The following is a summary of the Safe Bulkers, Inc. (SB) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Safe Bulkers reported increased revenues in Q3 2024 due to higher charter hires and earnings from scrubbed vessels.

• Adjusted EBITDA for Q3 2024 was $41.3 million, up from $30.9 million in Q3 2023.

• Net income rose to $25.1 million in Q3 2024 from $15 million in the same period last year.

• The company declared a $0.05 dividend per common share.

Business Progress:

• The company continues its fleet renewal strategy, incorporating environmental upgrades and expanding with newer, more efficient vessels.

• 80% of the fleet comprises Japanese-built vessels with a lower than average age, enhancing operational efficiency.

• Safe Bulkers is managing a contracted revenue backlog which covers significant future expenditures, ensuring financial and operational stability.

Opportunities:

• Opportunities in new markets and segments, such as minor bulk shipments driven by the energy transition, are expected to be key growth drivers.

Risks:

• The softening charter market and geopolitical uncertainties create challenges.

• Vulnerability to global economic conditions, especially Chinese economic slowdown and domestic demand issues.

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