Safe Bulkers, Inc. Reports Second Quarter and First Six Months 2015 Results and Declares Quarterly Dividend on Common Stock
MONACO -- (Marketwired) -- 07/30/15 -- Safe Bulkers, Inc. (the "Company") (NYSE: SB), an international provider of marine drybulk transportation services, announced today its unaudited financial results for the three and six month period ended June 30, 2015. The Board of Directors of the Company also declared a quarterly dividend of $0.01 per share of common stock for the second quarter of 2015.
Summary of Second Quarter 2015 Results
- Net revenue for the second quarter of 2015 decreased by 15% to $31.8 million from $37.2 million during the same period in 2014.
- Net loss for the second quarter of 2015 was $4.4 million from net income of $2.1 million during the same period in 2014. Adjusted net loss(1) for the second quarter of 2015 was $3.9 million from Adjusted net income of $3.2 million, during the same period in 2014.
- EBITDA(2) for the second quarter of 2015 decreased by 33% to $10.1 million from $15.1 million during the same period in 2014.Adjusted EBITDA(3) for the second quarter of 2015 decreased by 34% to $10.7 million from $16.3 million during the same period in 2014.
- Loss per share(4)and Adjusted loss per share(4) for the second quarter of 2015 was $0.10 and $0.09 respectively, calculated on a weighted average number of 83,470,867shares, compared to earnings per share(4) ("EPS") of $0.01 and Adjusted EPS(4) $0.02 in the second quarter of 2014, calculated on a weighted average number of 83,444,365 shares.
- The Board of Directors of the Company declared a dividend of $0.01 per share for the second quarter of 2015.
Summary of Six Months Ended June 30, 2015 Results
- Net revenues for the six months of 2015 decreased by 19% to $63.9 million from $78.5 million during the same period in 2014.
- Net loss for the six months of 2015 was $10.5 million from net income of $13.3 million during the same period in 2014. Adjusted net loss(1) for the six months of 2015 was $8.4 million from Adjusted net income(5) of $11.8 million during the same period in 2014.
- EBITDA(2) for the six months of 2015 decreased by 55% to $17.6 million from $38.9 million during the same period in 2014. Adjusted EBITDA(3) for the six months of 2015 decreased by 47% to $19.7million from $37.4 million during the same period in 2014.
- Loss per share(4)and Adjusted loss per share(4) for the six months of 2015 was $0.21 and $0.19 respectively, calculated on a weighted average number of 83,466,487shares, compared to Earnings per share(4) ("EPS") of $0.13 and Adjusted EPS(4) $0.11 in the six months of 2014, calculated on a weighted average number of 83,442,759shares.
Fleet and Employment Profile
In June 2015, the Company took delivery of Kypros Loyalty (Hull No. 827), a 78,000 dwt, Japanese eco-design newbuild Panamax class vessel. Upon her delivery, the vessel was employed in the spot charter market.
In June 2015, the Company delayed the delivery of a newbuild vessel for 2019.
In July 2015, the Company took delivery of Pedhoulas Cherry (Hull No. 1148), a 82,000 dwt, Chinese eco-design newbuild Kamsarmax class vessel. Upon her delivery, the vessel was employed in the spot charter market.
As of July 27, 2015 the Company's operational fleet comprised of 36 drybulk vessels with an average age of 5.7 years and an aggregate carrying capacity of 3.3 million dwt. The fleet consists of 14 Panamax class vessels, 8 Kamsarmax class vessels, 11 Post-Panamax class vessels and 3 Capesize class vessels, all built from 2003 onwards.
As of July 27, 2015, the Company had contracted to acquire eight eco-design newbuild vessels, comprised of 2 Japanese Panamax class vessels, 3 Japanese Post-Panamax class vessels, 2 Japanese Kamsarmax class vessels and 1 Chinese Kamsarmax class vessels. Upon delivery of all of our newbuilds, assuming we do not acquire any additional vessels or dispose of any of our vessels, our fleet will comprise of 44 vessels, 15 of which will be eco-design vessels, having an aggregate carrying capacity of 3.9 million dwt.
