Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international
provider of marine drybulk transportation services, announced today
its unaudited financial results for the three and nine-month
periods ended September 30, 2023. The Board of Directors of the
Company also declared a cash dividend of $0.05 per share of
outstanding common stock.
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Financial highlights |
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In million U.S. Dollars except per share data |
Q3 2023 |
Q2 2023 |
Q1 2023 |
Q4 2022 |
Q3 2022 |
Nine Months 2023 |
Nine Months 2022 |
|
Net revenues |
64.7 |
70.6 |
66.8 |
86.7 |
93.7 |
202.1 |
263.1 |
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Net income |
15.0 |
15.4 |
19.3 |
34.9 |
51.0 |
49.7 |
137.7 |
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Adjusted Net income1 |
11.1 |
15.3 |
14.2 |
37.0 |
48.8 |
40.7 |
131.5 |
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EBITDA2 |
34.8 |
34.4 |
38.2 |
53.8 |
69.1 |
107.4 |
186.6 |
|
Adjusted EBITDA 2 |
30.9 |
34.3 |
33.1 |
56.0 |
66.9 |
98.3 |
180.4 |
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Earnings per share basic and diluted3 |
0.12 |
0.12 |
0.15 |
0.28 |
0.41 |
0.38 |
1.08 |
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Adjusted earnings per share basic and diluted 3 |
0.08 |
0.12 |
0.10 |
0.29 |
0.39 |
0.30 |
1.03 |
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Average daily results in U.S. Dollars |
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Time charter equivalent rate4 |
14,861 |
17,271 |
15,760 |
21,078 |
23,403 |
15,954 |
23,303 |
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Daily vessel operating expenses5 |
5,357 |
6,477 |
5,550 |
5,323 |
4,949 |
5,794 |
5,204 |
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Daily vessel operating expenses excluding dry-docking and
pre-delivery expenses6 |
4,720 |
5,224 |
5,132 |
4,822 |
4,571 |
5,024 |
4,708 |
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Daily general and administrative expenses7 |
1,453 |
1,435 |
1,493 |
1,437 |
1,360 |
1,460 |
1,418 |
___________________1 Adjusted Net income is a
non-GAAP measure. Adjusted Net income represents Net income before
impairment and loss on vessels held for sale, gain/(loss) on sale
of assets, gain/(loss) on derivatives, early redelivery
income/(cost), other operating expense and gain/(loss) on foreign
currency. See Table 4.2 EBITDA is a non-GAAP measure and represents
Net income 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 income/(cost), other operating expenses and gain/(loss)
on foreign currency. See Table 4.3 Earnings per share ("EPS") and
Adjusted EPS represent Net Income and Adjusted Net income less
preferred dividend divided by the weighted average number of shares
respectively. See Table 4.4 Time charter equivalent ("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 the number of 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 the number of
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 the number of
ownership days for such period. See Table 5.
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Selected financial highlights |
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In million U.S. Dollars |
Q3 2023 |
Q2 2023 |
Q1 2023 |
Q4 2022 |
Q3 2022 |
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Total cash8 |
83.3 |
88.5 |
98.7 |
123.3 |
121.7 |
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Undrawn revolving credit facilities9 |
148.0 |
128.5 |
109.0 |
145.0 |
144.3 |
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Financing commitments10 |
51.0 |
80.7 |
148.2 |
51.0 |
— |
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Unsecured debt11 |
103.8 |
106.7 |
106.5 |
104.6 |
95.4 |
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Secured debt12 |
336.9 |
339.0 |
316.0 |
309.8 |
344.2 |
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Total debt13 |
440.7 |
445.7 |
422.5 |
414.4 |
439.6 |
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Number of vessels at period end |
45 |
45 |
44 |
44 |
44 |
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Average age of fleet |
10.59 |
10.60 |
10.59 |
10.72 |
10.47 |
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Net debt per vessel14 |
7.9 |
7.9 |
7.4 |
6.6 |
7.2 |
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___________________8 Total Cash represents Cash
and cash equivalents plus Time deposits and Restricted cash.9
Undrawn borrowing capacity under revolving reducing credit
facilities.10 Secured financing commitments for loan and sale and
lease back financings.11 Unsecured debt represents the five-year
tenor unsecured non-amortizing bond, net of deferred financing
costs, maturing in February 2027.12 Secured debt represents
Long-term debt plus current portion of long-term debt, net of
deferred financing costs.13 Total Debt represents Unsecured debt
plus Secured debt.14 Net debt per vessel represents Total Debt less
Total Cash divided by the number of vessels at period's end.
Management Commentary
Dr. Loukas Barmparis, President of the Company,
said: "Our third quarter 2023 performance was adversely impacted by
global economic uncertainties and a weaker charter market. Our
newbuilds orderbook with more efficient vessels and our
environmental upgrades program on our existing fleet was
complemented with orders for two methanol dual-fueled newbuilds for
the fourth quarter of 2026 and for the first quarter of 2027,
marking a significant step towards decarbonization."
Environmental Social Governance and
Responsibility - Environmental investments -
Dry-dockings
The Company is continuing the environmental
upgrade program of its existing fleet in relation to International
Maritime Organization ("IMO") greenhouse gas ("GHG") emission
regulations. As of November 3, 2023, 19 vessels in total have
been upgraded, with one more vessel targeted for upgrade by the end
of 2023. The low friction paint applications that are part of the
environmental upgrades are recorded as operating expenses, while
energy saving devices are capitalized and recorded as capital
expenditures.
During the third quarter of 2023, the Company
completed environmental upgrades on four vessels, namely the MVs
Pedhoulas Cedrus, Pedhoulas Commander, Eleni and Lake Despina,
including exhaust gas cleaning device ("Scrubber") installation on
the Capesize class vessel Lake Despina. During the third quarter of
2023, the Company commenced environmental upgrades, which were
completed as of November 3, 2023, on the MV Zoe. During the
fourth quarter of 2023, the Company has scheduled environmental
upgrades during dry-dockings on one vessel, with an estimated
aggregate number of 22 down-time days. The Company continues to use
biofuels in certain voyages, targeting a lower carbon factor and
lower environmental impact.
Furthermore, the Company has a newbuild program
of 14 vessels in aggregate, of which 10 are Japanese-built and four
Chinese-built, including recent contracts for two methanol
dual-fueled Kamsarmax newbuilds, designed to meet the IMO
regulations related to the reduction of GHG and NOx emissions (the
''IMO GHG Phase 3 - NOx Tier III''). Six of such newbuild vessels
have already been delivered to us. The aggregate capital
expenditure of the newbuild program is approximately $501.6
million, of which $232.7 million are remaining as of
November 3, 2023.
Contracts for the Acquisition of Two
Dual-Fueled Kamsarmax Class Newbuild Vessels
In October 2023, the Company entered into
contracts at attractive prices for the acquisition of two
dual-fueled, IMO GHG Phase 3 - NOx Tier III compliant, 81,200 dwt,
Kamsarmax class dry-bulk vessels, with scheduled delivery
dates in the fourth quarter of 2026 for the first vessel, and the
first quarter of 2027 for the second vessel. These vessels
are capable of operating with methanol and fuel. When powered by
green methanol they can produce close to zero GHG emissions based
on the life cycle assessment (LCA) methodology well-to-propeller
(WTP).
