BPI 82 |
|
5.00 |
% |
|
March 2022 |
October 2022 |
Pedhoulas Cedrus14 |
|
81,800 |
|
2018 |
|
Japan |
|
Period29 |
|
$ |
27,800 |
|
3.75 |
% |
|
July 2021 |
June 2022 |
Post-Panamax |
|
|
|
|
|
|
|
|
|
|
|
|
|
Marina |
|
87,000 |
|
2006 |
|
Japan |
|
Spot17 |
|
$ |
22,900 |
|
5.00 |
% |
|
February 2022 |
March 2022 |
Xenia |
|
87,000 |
|
2006 |
|
Japan |
|
Period18 |
|
$ |
24,200 |
|
5.00 |
% |
|
September 2021 |
June 2022 |
Sophia |
|
87,000 |
|
2007 |
|
Japan |
|
Spot18 |
|
$ |
12,750 |
|
3.75 |
% |
|
February 2022 |
March 2022 |
Eleni |
|
87,000 |
|
2008 |
|
Japan |
|
Period18,26 |
|
$ |
29,000 |
|
5.00 |
% |
|
November 2021 |
January 2022 |
|
|
|
|
|
P1A BPI 82 |
|
5.00 |
% |
|
January 2022 |
March 2022 |
Martine |
|
87,000 |
|
2009 |
|
Japan |
|
Period18 |
|
$ |
15,100 |
|
5.00 |
% |
|
June 2021 |
August 2022 |
Andreas
K |
|
92,000 |
|
2009 |
|
South Korea |
|
Spot17 |
|
$ |
19,000 |
|
5.75 |
% |
|
January 2022 |
March 2022 |
|
|
|
|
Spot17,21 |
|
$ |
52,000 |
|
5.00 |
% |
|
March 2022 |
May 2022 |
Panayiota K10 |
|
92,000 |
|
2010 |
|
South Korea |
|
Spot18,31 |
|
$ |
32,331 |
|
5.00 |
% |
|
February 2022 |
May 2022 |
Agios Spyridonas10 |
|
92,000 |
|
2010 |
|
South
Korea |
|
Spot17 |
|
$ |
24,000 |
|
5.00 |
% |
|
December 2021 |
March 2022 |
Venus Heritage11 |
|
95,800 |
|
2010 |
|
Japan |
|
Spot17 |
|
$ |
19,250 |
|
5.00 |
% |
|
February 2022 |
April 2022 |
Venus History11 |
|
95,800 |
|
2011 |
|
Japan |
|
Period18 |
|
$ |
26,250 |
|
5.00 |
% |
|
January 2022 |
December 2022 |
Venus
Horizon |
|
95,800 |
|
2012 |
|
Japan |
|
Spot18 |
|
$ |
18,000 |
|
4.38 |
% |
|
February 2022 |
March 2022 |
|
|
|
|
Period18 |
|
$ |
27,950 |
|
5.00 |
% |
|
April 2022 |
February 2023 |
Venus Harmony |
|
95,700 |
|
2013 |
|
Japan |
|
Spot |
|
$ |
20,500 |
|
5.00 |
% |
|
February 2022 |
March 2022 |
Troodos Sun16 |
|
85,000 |
|
2016 |
|
Japan |
|
Period18,19 |
|
BPI 82 5TC * 114% |
|
5.00 |
% |
|
June 2021 |
March 2023 |
Troodos Air |
|
85,000 |
|
2016 |
|
Japan |
|
Period18 |
|
$ |
16,350 |
|
5.00 |
% |
|
March 2021 |
May 2022 |
Troodos Oak |
|
85,000 |
|
2020 |
|
Japan |
|
Period30 |
|
$ |
29,400 |
|
3.75 |
% |
|
July 2021 |
May 2022 |
Capesize |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mount Troodos |
|
181,400 |
|
2009 |
|
Japan |
|
Spot18,28 |
|
BCI C10 * 105% |
|
3.75 |
% |
|
February 2022 |
March 2022 |
Kanaris |
|
178,100 |
|
2010 |
|
China |
|
Period5 |
|
$ |
25,928 |
|
2.50 |
% |
|
September 2011 |
September 2031 |
Pelopidas |
|
176,000 |
|
2011 |
|
China |
|
Dry-dock |
|
|
|
|
|
January 2022 |
March 2022 |
Lake Despina7 |
|
181,400 |
|
2014 |
|
Japan |
|
Period6 |
|
$ |
25,200 |
|
5.00 |
% |
|
February 2022 |
February 2025 |
Stelios Y |
|
181,400 |
|
2012 |
|
Japan |
|
Period15 |
|
$ |
24,400 |
|
3.75 |
% |
|
November 2021 |
November 2024 |
Maria |
|
181,300 |
|
2014 |
|
Japan |
|
Spot27 |
|
BCI C14 * 111% |
|
3.75 |
% |
|
February 2022 |
May 2022 |
TOTAL |
|
3,925,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Orderbook and Second-hand acquisition |
TBN8 |
|
82,000 |
|
Q2 2022 |
|
Japan |
|
|
|
|
|
|
|
|
|
TBN |
|
82,000 |
|
Q4 2023 |
|
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 |
|
|
|
|
|
|
|
|
|
TOTAL |
|
753,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