Set out below is a table showing the contracted employment of the Company's vessels as of July 27, 2015:
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Year Country of Charter Rate
Vessel Name DWT Built(1) construction (2)USD/day Charter Duration(3)
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Panamax
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Maria 76,000 2003 Japan 7,464 Feb 2015 - Aug 2015
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Koulitsa 76,900 2003 Japan 13,250 Jun 2014 - Aug 2015
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Paraskevi 74,300 2003 Japan 7,400 Jul 2015 - May 2016
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Vassos 76,000 2004 Japan 7,250 Jul 2015 - Aug 2015
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Katerina 76,000 2004 Japan BPI(4) + 6% Apr 2015 - Apr 2016
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Maritsa 76,000 2005 Japan 6,200 May 2015 - Oct 2015
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Efrossini 75,000 2012 Japan 6,825 May 2015 - Sep 2015
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Zoe 75,000 2013 Japan 6,950 Jun 2015 - Oct 2015
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Kypros Land 77,100 2014 Japan 9,600 Jun 2015 - Sep 2015
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Kypros Sea 77,100 2014 Japan 7,500 May 2015 - Aug 2015
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Kypros Unity 78,000 2014 Japan 6,000 May 2015 - Jul 2015
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Kypros 78,000 2015 Japan
Bravery
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Kypros Sky 77,100 2015 Japan 15,400 Apr 2015 - Apr 2025
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Kypros 78,000 2015 Japan 7,450 Jun 2015 - Aug 2015
Loyalty
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Kamsarmax
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Pedhoulas 82,300 2006 Japan
Merchant
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Pedhoulas 82,300 2006 Japan BPI(4) + Aug 2013 - Aug 2015
Trader 6.5%
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Pedhoulas 82,300 2007 Japan 8,150 Jun 2015 - Oct 2015
Leader
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Pedhoulas 83,700 2008 Japan 8,800 Jun 2015 - Aug 2015
Commander
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Pedhoulas 81,600 2012 China 7,700 Mar 2015 - Aug 2015
Builder 8,625 Aug 2015 - Mar 2016
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Pedhoulas 81,600 2012 China 7,000 May 2015 - Nov 2015
Fighter
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Pedhoulas 81,600 2012 China 11,000 Sep 2014 - Aug 2015
Farmer
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Pedhoulas 82,000 2015 China 7,875 Jul 2015 - Oct 2015
Cherry
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Post-Panamax
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Stalo 87,000 2006 Japan 9,650 Jun 2015 - Aug 2015
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Marina 87,000 2006 Japan
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Xenia 87,000 2006 Japan 9,450 Jun 2015 - Oct 2015
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Sophia 87,000 2007 Japan 10,500 Jun 2015 - Aug 2015
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Eleni 87,000 2008 Japan 11,200 May 2015 - Aug 2015
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Martine 87,000 2009 Japan BPI(4) + 10% Apr 2015 - Mar 2016
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Andreas K 92,000 2009 South Korea 8,600 Jul 2015 - Sep 2015
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Panayiota K 92,000 2010 South Korea 10,000 Jun 2015 - Aug 2015
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Venus 95,800 2010 Japan P1A(5) + 10% Jun 2015 - Jan 2016
Heritage
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Venus History 95,800 2011 Japan 9,000 Jun 2015 - Aug 2015
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Venus Horizon 95,800 2012 Japan 8,900 Jun 2015 - Aug 2015
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Capesize
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Kanaris 178,100 2010 China 25,928 Sep 2011 - Jun 2031
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Pelopidas 176,000 2011 China 38,000 Feb 2012 - Dec 2021
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Lake Despina 181,400 2014 Japan 24,376 (6) Jan 2014 - Jan 2024
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Total dwt of 3,256,800
existing
fleet
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1) For existing vessels the year represents the year built.