Fleet update
As of November 3, 2023, we had a fleet of
46 vessels, consisting of 11 Panamax, 9 Kamsarmax, 18 Post-Panamax
and 8 Capesize vessels, with an aggregate carrying capacity of 4.6
million dwt and an average age of 10.5 years. Twelve vessels in our
fleet are eco-ships built after 2014, and six vessels are IMO GHG
Phase 3 - NOx Tier III ships built 2022 onwards.
OrderbookAs of November 3, 2023, we had an
orderbook of eight IMO GHG Phase 3 - NOx Tier III Kamsarmax class
newbuilds, two of which are dual-fueled, with one scheduled
delivery in the remainder of 2023, three in 2024, two in the first
half of 2025, one in the fourth quarter of 2026 and one in the
first quarter of 2027.
Newbuild deliveriesIn September 2023, the
Company took delivery of the Kamsarmax class vessel MV Pedhoulas
Trader, its fifth IMO GHG Phase 3 - NOx Tier III, Japanese
newbuild. In October 2023, the Company took delivery of the
Kamsarmax class vessel MV Morphou, its sixth IMO GHG Phase 3 - NOx
Tier III, Japanese newbuild.
Chartering our fleet
Our vessels are used to transport bulk cargoes,
particularly coal, grain and iron ore, along worldwide shipping
routes. We intend to employ our vessels on both period time
charters and spot time charters, according to our assessment of
market conditions. Our customers represent some of the world’s
largest consumers of marine drybulk transportation services. The
vessels we deploy on period time charters provide us with visible
and relatively stable cash flows, while the vessels we deploy in
the spot market allow us to maintain our flexibility in low charter
market conditions as well as provide an opportunity for a potential
upside in our revenue when charter market conditions improve. The
chartering of our vessels is arranged by our Managers15 without any
management commission.
As of November 3, 2023, we
employed, or had contracted to employ, (i) 15 vessels in the spot
time charter market (with up to three months original duration) and
(ii) 32 vessels in the period time charter market (with original
duration in excess of three months). Of the vessels chartered in
the period time charter market, 11 have an original duration of
more than two years. As of November 3, 2023,
the average remaining charter duration across our fleet was 0.7
years.
As of November 3, 2023, we had contracted
revenue of approximately $227.6 million, net of commissions, from
our non-cancellable spot and period time charter contracts
excluding the Scrubber benefit. Given the volatility associated
with the Capesize charter market, as of November 3, 2023, all
eight of our Capesize class vessels have been chartered in period
time charters, five of which have remaining charter durations
exceeding one year. As of November 3, 2023, the average
remaining charter duration of our Capesize class vessels was 2.1
years and the average daily charter hire was $23,692, resulting in
a contracted revenue of approximately $144.0 million net of
commissions, excluding the additional compensation related to the
use of Scrubbers. During the third quarter of 2023, we operated
44.13 vessels, on average earning a TCE of $14,861 compared to
43.25 vessels earning a TCE of $23,403 during the same period in
2022. Our contracted fleet employment profile as of
November 3, 2023, is presented in Table 1.
___________________15 Safety Management Overseas
S.A., Safe Bulkers Management Monaco Inc., and Safe Bulkers
Management Limited, each of which is referred to herein as
"our Manager" and collectively "our Managers".
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Table 1: Contracted employment profile of fleet ownership
days as of November 3, 2023 |
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2023 (remaining) |
74 |
% |
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2023 (full year) |
94 |
% |
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2024 |
31 |
% |
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2025 |
13 |
% |
Debt
As of September 30, 2023, our consolidated debt
before deferred financing costs was $448.9 million, including the
€100 million - 2.95% p.a. fixed coupon, non-amortizing, unsecured
bond issued in February 2022, maturing in February 2027. As of
September 30, 2023, our consolidated leverage16 was approximately
35% and our weighted average interest rate during the three-month
period ended September 30, 2023 was 6.24% inclusive of the
applicable loan margin. During the three-month period ended
September 30, 2023, we made scheduled principal payments of $6.3
million, voluntary debt prepayments of $49.5 million and drawdown
of $25.0 million on our revolving facilities and $29.7 million
under a new sale and leaseback facility. The repayment schedule of
our debt as of September 30, 2023, is presented in Table 2
below:
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Table 2: Loan repayment Schedule as of September 30,
2023(in USD million) |
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Ending December 31, |
2023 |
2024 |
2025 |
2026 |
2027 |
2028 |
2029 |
2030-2032 |
Total |
|
Secured debt |
5.7 |
23.8 |
74.1 |
77.5 |
39.8 |
54.2 |
9.4 |
58.7 |
343.2 |
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Unsecured debt |
0.0 |
0.0 |
0.0 |
0.0 |
105.7 |
0.0 |
0.0 |
0.0 |
105.7 |
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Total debt |
5.7 |
23.8 |
74.1 |
77.5 |
145.5 |
54.2 |
9.4 |
58.7 |
448.9 |
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Fleet scrap value17 |
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354.7 |
___________________16 Consolidated leverage is a
non-GAAP measure and represents total consolidated liabilities
divided by total consolidated assets. Total consolidated assets are
based on the market value of all vessels, as provided by
independent broker valuers on quarter-end, owned or leased on a
finance lease taking into account their employment, and the book
value of all other assets. This measure assists our management and
investors by increasing the comparability of our leverage from
period to period.17 The fleet scrap value is calculated on the
basis of fleet aggregate light weight tons ("lwt") and market scrap
rate of $512.5/lwt ton (Clarksons data), on September 30,
2023.
Liquidity, capital resources, capital expenditure
requirements and debt as of September 30, 2023
We had $83.3 million in cash, cash equivalents,
bank time deposits and restricted cash, $148.0 million in undrawn
borrowing capacity available under existing revolving reducing
credit facilities and $51.0 million in undrawn borrowing capacity
available under two loans relating to two newbuild vessels. We had
paid $70.8 million for our capital expenditure requirements in
relation to our orderbook. Furthermore, we had contracted revenue
of approximately $251.9 million, net of commissions, from our
non-cancellable spot and period time charter contracts excluding
the Scrubber benefit, and additional borrowing capacity in
connection with the financing of eight unencumbered vessels and
five newbuilds upon their delivery.
We had a fleet of 45 vessels and an orderbook of
seven newbuilds. The remaining capital expenditure requirements
were $179.2 million in aggregate relating to these seven newbuilds
and one Scrubber retrofit. The schedule of payments of the
remaining capital expenditure requirements is $52.7 million in
2023, $83.5 million in 2024 and $43.0 million in 2025.
We had $448.9 million of outstanding
consolidated debt before deferred financing costs, including the
unsecured bond issued in February 2022.
Liquidity, capital resources, capital
expenditure requirements and debt as of November 3,
2023
We had $67.1 million in cash, cash equivalents,
bank time deposits, restricted cash, $158.0 million in undrawn
borrowing capacity available under existing revolving reducing
credit facilities and $53.5 million in undrawn borrowing capacity
available under one loan relating to a newbuild vessel as well as
one sale and leaseback agreement with purchase obligation in
relation to a newbuild vessel. We had paid $75.1 million for our
capital expenditure requirements in relation to our orderbook.
Furthermore, we had contracted revenue of approximately $227.6
million, net of commissions, from our non-cancellable spot and
period time charter contracts excluding the Scrubber benefit, and
additional borrowing capacity in connection with the financing of
eight unencumbered vessels and six newbuilds upon their
delivery.
