Safe Bulkers(US:SB) Globenewswireยท2025-07-29 20:05Core 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].