Q4 2023 Safe Bulkers Inc Earnings Call Transcript
Key Points
- Safe Bulkers Inc (SB) operated in an improved charter market environment in Q4 2023 compared to the previous quarter.
- The company maintains a strong capital structure and is actively renewing its fleet, reducing the average age of its vessels.
- Safe Bulkers Inc (SB) has been proactive in adhering to environmental regulations, including placing orders for dual-fuel vessels and Phase 3 energy efficiency vessels.
- The company has a competitive fleet with 82% of its vessels being Japanese-built, which are more efficient and better suited for upcoming environmental regulations.
- Safe Bulkers Inc (SB) declared a $0.05 dividend per common share, reflecting its commitment to rewarding shareholders while maintaining a healthy cash position and liquidity.
- Safe Bulkers Inc (SB) experienced decreased revenues in Q4 2023 compared to the same period in 2022 due to lower charter hires and decreased earnings from scrubber-fitted vessels.
- The company faced higher interest expenses due to increased interest rates.
- The average time charter equivalent (TCE) for Q4 2023 was lower at $18,321 compared to $21,078 in Q4 2022.
- Net income for Q4 2023 was $27.6 million, down from $34.9 million in the same period of 2022.
- The company is cautious about the high capital cost of ordering new Capesize vessels, which could pose a risk given the current interest rate environment.
TThank you for standing by, ladies and gentlemen, and welcome to the Safe Bulkers conference call on the fourth quarter ended December 31, 2023, financial results. We have with us Mr. Polys Hajioannou, Chairman and Chief Executive Officer; Dr. Loukas Barmparis, President; and Mr. Konstantinos Adamopoulos, Chief Financial Officer of the company. (Operator Instructions)
Following this conference call, if you need any further information on the conference call or on the presentation, please contact Capital Link at 212-661-7566. I must advise you that this conference is being recorded today, February 13, 2024. The archived webcast of the conference call will soon be made available on the Safe Bulkers website, www.safebulkers.com.
Many of the remarks today contain forward-looking statements based on current expectations. Actual results may differ materially from the results projected from those forward-looking statements. Additional information concerning factors that can cause the actual results to differ materially from
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