2) Charter rate represents recognized gross daily charter rate. For
charter parties with variable rates among periods or consecutive
charter parties with the same charterer, the recognized gross daily
charter rates represents the weighted average gross charter rate over
the duration of the applicable charter period or series of charter
periods, as applicable. Charter agreements may provide for additional
payments, namely ballast bonus, to compensate for vessel repositioning.
3) The start dates listed reflect either actual start dates or, in the
case of contracted charters that had not commenced as of July 27, 2015,
scheduled start dates. Actual start dates and redelivery dates may
differ from the scheduled start and redelivery dates depending on the
terms of the charter and market conditions.
4) A period time charter at a gross daily charter rate linked to the
Baltic Panamax Index ("BPI") plus a premium.
5) A period time charter at a gross daily charter rate linked to the
Baltic Panamax Index for transatlantic round voyage ("P1A") plus a
premium.
6) A period time charter of ten years at a gross daily charter rate of
$23,100 for the first two and a half years and of $24,810 for the
remaining period. The charter agreement grants the charterer an option
to purchase the vessel at any time beginning at the end of the seventh
year of the charter, at a price of $39 million less 1.00% commission,
decreasing thereafter on a pro-rated basis by $1.5 million per year.
The Company holds a right of first refusal to buy back the vessel in
the event that the charterer exercises its option to purchase the
vessel and subsequently offers to sell such vessel to a third party.
The charter agreement also grants the charterer the option to extend
the period time charter for an additional twelve months at a time, at a
gross daily charter rate of $26,330, less 1.25% total commissions,
which option may be exercised by the charterer a maximum of two times.
The contracted employment of fleet ownership days as of July 27, 2015 was:
2015 (remaining) 43%
2015 (full year) 74%
2016 13%
2017 10%
Capital expenditure requirements and liquidity
As of June 30, 2015, the Company had agreed to acquire nine newbuild vessels, with one to be delivered in 2015; three to be delivered in 2016, three to be delivered in 2017, one to be delivered in 2018 and one to be delivered in 2019. The remaining capital expenditure requirements to shipyards or sellers for the delivery of these nine newbuilds, before minor adjustments for shipyards' costs related to such delayed deliveries, amounted to $226.5 million, of which $50.5 million was scheduled to be paid in 2015, $63.3 million in 2016, $67.3 million in 2017,$23.7 million in 2018 and $21.7 million in 2019.
As of June 30, 2015, the Company had liquidity of $355.6 million consisting of $118.1 million in cash, $7.7 million in restricted cash, $57.8 million available under existing revolving credit facilities and $172.0 million under committed loan facilities for nine newbuild vessels.
Dividend Declaration on the Common Stock
The Board of Directors of the Company declared a cash dividend on the Company's common stock of $0.01 per share payable on or about August 28, 2015 to shareholders of record at the close of trading of the Company's common stock on the New York Stock Exchange (the "NYSE") on August 18, 2015.
The Company has 83,475,555 shares of common stock issued and outstanding as of today's date.
The Board of Directors of the Company is continuing a policy of paying out a portion of the Company's free cash flow at a level it considers prudent in light of the current economic and financial environment. The declaration and payment of dividends, if any, will always be subject to the discretion of the Board of Directors of the Company. The timing and amount of any dividends declared will depend on, among other things: (i) the Company's earnings, financial condition and cash requirements and available sources of liquidity, (ii) decisions in relation to the Company's growth strategies, (iii) provisions of Marshall Islands and Liberian law governing the payment of dividends, (iv) restrictive covenants in the Company's existing and future debt instruments and (v) global financial conditions. Accordingly, dividends might be reduced or not be paid in the future.
Management Commentary
Dr. Loukas Barmparis, President of the Company, said: "In this part of the shipping cycle our capital expenditure requirements are extended through 2019 and are fully covered. We maintain a strong balance sheet and remained focused on lean operations."
Conference Call
On Friday, July 31, 2015at 10:00 A.M. ET, the Company's management team will host a conference call to discuss the financial results.
