Safe Bulkers Inc ( (SB) ) has released its Q3 earnings. Here is a breakdown of the information Safe Bulkers Inc presented to its investors.
Safe Bulkers Inc., a provider of marine drybulk transportation services, operates in the international shipping sector, specializing in the transportation of bulk commodities such as coal, grain, and iron ore. With a focus on sustainability, the company is renewing its fleet to comply with the latest IMO regulations aimed at reducing emissions.
In its third-quarter 2024 earnings report, Safe Bulkers Inc. announced a net income of $25.1 million, reflecting a significant increase from $15.0 million in the same period of 2023. The company declared a dividend of $0.05 per share on common stock, marking its commitment to rewarding shareholders.
The earnings report highlighted a 17% increase in net revenues, achieving $75.9 million in Q3 2024, driven by higher charter hire revenues and gains from scrubber-fitted vessels. Despite a slight softening in the charter market, Safe Bulkers managed to maintain a strong performance, operating an average of 45.27 vessels with an average TCE rate of $17,108. Additionally, the company continues to invest in its fleet’s environmental upgrades, aligning with global sustainability standards.
The company remains focused on its newbuild program, with 18 vessels designed to meet updated international emission standards, and has completed environmental upgrades on 24 existing vessels. Despite geopolitical uncertainties, Safe Bulkers maintains a robust liquidity position and an undrawn credit facility of $225 million, which supports its strategic initiatives.
Looking forward, Safe Bulkers Inc. continues to navigate the challenges of the global shipping market with a focus on sustainability and shareholder value, as evidenced by its strategic fleet investments and ongoing dividend policy.