We had a fleet of 46 vessels and an orderbook of
eight newbuilds. The remaining capital expenditure requirements
were $233.2 million in aggregate relating to the eight newbuilds on
order and one Scrubber retrofit. The schedule of payments of the
remaining capital expenditure requirements is $23.7 million in
2023, $92.4 million in 2024 and $117.1 million from 2025 to
2027.
We had $464.5 million of outstanding
consolidated debt before deferred financing costs, including the
unsecured bond.
Dividend Policy
On November 7, 2023, the Board of Directors
of the Company declared a cash dividend on the Company's common
stock of $0.05 per share which is payable on December 14, 2023 to
the shareholders of record of the Company's common stock at the
closing of trading on November 27, 2023. As of November 3,
2023, the Company had 111,607,828 shares of common stock issued and
outstanding.
In July 2023, the Board of Directors of the
Company declared a cash dividend on the Company's common stock of
$0.05 per share which was paid on September 1, 2023 to the
shareholders of record of the Company's common stock at the closing
of trading on August 18, 2023.
In October 2023, the Board of Directors of the
Company declared a cash dividend of $0.50 per share on each of its
Series C preferred shares (NYSE: SB.PR.C) and Series D preferred
shares (NYSE: SB.PR.D) for the period from July 30, 2023 to October
29, 2023. The dividend was paid on October 30, 2023, to all
shareholders of record as of October 18, 2023 of the Series C
Preferred Shares and of the Series D Preferred Shares,
respectively.
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.
Results of 2023 Annual Meeting of
Stockholders
On September 7, 2023, the Company's annual
meeting of stockholders was held in Monaco. Konstantinos
Adamopoulos, Kristin H. Holth and Frank Sica were elected Class III
directors. The Class III directors were elected to hold office for
a term ending at the annual meeting of stockholders in 2026 and
until their respective successors have been duly elected and
qualified. Stockholders also ratified the appointment of Deloitte,
Certified Public Accountants S.A. as the Company’s independent
auditors for the fiscal year ending December 31, 2023.
War in Ukraine
As a result of the war between Russia and
Ukraine which commenced in February 2022, the US, the EU, the UK,
Switzerland and other countries and territories have announced
unprecedented levels of sanctions and other measures against Russia
and certain Russian entities and nationals. We intend on complying
with these requirements and addressing their potential
consequences. While we do not have any Ukrainian or Russian crews,
our vessels currently do not sail in the Black Sea and we conduct
limited operations in Russia and Ukraine, we will continue to
monitor the situation to assess whether the conflict could have any
impact on our operations or financial performance.
Conference Call
On Wednesday, November 8, 2023, at 9:00
A.M. Eastern Time, the Company’s management team will host a
conference call to discuss the Company’s financial results.
Conference Call Details: Participants should
dial into the call 10 minutes before the scheduled time using the
following numbers: +1 877 405 1226 (US Toll-Free Dial In) or +1 201
689 7823 (US and Standard International Dial In), or +0 800 756
3429 (UK Toll-Free Dial In). Please quote “Safe Bulkers” to the
operator and/or conference ID 13741912. Click here for additional
participant International Toll-Free access numbers.
Alternatively, participants can register for the
call using the “call me” option for a faster connection to join the
conference call. You can enter your phone number and let the system
call you right away. Click here for the call me option.
Slides and Audio Webcast: There will also be a
live, and then archived, webcast of the conference call and
accompanying slides, available through the Company’s website. To
listen to the archived audio file, visit our website
www.safebulkers.com and click on Events & Presentations.
Participants to the live webcast should register on the website
approximately 10 minutes prior to the start of the webcast.
Management Discussion of Third Quarter
2023 Results
During the third quarter of 2023, we operated in
a weaker charter market environment compared to the same period in
2022, with decreased revenues due to lower hires, decreased
earnings from Scrubber fitted vessels, increased operating expenses
and higher interest expenses due to increasing interest rates.
During the third quarter of 2023, we operated 44.13 vessels on
average earning an average TCE of $14,861 compared to 43.25 vessels
earning an average TCE of $23,403 during the same period in 2022.
The Company's net income for the third quarter of 2023 was $15.0
million compared to net income of $51.0 million during the same
period in 2022. The main factors driving the change in net income
are as follows:
Net revenues: Net revenues decreased by 31% to
$64.7 million for the third quarter of 2023, compared to $93.7
million for the same period in 2022. This is primarily due to lower
revenues from charter hires and decreased revenues earned by our
Scrubber fitted vessels.
Vessel operating expenses: Vessel operating
expenses increased by 10% to $21.8 million for the third quarter of
2023 compared to $19.7 million for the same period in 2022 mainly
due to: (i) dry docking expenses which increased to $2.1 million
related to two fully completed and three partially completed
drydockings during the third quarter of 2023 including additional
costs for low-friction paints as part of environmental upgrades
which are expensed, compared to $1.1 million related to one
completed drydocking for the same period of 2022, (ii) spare parts
increase to $1.8 million for the third quarter of 2023,
compared to $1.5 million for the same period in 2022, mainly as a
result of the increased average number of vessels during the third
quarter of 2023 and the increased number of dry-dockings, (iii)
crew wages increase to $8.8 million for the third quarter of 2023,
compared to $8.6 million for the same period in 2022, mainly due to
the increased average number of vessels during the third quarter of
2023 and (iv) maintenance and technical services expenses increase
to $1.8 million for the third quarter of 2023, compared to $1.1
million for the same period in 2022, mainly as a result of the
increased average number of vessels during the third quarter of
2023. The Company expenses dry-docking and pre-delivery costs as
incurred, which costs may vary from period to period. Excluding
dry-docking costs and pre-delivery expenses of $2.6 million and
$1.5 million for the third quarter of 2023 and 2022, respectively,
vessel operating expenses increased by 5% to $19.2 million during
the third quarter of 2023 in comparison to $18.2 million during the
same quarter of 2022. Dry-docking expense is related to the number
of dry-dockings in each period and pre-delivery expenses are
related to the number of vessel deliveries and second hand
acquisitions in each period. Other shipping companies may defer and
amortize dry-docking expense, while many do not include dry-docking
expenses within vessel operating expenses costs but present these
separately.
Depreciation: Depreciation expense increased by
$0.8 million, or 6% to $13.7 million for the third quarter of 2023,
compared to $12.9 million for the same period in 2022, mainly due
to the increased number of vessels during the third quarter of
2023.
Voyage expenses: Voyage expenses increased to
$5.9 million for the third quarter of 2023, compared to $1.6
million for the same period in 2022, mainly due to increased bunker
consumption costs for scrubber fitted vessels under charter
agreements which provide for variable consideration based on the
bunker consumption and the hire expense relating to the
chartered-in vessel MV Arethousa.
Interest expense: Interest expense increased to
$6.2 million in the third quarter of 2023 compared to $4.9 million
for the same period in 2022. This change is mainly due to the
increased weighted average interest rate of 6.24% during the third
quarter of 2023, compared to 3.48% for the same period in 2022, as
a result of the higher USD rates environment.
