Fleet Renewal and Environmental Advancements
Safe Bulkers took delivery of their 12th newbuild and sold one of their oldest vessels, focusing on capital allocation towards the newbuild program. They have 12 Phase 3 vessels on the water with an average fleet age of 10.3 years, younger than the global average of 12.6 years. Additionally, 80% of their fleet comprises Japanese-built vessels, surpassing the global average of 40%.
Dividend Declaration and Shareholder Returns
The company declared its 15th consecutive quarterly dividend of $0.05, representing a 4.7% dividend yield. Since 2022, they have paid $78.7 million in common dividends and $74.9 million in share repurchases.
Strong Liquidity and Financial Position
Safe Bulkers maintained a strong liquidity position with $125 million cash and $188 million in undrawn revolving credit facilities. They reported a comfortable leverage of 38% and a low net debt per vessel of $9.1 million.
Contracted Revenue and Cash Flow Visibility
The company has $135 million in contracted revenue backlog from Capes alone, with seven Capes period chartered at an average daily rate of $24,500. They also report a total contracted revenue of $171 million from non-cancelable contracts.