SOURCE: Safe Bulkers, Inc.

Safe Bulkers, Inc.

June 08, 2015 16:02 ET

Safe Bulkers, Inc. Reports First Quarter 2015 Results and Declares Quarterly Dividend on Common Stock

MONACO--(Marketwired - Jun 8, 2015) - Safe Bulkers, Inc. (the "Company") (NYSE: SB), an international provider of marine drybulk transportation services, announced today its unaudited financial results for the three month period ended March 31, 2015. The Board of Directors of the Company also declared a quarterly dividend of $0.01 per share of the common stock for the first quarter of 2015.

Summary of First Quarter 2015 Results

  • Net revenue for the first quarter of 2015 decreased by 22% to $32.1 million from $41.3 million during the same period in 2014.
  • Net loss for the first quarter of 2015 was $6.0 million from net income of $11.2 million, during the same period in 2014. Adjusted net loss1 for the first quarter of 2015 was $4.6 million from Adjusted net income of $8.6 million, during the same period in 2014.
  • EBITDA2 for the first quarter of 2015 decreased by 68% to $7.6 million from $23.7 million during the same period in 2014. Adjusted EBITDA3 for the first quarter of 2015 decreased by 57% to $9.1 million from $21.1 million during the same period in 2014.
  • Loss per share4 and Adjusted loss per share4 for the first quarter of 2015 was $0.11 and $0.10 respectively, calculated on a weighted average number of shares of 83,462,059, compared to earnings per share4 ("EPS") of $0.13 and Adjusted EPS of $0.09 in the first quarter 2014, calculated on a weighted average number of shares of 83,441,135.
  • The Board of Directors of Company declared a dividend of $0.01 per share for the first quarter of 2015. 

Fleet and Employment Profile

In January 2015, the Company took delivery of Kypros Bravery (Hull No. 822), a 78,000 dwt, Japanese eco-design newbuild Panamax class vessel. Upon her delivery, the vessel was employed in the spot charter market.

In March 2015, the Company took delivery of Kypros Sky (Hull No. 1689), a 77,100 dwt, Japanese eco-design newbuild Panamax class vessel. Upon her delivery, the vessel was employed on a 10 year charter at an average net daily charter hire rate of $15,400.

We are currently in discussions with the builder of Hull No. 1148 for a number of outstanding issues, upon the successful completion of which, we expect to take delivery of the vessel.

As of June 4, 2015 the Company's operational fleet comprised of 34 drybulk vessels with an average age of 5.9 years and an aggregate carrying capacity of 3.1 million dwt. The fleet consists of 13 Panamax class vessels, 7 Kamsarmax class vessels, 11 Post-Panamax class vessels and 3 Capesize class vessels, all built from 2003 onwards.

As of June 4, 2015, the Company had contracted to acquire 10 eco-design newbuild vessels, comprised of 3 Japanese Panamax class vessels, 3 Japanese Post-Panamax class vessels, 2 Japanese Kamsarmax class vessels and 2 Chinese Kamsarmax class vessels. Upon delivery of all of our newbuilds, assuming we do not acquire any additional vessels or dispose of any of our vessels, our fleet will comprise of 44 vessels, 15 of which will be eco-design vessels, having an aggregate carrying capacity of 3.9 million dwt.

Set out below is a table showing the contracted employment of the Company's vessels as of June 4, 2015:

