Q1 2024 Safe Bulkers Inc Earnings Call Transcript
Key Points
- Safe Bulkers Inc (SB) operated within a more robust market in Q1 2024 compared to the previous year.
- The company ordered one additional Phase 3 new build and divested three older vessels, modernizing its fleet.
- Executed the prepurchase of 4.9 million shares of common stock and declared a dividend of $0.05 per share.
- Maintained a comfortable leverage of 34% and strong liquidity and capital resources of approximately $215 million.
- Secured long-term charters at favorable rates, providing cash flow visibility and stability.
- Increased operating expenses and higher interest expenses due to rising interest rates.
- Global economic uncertainties, including geopolitical tensions and inflation, pose risks to market stability.
- The dry bulk order book remains at single-digit percentages, indicating limited fleet expansion opportunities.
- Challenges in securing newbuild vessels due to shipyard schedules extending to 2027-2028.
- Operating expenses increased in Q1 2024 due to substantial supplies of spares for dry dockings.
Thank you for standing by, ladies and gentlemen, and welcome to the Safe Bulkers conference call on the first-quarter 2024 financial results. We have us -- 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)
I must advise you that this conference is being recorded today, April 30, 2024. The archived webcast of this conference call will soon be made available on the Safe Bulkers website at 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 those in the forward-looking statements is contained in the first-quarter 2024 earnings release which is also available on the Safe Bulkers website, again,
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