Financial highlights | |||||
In million | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
Net revenues | 81.7 | 82.3 | 64.7 | 70.6 | 66.8 |
Net income | 25.3 | 27.6 | 15.0 | 15.4 | 19.3 |
Adjusted Net income1 | 24.2 | 29.5 | 11.1 | 15.3 | 14.2 |
EBITDA2 | 47.9 | 48.8 | 34.8 | 34.4 | 38.2 |
Adjusted EBITDA 2 | 46.8 | 50.7 | 30.9 | 34.3 | 33.1 |
Earnings per share basic and diluted3 | 0.21 | 0.23 | 0.12 | 0.12 | 0.15 |
Adjusted earnings per share basic and diluted 3 | 0.20 | 0.25 | 0.08 | 0.12 | 0.10 |
Average daily results in | |||||
Time charter equivalent rate4 | 18,158 | 18,321 | 14,861 | 17,271 | 15,760 |
Daily vessel operating expenses5 | 5,442 | 4,642 | 5,357 | 6,477 | 5,550 |
Daily vessel operating expenses excluding dry-docking and pre-delivery expenses6 | 5,038 | 4,232 | 4,720 | 5,224 | 5,132 |
Daily general and administrative expenses7 | 1,513 | 1,473 | 1,453 | 1,435 | 1,493 |
_______________
1 Adjusted Net income is a non-GAAP measure. Adjusted Net income represents Net income before impairment and loss on vessels held for sale, gain/(loss) on sale of assets, gain/(loss) on derivatives, early redelivery income/(cost), other operating expense and gain/(loss) on foreign currency. See Table 3.
2 EBITDA is a non-GAAP measure and represents Net income plus net interest expense, tax, depreciation and amortization. See Table 3. Adjusted EBITDA is a non-GAAP measure and represents EBITDA before gain/(loss) on derivatives, early redelivery income/(cost), other operating expenses and gain/(loss) on foreign currency. See Table 3.
3 Earnings per share ("EPS") and Adjusted EPS represent Net Income and Adjusted Net income less preferred dividend divided by the weighted average number of shares respectively. See Table 3.
4 Time charter equivalent ("TCE") rate represents charter revenues less commissions and voyage expenses divided by the number of available days. See Table 4.
5 Daily vessel operating expenses are calculated by dividing vessel operating expenses for the relevant period by the number of ownership days for such period. See Table 4.
6 Daily vessel operating expenses excluding dry-docking and pre-delivery expenses are calculated by dividing vessel operating expenses excluding dry-docking and pre-delivery expenses for the relevant period by the number of ownership days for such period. See Table 4.
7 Daily general and administrative expenses are calculated by dividing general and administrative expenses for the relevant period by the number of ownership days for such period. See Table 4.
Selected financial highlights | |||||
In million | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
Total cash8 | 87.1 | 98.8 | 83.3 | 88.5 | 98.7 |
Undrawn revolving credit facilities9 | 129.2 | 131.5 | 148.0 | 128.5 | 109.0 |
Financing commitments10 | — | 55.5 | 51.0 | 80.7 | 148.2 |
Unsecured debt11 | 107.9 | 108.6 | 103.8 | 106.7 | 106.5 |
Secured debt12 | 426.4 | 398.6 | 336.9 | 339.0 | 316.0 |
Total debt13 | 534.3 | 507.2 | 440.7 | 445.7 | 422.5 |
Number of vessels at period end | 47 | 46 | 45 | 45 | 44 |
Average age of fleet | 10.04 | 10.19 | 10.59 | 10.60 | 10.59 |
Net debt per vessel14 | 9.5 | 8.9 | 7.9 | 7.9 | 7.4 |
Management Commentary
Dr.
