The following is a summary of the Safe Bulkers, Inc. (SB) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Strong liquidity and comfortable leverage support Safe Bulkers and enable flexibility in capital allocation, as evidenced by a dividend payment of $0.05 per share of common stock.

• In Q2 2024, Safe Bulkers operated in a stronger chartered market environment than the previous year, reflected by increased revenues due to higher charter hires.

• Adjusted EBITDA for Q2 2024 was $41.8 million, down from $74.3 million in the same period last year.

• Adjusted earnings per share for Q2 2024 stood at $0.17, increasing from $0.12 in Q2 2023.

Business Progress:

• Safe Bulkers has continued fleet renewal, including the addition of Phase 3 vessels designed for energy efficiency, enhancing competitiveness and aligning with decarbonization efforts.

• Environmental upgrades across the fleet include advances such as low friction paints reducing fuel consumption, demonstrating commitment to sustainability.

Opportunities:

• Positive dry bulk outlook with supply outpacing demand and growth in key commodity markets like iron ore, coal, and grains.

• Strong market position is supported by long-term charters in the Cape market segment and stable revenue streams from contracted charters in the Panamax segment.

Risks:

• Heightened global uncertainty due to geopolitical tensions, potential continued high for longer interest rates affecting operational costs, and policy uncertainty posing potential financial challenges.

More details: Safe Bulkers IR

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