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 (866) 819-7111 (US Toll Free Dial In), 0(800) 953-0329 (UK Toll Free Dial In) or +44 (0)1452-542-301 (Standard International Dial In). Please quote "Safe Bulkers" to the operator.
A telephonic replay of the conference call will be available until August 7, 2015 by dialing 1 (866) 247-4222 (US Toll Free Dial In), 0(800) 953-1533 (UK Toll Free Dial In) or +44 (0)1452 550-000 (Standard International Dial In). Access Code: 1859591#
Slides and Audio Webcast
There will also be a live, and then archived, webcast of the conference call, available through the Company's website (www.safebulkers.com). Participants in the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
Management Discussion of Second Quarter 2015 Results
Net loss was $4.4 million for the second quarter of 2015 compared to net income of $2.1 million for the second quarter of 2014, mainly due to the following factors:
Net revenues: Net revenues decreased by 15% to $31.8 million for the second quarter of 2015, compared to $37.2 million for the same period in 2014, mainly due to a decrease in charter rates. The Company operated 34.14 vessels on average during the second quarter of 2015, earning aTCE(5) rate of $8,615, compared to 31.00 vessels and a TCE rate of $11,642 during the same period in 2014.
Vessel operating expenses: Vessel operating expenses remained stable at $12.6 million for the second quarter of 2015 compared to the same period in 2014, as a result of the net effect of increased crew expenses, mainly due to increased average number of vessels from 31.00 to 34.14 and decreased repairs, maintenance and drydocking costs, mainly due to decreased number of dry dockings from one during the second quarter of 2014 to noneduring the second quarter of 2015.
Depreciation: Depreciation increased to $11.6 million for the second quarter of 2015, compared to $10.8 million for the same period in 2014, as a result of the increase in the average number of vessels operated by the Company during the second quarter of 2015.
Loss from inventory valuation: Loss from inventory valuation amounted to $0.5 million for the second quarter of 2015, compared to zero for the same period in 2014, resulting from the valuation of the bunkers remaining on board our vessels, which was affected by the decline of the bunker market prices during the second quarter of 2015 compared to the same period in 2014.
Loss on derivatives: Loss on derivatives decreased by 82% to $0.2 million in the second quarter of 2015, compared to a loss of $1.1 million for the same period in 2014, as a result of the mark-to-market valuation of the Company's interest rate swap transactions that we employ to manage the risk and interest rate exposure of our loan and credit facilities. These swaps economically hedge the interest rate exposure of the Company's aggregate loans outstanding. The average remaining period of our swap contracts is 2.1 years as of June 30, 2015. The valuation of these interest rate swap transactions at the end of each quarter is affected by the prevailing interest rates at that time.
Voyage expenses: Voyage expenses increased by 11% to $5.1 million for the second quarter of 2015 compared to $4.6 million for the same period in 2014, mainly due to an increase in the vessels' repositioning expenses.
Daily vessel operating expenses(6): Daily vessel operating expenses decreased by 9% to $4,048 for the second quarter of 2015 compared to $4,455 for the same period in 2014, mainly due to increased average number of operated vessels from 31.00 to 34.14 and consequently increased number of ownership days.
Daily general and administrative expenses(6): Daily general and administrative expenses, which include daily fixed and variable management fees payable to our Manager(7) and daily costs incurred in relation to our operation as a public company, decreased by 12% to $1,087 for the second quarter of 2015, compared to $1,236 for the same period in 2014. The decrease is mainly attributable to a higher number of ownership days.
