Safe Bulkers, Inc. (NYSE:SB) Q1 2024 Earnings Conference Call April 30, 2024 10:00 AM ET
Company Participants
Loukas Barmparis - President
Konstantinos Adamopoulos - Chief Financial Officer
Polys Hajioannou - Chairman & Chief Executive Officer
Conference Call Participants
Omar Nokta - Jefferies
Climent Molins - Value Investor's Edge
Operator
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 with us Mr. Polys Hajioannou, Chairman and Chief Executive Officer; Dr. Loukas Barmparis, President; and Mr. Konstantinos Adamopoulos, Chief Financial Officer of the company.
At this time, all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. [Operator Instructions] Following this conference call, if you need any further information on the conference call or on the presentation, please contact Capital Link at 212-661-7566.
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 www.safebulkers.com.
I would now like to turn the conference call to one of your speakers today, the President of the company, Dr. Loukas Barmparis. Please go ahead, sir.
Loukas Barmparis
Good morning to all. I'm Loukas Barmparis, President of Safe Bulkers.
In the first quarter of 2024, we operated within a more robust market in comparison with the previous year. In alignment with our environmental, social, and governance strategy, we ordered one additional Phase 3 newbuild. Concurrently, we continued to process of modernizing our fleet by divesting three older vessels. Moreover, we executed the repurchase of 4.9 million shares of our common stock while declaring a dividend of $0.05 per share of common stock.
Our strategic focus persists on fostering enduring value for our shareholders and upholding a resilient capital structure. This commitment is further evidenced by our efforts towards a young and energy-efficient fleet, thereby securing operational excellence in anticipation of forthcoming stringent environmental regulations. We ensure that our capital expenditure is adequately covered by our contracted future revenues, fortifying our balance sheet towards the trajectory of sustainable growth.