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Safe Bulkers, Inc. Reports Fourth Quarter and Twelve Months 2024 Results and Declares Dividend on Common Stock
SBSafe Bulkers(SB) GlobeNewswire·2025-02-18 21:05

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 0.05pershare[1][11].FinancialPerformance−NetrevenuesforQ42024were0.05 per share [1][11]. Financial Performance - Net revenues for Q4 2024 were 71.5 million, down 13% from 82.3millioninQ42023[2][49].−NetincomeforQ42024was82.3 million in Q4 2023 [2][49]. - Net income for Q4 2024 was 19.4 million, a decrease from 27.6millioninQ42023[2][49].−AdjustednetincomeforQ42024was27.6 million in Q4 2023 [2][49]. - Adjusted net income for Q4 2024 was 18.1 million, compared to 29.5millioninQ42023[2][49].−EBITDAforQ42024was29.5 million in Q4 2023 [2][49]. - EBITDA for Q4 2024 was 41.9 million, down from 48.8millioninQ42023[2][49].−AdjustedEBITDAforQ42024was48.8 million in Q4 2023 [2][49]. - Adjusted EBITDA for Q4 2024 was 40.7 million, compared to 50.7millioninQ42023[2][49].OperationalMetrics−Averagedailytimecharterequivalent(TCE)rateforQ42024was50.7 million in Q4 2023 [2][49]. Operational Metrics - Average daily time charter equivalent (TCE) rate for Q4 2024 was 16,521, down from 18,321inQ42023[3][21].−Dailyvesseloperatingexpensesincreasedby918,321 in Q4 2023 [3][21]. - Daily vessel operating expenses increased by 9% to 5,047 in Q4 2024 compared to 4,642inQ42023[3][57].−Dailygeneralandadministrativeexpensesroseby124,642 in Q4 2023 [3][57]. - Daily general and administrative expenses rose by 12% to 1,650 in Q4 2024 from 1,473inQ42023[3][58].FleetandCapitalStructure−Thecompanyoperatedanaverageof45.90vesselsinQ42024,slightlydownfrom45.93vesselsinQ42023[21][49].−AsofDecember31,2024,totalcashwas1,473 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 536.6million[8][26].−Thefleetconsistedof46vesselswithanaverageageof9.99years[9][17].EnvironmentalInitiatives−ThecompanyisinvestinginenvironmentalupgradesandnewbuildstocomplywithIMOregulations,withatotalcapitalexpenditureofapproximately536.6 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].