Environmental investments - Dry-dockings
The Company is gradually renewing its fleet with newbuilds designed to meet the most recent
Furthermore, the Company is continuing the environmental upgrade program of its existing fleet, targeting increased energy efficiency and lower fuel consumption, which is expected to reduce GHG emissions. As of
During the first quarter of 2024, the Company has completed environmental upgrades on two vessels, namely the Agios Spyridonas and the
_______________
8 Total Cash represents Cash and cash equivalents plus Time deposits and Restricted cash.
9 Undrawn borrowing capacity under revolving reducing credit facilities.
10 Secured financing commitments for loan and sale and lease back financings.
11 Unsecured debt represents the five-year tenor unsecured non-amortizing bond, net of deferred financing costs, maturing in
12 Secured debt represents Long-term debt plus current portion of long-term debt, net of deferred financing costs.
13 Total Debt represents Unsecured debt plus Secured debt.
14 Net debt per vessel represents Total Debt less Total Cash divided by the number of vessels at period's end.
Fleet Update
As of
Orderbook
In
As of
Subsequent newbuild order
On
Newbuild deliveries
The Company, during the first quarter of 2024 and as of
In
In
In
Chartering our Fleet
Our vessels are used to transport bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes. We intend to employ our vessels on both period time charters and spot time charters, according to our assessment of market conditions. Our customers represent some of the world’s largest consumers of marine drybulk transportation services. The vessels we deploy on period time charters provide us with visible and relatively stable cash flows, while the vessels we deploy in the spot market allow us to maintain our flexibility in low charter market conditions as well as provide an opportunity for a potential upside in our revenue when charter market conditions improve. The chartering of our vessels is arranged by our Managers15 without any management commission.
During the first quarter of 2024, we operated 47.08 vessels, on average earning a TCE of
As of
During the first quarter of 2024, we took advantage of the strong Capesize charter market to fix forward the Aghia Sofia, upon completion of her current index-linked period time charter expected for
As of
Table 1: Contracted employment profile of fleet ownership days as of | ||
2024 (remaining) | 53 | % |
2024 (full year) | 63 | % |
2025 | 20 | % |
2026 | 7 | % |
_______________
15
Debt
As of
Table 2: Loan repayment Schedule as of (in USD million) | |||||||||
Ending | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031-2034 | Total |
Secured debt | 23.2 | 71.6 | 100.9 | 45.8 | 46.2 | 15.4 | 30.4 | 92.9 | 426.4 |
Unsecured debt | 0.0 | 0.0 | 0.0 | 107.9 | 0.0 | 0.0 | 0.0 | 0.0 | 107.9 |
Total debt | 23.2 | 71.6 | 100.9 | 153.7 | 46.2 | 15.4 | 30.4 | 92.9 | 534.3 |
Fleet scrap value17 | 337.9 | ||||||||
Liquidity, capital resources, capital expenditure requirements and debt as of
As of
We had
In relation to capital expenditure requirements of the seven newbuilds, the schedule of payments was
The scrap value17 of our fleet, excluding our three held for sale vessels, was
_______________
16 Consolidated leverage is a non-GAAP measure and represents total consolidated liabilities divided by total consolidated assets. Total consolidated assets are based on the market value of all vessels, as provided by independent broker valuers on quarter-end, owned or leased on a finance lease taking into account their employment, and the book value of all other assets. This measure assists our management and investors by increasing the comparability of our leverage from period to period.
17 The fleet scrap value is calculated on the basis of fleet aggregate light weight tons ("lwt"), excluding held for sale vessels, and market scrap rate of
Liquidity, capital resources, capital expenditure requirements and debt as of
As of
We had
In relation to capital expenditure requirements of the seven newbuilds, the schedule of payments was
The scrap value17 of the fleet, excluding our two held for sale vessels, was
Common Stock Repurchase Program
In
Dividend Policy
On
In
In
In
The declaration and payment of dividends, if any, will always be subject to the discretion of the Board of Directors of the Company. There is no guarantee that the Company’s Board of Directors will determine to issue cash dividends in the future. The timing and amount of any dividends declared will depend on, among other things: (i) the Company's earnings, fleet employment profile, financial condition and cash requirements and available sources of liquidity; (ii) decisions in relation to the Company’s growth, fleet renewal and leverage strategies; (iii) provisions of
War in
As a result of the war between
Trade disruption in the
Following attacks on merchant vessels in the region of the southern end of the
Conference Call
On
Conference Call Details:
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: +1 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In), or +0 800 756 3429 (
Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option.