           
Vessel Name DWT Year Built(1) Country of construction Charter Rate
(2) SD/day
Charter Duration (3)
Panamax
Maria 76,000 2003 Japan 7,464 Feb 2015 - Aug 2015
Koulitsa 76,900 2003 Japan 13,250 Jun 2014 - Jul 2015
Paraskevi 74,300 2003 Japan 7,000 Apr 2015 - Jul 2015
Vassos 76,000 2004 Japan 7,500 Mar 2015 - Jul 2015
Katerina 76,000 2004 Japan BPI(4) + 6% Apr 2015 - Apr 2016
Maritsa 76,000 2005 Japan 6,200 May 2015 - Sep 2015
Efrossini 75,000 2012 Japan 6,825 May 2015 - Sep 2015
Zoe 75,000 2013 Japan 6,950 Jun 2015 - Sep 2015
Kypros Land 77,100 2014 Japan 5,750 May 2015 - Jun 2015
Kypros Sea 77,100 2014 Japan 7,500 May 2015 - Aug 2015
Kypros Unity 78,000 2014 Japan 6,000 May 2015 - Jul 2015
Kypros Bravery 78,000 2015 Japan 7,800 Jan 2015 - Jun 2015
Kypros Sky 77,100 2015 Japan 15,400 Apr 2015 - Apr 2025
Kamsarmax
Pedhoulas Merchant 82,300 2006 Japan 12,650 May 2015 - Jul 2015
Pedhoulas Trader 82,300 2006 Japan BPI(4) + 6.5% Aug 2013 - Jul 2015
Pedhoulas Leader 82,300 2007 Japan 5,150 May 2015 - Jun 2015
Pedhoulas Commander 83,700 2008 Japan 6,250 Apr 2015 - Jun 2015
Pedhoulas Builder 81,600 2012 China 7,700 Mar 2015 - Jul 2015
Pedhoulas Fighter 81,600 2012 China 7,000 May 2015 - Nov 2015
Pedhoulas Farmer 81,600 2012 China 11,000 Sep 2014 - Aug 2015
Post-Panamax
Stalo 87,000 2006 Japan    
Marina 87,000 2006 Japan 8,250 Apr 2015 - Jul 2015
Xenia 87,000 2006 Japan 11,650 Feb 2015 - Jun 2015
Sophia 87,000 2007 Japan 10,500 Jun 2015 - Jul 2015
Eleni 87,000 2008 Japan 11,200 May 2015 - Jul 2015
Martine 87,000 2009 Japan BPI(4) + 10% Apr 2015 - Mar 2016
Andreas K 92,000 2009 South Korea 11,900 Mar 2015- Jul 2015
Panayiota K 92,000 2010 South Korea 4,250 Apr 2015 - Jun 2015
Venus Heritage 95,800 2010 Japan P1A(5) + 10% Jun 2015 - Sep 2015
Venus History 95,800 2011 Japan 9,833 Sep 2014 - Jun 2015
Venus Horizon 95,800 2012 Japan 5,500 Apr 2015 - Jun 2015
Capesize
Kanaris 178,100 2010 China 25,928 Sep 2011 - Jun 2031
Pelopidas 176,000 2011 China 38,000 Feb 2012 - Dec 2021
Lake Despina 181,400 2014 Japan 24,376 (6) Jan 2014 - Jan 2024
Total dwt of existing fleet 3,096,800  
     
1) For existing vessels the year represents the year built; for newbuilds the year represents the estimated year of delivery.
2) Charter rate represents recognized gross daily charter rate. For charter parties with variable rates among periods or consecutive charter parties with the same charterer, the recognized gross daily charter rates represents the weighted average gross charter rate over the duration of the applicable charter period or series of charter periods, as applicable. Charter agreements may provide for additional payments, namely ballast bonus, to compensate for vessel repositioning.
3) The start dates listed reflect either actual start dates or, in the case of contracted charters that had not commenced as of June 4, 2015, scheduled start dates. Actual start dates and redelivery dates may differ from the scheduled start and redelivery dates depending on the terms of the charter and market conditions.
4) A period time charter at a gross daily charter rate linked to the Baltic Panamax Index ("BPI") plus a premium.
5) A period time charter at a gross daily charter rate linked to the Baltic Panamax Index for transatlantic round voyage ("P1A") plus a premium.
6) A period time charter of ten years at a gross daily charter rate of $23,100 for the first two and a half years and of $24,810 for the remaining period. The charter agreement grants the charterer an option to purchase the vessel at any time beginning at the end of the seventh year of the charter, at a price of $39 million less 1.00% commission, decreasing thereafter on a pro-rated basis by $1.5 million per year. The Company holds a right of first refusal to buy back the vessel in the event that the charterer exercises its option to purchase the vessel and subsequently offers to sell such vessel to a third party. The charter agreement also grants the charterer the option to extend the period time charter for an additional twelve months at a time, at a gross daily charter rate of $26,330, less 1.25% total commissions, which option may be exercised by the charterer a maximum of two times.
   

