Financial Data and Key Metrics Changes - In Q4 2025, the company achieved adjusted earnings per share of $0.14, compared to $0.15 in Q4 2024 [5][29] - Adjusted EBITDA for Q4 2025 was $37.4 million, down from $40.7 million in Q4 2024 [28] - Daily vessel operating expenses increased by 13% to $5,683 in Q4 2025, compared to $5,047 in Q4 2024 [30] Business Line Data and Key Metrics Changes - The company operated an average of 45 vessels in Q4 2025, earning an average time charter equivalent of $17,050, compared to 45.9 vessels earning $16,521 in Q4 2024 [29] - The company declared a dividend of $0.05 per share, marking the seventeenth consecutive quarterly dividend [23] Market Data and Key Metrics Changes - The dry bulk fleet is projected to grow by about 3% in 2026, with the highest growth in the Panamax and Supermax segments [7] - Global dry bulk demand is forecasted to grow by 2%-3% in 2026, with cargo volumes expected to expand by 1%-2% [13] Company Strategy and Development Direction - The company maintains a balance between spot and time charter exposure to capture market opportunities while preserving cash flow visibility [6] - The company is focusing on fleet renewal with an emphasis on quality tonnage, particularly Japanese-built vessels [12] Management's Comments on Operating Environment and Future Outlook - Management noted increased market volatility in the dry bulk market due to geopolitical reasons, but expressed optimism about the market's recovery [5] - The company highlighted the importance of maintaining a young and technologically advanced fleet to enhance operational performance and regulatory compliance [12] Other Important Information - The company has a strong liquidity position with $382 million in capital resources and a leverage ratio of 34% [23] - The company has a revenue backlog of $178 million, supporting debt service and reinvestment [33] Q&A Session Summary Question: Is there any appetite to renew the Capesize fleet? - Management indicated that second-hand prices are rising, but there is a lack of suitable tonnage available for sale, leading to a focus on newbuilds [36] Question: Have you seen increasing appetite for 2- to 3-year contracts on Kamsarmaxes? - Management noted that there is currently no interest for longer-term contracts, with the market just starting to improve [37][39] Question: Would you favor index-linked exposure or fixed coverage? - Management traditionally prefers fixed rates, especially in a rising market, and noted current rates for one-year deals are around $18,000 to $19,000 per day for Eco Kamsarmaxes [40]

Safe Bulkers (NYSE:SB) Q4 2025 Earnings call February 19, 2026 10:00 AM ET Company ParticipantsCliment Molins - Head of Shipping ResearchKonstantinos Adamopoulos - CFO and TreasurerLoukas Barmparis - President and SecretaryOperatorThank you for standing by, ladies and gentlemen, and welcome to Safe Bulkers conference call for the Q4 2025 financial results. We have with us Mr. Polys Hajioannou, Chairman and Chief Executive Officer, Dr. Loukas Barmparis, President, and Mr. Konstantinos Adamopoulos, Chief Fina ...

Financial Data and Key Metrics Changes - In Q4 2025, the company achieved adjusted earnings per share of $0.14, with a board-declared dividend of $0.05 per share [3][17] - Adjusted EBITDA for Q4 2025 was $37.4 million, down from $40.7 million in Q4 2024 [17] - Daily vessel operating expenses increased by 13% to $5,683 in Q4 2025 compared to $5,047 in Q4 2024 [19] Business Line Data and Key Metrics Changes - The company operated an average of 45 vessels in Q4 2025, earning an average time charter equivalent of $17,050, compared to 45.9 vessels earning $16,521 in Q4 2024 [18] - The company has a revenue backlog of $178 million, supporting debt service and shareholder returns [20] Market Data and Key Metrics Changes - The dry bulk fleet is projected to grow by about 3% in 2026, with the order book at approximately 11.4% of the current fleet [4] - Global dry bulk demand is forecasted to grow by 2%-3% in 2026, with cargo volumes expected to expand by 1%-2% [9][12] Company Strategy and Development Direction - The company maintains a prudent balance between spot and time charter exposure to capture market opportunities while preserving cash flow visibility [3] - The fleet is focused on quality, with approximately 80% being Japanese-built, and an average fleet age of 10.5 years, which is younger than the global average [6][15] Management Comments on Operating Environment and Future Outlook - The management noted increased market volatility in the dry bulk market due to geopolitical reasons, but expressed optimism about the market's recovery [3][9] - The company anticipates that supply growth will marginally match demand for 2026, indicating a balanced market outlook [12] Other Important Information - The company has significant liquidity with $382 million in capital resources and a comfortable leverage of 34% [13][20] - The company has an active share repurchase program of 10 million shares [14] Q&A Session Summary Question: Fleet renewal and Capesize age - Management indicated that second-hand prices are rising, but quality tonnages are scarce, leading to a focus on newbuilds [24][25] Question: Time charter market appetite - Management noted that there is currently no interest in 2-3 year contracts, with the market just starting to improve [26][27]