Slides and Audio Webcast:
There will also be a live, and then archived, webcast of the conference call and accompanying slides, available through the Company’s website. To listen to the archived audio file, visit our website www.safebulkers.com and click on Events & Presentations. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
Management Discussion of First Quarter 2024 Results
During the first quarter of 2024, we operated in a stronger charter market environment compared to the same period in 2023, with increased revenues due to higher charter hires, increased earnings from Scrubber fitted vessels, increased operating expenses and higher interest expenses due to increased interest rates. During the first quarter of 2024, we operated 47.08 vessels on average, earning an average TCE of
Net revenues: Net revenues increased by 22% to
Vessel operating expenses: Vessel operating expenses increased by 6% to
The Company expenses dry-docking and pre-delivery costs as incurred, which costs may vary from period to period. Excluding dry-docking costs and pre-delivery expenses of
Depreciation: Depreciation expense increased by
Voyage expenses: Voyage expenses decreased to
Gain on assets sale: Gain on sale of assets decreased to
Interest expense: Interest expense increased to
Gain/(loss) on derivatives: Loss on derivatives amounted to
Daily vessel operating expenses: Daily vessel operating expenses, calculated by dividing vessel operating expenses by the ownership days of the relevant period, decreased by 2% to
Daily general and administrative expenses:18 Daily general and administrative expenses, which include management fees payable to our Managers and daily company administration expenses, increased by 1% to
Balance sheet
Assets held for sale: As of
_______________
18 See table 4
Unaudited Interim Financial Information and Other Data CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (In thousands of | |||||
Three-Months Period Ended | |||||
2023 | 2024 | ||||
REVENUES: | |||||
Revenues | 69,493 | 84,975 | |||
Commissions | (2,648 | ) | (3,306 | ) | |
Net revenues | 66,845 | 81,669 | |||
EXPENSES: | |||||
Voyage expenses | (5,931 | ) | (4,860 | ) | |
Vessel operating expenses | (21,893 | ) | (23,312 | ) | |
Depreciation | (13,011 | ) | (14,353 | ) | |
General and administrative expenses | (5,889 | ) | (6,480 | ) | |
Gain on sale of assets | 4,637 | 2,265 | |||
Operating income | 24,758 | 34,929 | |||
OTHER (EXPENSE) / INCOME: | |||||
Interest expense | (5,607 | ) | (8,272 | ) | |
Other finance cost | (18 | ) | (169 | ) | |
Interest income | 371 | 861 | |||
Gain/(loss) on derivatives | 1,212 | (2,425 | ) | ||
Foreign currency (loss)/gain | (747 | ) | 1,243 | ||
Amortization and write-off of deferred finance charges | (658 | ) | (869 | ) | |
Net income | 19,311 | 25,298 | |||
Less Preferred dividend | 2,000 | 2,000 | |||
Net income available to common shareholders | 17,311 | 23,298 | |||
Earnings per share basic and diluted | 0.15 | 0.21 | |||
Weighted average number of shares | 118,407,777 | 110,394,226 | |||
Three-Months Period Ended | ||||||
2023 | 2024 | |||||
(In millions of | ||||||
CASH FLOW DATA | ||||||
Net cash provided by operating activities | 32.7 | 35.9 | ||||
Net cash used in investing activities | (44.0 | ) | (30.6 | ) | ||
Net cash used in financing activities | (15.3 | ) | (9.8 | ) | ||
Net decrease in cash and cash equivalents | (26.6 | ) | (4.5 | ) | ||
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In thousands of | ||||||
ASSETS | ||||||
Cash and cash equivalents, time deposits, and restricted cash | 89,942 | 78,705 | ||||
Other current assets | 32,550 | 30,509 | ||||
Assets held for sale | 24,229 | 38,991 | ||||
Vessels, net | 1,091,518 | 1,109,467 | ||||
Advances for vessels | 89,703 | 83,210 | ||||
Restricted cash non-current | 8,850 | 8,375 | ||||
Other non-current assets | 3,024 | 1,843 | ||||
Total assets | 1,339,816 | 1,351,100 | ||||
LIABILITIES AND EQUITY | ||||||
Current portion of long-term debt | 24,781 | 30,172 | ||||
Other financing liability | 748 | 211 | ||||
Other current liabilities | 30,204 | 27,835 | ||||
Long-term debt, net of current portion | 482,391 | 495,092 | ||||
Other non-current liabilities | 9,181 | 9,207 | ||||
Shareholders’ equity | 792,511 | 788,583 | ||||
Total liabilities and equity | 1,339,816 | 1,351,100 | ||||
TABLE 3 RECONCILIATION OF ADJUSTED NET INCOME, EBITDA, ADJUSTED EBITDA AND ADJUSTED EARNINGS PER SHARE | ||||||