Daily vessel operating expenses: Daily vessel
operating expenses, calculated by dividing vessel operating
expenses by the ownership days of the relevant period, increased by
8% to $5,357 for the third quarter of 2023 compared to $4,949 for
the same period in 2022 mainly due increased number of dry-dockings
and environmental upgrades. Daily vessel operating expenses
excluding dry-docking and predelivery expenses increased by
3% to $4,720 for the third quarter of 2023 compared to $4,571
for the same period in 2022 mainly due to the inflationary
environment.
Daily general and administrative expenses:18
Daily general and administrative expenses, which include management
fees payable to our Managers and daily company administration
expenses, increased by 7% to $1,453 for the third quarter of 2023,
compared to $1,360 for the same period in 2022, as a result of
increased public company expenses during the third quarter of
2023.
___________________18 See table 5
Balance sheet
Other financing liability: In March 2023, the
Company entered into an agreement to sell MV Efrossini, a 2012
Japanese-built, Panamax class vessel to an unaffiliated third party
at a gross sale price of $22.5 million and charter her back for a
period of ten to fourteen months at a gross daily charter rate of
$16,050 . The sale was consummated in July 2023, when the vessel
was delivered to her new owners, renamed MV Arethousa, and
immediately taken back on charter by the Company. We assessed the
transaction according to ASC 842-40 and ASC 606 and concluded that
the transfer of the asset is a sale, and that the sale was not at
fair value since the net sale price was greater than the fair value
of the asset at the time the sale was consummated. The difference
between the net sale price and the fair value of MV Efrossini at
the time the sale was consummated was recognized as other
financing liability. Other financing liability represents the
outstanding balance of the reduction of the sale price plus
interest accrued, net of the portion of the hire payments allocated
to the other financing liability.
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|
|
Unaudited Interim Financial Information and Other
DataSAFE BULKERS,
INC.CONDENSED CONSOLIDATED
STATEMENTS OF INCOME (UNAUDITED)(In thousands of
U.S. Dollars except for share and per share data) |
|
|
| |
Three-Months Period Ended September
30, |
|
Nine-Months Period Ended September
30, |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
REVENUES: |
|
|
|
|
|
|
|
|
Revenues |
97,377 |
|
|
67,101 |
|
|
273,942 |
|
|
209,909 |
|
|
Commissions |
(3,663 |
) |
|
(2,451 |
) |
|
(10,881 |
) |
|
(7,797 |
) |
|
Net revenues |
93,714 |
|
|
64,650 |
|
|
263,061 |
|
|
202,112 |
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
Voyage expenses |
(1,576 |
) |
|
(5,948 |
) |
|
(7,034 |
) |
|
(16,105 |
) |
|
Vessel operating expenses |
(19,692 |
) |
|
(21,750 |
) |
|
(58,663 |
) |
|
(69,583 |
) |
|
Depreciation |
(12,947 |
) |
|
(13,735 |
) |
|
(36,481 |
) |
|
(39,913 |
) |
|
General and administrative expenses |
(5,413 |
) |
|
(5,899 |
) |
|
(15,984 |
) |
|
(17,536 |
) |
|
Gain on sale of assets |
— |
|
|
3,316 |
|
|
— |
|
|
7,953 |
|
|
Operating income |
54,086 |
|
|
20,634 |
|
|
144,899 |
|
|
66,928 |
|
| OTHER (EXPENSE) /
INCOME: |
|
|
|
|
|
|
|
|
Interest expense |
(4,873 |
) |
|
(6,162 |
) |
|
(11,271 |
) |
|
(17,510 |
) |
|
Other finance cost |
(164 |
) |
|
(142 |
) |
|
(989 |
) |
|
(562 |
) |
|
Interest income |
237 |
|
|
841 |
|
|
296 |
|
|
1,667 |
|
|
Gain/(loss) on derivatives |
1,416 |
|
|
(900 |
) |
|
5,374 |
|
|
651 |
|
|
Foreign currency gain |
801 |
|
|
1,491 |
|
|
825 |
|
|
461 |
|
|
Amortization and write-off of deferred finance charges |
(516 |
) |
|
(717 |
) |
|
(1,453 |
) |
|
(1,894 |
) |
|
Net income |
50,987 |
|
|
15,045 |
|
|
137,681 |
|
|
49,741 |
|
|
Less Preferred dividend |
2,000 |
|
|
2,000 |
|
|
6,978 |
|
|
6,000 |
|
|
Net income available to common shareholders |
48,987 |
|
|
13,045 |
|
|
130,703 |
|
|
43,741 |
|
|
Earnings per share basic and diluted |
0.41 |
|
|
0.12 |
|
|
1.08 |
|
|
0.38 |
|
|
Weighted average number of shares |
120,431,898 |
|
|
111,603,616 |
|
|
121,232,245 |
|
|
114,295,273 |
|
| |
|
Nine-Months Period Ended September
30, |
|
|
|
2022 |
|
|
2023 |
|
| (In millions of U.S.
Dollars) |
|
|
|
|
| CASH FLOW
DATA |
|
|
|
|
| Net cash provided by operating
activities |
|
161.9 |
|
|
83.2 |
|
| Net cash used in investing
activities |
|
(243.0 |
) |
|
(85.5 |
) |
| Net cash provided by/(used in)
financing activities |
|
23.8 |
|
|
(23.9 |
) |
| Net decrease in cash and cash
equivalents |
|
(57.3 |
) |
|
(26.2 |
) |
|
|
|
SAFE BULKERS, INC.CONDENSED
CONSOLIDATED BALANCE SHEETS (UNAUDITED)(In
thousands of U.S. Dollars) |
|
|
|
|
|
December 31, 2022 |
|
September 30, 2023 |
| ASSETS |
|
|
|
|
|
Cash and cash equivalents, time deposits, and restricted cash |
|
114,377 |
|
74,061 |
|
Other current assets |
|
31,344 |
|
31,862 |
|
Assets held for sale |
|
11,980 |
|
— |
|
Vessels, net |
|
1,001,120 |
|
1,063,071 |
|
Advances for vessels |
|
76,280 |
|
74,728 |
|
Restricted cash non-current |
|
8,900 |
|
9,250 |
|
Other non-current assets |
|
1,917 |
|
1,756 |
|
Total assets |
|
1,245,918 |
|
1,254,728 |
| LIABILITIES AND
EQUITY |
|
|
|
|
|
Current portion of long-term debt |
|
43,556 |
|
21,063 |
|
Liabilities directly associated with assets held for sale |
|
16,930 |
|
— |
|
Other financing liability |
|
— |
|
1,277 |
|
Other current liabilities |
|
30,831 |
|
30,114 |
|
Long-term debt, net of current portion |
|
370,806 |
|
419,606 |
|
Other non-current liabilities |
|
11,879 |
|
10,225 |
|
Shareholders’ equity |
|
771,916 |
|
772,443 |
|
Total liabilities and equity |
|