The contracted employment of fleet ownership days as of June 4, 2015 was:

     
2015 (remaining)   35%
2015 (full year)   61%
2016   12%
2017   9%
     

Capital expenditure requirements and liquidity

As of March 31, 2015, the Company had agreed to acquire 10 newbuild vessels, with two to be delivered in 2015; four to be delivered in 2016, three to be delivered in 2017 and one to be delivered in 2018. The remaining capital expenditure requirements to shipyards or sellers for the delivery of these 10 newbuilds, before minor adjustments for shipyards' costs related to such delayed deliveries, amounted to $259.5 million, of which $77.6 million was scheduled to be paid in 2015, $91.7 million in 2016, $69.9 million in 2017 and $20.3 million in 2018.

As of March 31, 2015, the Company had liquidity of $430.7 million consisting of $90.9 million in cash, $40.7 million in restricted cash, $95.1 million available under existing revolving credit facilities, $16.0 million available under a committed loan facility for one delivered vessel and $188.0 million under committed loan facilities for 10 newbuild vessels.

As of March 31, 2015, the Company was not in compliance with the covenants of two out of fifteen of its loan facilities in relation to the ratio of the fair market value of the security vessels versus the loan outstandings. We have subsequently restored compliance of the covenants in both cases, the first with the placement of additional collateral liquidity and the second after committing to refinance the loan facility.

Dividend Declaration on the Common Stock

The Board of Directors of the Company declared a cash dividend on the Company's common stock of $0.01 per share payable on or about June 26, 2015 to shareholders of record at the close of trading of the Company's common stock on the New York Stock Exchange (the "NYSE") on June 19, 2015.

The Company has 83,466,179 shares of common stock issued and outstanding as of today's date.

The Board of Directors of the Company is continuing a policy of paying out a portion of the Company's free cash flow at a level it considers prudent in light of the current economic and financial environment. The declaration and payment of dividends, if any, will always be subject to the discretion of the Board of Directors of the Company. The timing and amount of any dividends declared will depend on, among other things: (i) the Company's earnings, financial condition and cash requirements and available sources of liquidity, (ii) decisions in relation to the Company's growth strategies, (iii) provisions of Marshall Islands and Liberian law governing the payment of dividends, (iv) restrictive covenants in the Company's existing and future debt instruments and (v) global financial conditions. Accordingly, dividends might be reduced or not be paid in the future.

Management Commentary

Dr. Loukas Barmparis, President of the Company, said: "We have reduced our quarterly dividend to $0.01 per common share in line with the present weak charter market conditions, which have now lasted for more than one year. We have a strong balance sheet and lean operations targeting to preserve our liquidity throughout the adverse part of the shipping cycle." 

Conference Call

On Tuesday, June 9, 2015 at 10:00 A.M. ET, the Company's management team will host a conference call to discuss the financial results.

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 (866) 819-7111 (US Toll Free Dial In), 0(800) 953-0329 (UK Toll Free Dial In) or +44 (0)1452-542-301 (Standard International Dial In). Please quote "Safe Bulkers" to the operator.

A telephonic replay of the conference call will be available until June 16, 2015 by dialing 1 (866) 247-4222 (US Toll Free Dial In), 0(800) 953-1533 (UK Toll Free Dial In) or +44 (0)1452 550-000 (Standard International Dial In). Access Code: 1859591#

Slides and Audio Webcast

There will also be a live, and then archived, webcast of the conference call, available through the Company's website (www.safebulkers.com). Participants in the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

Management Discussion of First Quarter 2015 Results

Net loss was $6.0 million for the first quarter of 2015 compared to net income of $11.2 million for the first quarter of 2014, mainly due to the following factors:

Net revenues: Net revenues decreased by 22% to $32.1 million for the first quarter of 2015, compared to $41.3 million for the same period in 2014, mainly due to a decrease in charter rates. The Company operated 32.72 vessels on average during the first quarter of 2015, earning a TCE(5) rate of $9,440, compared to 29.86 vessels and a TCE rate of $13,921 during the same period in 2014.