Three-Months Period Ended | ||||||
(In thousands of | 2023 | 2024 | ||||
Adjusted Net Income | ||||||
Net Income | 19,311 | 25,298 | ||||
Less Gain on sale of assets | (4,637 | ) | (2,265 | ) | ||
Less (Gain)/loss on derivatives | (1,212 | ) | 2,425 | |||
Plus Foreign currency loss/(gain) | 747 | (1,243 | ) | |||
Adjusted Net income | 14,209 | 24,215 | ||||
EBITDA - Adjusted EBITDA | ||||||
Net Income | 19,311 | 25,298 | ||||
Plus Net Interest expense | 5,236 | 7,411 | ||||
Plus Depreciation | 13,011 | 14,353 | ||||
Plus Amortization and write-off of deferred finance charges | 658 | 869 | ||||
EBITDA | 38,216 | 47,931 | ||||
Less Gain on sale of assets | (4,637 | ) | (2,265 | ) | ||
Less (Gain)/loss on derivatives | (1,212 | ) | 2,425 | |||
Plus Foreign currency loss/(gain) | 747 | (1,243 | ) | |||
ADJUSTED EBITDA | 33,114 | 46,848 | ||||
Earnings per share | ||||||
Net Income | 19,311 | 25,298 | ||||
Less Preferred dividend | 2,000 | 2,000 | ||||
Net income available to common shareholders | 17,311 | 23,298 | ||||
Weighted average number of shares | 118,407,777 | 110,394,226 | ||||
Earnings per share | 0.15 | 0.21 | ||||
Adjusted Earnings per share | ||||||
Adjusted Net income | 14,209 | 24,215 | ||||
Less Preferred dividend | 2,000 | 2,000 | ||||
Adjusted Net income available to common shareholders | 12,209 | 22,215 | ||||
Weighted average number of shares | 118,407,777 | 110,394,226 | ||||
Adjusted Earnings per share | 0.10 | 0.20 | ||||
- EBITDA, Adjusted EBITDA, Adjusted Net income and Adjusted earnings per share are non-US GAAP financial measurements.
- EBITDA represents Net income before interest, income tax expense, depreciation and amortization.
- Adjusted EBITDA represents EBITDA before gain on sale of assets, gain/(loss) on derivatives, and gain/(loss) on foreign currency.
- Adjusted Net income represents Net income before gain on sale of assets, gain/(loss) on derivatives, gain/(loss) on foreign currency.
- Adjusted earnings per share represents Adjusted Net income less preferred dividend divided by the weighted average number of shares.
- EBITDA, Adjusted EBITDA, Adjusted Net income and Adjusted earnings per share are used as supplemental financial measures by management and external users of financial statements, such as investors, to assess our financial and operating performance. The Company believes that these non-GAAP financial measures assist our management and investors by increasing the comparability of our performance from period to period. The Company believes that including these supplemental financial measures assists our management and investors in (i) understanding and analyzing the results of our operating and business performance, (ii) selecting between investing in us and other investment alternatives and (iii) monitoring our financial and operational performance in assessing whether to continue investing in us. The Company believes that EBITDA, Adjusted EBITDA, Adjusted Net income and Adjusted earnings per share are useful in evaluating the Company’s operating performance from period to period because the calculation of EBITDA generally eliminates the effects of financings, income taxes and the accounting effects of capital expenditures and acquisitions, the calculation of Adjusted EBITDA and Adjusted Net Income/(loss) generally further eliminates from EBITDA and Net Income/(loss) respectively the effects from impairment and loss on vessels held for sale, gain/(loss) on sale of assets, gain/(loss) on derivatives, early redelivery income/(cost), other operating expenses and gain/(loss) on foreign currency, items which may vary from year to year and for different companies for reasons unrelated to overall operating performance. EBITDA, Adjusted EBITDA, Adjusted Net income and Adjusted earnings per share have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of the Company’s results as reported under US GAAP. While EBITDA and Adjusted EBITDA, Adjusted Net income and Adjusted earnings per share are frequently used as measures of operating results and performance, they are not necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. In evaluating Adjusted EBITDA, Adjusted Net income/(loss) and Adjusted earnings/(loss) per share, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted EBITDA, Adjusted Net income and Adjusted earnings per share should not be construed as an inference that our future results will be unaffected by the excluded items.