1,245,918 |
|
1,254,728 |
|
|
|
TABLE 4 RECONCILIATION OF ADJUSTED NET
INCOME, EBITDA, ADJUSTED EBITDA AND ADJUSTED EARNINGS PER
SHARE |
|
|
| (In
thousands of U.S. Dollars except for share and per share data) |
|
Three-Months Period Ended September
30, |
|
Nine-Months Period Ended September
30, |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
| Adjusted Net
Income |
|
|
|
|
|
|
|
|
| Net
Income |
|
50,987 |
|
|
15,045 |
|
|
137,681 |
|
|
49,741 |
|
| Less Gain on sale of
assets |
|
— |
|
|
(3,316 |
) |
|
— |
|
|
(7,953 |
) |
| Less (Gain)/loss on
derivatives |
|
(1,416 |
) |
|
900 |
|
|
(5,374 |
) |
|
(651 |
) |
| Less Foreign currency
gain |
|
(801 |
) |
|
(1,491 |
) |
|
(825 |
) |
|
(461 |
) |
| Adjusted Net
income |
|
48,770 |
|
|
11,138 |
|
|
131,482 |
|
|
40,676 |
|
| EBITDA - Adjusted
EBITDA |
|
|
|
|
|
|
|
|
| Net
Income |
|
50,987 |
|
|
15,045 |
|
|
137,681 |
|
|
49,741 |
|
| Plus Net Interest expense |
|
4,636 |
|
|
5,321 |
|
|
10,975 |
|
|
15,843 |
|
| Plus Depreciation |
|
12,947 |
|
|
13,735 |
|
|
36,481 |
|
|
39,913 |
|
| Plus Amortization and
write-off of deferred finance charges |
|
516 |
|
|
717 |
|
|
1,453 |
|
|
1,894 |
|
| EBITDA |
|
69,086 |
|
|
34,818 |
|
|
186,590 |
|
|
107,391 |
|
| Less Gain on sale of
assets |
|
— |
|
|
(3,316 |
) |
|
— |
|
|
(7,953 |
) |
| Less (Gain)/loss on
derivatives |
|
(1,416 |
) |
|
900 |
|
|
(5,374 |
) |
|
(651 |
) |
| Less Foreign currency
gain |
|
(801 |
) |
|
(1,491 |
) |
|
(825 |
) |
|
(461 |
) |
| ADJUSTED
EBITDA |
|
66,869 |
|
|
30,911 |
|
|
180,391 |
|
|
98,326 |
|
| Earnings per
share |
|
|
|
|
|
|
|
|
| Net
Income |
|
50,987 |
|
|
15,045 |
|
|
137,681 |
|
|
49,741 |
|
| Less Preferred dividend |
|
2,000 |
|
|
2,000 |
|
|
6,978 |
|
|
6,000 |
|
| Net income available
to common shareholders |
|
48,987 |
|
|
13,045 |
|
|
130,703 |
|
|
43,741 |
|
| Weighted average number of
shares |
|
120,431,898 |
|
|
111,603,616 |
|
|
121,232,245 |
|
|
114,295,273 |
|
| Earnings per
share |
|
0.41 |
|
|
0.12 |
|
|
1.08 |
|
|
0.38 |
|
| Adjusted Earnings per
share |
|
|
|
|
|
|
|
|
| Adjusted Net
income |
|
48,770 |
|
|
11,138 |
|
|
131,482 |
|
|
40,676 |
|
| Less Preferred dividend |
|
2,000 |
|
|
2,000 |
|
|
6,978 |
|
|
6,000 |
|
| Adjusted Net income
available to common shareholders |
|
46,770 |
|
|
9,138 |
|
|
124,504 |
|
|
34,676 |
|
| Weighted average number of
shares |
|
120,431,898 |
|
|
111,603,616 |
|
|
121,232,245 |
|
|
114,295,273 |
|
| Adjusted Earnings per
share |
|
0.39 |
|
|
0.08 |
|
|
1.03 |
|
|
0.30 |
|
- EBITDA, Adjusted EBITDA, Adjusted Net income
and Adjusted earnings per share are non-US GAAP financial
measurements.- EBITDA represents Net income before interest, income
tax expense, depreciation and amortization.- Adjusted EBITDA
represents EBITDA before gain on sale of assets, gain/(loss) on
derivatives and gain on foreign currency.- Adjusted Net income
represents Net income before gain on sale of assets, gain/(loss) on
derivatives and gain on foreign currency.- Adjusted earnings per
share represents Adjusted Net income less preferred dividend
divided by the weighted average number of shares.- EBITDA, Adjusted
EBITDA, Adjusted Net income and Adjusted earnings per share are
used as supplemental financial measures by management and external
users of financial statements, such as investors, to assess our
financial and operating performance. The Company believes that
these non-GAAP financial measures assist our management and
investors by increasing the comparability of our performance from
period to period. The Company believes that including these
supplemental financial measures assists our management and
investors in (i) understanding and analyzing the results of our
operating and business performance, (ii) selecting between
investing in us and other investment alternatives and (iii)
monitoring our financial and operational performance in assessing
whether to continue investing in us. The Company believes that
EBITDA, Adjusted EBITDA, Adjusted Net income and Adjusted earnings
per share are useful in evaluating the Company’s operating
performance from period to period because the calculation of EBITDA
generally eliminates the effects of financings, income taxes and
the accounting effects of capital expenditures and acquisitions,
the calculation of Adjusted EBITDA and Adjusted Net Income/(loss)
generally further eliminates from EBITDA and Net Income/(loss)
respectively the effects from impairment and loss on vessels held
for sale, gain/(loss) on sale of assets, gain/(loss) on
derivatives, early redelivery income/(cost), other operating
expenses and gain/(loss) on foreign currency, items which may vary
from year to year and for different companies for reasons unrelated
to overall operating performance. EBITDA, Adjusted EBITDA, Adjusted
Net income and Adjusted earnings per share have limitations as
analytical tools, and should not be considered in isolation, or as
a substitute for analysis of the Company’s results as reported
under US GAAP. While EBITDA and Adjusted EBITDA, Adjusted Net
income and Adjusted earnings per share are frequently used as
measures of operating results and performance, they are not
necessarily comparable to other similarly titled captions of other
companies due to differences in methods of calculation. In
evaluating Adjusted EBITDA, Adjusted Net income/(loss) and Adjusted
earnings/(loss) per share, you should be aware that in the future
we may incur expenses that are the same as or similar to some of
the adjustments in this presentation. Our presentation of Adjusted
EBITDA, Adjusted Net income and Adjusted earnings per share should
not be construed as an inference that our future results will be
unaffected by the excluded items.