Voyage expenses: Voyage expenses increased by 9% to $4.8 million for the first quarter of 2015 compared to $4.4 million for the same period in 2014, mainly due to an increase in the vessels' repositioning expenses.

Vessel operating expenses: Vessel operating expenses increased by 13% to $14.3 million for the first quarter of 2015, compared to $12.6 million for the same period in 2014. The increase in operating expenses is mainly attributable to an increase in ownership days by 10% to 2,945 days for the first quarter of 2015 from 2,687 days for the same period in 2014.

Depreciation: Depreciation increased to $11.1 million for the first quarter of 2015, compared to $10.3 million for the same period in 2014, as a result of the increase in the average number of vessels owned by the Company during the first quarter of 2015.

Loss from inventory valuation: Loss from inventory valuation amounted to $0.5 million for the first quarter of 2015, compared to nil for the same period in 2014, resulting from the valuation of the bunkers remaining on board our vessels, which was affected by the decline of bunker market prices during the first quarter of 2015 compared to the same period in 2014.

Gain on asset purchase cancellation: During the first quarter of 2014, we recorded a gain on asset purchase cancellation, of $3.6 million, which related to the cancellation of the newbuild Hull J1031. There was no such instance during the first quarter of 2015.

Loss on derivatives: Loss on derivatives increased to $1.2 million in the first quarter of 2015, compared to a loss of $0.4 million for the same period in 2014, as a result of the mark-to-market valuation of the Company's interest rate swap transactions that we employ to manage the risk and interest rate exposure of our loan and credit facilities. These swaps economically hedge the interest rate exposure of the Company's aggregate loans outstanding. The average remaining period of our swap contracts was 2.4 years as of March 31, 2015. The valuation of these interest rate swap transactions at the end of each quarter is affected by the prevailing interest rates at that time.

Daily vessel operating expenses(6): Daily vessel operating expenses increased by 4% to $4,872 for the first quarter of 2015 compared to $4,707 for the same period in 2014, mainly due to increase of repairs, maintenance, dry-docking costs and tonnage taxes.

Daily general and administrative expenses(6): General and administrative expenses, which include fixed and variable management fees payable to our Manager(7) and daily costs incurred in relation to our operation as a public company, decreased by 2% to $1,096 for the first quarter of 2015, compared to $1,118 for the same period in 2014.

Unaudited Interim Financial Information and Other Data

   
SAFE BULKERS, INC.  
CONDENSED CONSOLIDATED STATEMENTS OF INCOME/(LOSS) (UNAUDITED)  
(In thousands of U.S. Dollars except for share and per share data)  
   
  Three-Month Period Ended 
March 31,
 
  2014     2015  
REVENUES:          
  Revenues 42,806     33,287  
  Commissions (1,463 )   (1,233 )
  Net revenues 41,343     32,054  
EXPENSES:          
  Voyage expenses (4,355 )   (4,819 )
  Vessel operating expenses (12,648 )   (14,349 )
  Depreciation (10,267 )   (11,099 )
  General and administrative expenses (3,004 )   (3,227 )
  Early redelivery cost (532 )   -  
  Gain on asset purchase cancellation 3,633     -  
  Loss from inventory valuation -     (491 )
  Operating income/(loss) 14,170     (1,931 )
           
OTHER (EXPENSE) / INCOME:          
  Interest expense (2,165 )   (2,146 )
  Other finance costs (218 )   (608 )
  Interest income 231     14  
  Loss on derivatives (447 )   (1,156 )
  Foreign currency (loss)/gain (38 )   162  
  Amortization and write-off of deferred finance charges (301 )   (382 )
  Net income/(loss) 11,232     (6,047 )
  Less preferred dividend 800     3,550  
  Net income/(loss) available to common shareholders 10,432     (9,597 )
  Earnings/(loss) per share 0.13     (0.11 )
Weighted average number of shares 83,441,135     83,462,059  
           
           
           
SAFE BULKERS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands of U.S. Dollars)
 
  December 31, 2014   March 31, 2015
ASSETS      
  Cash and restricted cash 118,250   127,352
  Other current assets 17,642   20,299
  Vessels, net 960,423   1,007,043
  Advances for vessel acquisition and vessels under construction 74,243   63,007
  Restricted cash non-current 4,263   4,263
  Other non-current assets 7,508   7,156
  Total assets 1,182,329   1,229,120
       
