Safe Bulkers, Inc. Reports Second Quarter 2024 Results and Declares Dividend on Common Stock

Core Viewpoint - The company is focused on fleet renewal and environmental upgrades to comply with international regulations, while maintaining strong liquidity and capital allocation strategies to reward shareholders with dividends [3][63]. Fleet Update - As of July 19, 2024, the company has a fleet of 46 vessels, including 9 Panamax, 12 Kamsarmax, 17 Post-Panamax, and 8 Capesize class vessels, with an aggregate carrying capacity of 4.6 million dwt and an average age of 9.8 years [66]. - The company has an orderbook of eight newbuilds, all compliant with IMO GHG Phase 3 - NOx Tier III standards, with deliveries scheduled from 2024 to 2027 [67]. Financial Performance - Net revenues increased by 11% to $78.5 million for the second quarter of 2024, compared to $70.6 million for the same period in 2023, driven by higher charter hire revenues and an increased average number of vessels [47]. - The company reported a net income of $27.6 million for the second quarter of 2024, compared to $15.4 million for the same period in 2023 [29][61]. Capital Expenditure and Debt - The total capital expenditure for the newbuild program is approximately $662 million, with $235.6 million remaining to be paid [3]. - As of June 30, 2024, the company had consolidated debt of $500 million, with a leverage ratio of approximately 32% [40]. Environmental Initiatives - The company is implementing an environmental upgrade program targeting increased energy efficiency and lower fuel consumption, with 22 existing vessels upgraded as of July 19, 2024 [65]. - A new Integrated Management System (IMS) compliant with DryBMS standards has been implemented to enhance safety, health, security, and pollution prevention [64]. Chartering Strategy - The company employs a mix of period and spot charters, with 38 vessels in period time charters and 9 in the spot market as of July 19, 2024 [69]. - The average remaining charter duration across the fleet is 0.7 years, with contracted revenue of approximately $252.1 million from non-cancellable charters [69].