Safe Bulkers, Inc. Q3 FY2025 earnings call

• Key developments: IMO Net-Zero framework impact, dry bulk market recovery, gradual market fragmentation due to geopolitics leading to volatility. - Fleet actions: Sold 2 oldest vessels as part of fleet renewal; 12 Phase 2 vessels in water, 24 environmentally upgraded, 11 eco vessels. - Supply side: Dry bulk fleet projected to grow ~3% in 2025-2026; order book below 11% of current fleet; asset prices expected to pick up; recycling volumes to rise. - Demand side: Dry bulk demand growth forecasted at 2% in 2026, 1.5% in 2027; grains and minor bulks to perform best; China and India factors; Japanese economic stimulus. - Quarterly highlights: Declared $0.05 per share dividend, 16th consecutive; sold 2 oldest vessels; maintained liquidity ($390M) and leverage (~35%); free cash flow funds newbuilding program.

In the third quarter of 2025, adjusted EBITDA stood at $36.1 million compared to $41.3 million in the same period of 2024. Adjusted earnings per share for Q3 2025 was $0.12 (vs $0.16 in 2024). Average time charter equivalent (TCE) was $15,507 in Q3 2025 compared to $17,108 in the same period of 2024. Daily vessel earning expenses decreased by 4% to $5,104 in Q3 2025 from $5,311 in the same period of 2024. Revenue contribution details weren't explicitly broken down by product segments beyond the dry bulk market context.

• Supply growth expected to outpace demand. - Freight market rebounded in Q3; all 8 Capes period chartered with average remaining duration ~1.7 years and daily rate $24,800, contracting revenue backlog over $124M from Capes. - Free cash flows finance newbuilding program; maintained ample liquidity and profitability.

• Geopolitical factors causing market fragmentation, fees/tariffs leading to volatility. - Trade tensions between US and China remaining a source of global economic uncertainty. - Expected decline in coal cargoes and limited iron ore cargo growth negatively impacting demand growth.

Q: No specific questions detailed in the transcript provided A: No specific answers to detailed questions as the Q&A session ended without explicit question-and-answer exchanges shown