TABLE 4: FLEET DATA, AVERAGE DAILY INDICATORS RECONCILIATION | |||||||
Three-Months Period Ended | |||||||
2023 | 2024 | ||||||
FLEET DATA | |||||||
Number of vessels at period end | 44 | 47 | |||||
Average age of fleet (in years) | 10.59 | 10.04 | |||||
Ownership days (1) | 3,945 | 4,284 | |||||
Available days (2) | 3,865 | 4,230 | |||||
Average number of vessels in the period (3) | 43.83 | 47.08 | |||||
AVERAGE DAILY RESULTS | |||||||
Time charter equivalent rate (4) | $ | 15,760 | $ | 18,158 | |||
Daily vessel operating expenses (5) | $ | 5,550 | $ | 5,442 | |||
Daily vessel operating expenses excluding dry-docking and pre-delivery expenses (6) | $ | 5,132 | $ | 5,038 | |||
Daily general and administrative expenses (7) | $ | 1,493 | $ | 1,513 | |||
TIME CHARTER EQUIVALENT RATE RECONCILIATION | |||||||
(In thousands of | |||||||
Revenues | $ | 69,493 | $ | 84,975 | |||
Less commissions | (2,648 | ) | (3,306 | ) | |||
Less voyage expenses | (5,931 | ) | (4,860 | ) | |||
Time charter equivalent revenue | $ | 60,914 | $ | 76,809 | |||
Available days (2) | 3,865 | 4,230 | |||||
Time charter equivalent rate (4) | $ | 15,760 | $ | 18,158 |
_____________
(1) Ownership days represent the aggregate number of days in a period during which each vessel in our fleet has been owned by us.
(2) Available days represent the total number of days in a period during which each vessel in our fleet was in our possession, net of off-hire days associated with scheduled maintenance, which includes major repairs, dry-dockings, vessel upgrades or special or intermediate surveys.
(3) Average number of vessels in the period is calculated by dividing ownership days in the period by the number of days in that period.
(4) Time charter equivalent rate, or TCE rate, represents our charter revenues less commissions and voyage expenses during a period divided by the number of available days during such period. TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on period time charters and spot time charters with daily earnings generated by vessels on voyage charters, because charter rates for vessels on voyage charters are generally not expressed in per day amounts, while charter rates for vessels on period time charters and spot time charters generally are expressed in such amounts. We have only rarely employed our vessels on voyage charters and, as a result, generally our TCE rates approximate our time charter rates.
(5) Daily vessel operating expenses are calculated by dividing vessel operating expenses for the relevant period by ownership days for such period. Vessel operating expenses include crewing, insurance, lubricants, spare parts, provisions, stores, repairs, maintenance including dry-docking, statutory and classification expenses and other miscellaneous items.
(6) Daily vessel operating expenses excluding dry-docking and pre-delivery expenses are calculated by dividing vessel operating expenses excluding dry-docking and pre-delivery expenses for the relevant period by ownership days for such period. Dry-docking expenses include costs of shipyard, paints and agent expenses and pre-delivery expenses include initially supplied spare parts, stores, provisions and other miscellaneous items provided to a newbuild acquisition prior to their operation.
(7) Daily general and administrative expenses are calculated by dividing general and administrative expenses for the relevant period by ownership days for such period. Daily general and administrative expenses include daily management fees payable to our Managers and daily company administration expenses.
