Safe Bulkers, Inc. Reports Fourth Quarter and Twelve Months 2024 Results and Declares Dividend on Common Stock

Core Viewpoint - Safe Bulkers, Inc. reported its unaudited financial results for the fourth quarter and the full year of 2024, highlighting a decrease in net revenues and net income compared to the same periods in 2023, alongside a cash dividend declaration of $0.05 per share [1][11]. Financial Performance - Net revenues for Q4 2024 were $71.5 million, down 13% from $82.3 million in Q4 2023 [2][49]. - Net income for Q4 2024 was $19.4 million, a decrease from $27.6 million in Q4 2023 [2][49]. - Adjusted net income for Q4 2024 was $18.1 million, compared to $29.5 million in Q4 2023 [2][49]. - EBITDA for Q4 2024 was $41.9 million, down from $48.8 million in Q4 2023 [2][49]. - Adjusted EBITDA for Q4 2024 was $40.7 million, compared to $50.7 million in Q4 2023 [2][49]. Operational Metrics - Average daily time charter equivalent (TCE) rate for Q4 2024 was $16,521, down from $18,321 in Q4 2023 [3][21]. - Daily vessel operating expenses increased by 9% to $5,047 in Q4 2024 compared to $4,642 in Q4 2023 [3][57]. - Daily general and administrative expenses rose by 12% to $1,650 in Q4 2024 from $1,473 in Q4 2023 [3][58]. Fleet and Capital Structure - The company operated an average of 45.90 vessels in Q4 2024, slightly down from 45.93 vessels in Q4 2023 [21][49]. - As of December 31, 2024, total cash was $135.9 million, and total debt was $536.6 million [8][26]. - The fleet consisted of 46 vessels with an average age of 9.99 years [9][17]. Environmental Initiatives - The company is investing in environmental upgrades and newbuilds to comply with IMO regulations, with a total capital expenditure of approximately $662.1 million planned for the newbuild program [14][15]. - As of February 14, 2025, 25 existing vessels have been upgraded for increased energy efficiency [15]. Dividend and Share Repurchase - The Board declared a cash dividend of $0.05 per share, payable on March 21, 2025 [37]. - In November 2024, the company authorized a share repurchase program for up to 5 million shares, representing approximately 4.7% of outstanding shares [12].