|
|
|
TABLE 5: FLEET DATA, AVERAGE DAILY INDICATORS
RECONCILIATION |
|
|
| |
Three-Months Period Ended September
30, |
|
Nine-Months Period Ended September
30, |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
| FLEET DATA |
|
|
|
|
|
|
|
| Number of vessels at period
end |
|
44 |
|
|
|
45 |
|
|
|
44 |
|
|
|
45 |
|
| Average age of fleet (in
years) |
|
10.47 |
|
|
|
10.59 |
|
|
|
10.47 |
|
|
|
10.59 |
|
| Ownership days (1) |
|
3,979 |
|
|
|
4,060 |
|
|
|
11,273 |
|
|
|
12,009 |
|
| Available days (2) |
|
3,937 |
|
|
|
3,950 |
|
|
|
10,987 |
|
|
|
11,659 |
|
| Average number of vessels in
the period (3) |
|
43.25 |
|
|
|
44.13 |
|
|
|
41.29 |
|
|
|
43.99 |
|
| AVERAGE DAILY RESULTS |
|
|
|
|
|
|
|
| Time charter equivalent rate
(4) |
$ |
23,403 |
|
|
$ |
14,861 |
|
|
$ |
23,303 |
|
|
$ |
15,954 |
|
| Daily vessel operating
expenses (5) |
$ |
4,949 |
|
|
$ |
5,357 |
|
|
$ |
5,204 |
|
|
$ |
5,794 |
|
| Daily vessel operating
expenses excluding dry-docking and pre-delivery expenses (6) |
$ |
4,571 |
|
|
$ |
4,720 |
|
|
$ |
4,708 |
|
|
$ |
5,024 |
|
| Daily general and
administrative expenses (7) |
$ |
1,360 |
|
|
$ |
1,453 |
|
|
$ |
1,418 |
|
|
$ |
1,460 |
|
| TIME CHARTER EQUIVALENT RATE
RECONCILIATION |
|
|
|
|
|
|
|
| (In thousands of U.S. Dollars
except for available days and Time charter equivalent rate) |
|
|
|
|
|
|
|
| Revenues |
$ |
97,377 |
|
|
$ |
67,101 |
|
|
$ |
273,942 |
|
|
$ |
209,909 |
|
| Less commissions |
|
(3,663 |
) |
|
|
(2,451 |
) |
|
|
(10,881 |
) |
|
|
(7,797 |
) |
| Less voyage expenses |
|
(1,576 |
) |
|
|
(5,948 |
) |
|
|
(7,034 |
) |
|
|
(16,105 |
) |
| Time charter equivalent
revenue |
$ |
92,138 |
|
|
$ |
58,702 |
|
|
$ |
256,027 |
|
|
$ |
186,007 |
|
| Available days (2) |
|
3,937 |
|
|
|
3,950 |
|
|
|
10,987 |
|
|
|
11,659 |
|
| Time charter equivalent rate
(4) |
$ |
23,403 |
|
|
$ |
14,861 |
|
|
$ |
23,303 |
|
|
$ |
15,954 |
|
| |
|
|
|
|
|
|
|
_____________(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 November 3,
2023 |
|
|
|
Vessel Name |
|
Dwt |
|
YearBuilt 1 |
|
Country ofConstruction |
|
CharterType |
|
CharterRate 2 |
|
Commissions 3 |
|
Charter Period 4 |
|
CURRENT FLEET |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Panamax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Katerina |
|
76,000 |
|
2004 |
|
Japan |
|
Period |
|
$ |
12,000 |
|
5.00 |
% |
|
August 2023 |
November 2023 |
| Maritsa |
|
76,000 |
|
2005 |
|
Japan |
|
Period |
|
$ |
16,950 |
|
3.75 |
% |
|
April
2023 |
March 2024 |
| Paraskevi 2 |
|
75,000 |
|
2011 |
|
Japan |
|
Period |
|
$ |
16,100 |
|
5.00 |
% |
|
April
2023 |
January 2024 |
| Zoe 11 |
|
75,000 |
|
2013 |
|
Japan |
|
Spot |
|
$ |
14,250 |
|
5.00 |
% |
|
October
2023 |
November 2023 |
| Koulitsa 2 |
|
78,100 |
|
2013 |
|
Japan |
|
Period31 |
|
BPI 74 4TC *
114% |
|
3.75 |
% |
|
April
2023 |
November 2023 |
| Kypros Land
11 |
|
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 |
March 2023 |
| |
|
|
|
|
$ |
13,502 |
|
3.75 |
% |
|
March
2023 |
June 2023 |
| |
|
|
|
|
$ |
16,121 |
|
3.75 |
% |
|
June
2023 |
September 2023 |
| |
|
|
|
|
BPI 82 5TC *
97% - $2,150 |
|
3.75 |
% |
|
September
2023 |
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 |
March 2023 |
| |
|
|
|
|
$ |
15,151 |
|
3.75 |
% |
|
March
2023 |
June 2023 |
| |
|
|
|
|
BPI 82 5TC *
97% - $2,150 |
|
3.75 |
% |
|
June
2023 |
August 2025 |
| Kypros Sky
9 |
|
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 |
March 2023 |
| |
|
|
|
|
$ |
12,726 |
|
3.75 |
% |
|
March
2023 |
June 2023 |
| |
|
|
|
|
$ |
14,423 |
|
3.75 |
% |
|
June
2023 |
September 2023 |
| |
|
|
|
|
$ |
15,151 |
|
3.75 |
% |
|
September
2023 |
December 2023 |
| |
|
|
|
|
BPI 82 5TC *
97% - $2,150 |
|
3.75 |
% |
|
December
2023 |
July 2025 |
|
Kypros Spirit 9 |
|
78,000 |
|
2016 |
|
Japan |
|
Period13 |
|
$ |
13,800 |
|
3.75 |
% |
|
August
2020 |
August 2022 |
| |
|
|
|
|
BPI 82 5TC * 97% - $2,150 |
|
3.75 |
% |
|
August
2022 |
March 2023 |
| |
|
|
|
|
$ |
14,423 |
|
3.75 |
% |
|
March
2023 |
June 2023 |
|
|
|
|
|
|
BPI 82 5TC * 97% - $2,150 |
|
3.75 |
% |
|
June
2023 |
September 2023 |
| |
|
|
|
|
$ |
12,289 |
|
3.75 |
% |
|
September
2023 |
December 2023 |
|
|
|
|
|
|
BPI 82 5TC * 97% - $2,150 |
|
3.75 |
% |
|
December 2023 |
July 2025 |
|
Kamsarmax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pedhoulas Merchant |
|
82,300 |
|
2006 |
|
Japan |
|
Period |
|
$ |
13,750 |
|
3.75 |
% |
|
October
2023 |
March 2024 |
| Pedhoulas Leader |
|
82,300 |
|
2007 |
|
Japan |
|
Period32 |
|
BPI 82 5TC *
98% |
|
3.75 |
% |
|
January
2023 |
November 2023 |
| Pedhoulas Commander |
|
83,700 |
|
2008 |
|
Japan |
|
Spot |
|
$ |
25,250 |
|
5.00 |
% |
|
October
2023 |
November 2023 |
| Pedhoulas Cherry |
|
82,000 |
|
2015 |
|
China |
|
Period18 |
|
$ |
13,000 |
|
3.75 |
% |
|
September
2023 |
May 2024 |
| Pedhoulas Rose |
|
82,000 |
|
2017 |
|
China |
|
Period18 |
|
$ |
14,375 |
|
5.00 |
% |
|
September
2023 |
May 2024 |
| Pedhoulas Cedrus14 |
|
81,800 |
|
2018 |
|
Japan |
|
Period17 |
|
$11,000 + 50% *112.5%
BPI 82 5TC |
|
5.00 |
% |
|
March
2023 |
February 2024 |
| Vassos8 |
|
82,000 |
|
2022 |
|
Japan |
|
Period |
|
$ |
15,700 |
|
5.00 |
% |
|
July
2023 |
November 2023 |
| Pedhoulas Trader20 |
|
82,000 |
|
2023 |
|
Japan |
|
Spot |
|
$ |
17,650 |
|
3.75 |
% |
|
September
2023 |
November 2023 |
|
Morphou |
|
82,000 |
|
2023 |
|
Japan |
|
Spot23 |
|
$ |
13,500 |
|
3.75 |
% |
|
October 2023 |
December 2023 |
|
Post-Panamax |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Marina |
|
87,000 |
|
2006 |
|
Japan |
|
Spot18,25 |
|
$ |
6,000 |
|
5.00 |
% |
|
August
2023 |
November 2023 |
| |
|
|
|
|
BKI 1A * 105% |
|
5.00 |
% |
|
November
2023 |
November 2023 |
| |
|
|
|
Spot18,36 |
|
$ |
30,000 |
|
5.00 |
% |
|
November
2023 |
January 2024 |
| Xenia |
|
87,000 |
|
2006 |
|
Japan |
|
Spot18 |
|
$ |
12,700 |
|
5.00 |
% |
|
October
2023 |
November 2023 |
| Sophia |
|
87,000 |
|
2007 |
|
Japan |
|
Spot18 |
|
$ |
10,350 |
|
5.00 |
% |
|
September
2023 |
November 2023 |
| Eleni |
|
87,000 |
|
2008 |
|
Japan |
|
Spot
18 |
|
$ |
13,900 |
|
5.00 |
% |
|
October
2023 |
November 2023 |
| Martine |
|
87,000 |
|
2009 |
|
Japan |
|
Spot18,34 |
|
$ |
13,000 |
|
5.00 |
% |
|
October
2023 |
November 2023 |
| Andreas K |
|
92,000 |
|
2009 |
|
South
Korea |
|
Spot18 |
|
$ |
13,050 |
|
5.00 |
% |
|
September
2023 |
November 2023 |
| Panayiota K
10 |
|
92,000 |
|
2010 |
|
South Korea |
|
Spot18,37 |
|
$ |
6,250 |
|
5.00 |
% |
|
August
2023 |
October 2023 |
| |
|
|
|
|
$ |
8,250 |
|
5.00 |
% |
|
October
