Safe Bulkers, Inc. Reports Fourth Quarter and Twelve Months 2021 Results and Declares Dividend on Common Stock
Link to press release: https://www.capitallink.com/press/sbpr030922.pdf
| Financial highlights | |||||||
| In million U.S. Dollars except per share data |
Q4 2021 |
Q3 2021 |
Q2 2021 |
Q1 2021 |
Q4 2020 |
Twelve Months 2021 |
Twelve Months 2020 |
| Net Revenues |
92.4 |
92.5 |
81.6 |
62.5 |
52.2 |
329.0 |
198.2 |
| Net income/(loss) |
65.2 |
55.4 |
32.4 |
21.3 |
7.6 |
174.3 |
(12.9) |
| Adjusted Net income/(loss)[1] |
50.4 |
50.7 |
36.3 |
16.7 |
7.7 |
154.0 |
(12.3) |
| EBITDA[2] |
82.4 |
72.4 |
50.2 |
39.3 |
26.2 |
244.3 |
63.7 |
| Adjusted EBITDA 2 |
67.6 |
67.7 |
54.1 |
34.6 |
26.3 |
223.9 |
64.3 |
| Earnings/(loss) per share basic and diluted[3] |
0.51 |
0.44 |
0.27 |
0.18 |
0.04 |
1.44 |
(0.25) |
| Adjusted earnings/(loss) per share basic and diluted 3 |
0.39 |
0.40 |
0.31 |
0.14 |
0.04 |
1.26 |
(0.24) |
| Average Daily results in U.S. Dollars | |||||||
| Time charter equivalent rate[4] |
26,180 |
24,427 |
21,098 |
15,567 |
12,319 |
21,752 |
10,559 |
| Daily vessel operating expenses[5] |
5,149 |
4,608 |
4,874 |
4,702 |
3,978 |
4,830 |
4,591 |
| Daily vessel operating expenses excluding dry-docking and pre-delivery expenses[6] |
4,666 |
4,570 |
4,539 |
4,350 |
3,955 |
4,529 |
4,226 |
| Daily general and administrative expenses[7] |
1,517 |
1,590 |
1,488 |
1,440 |
1,469 |
1,508 |
1,408 |
| In million U.S. Dollars | |||||||
| Total cash[8] |
112.3 |
108.6 |
127.4 |
130.1 |
124.0 |
||
| Revolving credit facilities[9] |
137.7 |
88.9 |
67.0 |
6.6 |
1.0 |
||
| Financing commitments[10] |
46.2 |
46.2 |
54.7 |
54.7 |
46.2 |
||
| Total debt[11] |
355.7 |
413.8 |
491.4 |
603.2 |
611.7 |
||
Dr. Loukas Barmparis, President of the Company, said: ”2021 was a very good year for our Company. We were able to renew our fleet with environmentally advanced vessels, enter into several favorable time charters, substantially deleverage and improve our liquidity. As a result of our strong performance the Company is declaring a $0.05 dividend per share.”
Dividend Policy
On March 4, 2022, the Board of Directors of the Company declared a cash dividend on the Company’s common stock of $0.05 per share payable on or about March 28, 2022 to shareholders of record at the close of trading of the Company’s common stock on the New York Stock Exchange (the “NYSE”) on March 21, 2022.
Conference Call
On Thursday, March 10, 2022 at 9:00 A.M. Eastern Time, the Company’s management team will host a conference call to discuss the Company’s financial results.
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 (877) 553-9962 (US Toll Free Dial In), 0(808) 238-0669 (UK Toll Free Dial In) or +44 (0) 2071 928592 (Standard International Dial In). Please quote Safe Bulkers to the operator.
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.