Safe Bulkers, Inc. (NYSE:SB) Q2 2024 Earnings Conference Call July 30, 2024 10:00 AM ET
Company Participants
Loukas Barmparis - President, Secretary, Director
Konstantinos Adamopoulos - CFO & Director
Polys Hajioannou - Chairman & CEO
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 Second 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. [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. The archived webcast of this conference call will soon be made available on the Safe Bulkers website, 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 second-quarter 2024 earnings release, which is 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 Chairman and CEO of the company, Mr. Polys Hajioannou. Please go ahead, sir.
Loukas Barmparis
Good morning to all. I'm Loukas Barmparis, President of Safe Bulkers. I will do the presentation. Key developments of the second quarter include the stronger market compared to the previous year, the implementation of our new integrated management system in compliance with DryBMS Standards, the order of two additional Phase 3 new bids consistent with our fleet renewal strategy, and the issuance of our 2023 sustainability report detailing our ESG practices and our vision for the future.
Our strong liquidity and comfortable leverage enabled us to be flexible with our capital allocation, remain focused on long-term value creation, and at the same time, reward our shareholders with a dividend of $0.05 per share of common stock. Following a comprehensive review of the forward-looking statements language presented in slide 2, our attention transitions to the market update in slide 4.
The Cape market segment has been strong throughout the quarter. All eight of our Capes are presently period chartered, boosting an average remaining chartered duration of 2.4 years with an average day rate of $24,500. This provides us with a considerable degree of cash flow visibility.