Safe Bulkers Inc (SB) 2025 Q2 法說會逐字稿

Thank you for standing by, ladies and gentlemen, and welcome to the Safe Bulkers conference call on the second quarter 2025 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.

女士們、先生們，感謝大家的支持，歡迎參加 Safe Bulkers 關於 2025 年第二季財務表現的電話會議。與我們一同出席的有公司董事長兼執行長 Polys Hajioannou 先生、總裁 Loukas Barmparis 博士和財務長 Konstantinos Adamopoulos 先生。

(Operator Instructions)

（操作員指示）

Following this conference call, if you need any further information on the conference call -- on the presentation, please contact Capital Link at 212-661-7566. I must advise you that this conference call is being recorded today. The archived webcast of the conference call will soon be made available on the Safe Bulkers website, www.safebulkers.com.

本次電話會議結束後，如果您需要有關電話會議或演示文稿的任何進一步信息，請聯繫 Capital Link，電話：212-661-7566。我必須提醒您，今天的電話會議將會被錄音。電話會議的存檔網路直播將很快在 Safe Bulkers 網站 www.safebulkers.com 上發布。

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 forward-looking statements is contained in the second quarter 2025 earnings release, which is available on the Safe Bulkers website, again, www.safebulkers.com.

今天的許多言論都包含基於當前預期的前瞻性陳述。實際結果可能與這些前瞻性陳述預測的結果有重大差異。有關可能導致實際結果與前瞻性陳述大不相同的因素的更多信息，包含在 2025 年第二季度收益報告中，該報告可在 Safe Bulkers 網站（www.safebulkers.com）上查閱。

I would now like to turn the conference call over to one of your speakers, the Chairman and CEO of the company, Mr. Polys Hajioannou. Please go ahead, sir.

現在，我想將電話會議交給你們的一位發言人，該公司的董事長兼執行長 Polys Hajioannou 先生。先生，請繼續。

Good morning to all. I'm Loukas Barmparis, President of Safe Bulkers, and I will start the speech today and welcoming you at our quarterly results.

大家早安。我是 Safe Bulkers 總裁 Loukas Barmparis，今天我將開始演講並歡迎大家參加我們的季度業績發表會。

During the second quarter of 2025, we experienced a softer market, which impacted our revenues and profitability. We remain focused on fleet renewal, strong liquidity, comfortable leverage and long-term value creation.

2025 年第二季度，我們經歷了市場疲軟，這影響了我們的收入和獲利能力。我們仍然專注於船隊更新、強大的流動性、舒適的槓桿和長期價值創造。

We have declared a dividend of $0.05 per share of common stock, rewarding our shareholders. We took delivery of our 12 newbuild and, most recently sold at a targeted price, one of our oldest vessels, remained focused on capital allocation towards our newbuild program, maintained a strong capital structure, ample liquidity and the leverage of about 38%. The selling price of our Pedhoulas Leader at $12.5 million compared to recent market levels indicates a 10% turnaround of asset values and the sentiment shift in the drybulk community.

我們宣布每股普通股派發 0.05 美元的股息，以獎勵我們的股東。我們接收了 12 艘新船，最近又以目標價格售出了我們最老的船隻之一，我們仍然專注於新船計劃的資本配置，保持了強大的資本結構、充足的流動性和約 38% 的槓桿率。與最近的市場水平相比，我們的 Pedhoulas Leader 的售價為 1250 萬美元，這表明資產價值發生了 10% 的轉變，並且乾散貨社區的情緒也發生了轉變。

Following a comprehensive review of the forward-looking statements, which are presented in Slide 2, let's proceed to examine the supply side dynamics in Slide number 4. The drybulk fleet is projected to grow by about 2.8% on average in 2025 and in 2026 due to stable new deliveries. The order book now stands at about 11% of the current fleet. Asset prices are projected to pick up in line with the current freight market.