Q4 2025 EARNINGS PRESENTATION MV EFROSSINI EEDI-PHASE 3 – IMO NOx TIER III KAMSARMAX DELIVERED APRIL 2025 1 Forward Looking Statements This presentation contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and in Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, the Company's growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters. Words ...

Core Viewpoint - Safe Bulkers, Inc. reported its unaudited financial results for the year ending December 31, 2025, highlighting a cash dividend declaration of $0.05 per share and a decrease in net income compared to the previous year [1][28]. Financial Highlights - Net revenues for Q4 2025 were $72.6 million, a slight increase from $71.5 million in Q4 2024, while total revenues for 2025 were $275.7 million, down from $307.6 million in 2024 [2][40]. - Net income for Q4 2025 was $11.8 million, down from $19.4 million in Q4 2024, with adjusted net income at $15.9 million compared to $18.1 million in the same period last year [2][40]. - EBITDA for Q4 2025 was $33.3 million, down from $41.9 million in Q4 2024, while adjusted EBITDA was $37.4 million compared to $40.7 million in Q4 2024 [2][40]. Operational Metrics - The average daily time charter equivalent (TCE) rate for Q4 2025 was $17,050, an increase from $16,521 in Q4 2024 [3][40]. - Daily vessel operating expenses rose to $5,683 in Q4 2025 from $5,047 in Q4 2024, with expenses excluding dry-docking and pre-delivery costs at $5,057, up from $4,787 [3][48]. - The average age of the fleet increased to 10.39 years as of December 31, 2025, compared to 9.99 years in the previous year [4][60]. Debt and Liquidity - Total debt as of December 31, 2025, was $540.1 million, with a consolidated leverage of approximately 34% [4][21]. - The company had $162.8 million in cash and cash equivalents, along with $219.5 million in undrawn revolving credit facilities [4][23]. - The repayment schedule for secured debt indicates significant payments due in 2026 and 2027, totaling $44.8 million and $186.7 million, respectively [21]. Fleet and Environmental Initiatives - The fleet consisted of 45 vessels, with one vessel agreed to be sold, and an orderbook of eight newbuilds, including two methanol dual-fueled vessels [12][13]. - The company is focused on environmental upgrades, with 26 vessels upgraded to improve energy efficiency and reduce greenhouse gas emissions [9][10]. - The company has amended its credit facility to align with its sustainability agenda, incorporating performance metrics related to fleet carbon intensity [8]. Dividend Policy - The Board declared a cash dividend of $0.05 per share, payable on March 18, 2026, to shareholders of record as of March 2, 2026 [28][29]. - The company has a history of consistent dividend payments, including a previous dividend of $0.05 per share in November 2025 [30].

Core Viewpoint - Safe Bulkers, Inc. has announced the sale of MV Michalis H for a gross price of $35.2 million, aligning with its renewal strategy and market timing [1][2]. Company Overview - Safe Bulkers, Inc. is an international provider of marine drybulk transportation services, focusing on transporting bulk cargoes such as coal, grain, and iron ore [2]. - The company's common stock and preferred stocks are listed on the NYSE under the symbols "SB", "SB.PR.C", and "SB.PR.D" [2]. Transaction Details - The MV Michalis H, a Capesize class vessel built in 2012, is set for delivery within the first quarter of 2026 [1]. - The sale is considered optimal in the current market cycle, reflecting the company's strategic approach to fleet renewal [2]. Future Outlook - The company currently has an orderbook consisting of eight vessels scheduled for delivery by 2029 [2].

