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Safe Bulkers, Inc. provides international marine drybulk transportation services, carrying bulk cargoes such as coal, grain and iron ore along worldwide shipping routes. News about SB centers on charter-driven financial results, time-charter equivalent rates, vessel operating expenses, common-stock dividends and quarterly dividends on its 8.00% Series C and Series D cumulative redeemable perpetual preferred shares.
Company updates also cover fleet renewal through dry-bulk vessel acquisitions and sales, including Capesize and Kamsarmax classes; capital actions such as share repurchase authorizations; annual Form 20-F reporting; shipping-industry conference participation; and governance changes involving board composition and committee assignments.
Safe Bulkers (NYSE: SB) reported its unaudited Q2 2024 financial results, revealing an 11% increase in net revenues to $78.5 million compared to Q2 2023. The company achieved a net income of $27.6 million, up from $15.4 million in the same period last year. EBITDA for Q2 2024 was $49.2 million, a significant rise from $34.4 million in Q2 2023. The Time Charter Equivalent (TCE) rate was $18,650 per day, up from $17,271 in Q2 2023. Safe Bulkers also declared a cash dividend of $0.05 per share, payable on September 5, 2024. Q2 2024's improved performance reflects stronger market conditions, higher revenues from Scrubber-fitted vessels, and increased average number of vessels.
As of June 30, 2024, the company had $81.6 million in cash and $179.5 million in undrawn credit facilities. The company continues its fleet renewal strategy, ordering two new Phase 3 vessels and selling older ones. It also implemented a new Integrated Management System in compliance with DryBMS standards.
Safe Bulkers, Inc. (NYSE: SB), an international provider of marine drybulk transportation services, has announced its schedule for releasing second quarter 2024 financial results. The company will release its results on Monday, July 29, 2024, after market close. A conference call and webcast to discuss the financial results will be held on Tuesday, July 30, 2024, at 10:00 A.M. Eastern Time.
Participants can join the conference call using various dial-in numbers, including US Toll-Free and International options. The company will also provide a live and archived webcast of the conference call, along with accompanying slides, through its website at www.safebulkers.com.
Safe Bulkers (NYSE: SB), a global marine drybulk transport service provider, has declared quarterly dividends on two of its preferred share series. Specifically, a $0.50 per share dividend on its 8.00% Series C and Series D Cumulative Redeemable Perpetual Preferred Shares for the period from April 30, 2024, to July 29, 2024. These dividends will be paid on July 30, 2024, to shareholders of record as of July 19, 2024.
Dividends on these shares are payable quarterly in arrears, specifically on the 30th day of January, April, July, and October each year. The payment dates are adjusted if they fall on a weekend or public holiday. Future dividends are at the discretion of the Board of Directors and depend on various factors including earnings, fleet operations, financial condition, liquidity, and global economic conditions.
Safe Bulkers has announced its annual meeting of stockholders, scheduled for September 12, 2024, at 14:00 local time at the Fairmont Hotel in Monte Carlo, Monaco.
Stockholders of record by July 17, 2024, are entitled to receive notice and vote at the meeting.
Formal notices and proxy statements will be sent to stockholders in due course.
Safe Bulkers (NYSE: SB) has announced the acquisition of a Japanese Kamsarmax class dry-bulk vessel. The 82,000 dwt vessel will be delivered in Q1 2027 and meets IMO GHG-EEDI Phase 3 and NOx-Tier III regulations. This vessel is part of the company's strategy to modernize its fleet, focusing on energy efficiency and reduced emissions. The company has already received nine such vessels and has an orderbook of nine more, with deliveries scheduled from 2024 to 2027. President Dr. Loukas Barmparis emphasized the aim to build a young, efficient fleet in compliance with evolving CO2 emission regulations.
Safe Bulkers (NYSE: SB) announced the voluntary implementation of a new computerized Integrated Management System (IMS) starting June 1st, 2024. This IMS complies with DryBMS Standards and replaces the existing Safety Management System (SMS). The new system aligns with Rightship RISQ3 and the SSI Code of Conduct, emphasizing crew welfare and high standards for staff and fleet. Dr. Loukas Barmparis, President of Safe Bulkers, highlighted that the IMS enhances safety, health, security, and pollution prevention, surpassing international legislation and industry practices, allowing close collaboration with charterers to elevate industry standards.
Safe Bulkers (NYSE: SB), a global leader in marine drybulk transportation, has released its 2023 Sustainability Report. The report follows the Global Reporting Initiative (GRI) Sustainability Reporting Guidelines and the Sustainability Accounting Standards Board (SASB) recommendations for maritime transport. It highlights the company's environmental, social, and governance (ESG) practices. Dr. Loukas Barmparis, President of Safe Bulkers, emphasized the company's commitment to addressing environmental concerns, social needs, and strengthening governance. The report is available for download on the company's website.
Safe Bulkers, Inc. reported its unaudited financial results for Q1 2024, declaring a $0.05 cash dividend per share of common stock. Net revenues increased to $81.7 million, net income was $25.3 million, and EBITDA was $47.9 million. The company has a fleet of 46 vessels with total debt of $534.3 million. They have a newbuild program for 16 vessels, focusing on environmental upgrades and energy efficiency.
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