在全面回顧投影片 2 中的前瞻性陳述之後，讓我們繼續研究投影片 4 中的供應方動態。由於新船交付量穩定，預計 2025 年和 2026 年乾散貨船隊平均成長約 2.8%。目前訂單量約佔現有船隊的 11%。預計資產價格將隨著當前貨運市場而回升。

Recycling volumes are anticipated to rise though as market conditions prompt the retirement of older vessels, especially in relation to the recent MEPC 83 and the Hong Kong convention on recycling. Ship recycling could double to 16,000 ships over the next 10-years versus the previous decade as per BIMCO projections. Only 9% of the ship capacity in the drybulk order book will be fuel -- ready to use alternative fuels upon delivery. And out of those ships, 37% will be burning LNG, 35% methanol and 23% ammonia.

隨著市場條件促使老舊船舶退役，特別是最近的第 83 屆海洋環境保護委員會會議和香港回收公約的簽署，預計回收量將會增加。根據 BIMCO 的預測，未來 10 年內船舶回收數量可能比前 10 年翻一番，達到 16,000 艘。乾散貨訂單中只有 9% 的船舶容量為燃料——交貨時即可使用替代燃料。在這些船舶中，37% 將燃燒液化天然氣，35% 將燃燒甲醇，23% 將燃燒氨。

However, the dual-fuel order book is minimal on drybulk segment. We do have two dual-fuel vessels on order, with deliveries in Q1 '27. Currently, about 25% of the existing global fleet is older than 15-years. Safe Bulkers fleet now counts 12, Phase 3 vessels on the water, all delivered 2022 onwards. On top of that, 24 vessels, which have been upgraded environmentally, we have 11 ships are eco vessels having superior design efficiencies.

然而，乾散貨領域的雙燃料訂單很少。我們確實訂購了兩艘雙燃料船，預計將於 2027 年第一季交付。目前，全球現有船隊中約有25%的船齡超過15年。Safe Bulkers 船隊目前共有 12 艘處於第三階段的船隻，全部將於 2022 年及以後交付。除此之外，我們還對 24 艘船舶進行了環保升級，其中 11 艘是具有卓越設計效率的環保船舶。

80% of our fleet comprises of Japanese-built vessels, surpassing the global average of 40% while our average fleet age being just 10.3-years versus the global average of 12.6-years. We believe we will become even more commercially competitive as we have on our order six more Phase 3 vessels, 2 of them dual-fuel methanol, positioning us favorably to compete within the global standard targets recently adopted by MEPC 83 and expected to be ratified this autumn.

我們船隊的80%由日本建造的船舶組成，高於全球40%的平均水準。我們船隊的平均船齡僅為10.3年，而全球平均船齡為12.6年。我們相信，隨著我們訂購了另外六艘第三階段船舶（其中兩艘為雙燃料甲醇船舶），我們的商業競爭力將進一步增強，這將使我們在MEPC 83最近通過的全球標準目標方面佔據有利地位，該目標預計將於今年秋季獲得批准。

The global implementation of GFS, the global fuel standard, if ratified, will penalize the excess fuel carbon intensity compared to specifically determined inducing limits and broaden the scope of the regional fuel regulation, substantially affecting tradability.

全球燃料標準GFS一旦獲得批准，將對超出具體確定的誘導限值的燃料碳強度進行懲罰，擴大區域燃料監管的範圍，從而對可貿易性產生重大影響。

Moving on to Slide 5, we present an overview of the demand and basic commodities trade. The combination of trade war as expressed through tariffs and persisting geopolitical tensions elevate policy uncertainty and pose a considerable down risk for global growth and against this inflation. For our segment, we anticipate an improving freight rate market, with an increasing focus on the existing fleet decarbonization and energy-efficient newbuilds.

