Safe Bulkers, Inc · NYSE:SB
Safe Bulkers — Q4 2024 Earnings Presentation
16 slides from Safe Bulkers's earnings presentation, Feb 19, 2025
Slide 1: Q4 2024 Earnings Presentation
Q4 2024 EARNINGS PRESENTATION MV PEDHOULAS FARMER EEDI-PHASE 3 – IMO NOx TIER III KAMSARMAX DELIVERED JULY 2024 1
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements (as defined in Section 27A of the Securities Exchange Act of 1934, as amended, and in Section 21E of the Securities Act of 1933, as amended) including, among other items, statements concerning future events, the Company
Slide 3: Market Update
MARKET UPDATE LisTED] NYSE
Slide 4: Market performance
Market performance All our 8 Capes chartered under period time charters with 2.3 years average o/s charter duration and $22,131 average daily charter hire BCI 5TC $60.000 $145M secured contracted net revenues only from Capes excluding Scrubber benefit $50.000 offering significant cash flow visibilit
Slide 5: Demand – Commodities
Demand – Commodities Rising tariffs elevate policy uncertainty and pose a considerable downside risk for CRB Commodity Index(4) global growth and against disinflation Fears of higher-for-longer interest rates and lower investments. Existing fleet decarbonization and energy efficient ~377p. currently
Slide 6: Supply side – Ageing - Orderbook - Fleet mix
Supply side – Ageing - Orderbook - Fleet mix • Global dry bulk orderbook ~10.6% of existing fleet, Panamax and Supramax ~55% of deliveries during 2025-2026. • Global dry bulk supply growth: 2025: +2.9% 2026: +2.7% • Only 13% of ship capacity in the orderbook will be capable of using alternative fuel
Slide 7: Company Update
COMPANY UPDATE LisTED] NYSE
Slide 8: Safe Bulkers 'Green' fleet advantage
Safe Bulkers ‘Green’ fleet advantage SB Fleet (DWT; number of vessels) SB Fleet (number of vessels, % of fleet) 618,400; 8 11; 1.436.000; 24% 8 SB 80% Japanese fleet 24; 11 ‘Phase 3’ 1,069,100; 52% $90m in environmental newbuilds 13 fleet upgrades 11 eco-vessels 11; built after 2014 24% 1.518.100; 1
Slide 9: Safe Bulkers Fleet Average Age & Fleet Expansion
Safe Bulkers Fleet Average Age & Fleet Expansion 2016-2027 60 11 IMO GHG Phase 3 - NOx Tier III on water Operating model positioned to capitalize on stringent environmental regulations 7 more on order (including 2 methanol dual fuel) 54 Assets focused on operational excellence, commercial 52 50 comp
Slide 10: 2024-2026 Debt profile
2024-2026 Debt profile 2024-2026 Debt repayment schedule (in USD million) 70 $60,8 Comfortable debt profile $8.7 million net debt per vessel 60 10-years old fleet average age $47,6 50 Consolidated debt(1) $545.6M (incl. €100M unsecured 5-Year bond 2.95% fixed) 40 consolidated leverage(2) 35% 30 WAIR
Slide 11: SB attributes Snapshot
SB attributes Snapshot 65+ years track record Battle tested management forged lenders & capital markets 48% ownership by $276m Liquidity & relationships management Capital resources alignment of $205m Revenue interest with public backlog shareholders 35% LTV & $0.05 dividend per comfortable debt com
Slide 12: Financial Results Update
FINANCIAL RESULTS UPDATE LisTED] NYSE 12
Slide 13: Liquidity - Visibility of cash flows - Capex - Low leverage
Liquidity - Visibility of cash flows - Capex - Low leverage UNENCUMBERED 21 SCRUBBER FITTED 7-NEWBUILDS UPON VESSELS THEIR DELIVERY ALL CAPES SCRUBBER FITTED 8 ~$20M ADDITIONAL 35% SCRUBBER REVENUE CONSOLIDATED CAPACITY LEVERAGE7 29% of O/S 350 600 Debt (5); orderbook Capex 350 already paid $545,6 3
Slide 14: Quarterly financial highlights
Quarterly financial highlights TCE RATE ADJUSTED EPS $90 NET REVENUES $0,30 $20.000 $70 $0,20 $16.000 $50 $82,3 $0,25 $0,15 $71,5 $18.321 $0,10 $30 $12.000 $16.251 $10 $0,00 $8.000 2023 2024 2023 2024 2023 2024 in US$ in million US$ in US$ DAILY OPEX DAILY OPEX EXCLUDING DRY-DOCKING ADJUSTED EBITDA
Slide 15: Quarterly operational highlights
Quarterly operational highlights FLEET DATA Three-Months Period Ended Twelve-Months Period Ended December 31, December 31, 2023 2024 2023 2024 Number of vessels at period end 46 46 46 46 Average age of fleet (in years) 10.19 9.99 10.19 9.99 Ownership days (1) 4,226 4,223 16,235 16,806 Available days
Slide 16: Company Contact / Investor Relations Contact
COMPANY CONTACT INVESTOR RELATIONS/MEDIA CONTACT Dr. Loukas Barmparis Paul Lampoutis President Vice-President Safe Bulkers, Inc. Capital Link Inc. Tel: +30 2111 888 400 Fax: +357 25 887 200 New York, USA Tel: +1 (212) 661-7566 directors@safebulkers.com Fax:+1 (212) 661-7526 safebulkers@capitallink.c