LIABILITIES AND EQUITY      
  Current portion of long-term debt 17,121   20,120
  Other current liabilities 11,597   13,072
  Long-term debt, net of current portion 452,447   505,667
  Other non-current liabilities 1,065   1,397
  Shareholders' equity 700,099   688,864
  Total liabilities and equity 1,182,329   1,229,120
         
         
         
TABLE 1  
RECONCILIATION OF ADJUSTED NET INCOME, EBITDA, ADJUSTED EBITDA AND ADJUSTED EARNINGS/(LOSS) PER SHARE  
   
  Three-Month
Period Ended March 31,
 
(In thousands of U.S. Dollars except for share and per share data) 2014     2015  
Net Income/(loss) - Adjusted Net Income          
Net Income/(loss) 11,232     (6,047 )
Less Gain on asset purchase cancellation (3,633 )   -  
Plus Early redelivery cost 532     -  
Plus Loss on derivatives 447     1,156  
Plus Loss from inventory valuation -     491  
Plus Foreign currency loss/(gain) 38     (162 )
Adjusted Net Income/(loss) 8,616     (4,562 )
           
EBITDA - Adjusted EBITDA          
Net Income/(loss) 11,232     (6,047 )
Plus Net interest expense 1,934     2,132  
Plus Depreciation 10,267     11,099  
Plus Amortization 301     382  
EBITDA 23,734     7,566  
Less Gain on asset purchase cancellation (3,633 )   -  
Less Early redelivery cost 532     -  
Plus Loss on derivatives 447     1,156  
Plus Loss from inventory valuation -     491  
Plus Foreign currency loss/(gain) 38     (162 )
ADJUSTED EBITDA 21,118     9,051  
           
Earnings/(loss) per share          
Net Income/(loss) 11,232     (6,047 )
Less preferred dividend 800     3,550  
Net income/(loss) available to common shareholders 10,432     (9,597 )
Weighted average number of shares 83,441,135     83,462,059  
Earnings/(loss) per share 0.13     (0.11 )
           
Adjusted EPS        
Adjusted Net Income/(loss) 8,616   (4,562 )
Less preferred dividend 800   3,550  
Adjusted Net income/(loss) available to common shareholders 7,816   (8,112 )
Weighted average number of shares 83,441,135   83,462,059  
Adjusted Earnings/(loss) per share 0.09   (0.10 )
         

EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income available to common shareholders and Adjusted EPS are not recognized measurements under US GAAP.

Adjusted Net Income represents Net income/(loss) before gain on asset purchase cancellation, early redelivery cost, loss from inventory valuation, loss on derivatives and (loss)/gain on foreign currency.

Adjusted Net Income available to common shareholders represents Adjusted Net Income less preferred dividend.

EBITDA represents Net income/(loss) before interest, income tax expense, depreciation and amortization. Adjusted EBITDA represents EBITDA before gain on asset purchase cancellation, early redelivery cost, loss from inventory valuation, loss on derivatives and (loss)/gain on foreign currency. EBITDA and Adjusted EBITDA are not recognized measurements under US GAAP. EBITDA and Adjusted EBITDA assist the Company's management and investors by increasing the comparability of the Company's fundamental performance from period to period and against the fundamental performance of other companies in the Company's industry that provide EBITDA and Adjusted EBITDA information. The Company believes that EBITDA and Adjusted EBITDA are useful in evaluating the Company's operating performance compared to that of other companies in the Company's industry because the calculation of EBITDA generally eliminates the effects of financings, income taxes and the accounting effects of capital expenditures and acquisitions and the calculation of Adjusted EBITDA generally further eliminates the effects from gain on asset purchase cancellation, early redelivery cost, loss from inventory valuation, loss on derivatives and (loss)/gain on foreign currency, items which may vary for different companies for reasons unrelated to overall operating performance.

EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income available to common shareholders 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. EBITDA and Adjusted EBITDA should not be considered as substitutes for net income and other operations data prepared in accordance with US GAAP or as a measure of profitability. While EBITDA and Adjusted EBITDA 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.