Table 5: Detailed fleet and employment profile as of
Dwt | Year Built 1 | Country of Construction | Charter Type | Charter Rate 2 | Commissions 3 | Charter Period 4 | |||||||||||
CURRENT FLEET | |||||||||||||||||
Panamax | |||||||||||||||||
Maritsa9 | 76,000 | 2005 | Period | $ | 16,950 | 3.75 | % | ||||||||||
Paraskevi 210 | 75,000 | 2011 | Period | $ | 13,750 | 5.00 | % | ||||||||||
Zoe 11 | 75,000 | 2013 | Period | $ | 16,750 | 3.75 | % | ||||||||||
Koulitsa 2 | 78,100 | 2013 | Period | $ | 15,000 | 5.00 | % | ||||||||||
77,100 | 2014 | Period13 | $ | 13,800 | 3.75 | % | |||||||||||
BPI 82 5TC * 97% - | 3.75 | % | |||||||||||||||
$ | 17,576 | 3.75 | % | ||||||||||||||
BPI 82 5TC * 97% - | 3.75 | % | |||||||||||||||
77,100 | 2014 | Period13 | $ | 13,800 | 3.75 | % | |||||||||||
BPI 82 5TC * 97% - | 3.75 | % | |||||||||||||||
$ | 12,144 | 3.75 | % | ||||||||||||||
BPI 82 5TC * 97% - | 3.75 | % | |||||||||||||||
78,000 | 2015 | Period12 | $ | 11,750 | 3.75 | % | |||||||||||
BPI 82 5TC * 97% - | 3.75 | % | |||||||||||||||
$ | 14,666 | 3.75 | % | ||||||||||||||
BPI 82 5TC * 97% - | 3.75 | % | |||||||||||||||
77,100 | 2015 | Period12 | $ | 11,750 | 3.75 | % | |||||||||||
BPI 82 5TC * 97% - | 3.75 | % | |||||||||||||||
$ | 16,315 | 3.75 | % | ||||||||||||||
BPI 82 5TC * 97% - | 3.75 | % | |||||||||||||||
Kypros Loyalty | 78,000 | 2015 | Period12 | $ | 11,750 | 3.75 | % | ||||||||||
BPI 82 5TC * 97% - | 3.75 | % | |||||||||||||||
$ | 11,659 | 3.75 | % | ||||||||||||||
$ | 14,423 | 3.75 | % | ||||||||||||||
BPI 82 5TC * 97% - | 3.75 | % | |||||||||||||||
Kypros Spirit | 78,000 | 2016 | Period13 | $ | 13,800 | 3.75 | % | ||||||||||
BPI 82 5TC * 97% - | 3.75 | % | |||||||||||||||
$ | 13,696 | 3.75 | % | ||||||||||||||
BPI 82 5TC * 97% - | 3.75 | % | |||||||||||||||
Kamsarmax | |||||||||||||||||
Pedhoulas Merchant | 82,300 | 2006 | Period | $ | 13,750 | 3.75 | % | ||||||||||
Pedhoulas Leader | 82,300 | 2007 | Period40 | $ | 12,400 | 5.00 | % | ||||||||||
Pedhoulas Commander | 83,700 | 2008 | Spot34 | $ | 20,000 | 3.75 | % | ||||||||||
Pedhoulas Rose | 82,000 | 2017 | Period18 | $ | 14,375 | 5.00 | % | ||||||||||
Pedhoulas Cedrus14 | 81,800 | 2018 | Period | $ | 20,250 | 5.00 | % | ||||||||||
Vassos8 | 82,000 | 2022 | Period | $ | 16,000 | 3.75 | % | ||||||||||
Pedhoulas Trader20 | 82,000 | 2023 | Period | $ | 16,100 | 5.00 | % | ||||||||||
Morphou | 82,000 | 2023 | Period36 | $ | 17,526 | 5.00 | % | ||||||||||
Rizokarpaso31 | 82,000 | 2023 | Period38 | $ | 16,800 | 5.00 | % | ||||||||||
Ammoxostos32 | 82,000 | 2024 | Period41 | $ | 18,000 | 5.00 | % | ||||||||||
Kerynia | 82,000 | 2024 | Period | $ | 18,750 | 5.00 | % | ||||||||||
Post-Panamax | |||||||||||||||||
Marina | 87,000 | 2006 | Period18,25 | $ | 13,097 | 5.00 | % | ||||||||||
Xenia | 87,000 | 2006 | Spot18,35 | $ | 16,250 | 5.00 | % | ||||||||||
Sophia | 87,000 | 2007 | Spot18 | $ | 13,000 | 5.00 | % | ||||||||||
Eleni | 87,000 | 2008 | Period18,23 | $ | 13,508 | 5.00 | % | ||||||||||
Martine | 87,000 | 2009 | Spot18 | $ | 18,350 | 6.25 | % | ||||||||||
Andreas K | 92,000 | 2009 | Spot18 | $ | 18,000 | 5.00 | % | ||||||||||
Agios Spyridonas | 92,000 | 2010 | Spot18 | $ | 15,000 | 5.00 | % | ||||||||||
