Safe Bulkers, Inc. Announces First Quarter 2025 Results and Declares Cash Dividend
Safe Bulkers, Inc. Announces First Quarter 2025 Results and Declares Cash Dividend.
Dr. Loukas Barmparis, President of the Company, said:
“During the first quarter of 2025, we faced softer charter markets due to seasonality and geopolitical uncertainties. We maintained our strong balance sheet and took delivery of our twelfth newbuild. In this volatile environment we continue to renew our fleet focusing on operational excellence, environmental performance in relation to IMO regulations and the creation of long term value for our shareholders.”
Common Stock Repurchase Program
In February 2025, the Company authorized a program under which it might from time to time purchase up to 3 000 000 shares of the Company’s common stock. The Company purchased and cancelled the maximum number of 3 000 000 shares of the Company’s common stock under the aforementioned program representing approximately 2,8 % of the Company’s common stock outstanding and 5,4 % of the Company’s public float.
New Credit Facility
In April 2025, the Company entered into a new credit facility of up to $84,3 million with a financial institution to be consummated in the third quarter of 2025.
Source: SafeBulkers
The facility will be used to finance the purchase of four vessels currently under sale and leaseback financings and to refinance an existing credit facility.
Environmental Investments – Dry-Dockings
The Company is gradually renewing its fleet with newbuilds designed to meet the IMO regulations related to the Phase 3 reduction of greenhouse gas emissions and nitrogen oxides emissions. As of May 9, 2025, the IMO GHG Phase 3 NOx Tier III newbuild program consisted of 18 vessels in the aggregate, with 12 already delivered.
Fleet Update
As of May 9, 2025, the Company had a fleet of 47 vessels with an aggregate carrying capacity of 4,7 million dwt and an average age of 10,1 years.
Источник: SafeBulkers
12 vessels are IMO GHG Phase 3 – NOx Tier III ships and 11 are eco-ships. 21 vessels are equipped with exhaust gas cleaning devices (“Scrubbers“).
Orderbook
As of May 9, 2025, the Company had an orderbook of six IMO GHG Phase 3 – NOx Tier III Kamsarmax class newbuilds, two of which are methanol dual-fueled. The scheduled delivery of these vessels is four in 2026 and two in 2027.
Find out how much seafarers earn on cargo ships: Salary of Seafarers in the Marine Industry
Newbuild Deliveries. In April 2025, the Company took delivery of the Japanese-built Kamsarmax class Efrossini, its twelfth IMO GHG Phase 3 – NOx Tier III newbuild.
Chartering our Fleet
During the first quarter of 2025, the Company operated 46.00 vessels on average, earning a TCE of $14,655, compared to 47.08 vessels earning a TCE of $18,158 during the same period in 2024. As of May 9, 2025, the Company employed, or had contracted to employ:
- 8 vessels in the spot time charter market and;
- 40 vessels in the period time charter market.
Management Discussion of First Quarter 2025 Results
The Company’s net income for the first quarter of 2025 was $7,2 million compared to $25,3 million during the same period in 2024.
The main factors driving the change in net income are:
- Net revenues decreased by 21 % to $64,3 million due to lower revenues from charter hires and decreased revenues earned by scrubber-fitted vessels.
- Vessel operating expenses increased by 2 % to $23,9 million, mainly due to increased spare parts, stores and provisions, and crew wages and expenses, partially offset by lower dry-docking expenses.