2023 |
November 2023 |
| |
|
|
|
Spot18 |
|
$ |
10,375 |
|
5.00 |
% |
|
November
2023 |
December 2023 |
| Agios Spyridonas 10 |
|
92,000 |
|
2010 |
|
South
Korea |
|
Spot18 |
|
$ |
10,700 |
|
5.00 |
% |
|
October
2023 |
November 2023 |
| Venus Heritage 11 |
|
95,800 |
|
2010 |
|
Japan |
|
Spot18,38 |
|
$ |
13,800 |
|
5.00 |
% |
|
October
2023 |
November 2023 |
| Venus History 11 |
|
95,800 |
|
2011 |
|
Japan |
|
Spot
18 |
|
$ |
14,150 |
|
5.00 |
% |
|
November
2023 |
December 2023 |
| Venus Horizon |
|
95,800 |
|
2012 |
|
Japan |
|
Spot18,35 |
|
$ |
12,500 |
|
5.00 |
% |
|
September
2023 |
November 2023 |
| Venus
Harmony |
|
95,700 |
|
2013 |
|
Japan |
|
Period |
|
$ |
21,600 |
|
5.00 |
% |
|
June
2023 |
November 2023 |
| |
|
|
|
|
$ |
17,000 |
|
5.00 |
% |
|
November
2023 |
January 2024 |
| Troodos Sun 16 |
|
85,000 |
|
2016 |
|
Japan |
|
Period
18,19 |
|
BPI 82 5TC
* 116.5% |
|
4.38 |
% |
|
June
2023 |
May 2024 |
| Troodos Air |
|
85,000 |
|
2016 |
|
Japan |
|
Period
18,22 |
|
BPI 82 5TC *
113.5% |
|
5.00 |
% |
|
June
2023 |
May 2024 |
| Troodos Oak |
|
85,000 |
|
2020 |
|
Japan |
|
Period |
|
$ |
15,350 |
|
5.00 |
% |
|
September
2023 |
June 2024 |
| Climate Respect |
|
87,000 |
|
2022 |
|
Japan |
|
Period39 |
|
BPI 82 5TC
* 133.5% |
|
5.00 |
% |
|
October
2023 |
July 2024 |
| Climate
Ethics |
|
87,000 |
|
2023 |
|
Japan |
|
Period |
|
$ |
18,500 |
|
5.00 |
% |
|
January
2023 |
November 2023 |
| |
|
|
|
Period |
|
$ |
17,950 |
|
5.00 |
% |
|
November
2023 |
September 2024 |
|
Climate Justice |
|
87,000 |
|
2023 |
|
Japan |
|
Period |
|
$ |
21,500 |
|
5.00 |
% |
|
July 2023 |
June 2024 |
|
Capesize |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mount Troodos |
|
181,400 |
|
2009 |
|
Japan |
|
Period28,18 |
|
BCI 5TC * 106% |
|
3.75 |
% |
|
March
2023 |
January 2024 |
| Kanaris |
|
178,100 |
|
2010 |
|
China |
|
Period
5 |
|
$ |
25,928 |
|
2.50 |
% |
|
September
2011 |
September 2031 |
| Pelopidas |
|
176,000 |
|
2011 |
|
China |
|
Period
27,18 |
|
$ |
25,250 |
|
3.75 |
% |
|
June
2022 |
May 2025 |
| Aghia Sofia24 |
|
176,000 |
|
2012 |
|
China |
|
Period26,18 |
|
BCI 5TC * 123% |
|
5.00 |
% |
|
June
2023 |
May 2024 |
| Lake Despina 7 |
|
181,400 |
|
2014 |
|
Japan |
|
Period
6,18 |
|
$ |
25,200 |
|
5.00 |
% |
|
February
2022 |
February 2025 |
| Stelios
Y |
|
181,400 |
|
2012 |
|
Japan |
|
Period
15 |
|
$ |
24,400 |
|
3.75 |
% |
|
November
2021 |
November 2024 |
| |
|
|
|
Period29 |
|
BCI 5TC * 117% |
|
3.75 |
% |
|
November
2024 |
February 2027 |
| Maria |
|
181,300 |
|
2014 |
|
Japan |
|
Period30,18 |
|
BCI 5TC * 130% |
|
3.75 |
% |
|
January
2023 |
January 2024 |
|
Michalis H |
|
180,400 |
|
2012 |
|
China |
|
Period21,18 |
|
$ |
23,000 |
|
3.75 |
% |
|
September 2022 |
July 2025 |
|
TOTAL |
|
4,631,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHARTERED-IN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arethousa 33 |
|
75,000 |
|
2012 |
|
Japan |
|
Period |
|
$ |
11,950 |
|
5.00 |
% |
|
August 2023 |
January 2024 |
|
TOTAL |
|
75,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Orderbook |
| TBN |
|
82,000 |
|
Q4
2023 |
|
Japan |
|
|
|
|
|
|
|
|
|
| TBN |
|
82,000 |
|
Q1
2024 |
|
Japan |
|
|
|
|
|
|
|
|
|
| TBN |
|
82,000 |
|
Q1
2024 |
|
Japan |
|
|
|
|
|
|
|
|
|
| TBN |
|
82,500 |
|
Q3
2024 |
|
China |
|
|
|
|
|
|
|
|
|
| TBN |
|
82,500 |
|
Q1
2025 |
|
China |
|
|
|
|
|
|
|
|
|
| TBN |
|
82,000 |
|
Q2
2025 |
|
Japan |
|
|
|
|
|
|
|
|
|
| TBN |
|
81,200 |
|
Q4
2026 |
|
China |
|
|
|
|
|
|
|
|
|
|
TBN |
|
81,200 |
|
Q1 2027 |
|
China |
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
655,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For existing vessels, the year represents
the year built. For any newbuilds, the date shown reflects the
expected delivery dates.(2) Quoted charter rates are the recognized
daily gross charter rates. For charter parties with variable rates
among periods or consecutive charter parties with the same
charterer, the recognized gross daily charter rate represents the
weighted average gross daily charter rate over the duration of the
applicable charter period or series of charter periods, as
applicable. In the case of a charter agreement that provides for
additional payments, namely ballast bonus to compensate for vessel
repositioning, the gross daily charter rate presented has been
adjusted to reflect estimated vessel repositioning expenses. Gross
charter rates are inclusive of commissions. Net charter rates are
charter rates after the payment of commissions. In the case of
voyage charters, the charter rate represents revenue recognized on
a pro rata basis over the duration of the voyage from load to
discharge port less related voyage expenses. (3) Commissions
reflect payments made to third-party brokers or our charterers.(4)
The start dates listed reflect either actual start dates or, in the
case of contracted charters that had not commenced as of
November 3, 2023, the scheduled start dates. Actual start
dates and redelivery dates may differ from the referenced scheduled
start and redelivery dates depending on the terms of the charter
and market conditions and does not reflect the options to extend
the period time charter.(5) Charterer of MV Kanaris agreed to
reimburse us for part of the cost of the scrubbers and BWTS
installed on the vessel, which is recorded by increasing the
recognized daily charter rate by $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 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.(7) MV Lake Despina was sold and leased back in April
2021 on a bareboat charter basis for a period of seven years with a
purchase option in favor of the Company five years and six months
following the commencement of the bareboat charter period at a
predetermined purchase price.(8) MV Vassos was sold and leased back
in May 2022 on a bareboat charter basis for a period of ten years
with a purchase option in favor of the Company three years
following the commencement of the bareboat charter period and a
purchase obligation at the end of the bareboat charter period, all
at predetermined purchase prices.(9) 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. In September 2023, the Company
exercised the purchase options in both vessels, and ownership
of MV Kypros Sky and MV Kypros Spirit was transferred back to
the Company.(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. In January
2023, the Company exercised the purchase options in both vessels
and the ownership of MV Panayiota K and MV Agios Spyridonas was
