Safe Bulkers Inc ( (SB) ) has released its Q4 earnings. Here is a breakdown of the information Safe Bulkers Inc presented to its investors.
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Safe Bulkers, Inc. is an international provider of marine drybulk transportation services, operating primarily in the shipping industry with a focus on transporting bulk cargoes such as coal, grain, and iron ore. The company is known for operating a fleet that includes environmentally upgraded vessels and employing both period and spot time charters.
Safe Bulkers, Inc. recently reported its financial results for the fourth quarter and full year of 2024, highlighting a challenging market environment with decreased revenues and profitability. Despite these challenges, the company maintained a strong capital structure and declared a dividend of $0.05 per share, reflecting its commitment to rewarding shareholders.
The company’s net revenues for the fourth quarter of 2024 stood at $71.5 million, a 13% decrease from $82.3 million in the same period in 2023, primarily due to lower charter hires and reduced earnings from scrubber-fitted vessels. Net income also saw a decline, reaching $19.4 million compared to $27.6 million in the previous year. The company’s EBITDA for the year 2024 was $186.4 million, showing an increase from 2023’s $156.2 million, while the adjusted EBITDA, excluding gains from asset sales and other variables, was $170.7 million.
In addition to the financial performance, Safe Bulkers, Inc. announced a new reducing revolving credit facility to increase its borrowing capacity and continue fleet renewal efforts with investments in newbuilds designed to comply with the latest environmental regulations. The company is also executing a share repurchase program, demonstrating its strategic focus on enhancing shareholder value.
Looking forward, Safe Bulkers, Inc. remains cautiously optimistic, focusing on maintaining its strong financial position and capitalizing on premium charter rates for its upgraded vessels. The management is committed to navigating the volatile market conditions while advancing its fleet renewal program to meet future regulatory standards.