轉到投影片 5，我們概述了需求和基本商品貿易。以關稅為表現形式的貿易戰和持續的地緣政治緊張局勢加劇了政策的不確定性，並對全球經濟成長和通膨構成了相當大的下行風險。對於我們的部門，我們預計貨運市場將會改善，並更加關注現有船隊的脫碳和節能型新船建造。

The global GDP growth expectations for 2025 and 2026 as reflected in the IMF's July forecast call for a growth of about 3% in the coming years, accompanied by gradual control of inflationary pressure. According to BIMCO, the forecasted global drybulk demand will be from minus 0.5% to plus 0.5% in 2025 followed by growth of 1.5% to 2.5% in 2026, with grains and minor bulks being the best-performing sectors.

國際貨幣基金組織7月預測顯示，2025年及2026年全球GDP成長預期為未來幾年成長3%左右，同時通膨壓力將逐步控制。BIMCO 預測，2025 年全球乾散貨需求將成長 0.5% 至 0.5%，2026 年將成長 1.5% 至 2.5%，其中穀物和小宗散貨需求將表現最佳。

China and India are gradually boosting domestic coal production, reducing import demand. China, in particular, has been rapidly phasing out fossil fuels from electricity generation, boosting renewables, reducing impact -- import dependence. The increase in import tariffs led to a 57% year-on-year drop in US grain volumes to China as they are expected to continue favoring Brazilian cargoes, bolstered by Brazil's growing production.

中國和印度正逐步提高國內煤炭產量，減少進口需求。尤其是中國，正迅速淘汰化石燃料發電，大力發展再生能源，減少對進口的依賴。進口關稅的提高導緻美國對中國的穀物進口量年減 57%，因為預計中國將繼續青睞巴西貨物，因為巴西的產量不斷增加。

India continues to perform and is projected to experience the fastest growth among major economies, with a forecast 6.4% GDP increase in 2025 and 2026. Its expanding domestic market and manufacturer sector may continue to contribute positively to the drybulk demand, with infrastructure investments playing a vital role.

印度繼續表現出色，預計將成為主要經濟體中成長最快的國家，2025 年和 2026 年 GDP 預計將成長 6.4%。其不斷擴大的國內市場和製造部門可能繼續對乾散貨需求做出積極貢獻，其中基礎設施投資發揮著至關重要的作用。

Summing up the supply-demand equilibrium on Slide 6, the supply growth is expected to continue to outpace demand. The freight market has rebounded recently during the start of the third quarter. Seven of our Capes are presently period chartered, with an average remaining charter duration of almost 2-years at an average daily charter rate of $24,500, providing us visibility of cash flows, topping $135 million in contracted revenue backlog from Capes alone.

總結投影片 6 的供需平衡，預計供應成長將持續超過需求。第三季初，貨運市場近期有所反彈。我們的七艘好望角型船舶目前都是定期租賃，平均剩餘租賃期近 2 年，平均每日租賃費率為 24,500 美元，為我們提供了現金流的可視性，僅好望角型船舶的合約收入積壓就超過 1.35 億美元。

Moving to Slide 8, we present an overview of our quarterly highlights. We have declared our 15th consecutive quarterly dividend of $0.05, representing 4.7% dividend yield. At the same time, our free cash flow financed our new build program. We maintained ample liquidity, profitability and capital resources of [$313 million] and a comfortable leverage of 38%. We achieved zero vessels in D and E carbon intensity CII rating for 2024 as described in our 2024 sustainability report. Lastly, we took delivery of our 12th Phase 3 newbuild. And most recently, we sold one of our oldest vessels in our fleet, in line with our fleet renewal strategy.

轉到幻燈片 8，我們概述了本季的亮點。我們已宣布連續第 15 個季度派發 0.05 美元的股息，股息殖利率為 4.7%。同時，我們的自由現金流為我們的新建項目提供資金。我們保持了充足的流動性、獲利能力和資本資源（3.13億美元）以及38%的舒適槓桿率。正如我們的 2024 年永續發展報告所述，我們在 2024 年實現了 D 和 E 類船舶碳強度 CII 評級為零。最後，我們接收了第 12 艘第三階段新建船舶。最近，根據我們的船隊更新策略，我們出售了船隊中最老的一艘船。

In Slide 9, we present our returns to shareholders of $78.7 million paid in common dividends and the $74.9 million paid in common shares repurchases since 2022. We have been consistent in generating sustainable returns across market fluctuations as a result of our track record, hands-on management and our overall business model.

