Safe Bulkers, Inc. (NYSE:SB) Q3 2024 Earnings Conference Call November 14, 2024 9:00 AM ET
Company Participants
Polys Hajioannou - Chairman and CEO
Dr. Loukas Barmparis - President
Konstantinos Adamopoulos - Chief Financial Officer
Conference Call Participants
Emily Harkins - Jefferies
Operator
Ladies and gentlemen, thank you for standing by. And welcome to the Safe Bulkers Conference Call on the Third 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. The archived webcast of the 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 actual results differ materially from those in the forward-looking statements is contained in the third quarter 2024 earnings release which is available on the Safe Bulkers website again at www.safebulkers.com.
I would now like to turn the conference call over to one of your speakers today, the Chairman and CEO of the company, Mr. Polys Hajioannou. Please go ahead, sir.
Dr. Loukas Barmparis
Okay. Hi. Good representation. Good morning to all. I’m Loukas Barmparis, President of Safe Bulkers. We had a good quarter compared to the same quarter last year, however, the charter market is gradually softening, allowing with continuing geopolitical uncertainties.
We remain focused on capital allocation towards our newbuilds program, on improving our operational efficiency and on rewarding our stockholders with a dividend of $0.05 per share of common stock.
Following a comprehensive review of the forward-looking statements, which is presented in Slide #2, let us begin with a market update in Slide #4. The Cape market segment has been volatile throughout the quarter, all eight of our Capes are presently period charted, boosting an average remaining charted duration of 2.6 years with an average daily rate of $23,600. This provides us with a considerable degree of cash flow visibility, topping $175 million in contracted revenue backlog from Capes alone. On the Panamax front, the charter market stands soft at low $10,000.