transferred back to the Company.(11) MV Zoe, MV Kypros Land, MV
Venus Heritage and MV Venus History were sold and leased back in
November 2019, on a bareboat charter basis, one for a period of
eight years and three for a period of seven and a half years, with
a purchase option in favor of the Company five years and nine
months following the commencement of the bareboat charter period at
a predetermined purchase price.(12) A period time charter of five
years at a daily gross charter rate of $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 five 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) A period time charter for a
duration of 3 years at a gross daily charter rate of $24,400. 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) A period time
charter of 12 to 14 months at a daily gross charter rate of $11,000
plus additional gross daily charter rate linked to the 50% of
the BPI-82 5TC times 112.5% .(18) Scrubber benefit was agreed on
the basis of consumption of heavy fuel oil and the price
differential between the heavy fuel oil and the compliant fuel cost
for the voyage and is not included on the daily gross charter rate
presented.(19) A period time charter of 11 to 13 months at a daily
gross charter rate linked to the BPI-82 5TC times 116.5% .
(20) MV Pedhoulas Trader was sold and leased back in September 2023
on a bareboat charter basis for a period of ten years with a
purchase option in favor of the Company three years following the
commencement of the bareboat charter period and a purchase
obligation at the end of the bareboat charter period, all at
predetermined purchase prices.(21) A period time charter for a
minimum duration of three years at a gross daily charter rate
of $23,000. The charter agreement also grants the charterer an
option to extend the period time charter for an additional year at
the same gross daily charter rate.(22) A period time charter of 11
to 14 months at a daily gross charter rate linked to the BPI-82 5TC
times 113.5% . (23) A spot time charter at a daily gross
charter rate of $13,500 plus ballast bonus of $0.2 million upon
charter commencement.(24) MV Aghia Sofia was sold and leased back
in September 2022 on a bareboat charter basis, for a period of 5
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.(25) A spot
time charter at a daily gross charter rate of $6,000 for the first
75 days and a daily gross charter rate linked to the BKI-1A times
105% for the remaining period.(26) A period time charter for a
duration of 11 to 14 months at a gross daily charter rate linked to
the BCI 5TC times 123%.(27) A period time charter for a duration
of three years at a gross daily charter rate of $25,250. The
charter agreement also grants the charterer an option to extend the
period time charter for an additional year at the same gross
daily charter rate.(28) A period time charter for a duration of 11
to 14 months at a gross daily charter rate linked to the BCI 5TC
times 106%.(29) A period time charter for a duration of two
and a half years at a gross daily charter rate linked to the
BCI 5TC times 117%. The charter agreement also grants the charterer
an option to extend the period time charter for an additional three
years at a gross daily charter rate of $23,000.(30) A period
time charter for a duration of 12 to 18 months at a gross daily
charter rate linked to the BCI 5TC times 130%.(31) A period time
charter of 8 to 10 months at a daily gross charter rate linked to
the BPI-74 4TC times 114% .(32) A period time charter of 9 to 12
months at a daily gross charter rate linked to the BPI-82 5TC times
98% .(33) In March 2023, the Company entered into an agreement to
sell MV Efrossini, a 2012 Japanese-built, Panamax class vessel to
an unaffiliated third party at a gross sale price of $22.5 million.
The sale was consummated in July 2023, upon the delivery of
the vessel to her new owners renamed MV Arethousa and immediately
chartered back by the Company at a gross daily charter rate of
$16,050 for a period of ten to fourteen months.(34) A spot time
charter at a daily gross charter rate of $13,000 plus ballast bonus
of $0.2 million upon charter commencement.(35) A spot time charter
at a daily gross charter rate of $12,500 plus ballast bonus of $0.1
million upon charter commencement.(36) A spot time charter at a
daily gross charter rate of $30,000 plus ballast bonus of $0.5
million upon charter commencement.(37) A spot time charter at a
daily gross charter rate of $6,250 for the first 50 days and a
daily gross charter rate of $8,250 for the remaining period.(38) A
spot time charter at a daily gross charter rate of $13,800 plus
ballast bonus of $0.1 million upon charter commencement.(39) A
period time charter of 10 to 13 months at a daily gross charter
rate linked to the BPI-82 5TC times 133.5%.
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)
including, among other items, statements concerning future events,
the Company’s growth strategy and measures to implement such
strategy, including expected vessel acquisitions and entering into
further time charters. Words such as “expects,” “intends,” “plans,”
“believes,” “anticipates,” “hopes,” “estimates” and variations of
such words and similar expressions are intended to identify
forward-looking statements. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, no assurance can be given that such expectations will
prove to have been correct. These statements involve known and
unknown risks and are based upon a number of assumptions and
estimates that are inherently subject to significant uncertainties
and contingencies, business disruptions due to natural disasters or
other events, such as the recent COVID-19 pandemic, many of which
are beyond the control of the Company. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to, changes in the demand
for drybulk vessels, competitive factors in the market in which the
Company operates, changes in TCE rates, changes in fuel prices,
risks associated with operations outside the United States, general
domestic and international political conditions, uncertainty in the
banking sector and other related market volatility, disruption of
shipping routes due to political events, risks associated with
vessel construction and other factors listed from time to time in
the Company’s filings with the Securities and Exchange Commission.
The Company expressly disclaims any obligations or 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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