在投影片 9 中，我們展示了自 2022 年以來向股東支付的 7,870 萬美元普通股股息和 7,490 萬美元普通股回購回報。憑藉我們的業績記錄、親力親為的管理和整體業務模式，我們始終能夠在市場波動的情況下獲得可持續的回報。

Concluding the company update in Slide 10, we present our strong fundamentals. Safe Bulkers is a drybulk company with $430 million market cap, 47 vessels in the water, having $312 million scrap value. We maintain significant firepower with $125 million cash and $188 million in undrawn RCFs and $176 million borrowing capacity against our significant order book of six newbuilds mainly in Japanese shipyards.

在第 10 張投影片中總結公司最新動態，我們展現了我們強勁的基本面。Safe Bulkers 是一家乾散貨公司，市值為 4.3 億美元，擁有 47 艘在海船舶，廢料價值為 3.12 億美元。我們保持著強大的火力，擁有 1.25 億美元的現金、1.88 億美元的未提取 RCF 和 1.76 億美元的借貸能力，而我們主要在日本造船廠訂購了六艘新船。

We focus on our majority Japanese-built [panels] for energy efficiency and lower CO2 taxation reflected in our CII rating of zero vessels on the bottom rating of D and E for 2024. We maintain a young technologically advanced fleet, strong balance sheet, comfortable leverage and low net debt per vessel of $9.1 million for a 10-year old fleet.

我們主要關注日本製造的 [面板]，以提高能源效率並降低二氧化碳稅，這反映在我們的 CII 評級中，即 2024 年最低評級為 D 和 E 的船舶為零。我們擁有一支年輕且技術先進的船隊，資產負債表強勁，槓桿率適宜，對於一支服役 10 年的船隊來說，每艘船的淨債務較低，為 910 萬美元。

We have built a resilient business model with cash flow visibility of $159 million in revenue backlog, healthy expansion for sizable fleet that achieves scale and a meaningful 4.7 million -- 4.7% annualized dividend yield positioned to leverage on the environmental regulatory landscape.

我們已經建立了一個有彈性的商業模式，現金流可視性為 1.59 億美元的收入積壓，可實現規模化的健康船隊擴張，以及有意義的 470 萬——4.7% 的年化股息收益率，可以利用環境監管環境。

I now pass the floor to our CFO, Konstantinos Adamopoulos, for our quarterly financial overview. Konstantinos, the floor is yours.

現在，我請我們的財務長 Konstantinos Adamopoulos 介紹我們的季度財務概況。康斯坦丁諾斯，現在請你發言。

Thank you, Loukas, and good morning to everyone. During the second quarter of 2025, we operated in a weaker charter market environment compared to the same period in 2024, with decreased revenues due to lower charter hires, decreased earnings from scrubber-fitted vessels and increased operating expenses.

謝謝你，盧卡斯，大家早安。2025 年第二季度，與 2024 年同期相比，我們的租船市場環境較弱，由於租船費用下降、安裝洗滌器的船舶收益減少以及營運費用增加，導致收入下降。

In Slide 12, we show our quarterly financial highlights for the second quarter of 2025 and compare them to the same period of 2024. Our adjusted EBITDA for the second quarter of 2025 stood at $25.5 million compared to $41.8 million for the same period in 2024. Our adjusted earnings per share for the second quarter of 2025 was $0.01, calculated on a weighted average number of 102.5 million shares compared to $0.17 during the same period of 2024, calculated on a weighted average number of 106.8 million shares.