Unaudited Interim Financial Information and Other Data
SAFE BULKERS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME/LOSS (UNAUDITED)
(In thousands of U.S. Dollars except for share and per share data)
Three-Months Period Six-Months Period
Ended June 30, Ended June 30,
---------------------- ----------------------
2014 2015 2014 2015
---------- ---------- ---------- ----------
REVENUES:
Revenues 38,611 33,022 81,417 66,309
Commissions (1,433) (1,180) (2,896) (2,413)
Net revenues 37,178 31,842 78,521 63,896
EXPENSES:
Voyage expenses (4,638) (5,075) (8,993) (9,894)
Vessel operating expenses (12,568) (12,576) (25,216) (26,925)
Depreciation (10,766) (11,602) (21,033) (22,701)
General and administrative
expenses (3,487) (3,378) (6,491) (6,605)
Early redelivery cost - - (532) -
Gain on asset purchase
cancellation - - 3,633 -
Loss from inventory
valuation - (465) - (956)
Operating income/(loss) 5,719 (1,254) 19,889 (3,185)
OTHER (EXPENSE) / INCOME:
Interest expense (2,228) (2,429) (4,393) (4,575)
Other finance costs (200) (155) (418) (763)
Interest income 255 23 486 37
Loss on derivatives (1,097) (202) (1,544) (1,358)
Foreign currency
(loss)/gain (59) 79 (97) 241
Amortization and write-off
of deferred finance
charges (318) (511) (619) (893)
Net income/(loss) 2,072 (4,449) 13,304 (10,496)
Less preferred dividend 1,499 3,550 2,299 7,100
Net income/(loss)available
to common shareholders 573 (7,999) 11,005 (17,596)
Earnings/(loss) per share 0.01 (0.10) 0.13 (0.21)
Weighted average number of
shares 83,444,365 83,470,867 83,442,759 83,466,487
SAFE BULKERS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands of U.S. Dollars)
December 31, 2014 June 30,2015
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ASSETS
Cash and restricted cash 118,250 121,850
Other current assets 17,642 21,066
Vessels, net 960,423 1,026,221
Advances for vessel acquisition and
vessels under construction 74,243 64,082
Restricted cash non-current 4,263 3,954
Other non-current assets 7,508 7,095
Total assets 1,182,329 1,244,268
LIABILITIES AND EQUITY
Current portion of long-term debt 17,121 27,467
Other current liabilities 11,597 9,701
Long-term debt, net of current portion 452,447 525,882
Other non-current liabilities 1,065 1,157
Shareholders' equity 700,099 680,061
Total liabilities and equity 1,182,329 1,244,268
TABLE 1
RECONCILIATION OF ADJUSTED NET INCOME/(LOSS), EBITDA, ADJUSTED EBITDA AND
ADJUSTED EARNINGS/(LOSS) PER SHARE
Three-Months Six-Months
Period Ended June 30, Period Ended June 30,
--------------------- ----------------------
(In thousands of U.S. Dollars
except for share and per
share data) 2014 2015 2014 2015
---------- ---------- ---------- ----------
Net Income/(loss) - Adjusted
Net Income/(loss)
Net Income/(loss) 2,072 (4,449) 13,304 (10,496)
Less Gain on asset purchase
cancellation - - (3,633) -
Less Early redelivery cost - - 532 -
Plus Loss on derivatives 1,097 202 1,544 1,358
Plus Loss from inventory
valuation - 465 - 956
Plus Foreign currency
loss/(gain) 59 (79) 97 (241)
Adjusted Net Income/(loss) 3,228 (3,861) 11,844 (8,423)
EBITDA - Adjusted EBITDA
Net Income/(loss) 2,072 (4,449) 13,304 (10,496)
Plus Net Interest Expense 1,973 2,406 3,907 4,538
Plus Depreciation 10,766 11,602 21,033 22,701
Plus Amortization 318 511 619 893
EBITDA 15,129 10,070 38,863 17,636
Less Gain on asset purchase
cancellation - - (3,633) -
Less Early redelivery cost - - 532 -
Plus Loss on derivatives 1,097 202 1,544 1,358
Plus Loss from inventory
valuation - 465 - 956
Plus Foreign currency
loss/(gain) 59 (79) 97 (241)
ADJUSTED EBITDA 16,285 10,658 37,403 19,709
Earnings/(loss) per share
Net Income/(loss) 2,072 (4,449) 13,304 (10,496)
Less preferred dividend 1,499 3,550 2,299 7,100
Net income/(loss) available
to common shareholders 573 (7,999) 11,005 (17,596)
Weighted average number of
shares 83,444,365 83,470,867 83,442,759 83,466,487
Earnings/(loss) per share 0.01 (0.10) 0.13 (0.21)
Adjusted Earnings/(loss) per
share
Adjusted Net Income/(loss) 3,228 (3,861) 11,844 (8,423)
Less preferred dividend 1,499 3,550 2,299 7,100
Adjusted Net income/(loss)
available to common
shareholders 1,729 (7,411) 9,545 (15,523)
Weighted average number of
shares 83,444,365 83,470,867 83,442,759 83,466,487
Adjusted Earnings/(loss) per
share 0.02 (0.09) 0.11 (0.19)
EBITDA, Adjusted EBITDA, Adjusted Net Income/(loss), Adjusted Net Income/(loss) available to common shareholders and Adjusted earnings/(loss) per share are not recognized measurements under US GAAP.
