MONACO, Sept. 16, 2025 (GLOBE NEWSWIRE) -- Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced the election of three Class II directors at the Company’s annual meeting of stockholders held in Monaco today. Dr. Loukas Barmparis, Marina Hajioannou, and Christos Megalou were elected Class II directors. The Class II directors were elected to hold office for a term ending at the annual meeting of stockholders in 2028 and until their respec ...

Core Viewpoint - Safe Bulkers, Inc. has announced the sale of its MV Pedhoulas Merchant vessel for a gross price of $11.5 million, marking a strategic move to renew its fleet in anticipation of new vessel deliveries by 2026 [1][2]. Company Overview - Safe Bulkers, Inc. is an international provider of marine drybulk transportation services, specializing in transporting bulk cargoes such as coal, grain, and iron ore along global shipping routes [2]. Fleet Renewal Strategy - The sale of MV Pedhoulas Merchant, built in 2006, and another vessel, Pedhoulas Leader, built in 2007, is part of the company's strategy to renew its fleet [2]. - The company has an aggregate orderbook of six vessels scheduled for delivery by 2027 [2].

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $25.5 million for Q2 2025, down from $41.8 million in Q2 2024, indicating a significant decline in profitability [17] - Adjusted earnings per share for Q2 2025 was $0.01, compared to $0.17 in the same period of 2024 [18] - Daily vessel operating expenses increased by 6% to $6,607 in Q2 2025, up from $6,254 in Q2 2024 [19] Business Line Data and Key Metrics Changes - The average time charter equivalent for vessels decreased to $14,857 in Q2 2025 from $18,650 in Q2 2024 [19] - The company operated an average of 46.75 vessels in Q2 2025, compared to 45.43 vessels in the same period of 2024 [19] Market Data and Key Metrics Changes - The drybulk fleet is projected to grow by about 2.8% on average in 2025 and 2026 due to stable new deliveries [6] - The global drybulk demand is forecasted to range from -0.5% to +0.5% in 2025, with growth expected to be between 1.5% to 2.5% in 2026 [11] - The increase in import tariffs led to a 57% year-on-year drop in U.S. grain volumes to China, affecting trade dynamics [12] Company Strategy and Development Direction - The company remains focused on fleet renewal, strong liquidity, and long-term value creation [5] - The company has declared a dividend of $0.05 per share, maintaining a consistent return to shareholders [6][14] - The company is positioning itself favorably with six new Phase three vessels on order, including two dual fuel vessels [9] Management Comments on Operating Environment and Future Outlook - Management noted a softer market in 2025, impacting revenues and profitability, but expressed confidence in fleet renewal and capital allocation strategies [5] - The global GDP growth expectations for 2025 and 2026 are projected at about 3%, which may positively influence the drybulk market [11] - Management highlighted the importance of decarbonization and energy-efficient new builds in the evolving market landscape [11] Other Important Information - The company maintains a strong liquidity position with $315 million in capital resources and a leverage ratio of 38% [14] - The company achieved zero vessels in D and E carbon intensity ratings for 2024, reflecting its commitment to sustainability [14][16] Q&A Session Summary - The Q&A session did not contain specific questions or answers, as the management concluded the presentation without engaging in a detailed Q&A segment [21][23]

Market Overview - The global dry bulk fleet is aging, with 25% being over 15 years old[17] - The dry bulk orderbook represents 10.3% of the existing fleet[17] - IMF projects global GDP growth of +3.0% for 2025 and +3.1% for 2026[30] - IMF projects global inflation of 4.2% for 2025 and 3.6% for 2026[30] - Dry bulk demand is expected to be 0% in 2025 and +1.5% in 2026[32] Company Performance - The company declared a quarterly dividend of $0.05 per share, representing a 4.7% dividend yield[44] - Net revenues for the quarter were $65.7 million[44] - The company has $313 million in liquidity and capital resources[44] - Adjusted EPS was $0.01[61] Financial Position - The company estimates $176 million in additional borrowing capacity[54] - Fleet scrap value is estimated at $312.2 million[54] - Net debt per vessel is $9.1 million[55] - Consolidated leverage is 38%[45, 55]

What's Next for Safe Bulkers? Safe Bulkers, which belongs to the Zacks Transportation - Shipping industry, posted revenues of $61.4 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 4.93%. This compares to year-ago revenues of $74.43 million. The company has not been able to beat consensus revenue estimates over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly ...