   
TABLE 2: FLEET DATA AND AVERAGE DAILY INDICATORS  
   
 
Three-Month Period Ended
March 31,
 
  2014     2015  
           
FLEET DATA          
Number of vessels at period's end 31     34  
Average age of fleet (in years) 5.28     5.75  
Ownership days (1) 2,687     2,945  
Available days (2) 2,657     2,885  
Operating days (3) 2,656     2,866  
Fleet utilization (4) 98.8 %   97.3 %
Average number of vessels in the period (5) 29.86     32.72  
           
AVERAGE DAILY RESULTS          
Time charter equivalent rate (6) $13,921     $9,440  
Daily vessel operating expenses (7) $4,707     $4,872  
Daily general and administrative expenses (8) $1,118     $1,096  
           

_____________

   
(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 daysrepresent 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, drydockings, vessel upgrades or special or intermediate surveys.
(3) Operating days represent the number of our available days in a period less the aggregate number of days that our vessels are off-hire due to any reason, excluding scheduled maintenance.
(4) Fleet utilization is calculated by dividing the number of our operating days during a period by the number of our ownership days during that period.
(5) Average number of vessels in the period is calculated by dividing ownership days in the period by the number of days in that period.
(6) Time charter equivalent rates, or TCE rates, represent our charter revenues less commissions and voyage expenses during a period divided by the number of our available days during the period.
(7) Daily vessel operating expenses include the costs for crewing, insurance, lubricants, spare parts, provisions, stores, repairs, maintenance, statutory and classification expense, drydocking, intermediate and special surveys and other miscellaneous items. Daily vessel operating expenses are calculated by dividing vessel operating expenses by ownership days for the relevant period.
(8) Daily general and administrative expenses include daily fixed and variable management fees payable to our Manager and daily costs in relation to our operation as a public company. Daily general and administrative expenses are calculated by dividing general and administrative expenses by ownership days for the relevant period.
   

About Safe Bulkers, Inc.

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 B preferred stock, series C preferred stock and series D preferred stock are listed on the NYSE, and trade under the symbols "SB", "SB.PR.B", "SB.PR.C", and "SB.PR.D" respectively. The Company's current fleet consists of 34 drybulk vessels, all built 2003 onwards, and the Company has agreed to acquire 10 additional drybulk newbuild vessels to be delivered at various dates through 2018.

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Exchange Act of 1933, as amended, and in Section 21E of the Securities 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, 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, risks associated with operations outside the United States and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

1 Adjusted net income/(loss) is a non-GAAP measure. Adjusted net income/(loss) represents Net income/(loss) before gain on asset purchase cancellation, early redelivery cost, loss from inventory valuation, loss on derivatives and (loss)/gain on foreign currency. See Table 1.

2 EBITDA is a non-GAAP measure and represents Net income/(loss) plus net interest expense, tax, depreciation and amortization.

3 Adjusted EBITDA is a non-GAAP measure and represents EBITDA before gain on asset purchase cancellation, early redelivery income/(cost), loss from inventory valuation, loss on derivatives and (loss)/gain on foreign currency. See Table 1.

4 Earnings/(Loss) per share and Adjusted earnings/(Loss) per share represent Net income/(loss) and Adjusted net income/loss less preferred dividend divided by the weighted average number of shares respectively. See Table 1.

5 Time charter equivalent rates, or TCE rates, represent the Company's charter revenues less commissions and voyage expenses during a period divided by the number of our available days during the period.

6 See Table 2.

7 Safety Management Overseas S.A., referred to in this press release as our "Manager".

Contact Information

  • For further information please contact:


    Company Contact:
    Dr. Loukas Barmparis
    President
    Safe Bulkers, Inc.
    Athens, Greece
    Tel.: +30 2 111 888 400
    Fax: +30 2 111 878 500
    E-Mail: directors@safebulkers.com

    Investor Relations / Media Contact:
    Nicolas Bornozis, President
    Capital Link, Inc.
    230 Park Avenue, Suite 1536
    New York, N.Y. 10169
    Tel.: (212) 661-7566
    Fax: (212) 661-7526
    E-Mail: safebulkers@capitallink.com