Adjusted Net Income/(loss) represents Net income/(loss) before gain on asset purchase cancellation, early redeliverycost, loss from inventory valuation, loss on derivatives and (loss)/gain on foreign currency.
Adjusted Net Income/(loss) available to common shareholders represents Adjusted Net Income/(loss) less preferred dividend.
EBITDA represents Net income/(loss) before interest, income tax expense, depreciation and amortization. Adjusted EBITDA represents EBITDA before gain on asset purchase cancellation, early redelivery cost, loss from inventory valuation, loss on derivatives and (loss)/gainon foreign currency. EBITDA and Adjusted EBITDA are not recognized measurements under US GAAP. EBITDA and Adjusted EBITDA assist the Company's management and investors by increasing the comparability of the Company's fundamental performance from period to period and against the fundamental performance of other companies in the Company's industry that provide EBITDA and Adjusted EBITDA information. The Company believes that EBITDA and Adjusted EBITDA are useful in evaluating the Company's operating performance compared to that of other companies in the Company's industry because the calculation of EBITDA generally eliminates the effects of financings, income taxes and the accounting effects of capital expenditures and acquisitions and the calculation of Adjusted EBITDA generally further eliminates the effects from gain on asset purchase cancellation, early redelivery cost, loss from inventory valuation, loss on derivatives and (loss)/gainon foreign currency, items which may vary for different companies for reasons unrelated to overall operating performance.
EBITDA, Adjusted EBITDA, Adjusted Net Income/(loss), Adjusted Net Income/(loss) available to common shareholders and Adjusted Earnings/(loss) per share have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of the Company's results as reported under US GAAP. EBITDA and Adjusted EBITDA should not be considered as substitutes for net income and other operations data prepared in accordance with US GAAP or as a measure of profitability. While EBITDA and Adjusted EBITDA are frequently used as measures of operating results and performance, they are not necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation.
TABLE 2: FLEET DATA AND AVERAGE DAILY INDICATORS
Three-Months Six-Months
Period Ended Period Ended
June 30, June 30,
2014 2015 2014 2015
FLEET DATA
Number of vessels at period's
end 31 35 31 35
Average age of fleet (in years) 5.53 5.83 5.53 5.83
Ownership days (1) 2,821 3,107 5,508 6,052
Available days (2) 2,795 3,107 5,452 5,992
Operating days (3) 2,775 3,092 5,431 5,958
Fleet utilization (4) 98.4% 99.5% 98.6% 98.4%
Average number of vessels in the
period (5) 31.00 34.14 30.43 33.44
AVERAGE DAILY RESULTS
Time charter equivalent rate (6) $ 11,642 $ 8,615 $ 12,753 $ 9,012
Daily vessel operating expenses
(7) $ 4,455 $ 4,048 $ 4,578 $ 4,449
Daily general and administrative
expenses (8) $ 1,236 $ 1,087 $ 1,178 $ 1,091
_____________
(1) Ownership days represent the aggregate number of days in a period
during which each vessel in our fleet has been owned by us.