Company Overview - Safe Bulkers, Inc. is an international provider of marine drybulk transportation services, specializing in transporting bulk cargoes such as coal, grain, and iron ore along global shipping routes for major users of these services [6]. Earnings Release Information - The company will release its financial results for the fourth quarter ended December 31, 2025, after the market closes on February 18, 2026 [1]. - A conference call to discuss the financial results will be held on February 19, 2026, at 10:00 A.M. Eastern Time [2]. Conference Call Details - Participants can join the conference call by dialing in 10 minutes before the scheduled time using specific numbers provided for US and international access [3]. - An alternative option for participants is to register for the call using a "call me" feature for a quicker connection [4]. Webcast Information - There will be a live and archived webcast of the conference call along with accompanying slides available on the company's website [5].

Core Insights - The logistics sector has seen significant engagement from investors, particularly in the ASEAN and US markets, highlighting its growth potential and diversification opportunities [1] Investment Focus - The company has diversified its investments across various sectors including banking, telecommunications, logistics, and hotels, indicating a strategic approach to portfolio management [1] - The entry into the US market in 2020 reflects a growing interest in international investments, particularly in sectors like banks, hotels, and logistics [1] Market Trends - The popularity of insurance companies in the Philippines since 2014 suggests a shift in investment preferences among local investors, moving towards more diversified financial products [1] - The trend of using platforms like Seeking Alpha for analysis indicates a growing reliance on data-driven insights for investment decisions in both the ASEAN and US markets [1]

Core Viewpoint - Safe Bulkers, Inc. has announced the acquisition of two newbuild Kamsarmax class vessels, enhancing its fleet and aligning with environmental regulations [1][2]. Group 1: Acquisition Details - The company has entered into an agreement for two newbuild vessels, each with a deadweight tonnage of 82,500 dwt, scheduled for delivery in Q3 2028 and Q1 2029 [1]. - This acquisition is part of the company's strategy to renew its fleet and improve competitiveness [4]. Group 2: Environmental Compliance - The newbuild vessels are designed to meet the Phase 3 requirements of the Energy Efficiency Design Index (IMO GHG -EEDI Phase 3) and comply with NOx emissions regulation (NOx-Tier III) [2]. - The company has already taken delivery of twelve vessels that meet the same environmental standards, indicating a commitment to sustainability [3]. Group 3: Fleet Expansion - With the new agreement, the company now has an outstanding orderbook of eight newbuild vessels, including two that are methanol dual fuel, with deliveries scheduled from 2026 to 2029 [3].

Core Viewpoint - Safe Bulkers, Inc. has declared dividends for its Series C and Series D Preferred Shares, reflecting its ongoing commitment to return value to shareholders [1][6]. Group 1: Dividend Declaration - The Company will pay a cash dividend of $0.50 per share on its 8.00% Series C Cumulative Redeemable Perpetual Preferred Shares for the period from October 30, 2025, to January 29, 2026 [6]. - A similar cash dividend of $0.50 per share will also be paid on its 8.00% Series D Cumulative Redeemable Perpetual Preferred Shares for the same period [6]. - Dividends will be paid on January 30, 2026, to all shareholders of record as of January 16, 2026 [1]. Group 2: Dividend Payment Schedule - Dividends on the Series C and D Preferred Shares are payable quarterly in arrears on the 30th day of January, April, July, and October each year, with adjustments for weekends or public holidays [1]. Group 3: Company Overview - Safe Bulkers, Inc. is an international provider of marine dry-bulk transportation services, specializing in transporting bulk cargoes such as coal, grain, and iron ore [3]. - The Company's common stock, Series C preferred stock, and Series D preferred stock are listed on the NYSE under the symbols "SB", "SB.PR.C", and "SB.PR.D" respectively [3].