Core Viewpoint - Safe Bulkers, Inc. reported a decline in financial performance for Q2 2025 compared to the same period in 2024, with net revenues decreasing by 16% and net income significantly reduced, reflecting a softer market environment and increased operating expenses [1][50]. Financial Highlights - Net revenues for Q2 2025 were $65.7 million, down from $78.5 million in Q2 2024 [2]. - Net income for Q2 2025 was $1.7 million, a decrease from $27.6 million in Q2 2024 [2]. - Adjusted net income for Q2 2025 was $3.0 million, compared to $20.3 million in Q2 2024 [2]. - EBITDA for Q2 2025 was $24.2 million, down from $49.2 million in Q2 2024 [2]. - Adjusted EBITDA for Q2 2025 was $25.5 million, compared to $41.8 million in Q2 2024 [2]. Operational Metrics - The average daily time charter equivalent (TCE) rate for Q2 2025 was $14,857, down from $18,650 in Q2 2024 [3][50]. - Daily vessel operating expenses increased by 6% to $6,607 in Q2 2025 from $6,254 in Q2 2024 [57]. - Daily general and administrative expenses rose by 13% to $1,809 in Q2 2025 compared to $1,595 in Q2 2024 [58]. Fleet and Capital Expenditures - As of July 18, 2025, the company operated a fleet of 47 vessels with an average age of 10.3 years [19]. - The company has an orderbook of six newbuilds, with total capital expenditure requirements of approximately $252.4 million [20][31]. - The company has paid $76.5 million towards its orderbook, with $175.9 million remaining [31][35]. Debt and Liquidity - As of June 30, 2025, total debt was $552.6 million, with a consolidated leverage of approximately 38% [28]. - The company had $125.3 million in total cash and undrawn revolving credit facilities of $187.5 million as of June 30, 2025 [8][32]. - The repayment schedule for total debt includes $47.3 million due in 2025 and $178.3 million in 2027 [29]. Dividend Declaration - The Board declared a cash dividend of $0.05 per share on July 29, 2025, payable on September 5, 2025 [38].

Core Viewpoint - Safe Bulkers, Inc. has announced the sale of MV Pedhoulas Leader for a gross price of $12.5 million as part of its fleet renewal strategy, with delivery scheduled between August and October 2025 [1][2]. Company Overview - Safe Bulkers, Inc. is an international provider of marine drybulk transportation services, specializing in transporting bulk cargoes such as coal, grain, and iron ore along global shipping routes [2]. Fleet Renewal Strategy - The company has sold one of its oldest vessels, achieving the targeted sale price, and has six modern energy-efficient vessels on order, with four expected to be delivered by 2026 [2].

Core Viewpoint - Safe Bulkers, Inc. will release its financial results for the second quarter ended June 30, 2025, on July 29, 2025, after market closes [1] Group 1: Earnings Release Details - The earnings release is scheduled for July 29, 2025, after market closes in New York [1] - A conference call to discuss the financial results will take place on July 30, 2025, at 10:00 A.M. Eastern Time [2] Group 2: Conference Call Information - Participants should dial in 10 minutes before the scheduled time using specific numbers for US and international access [3] - An alternative "call me" option is available for participants to join the conference call more quickly [4] Group 3: Webcast and Presentation - A live and archived webcast of the conference call, along with accompanying slides, will be available on the Company's website [5] Group 4: Company Overview - Safe Bulkers, Inc. is an international provider of marine drybulk transportation services, focusing on transporting bulk cargoes such as coal, grain, and iron ore [6] - The Company's common stock and preferred stocks are listed on the NYSE under the symbols "SB", "SB.PR.C", and "SB.PR.D" [6]