(2) Available daysrepresent the total number of days in a period during
which each vessel in our fleet was in our possession net of off-hire
days associated with scheduled maintenance, which includes major
repairs, drydockings, vessel upgrades or special or intermediate
surveys.
(3) Operating days represent the number of our available days in a period
less the aggregate number of days that our vessels are off-hire due to
any reason, excluding scheduled maintenance.
(4) Fleet utilization is calculated by dividing the number of our operating
days during a period by the number of our ownership days during that
period.
(5) Average number of vessels in the period is calculated by dividing
ownership days in the period by the number of days in that period.
(6) Time charter equivalent rates, or TCE rates, represent our charter
revenues less commissions and voyage expenses during a period divided
by the number of our available days during the period.
(7) Daily vessel operating expenses include the costs for crewing,
insurance, lubricants, spare parts, provisions, stores, repairs,
maintenance, statutory and classification expense, drydocking,
intermediate and special surveys and other miscellaneous items. Daily
vessel operating expenses are calculated by dividing vessel operating
expenses by ownership days for the relevant period.
(8) Daily general and administrative expenses include daily fixed and
variable management fees payable to our Manager and daily costs in
relation to our operation as a public company. Daily general and
administrative expenses are calculated by dividing general and
administrative expenses by ownership days for the relevant period.
About Safe Bulkers, Inc.
The Company is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes for some of the world's largest users of marine drybulk transportation services. The Company's common stock, series Bpreferred stock, series Cpreferred stock and series D preferred stock are listed on the NYSE, and trade under the symbols "SB", "SB.PR.B", "SB.PR.C", and "SB.PR.D" respectively. The Company's current fleet consists of 36 drybulk vessels, all built 2003 onwards, and the Company has agreed to acquire eight additional drybulk newbuild vessels to be delivered at various dates through 2019.
Forward-Looking Statements
This press release contains forward-looking statements (as defined in Section 27A of the Securities Exchange Act of 1933, as amended, and in Section 21E of the Securities Act of 1934, as amended) concerning future events, the Company's growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates" and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the demand for drybulk vessels, competitive factors in the market in which the Company operates, risks associated with operations outside the United States and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
(1) Adjusted net income/(loss) is a non-GAAP measure. Adjusted net income/(loss) represents Net income/(loss) before gain on asset purchase cancellation, early redelivery cost, loss from inventory valuation, loss on derivatives and (loss)/gain on foreign currency. See Table 1. (2) EBITDA is a non-GAAP measure and represents Net income/(loss) plus net interest expense, tax, depreciation and amortization. (3) Adjusted EBITDA is a non-GAAP measure and represents EBITDA before gain on asset purchase cancellation, early redelivery cost, loss from inventory valuation, loss on derivatives and (loss)/gain on foreign currency. See Table 1. (4) Earnings/(loss) per share and Adjusted earnings/(loss) per share represent Net income/(loss) and Adjusted net income/loss less preferred dividend divided by the weighted average number of shares respectively. See Table 1. (5) Time charter equivalent rates, or TCE rates, represent the Company's charter revenues less commissions and voyage expenses during a period divided by the number of our available days during the period. (6) See Table 2. (7) Safety Management Overseas S.A., referred to in this press release as our "Manager".
For further information please contact: Company Contact: Dr. Loukas Barmparis President Safe Bulkers, Inc. Athens, Greece Tel.: +30 2 111 888 400 Fax: +30 2 111 878 500 E-Mail: [email protected] Investor Relations / Media Contact: Nicolas Bornozis, President Capital Link, Inc. 230 Park Avenue, Suite 1536 New York, N.Y. 10169 Tel.: (212) 661-7566 Fax: (212) 661-7526 E-Mail: [email protected]
Source: Safe Bulkers, Inc.