95,800 | 2010 | Spot18 | $ | 13,750 | 5.00 | % | |||||||||||
Venus History11 | 95,800 | 2011 | Spot18 | $ | 19,000 | 5.00 | % | ||||||||||
Spot18 | $ | 18,250 | 5.00 | % | |||||||||||||
Venus Horizon | 95,800 | 2012 | Spot18 | $ | 22,000 | 5.00 | % | ||||||||||
95,700 | 2013 | Period | $ | 18,250 | 5.00 | % | |||||||||||
85,000 | 2016 | Period18,19 | BPI 82 5TC * 116.5% | 4.38 | % | ||||||||||||
85,000 | 2016 | Period18,22 | BPI 82 5TC * 113.5% | 5.00 | % | ||||||||||||
Troodos Oak | 85,000 | 2020 | Period | $ | 15,350 | 5.00 | % | ||||||||||
Climate Respect | 87,000 | 2022 | Period39 | BPI 82 5TC * 133.5% | 5.00 | % | |||||||||||
Climate Ethics | 87,000 | 2023 | Period | $ | 17,950 | 5.00 | % | ||||||||||
Climate Justice | 87,000 | 2023 | Period | $ | 21,500 | 5.00 | % | ||||||||||
Capesize | |||||||||||||||||
181,400 | 2009 | Period18,28 | BCI 5TC * 106% | 3.75 | % | ||||||||||||
Spot18,42 | $ | 20,000 | 5.00 | % | |||||||||||||
Period18,37 | $ | 20,000 | 5.00 | % | |||||||||||||
Kanaris | 178,100 | 2010 | Period 5 | $ | 25,928 | 2.50 | % | ||||||||||
Pelopidas | 176,000 | 2011 | Period18,27 | $ | 25,250 | 3.75 | % | ||||||||||
Aghia Sofia24 | 176,000 | 2012 | Period18,26 | BCI 5TC * 123% | 5.00 | % | |||||||||||
Period18,17 | $ | 26,000 | 5.00 | % | |||||||||||||
181,400 | 2014 | Period18,6 | $ | 25,200 | 5.00 | % | |||||||||||
Stelios Y | 181,400 | 2012 | Period15 | $ | 24,400 | 3.75 | % | ||||||||||
Period29 | BCI 5TC * 117% | 3.75 | % | ||||||||||||||
Maria | 181,300 | 2014 | Period18,30 | $ | 25,950 | 5.00 | % | ||||||||||
Michalis H | 180,400 | 2012 | Period18,21 | $ | 23,000 | 3.75 | % | ||||||||||
TOTAL | 4,627,600 | ||||||||||||||||
CHARTERED-IN | |||||||||||||||||
Arethousa33 | 75,000 | 2012 | Period | $ | 18,450 | 5.00 | % | ||||||||||
TOTAL | 75,000 | ||||||||||||||||
Orderbook | |||||||||||||||||
TBN | 82,500 | Q3 2024 | |||||||||||||||
TBN | 82,500 | Q1 2025 | |||||||||||||||
TBN | 82,000 | Q2 2025 | |||||||||||||||
TBN | 81,800 | Q2 2026 | |||||||||||||||
TBN | 81,800 | Q3 2026 | |||||||||||||||
TBN | 81,200 | Q4 2026 | |||||||||||||||
TBN | 81,200 | Q1 2027 | |||||||||||||||
TOTAL | 573,000 |
(1) For existing vessels, the year represents the year built. For any newbuilds, the date shown reflects the expected delivery dates.
(2) Quoted charter rates are the recognized daily gross charter rates. For charter parties with variable rates among periods or consecutive charter parties with the same charterer, the recognized gross daily charter rate represents the weighted average gross daily charter rate over the duration of the applicable charter period or series of charter periods, as applicable. In the case of a charter agreement that provides for additional payments, namely ballast bonus to compensate for vessel repositioning, the gross daily charter rate presented has been adjusted to reflect estimated vessel repositioning expenses. Gross charter rates are inclusive of commissions. Net charter rates are charter rates after the payment of commissions. In the case of voyage charters, the charter rate represents revenue recognized on a pro rata basis over the duration of the voyage from load to discharge port less related voyage expenses.
