Safe Bulkers(US:SB) Globenewswire·2025-05-19 20:05Core Viewpoint - Safe Bulkers, Inc. reported a decline in financial performance for Q1 2025 compared to the same period in 2024, with net revenues decreasing by 21% and net income significantly lower due to softer charter markets and increased operating expenses [1][48]. Financial Performance - Net revenues for Q1 2025 were $64.3 million, down from $81.7 million in Q1 2024 [2][48]. - Net income decreased to $7.2 million in Q1 2025 from $25.3 million in Q1 2024 [2][48]. - Adjusted net income for Q1 2025 was $7.8 million compared to $24.2 million in Q1 2024 [2][48]. - EBITDA for Q1 2025 was $28.8 million, down from $47.9 million in Q1 2024 [2][48]. Operational Metrics - The average daily time charter equivalent (TCE) rate fell to $14,655 in Q1 2025 from $18,158 in Q1 2024 [3][48]. - Daily vessel operating expenses increased by 6% to $5,765 in Q1 2025 compared to $5,442 in Q1 2024 [3][55]. - The average number of vessels operated was 46.00 in Q1 2025, down from 47.08 in Q1 2024 [3][48]. Fleet and Capital Expenditures - As of May 9, 2025, the fleet consisted of 47 vessels with an average age of 10.1 years [18][33]. - The company has an orderbook of six newbuilds with a total capital expenditure requirement of approximately $252.4 million [19][33]. - The company has paid $76.5 million towards the newbuilds, with $175.9 million remaining [19][33]. Debt and Liquidity - Total debt as of March 31, 2025, was $528.2 million, with a consolidated leverage of approximately 37% [26][36]. - The company had $127.7 million in cash and cash equivalents and $148.9 million in undrawn revolving credit facilities as of March 31, 2025 [8][31]. - The repayment schedule for total debt includes $54.1 million due in 2025 and $167.9 million in 2027 [26][36]. Dividend Declaration - The Board declared a cash dividend of $0.05 per share on May 19, 2025, payable on June 20, 2025 [37][39].