在投影片 12 中，我們展示了 2025 年第二季的季度財務亮點，並將其與 2024 年同期進行了比較。我們 2025 年第二季的調整後 EBITDA 為 2,550 萬美元，而 2024 年同期為 4,180 萬美元。2025 年第二季的調整後每股收益為 0.01 美元，以加權平均數 1.025 億股計算，而 2024 年同期的調整後每股收益為 0.17 美元，按加權平均數 1.068 億股計算。

On the top graph, during the second quarter of 2025, we operated an average of 46.75 vessels, earning an average time charter equivalent of $14,857 compared to 45.43 vessels, ending an average time charter equivalent of $18,650 during the same period in 2024. Our daily vessel operating expenses increased by 6% to $6,607 for the second quarter of 2025 compared to [$6,284] for the same period in 2024. Daily vessel operating expenses, excluding dry-docking and predelivery expenses, increased by 10% to $5,604 for the second quarter of 2025 compared to $5,089 for the same period in 2024.

在上面的圖表中，2025 年第二季度，我們平均營運 46.75 艘船舶，平均定期租船收入為 14,857 美元，而 2024 年同期我們平均營運 45.43 艘船舶，平均定期租船收入為 18,650 美元。2025 年第二季度，我們的每日船舶營運費用為 6,607 美元，而 2024 年同期為 [6,284 美元]，成長了 6%。2025 年第二季度，每日船舶營運費用（不含乾船塢費用和交付前費用）為 5,604 美元，而 2024 年同期為 5,089 美元，成長 10%。

In conclusion of our presentation, we show on Slide 2, a quick overview of our quarterly operational highlights for the second quarter of 2025. We would like to highlight that based on financial performance, the company's Board of Directors declared a $0.05 dividend per common share. Emphasis we place on maintaining a healthy cash position of about $104 million as of July 18, 2025, another $240 million in available revolving credit facilities, giving us a combined liquidity and capital resources of $315 million.

在簡報結束時，我們在投影片 2 上簡要概述了 2025 年第二季的季度營運亮點。我們想強調的是，根據財務業績，公司董事會宣布每股普通股發放 0.05 美元的股息。我們強調維持截至 2025 年 7 月 18 日約 1.04 億美元的健康現金狀況，以及另外 2.4 億美元的可用循環信貸額度，使我們的流動性和資本資源總額達到 3.15 億美元。

Furthermore, we have contracted revenue from our noncancelable spot and period time charter contracts of $171 million, net of commissions and before scrubber revenue and also additional borrowing capacity in relation to 6 newbuilds upon their delivery as well as one existing unencumbered vessel. We believe our strong liquidity and our comfortable leverage provides flexibility to our management and capital allocation, and this will enable us to further expand the fleet, build a resilient company and create long-term prosperity for our shareholders.

此外，我們還從不可取消的現貨和定期租船合約中獲得了 1.71 億美元的收入，扣除佣金和洗滌器收入，以及與 6 艘新船交付時以及一艘現有無抵押船舶相關的額外借貸能力。我們相信，我們強大的流動性和舒適的槓桿為我們的管理和資本配置提供了靈活性，這將使我們能夠進一步擴大船隊，打造一家有韌性的公司，並為我們的股東創造長期繁榮。

This concludes our presentation. We are now ready for the Q&A session.

我們的演講到此結束。我們現在準備好進入問答環節。

(Operator Instructions) At this time, I'd like to turn the floor back to management for closing remarks.

（操作員指示）現在，我想將發言權交還給管理階層，請他們作結束語。

So thank you very much for attending this quarterly presentation of our financial results for the second quarter and half year 2025, and we're looking forward to discuss again with you in the next quarter.

非常感謝您參加我們 2025 年第二季和半年財務表現的季度發表會，我們期待在下個季度再次與您討論。

Thank you very much. Have a nice day.

非常感謝。祝你今天過得愉快。

This will conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。