(3) Commissions reflect payments made to third-party brokers or our charterers.
(4) The start dates listed reflect either actual start dates or, in the case of contracted charters that had not commenced as of
(5) Charterer of MV Kanaris agreed to reimburse us for part of the cost of the scrubbers and BWTS installed on the vessel, which is recorded by increasing the recognized daily charter rate by
(6) A period time charter for a duration of 3 years at a gross daily charter rate of
(7) MV
(8) MV Vassos was sold and leased back in
(9) In
(10) In
(11) MV Zoe, MV
(12) A period time charter of five years at a daily gross charter rate of
(13) A period time charter of five years at a daily gross charter rate of
(14) MV Pedhoulas Cedrus was sold and leased back in
(15) A period time charter for a duration of 3 years at a gross daily charter rate of
(16)
(17) A period time charter for a duration of 18 to 21 months at a gross daily charter rate of
(18) Scrubber benefit was agreed on the basis of consumption of heavy fuel oil and the price differential between the heavy fuel oil and the compliant fuel cost for the voyage and is not included on the daily gross charter rate presented.
(19) A period time charter of 11 to 13 months at a daily gross charter rate linked to the BPI-82 5TC times 116.5% .
(20) MV Pedhoulas Trader was sold and leased back in
(21) A period time charter for a minimum duration of three years at a gross daily charter rate of
(22) A period time charter of 11 to 14 months at a daily gross charter rate linked to the BPI-82 5TC times 113.5% .
(23) A period time charter for a duration of 6 to 9 months at a daily gross charter rate of
(24) MV Aghia Sofia was sold and leased back in
(25) A period time charter for a duration of 11 to 13 months at a daily gross charter rate of
(26) A period time charter for a duration of 11 to 14 months at a gross daily charter rate linked to the BCI 5TC times 123%.
(27) A period time charter for a duration of three years at a gross daily charter rate of
(28) A period time charter for a duration of 11 to 14 months at a gross daily charter rate linked to the BCI 5TC times 106%.
(29) A period time charter for a duration of two and a half years at a gross daily charter rate linked to the BCI 5TC times 117%. The charter agreement also grants the charterer an option to extend the period time charter for an additional three years at a gross daily charter rate of
(30) A period time charter for a duration of 48 to 60 months at a gross daily charter rate of
(31) MV Rizokarpaso was sold and leased back in
(32) MV Ammoxostos was sold and leased back in
(33) In
(34) A spot time charter at a daily gross charter rate of
(35) A spot time charter at a daily gross charter rate of
(36) A period time charter for a duration of 10 to 13 months at a daily gross charter rate of
(37) A period time charter for a duration of 22 to 26 months at a gross daily charter rate of
(38) A period time charter for a duration of 9 to 12 months at a gross daily charter rate of
(39) A period time charter of 10 to 13 months at a daily gross charter rate linked to the BPI-82 5TC times 133.5%.
(40) A period time charter for a duration of 10 to 12 months at a gross daily charter rate of
(41) A period time charter for a duration of 9 to 12 months at a gross daily charter rate of
(42) A spot time charter at a daily gross charter rate of
About
The Company is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes for some of the world’s largest users of marine drybulk transportation services. The Company’s common stock, series C preferred stock and series D preferred stock are listed on the NYSE, and trade under the symbols “SB”, “SB.PR.C” and “SB.PR.D”, respectively.
Forward-Looking Statements
This press release 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 such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, business disruptions due to natural disasters or other events, such as the recent COVID-19 pandemic, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the demand for drybulk vessels, competitive factors in the market in which the Company operates, changes in TCE rates, changes in fuel prices, risks associated with operations outside
For further information please contact:
Company Contact:
Dr.
President
Tel.: +30 21 11888400
+357 25 887200
E-Mail: directors@safebulkers.com
Investor Relations / Media Contact:
Capital Link, Inc.
Tel.: (212) 661-7566
Fax: (212) 661-7526
E-Mail: safebulkers@capitallink.com
Source:
2024 GlobeNewswire, Inc., source