March 4, 2022, 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 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.(6) A period time charter for a duration of 3 years at a
gross daily charter rate of $22,500 plus an one-off $3.0 million
payment upon charter commencement. The charter agreement also
grants the charterer an option to extend the period time charter
for an additional year at a gross daily charter rate of $27,500.(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) 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.(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) 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.(13) 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.(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) In October 2021,
the Company entered into a new period time charter for MV Stelios
Y, for a duration of 3 years at a gross daily charter rate of
$24,400, which is expected to commence in November 2021 upon
delivery of the vessel to the Company by her present owners. The
charter agreement also grants the charterer an option to extend the
period time charter for an additional year at a gross daily charter
rate of $26,500.(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) 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.(18) 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.(19) A period time charter
of 22 to 26 months at a daily gross charter rate linked to the
BPI-82 5TC times 114%. (20) A period time charter of 11 to 13
months at a daily gross charter rate of $10,950 plus
additional gross daily charter rate linked to the 50% of the
BPI-74 4TC times 101%.(21) A spot time charter at a gross daily
charter rate of $36,000 an one-off $0.8 million payment upon
charter commencement.(22) A period time charter of 11 to 14 months
at a daily gross charter rate linked to the BPI-74 4TC times
103%.(23) A period time charter of 10 to 13 months at a daily gross
charter rate linked to the BPI-74 4TC times 104.25%.(24) A period
time charter of 7 to 10 months at a daily gross charter rate of
$15,500 plus additional gross daily charter rate linked to
the 50% of the BPI-82 5TC times 98%.(25) A period time charter of 7
to 10 months at a daily gross charter rate of $12,750 plus
additional gross daily charter rate linked to the 50% of the
BPI-82 5TC times 104%.(26) A spot time charter at a daily gross
charter rate of $29,000 for the first 80 days and a gross daily
charter rate linked to the BPI-82 P14 for the remaining period.(27)
A spot time charter at a gross daily charter rate linked to the
Baltic Exchange Capesize Index C14 times 111%. (28) A spot time
charter at a gross daily charter rate linked to the Baltic Exchange
Capesize Index C10 times 105%. (29) A period time charter ration of
11 to 14 months at a daily gross charter rate of $16,400 plus an
one-off $3.7 million payment upon charter commencement. (30) A
period time charter ration of 11 to 14 months at a daily gross
charter rate of $18,000 plus an one-off $3.7 million payment upon
charter commencement. (31) A spot time charter at a gross daily
charter rate of $29,000 plus ballast bonus of $1.0 million.
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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