[FORM 6-K Filing Details](index=1&type=section&id=FORM%206-K%20Filing%20Details) This section details the Form 6-K filing by Safe Bulkers, Inc. for June 2025, its incorporation by reference into a Form F-3, and the exhibit index including an annual meeting announcement [Filing Information](index=1&type=section&id=Filing%20Information) This section details the filing of Form 6-K by Safe Bulkers, Inc. for June 2025, indicating it is a foreign private issuer filing under Form 20-F, with the report signed by the Chief Financial Officer - Safe Bulkers, Inc. filed Form 6-K for the month of June 2025 as a foreign private issuer, indicating it files annual reports under Form 20-F[2](index=2&type=chunk) - The report was signed by Konstantinos Adamopoulos, Chief Financial Officer, on June 30, 2025[8](index=8&type=chunk) [Incorporation by Reference](index=1&type=section&id=Incorporation%20by%20Reference) This Form 6-K report is incorporated by reference into the company's Form F-3 registration statement filed on August 6, 2024, unless superseded by subsequent filings - This Report on Form 6-K is incorporated by reference into the company's registration statement on Form F-3, filed with the SEC on August 6, 2024[4](index=4&type=chunk) [Exhibit Index](index=1&type=section&id=Exhibit%20Index) The exhibit index lists a press release dated June 27, 2025, announcing the Annual Meeting of Stockholders - Exhibit 1 is a Press Release dated June 27, 2025, announcing the Annual Meeting of Stockholders[6](index=6&type=chunk) [Annual Meeting of Stockholders Announcement](index=2&type=section&id=Annual%20Meeting%20of%20Stockholders%20Announcement) This section announces Safe Bulkers, Inc.'s annual meeting of stockholders on September 16, 2025, detailing meeting logistics and the record date for voting eligibility [Meeting Details](index=2&type=section&id=Meeting%20Details) Safe Bulkers, Inc. announced its Board of Directors has called an annual meeting of stockholders to be held on September 16, 2025, at 15:00 local time in Monaco Annual Meeting Details | Detail | Value | | :--- | :--- | | Date | September 16, 2025 | | Time | 15:00 local time | | Location | Hotel Hermitage Monte-Carlo, Square Beaumarchais, Monte-Carlo, 98000, Monaco | [Record Date and Proxy Information](index=2&type=section&id=Record%20Date%20and%20Proxy%20Information) Stockholders of record as of July 21, 2025, will be eligible to receive notice of and vote at the annual meeting, with formal notice and proxy statements to be sent out later - Stockholders of record at the close of business on July 21, 2025, will be entitled to receive notice of, and to vote at, the annual meeting[10](index=10&type=chunk) - Formal notice of the meeting and/or the Company's proxy statement will be sent to stockholders in due course[10](index=10&type=chunk) [Company Information and Disclosures](index=2&type=section&id=Company%20Information%20and%20Disclosures) This section provides an overview of Safe Bulkers, Inc.'s business, a disclaimer for forward-looking statements, and essential contact information [About Safe Bulkers, Inc.](index=2&type=section&id=About%20Safe%20Bulkers%2C%20Inc.) Safe Bulkers, Inc. is an international provider of marine drybulk transportation services, transporting bulk cargoes like coal, grain, and iron ore globally, with its common and preferred stocks listed on the NYSE - Safe Bulkers is an international provider of marine drybulk transportation services, transporting bulk cargoes such as coal, grain, and iron ore along worldwide shipping routes[11](index=11&type=chunk) Stock Listings on NYSE | Stock Type | NYSE Symbol | | :--- | :--- | | Common Stock | SB | | Series C Preferred Stock | SB.PR.C | | Series D Preferred Stock | SB.PR.D | [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%20Statements) This section serves as a disclaimer regarding forward-looking statements, highlighting that future events and expected outcomes are subject to significant uncertainties and risks, which may cause actual results to differ materially from projections, with the company disclaiming any obligation to update these statements - This press release contains forward-looking statements concerning future events, Safe Bulkers' growth strategy, vessel acquisitions, and entering into further time charters[12](index=12&type=chunk) - Actual results may differ materially from those expressed or implied due to significant uncertainties, contingencies, business disruptions, and other factors beyond Safe Bulkers' control[12](index=12&type=chunk) - Key risk factors include changes in demand for drybulk vessels, competitive factors, tariff regimes, TCE rates, fuel prices, international political conditions, banking sector volatility, shipping route disruptions, vessel construction risks, and other SEC-listed factors[13](index=13&type=chunk) - Safe Bulkers expressly disclaims any obligations or undertaking to release any updates or revisions to any forward-looking statements[13](index=13&type=chunk) [Contact Information](index=3&type=section&id=Contact%20Information) Contact details are provided for both the company's President, Dr. Loukas Barmparis, and for investor relations/media inquiries through Capital Link, Inc Company Contact | Role | Name | Contact | | :--- | :--- | :--- | | President | Dr. Loukas Barmparis | Tel: +30 2 111 888 400 / +357 25 887 200, E-Mail: directors@safebulkers.com | Investor Relations / Media Contact | Role | Name | Contact | | :--- | :--- | :--- | | President, Capital Link, Inc. | Nicolas Bornozis | Tel: (212) 661-7566, Fax: (212) 661-7526, E-Mail: safebulkers@capitallink.com |

Core Viewpoint - Safe Bulkers, Inc. has released its 2024 Sustainability Report, highlighting its commitment to environmental, social, and governance (ESG) practices in the maritime transport sector [1][3]. Group 1: Sustainability Report Details - The 2024 Sustainability Report is prepared in accordance with the Global Reporting Initiative (GRI) Sustainability Reporting Guidelines and the Sustainability Accounting Standards Board (SASB) recommendations for maritime transport [2]. - The report includes additional indicators that are materially important to the company and its stakeholders [2]. Group 2: Company Overview - Safe Bulkers, Inc. is an international provider of marine drybulk transportation services, focusing on transporting bulk cargoes such as coal, grain, and iron ore along global shipping routes [4]. - The company's common stock and preferred stocks are listed on the NYSE under the symbols "SB", "SB.PR.C", and "SB.PR.D" [4]. Group 3: Leadership Commentary - Dr. Loukas Barmparis, President of Safe Bulkers, emphasized the report's comprehensive overview of the company's ESG practices and its strategic commitment to managing environmental risks and supporting local communities [3].