Safe Bulkers Inc (SB) 2025 Q3 法說會逐字稿

Thank you for standing by, ladies and gentlemen. Welcome to Safe Bulker's conference call on the third-quarter 2025 financial results. We have with us today Mr. Polys Hajioannou, Chairman and Chief Executive Officer; Dr. Loukas Barmparis, President; and Mr. Konstantinos Adamopoulos, Chief Financial Officer of the company. (Operator Instructions) I must advise you that this conference is being recorded today. The archived webcast of the conference call will soon be available on the Safe Bulkers website, www.safebulkers.com.

女士們、先生們，感謝你們的耐心等待。歡迎參加 Safe Bulker 2025 年第三季財務業績電話會議。今天在場的有：董事長兼執行長 Polys Hajioannou 先生；總裁 Loukas Barmparis 博士；以及公司財務長 Konstantinos Adamopoulos 先生。（操作員說明）我必須告知各位，本次會議正在錄音。本次電話會議的存檔網路直播將很快在 Safe Bulkers 網站 www.safebulkers.com 上提供。

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 to differ materially from those in the forward-looking statements is contained in the third-quarter 2025 earnings release, which is available on the Safe Bulkers website, again, www.safepokers.com.

今天的許多發言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聲明所預測的結果有重大差異。有關可能導致實際結果與前瞻性聲明中的結果存在重大差異的因素的更多信息，請參閱 2025 年第三季度收益報告，該報告可在 Safe Bulkers 網站 www.safepokers.com 上查閱。

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

現在，我謹將會議交給今天的演講嘉賓，公司董事長兼執行長波利斯·哈吉奧安努先生。請繼續，先生。

Good morning to all. I'm Loukas Barmparis, President of Safe Bulkers, and I will do today the presentation. And I'm welcoming you at your quarterly results. Key developments of the previous period include the postponement of the IMO net-zero framework and the expected gradual market fragmentation due to geopolitical reasons, port fees, and tariffs, resulting in increased market volatility.

各位早安。我是 Safe Bulkers 的總裁 Loukas Barmparis，今天我將做演講。我歡迎各位參加季度業績發表會。上一階段的主要發展包括國際海事組織淨零排放框架的推遲，以及由於地緣政治原因、港口費用和關稅而導致的預期市場逐步分散，從而加劇了市場波動。

The dry bulk market recovered compared to the previous quarter, and we sold two of our oldest vessels, part of the company's ongoing fleet renewal strategy. Our company maintains a strong capital structure, providing flexibility in our capital allocation. Lastly, we have declared a dividend of $0.05 per share of common stock, rewarding our shareholders.

與上一季相比，乾散貨市場有所復甦，我們出售了兩艘最老的船舶，這是公司持續船隊更新策略的一部分。我公司擁有穩健的資本結構，這使我們在資本配置方面具有靈活性。最後，我們宣布派發每股普通股0.05美元的股息，以回報我們的股東。

Following a comprehensive review of the forward-looking statements language presented in slide 2, let us proceed to examine the supply-side dynamics in slide 4. The dry bulk fleet is projected to grow by about 3% on average in 2025 and in 2026, due to stable new deliveries. The order book now stands below 11% of the current fleet.

在全面回顧了投影片 2 中提出的前瞻性陳述語言之後，讓我們繼續研究投影片 4 中的供給面動態。由於新船交付穩定，預計2025年和2026年乾散貨船隊平均成長約3%。目前訂單量不到現有船隊的11%。

Asset prices are projected to pick up in line with the current freight market. Recycling volumes are anticipated to rise through as market conditions prompt the retirement of older vessels, especially in relation to the 25% of dry bulk fleet being older than 15 years and the overall average age of the dry bulk fleet. As a result, the ship recycling could be double over the next 10 years compared to previous decade as per BIMCO projections.

預計資產價格將隨著當前貨運市場的上漲而上漲。預計隨著市場狀況促使老舊船舶退役，回收量將會增加，尤其是考慮到 25% 的干散貨船隊船齡超過 15 年，以及乾散貨船隊的整體平均船齡。根據波羅的海國際航運公會（BIMCO）預測，未來 10 年船舶回收量可能會比過去十年翻倍。

Currently, 15% of ship capacity in the dry bulk order book will be ready to use alternative fuels upon delivery. Out of those ships, 52%, they may use methanol, 35% LNG, and 13% ammonia or hydrogen. The dual fuel order book remains small on dry bulk segment. The postponement in adoption of the Global Fuel Standard by IMO may bring another path on decarbonization towards more pragmatic solutions. We do have two dual fuel newbuilds on order with delivery in first quarter of 2027.

目前，乾散貨船訂單簿中 15% 的船舶運力在交付時即可使用替代燃料。在這些船舶中，52%可能使用甲醇，35%可能使用液化天然氣，13%可能使用氨或氫氣。乾散貨市場的雙燃料訂單量仍然很小。國際海事組織推遲採用全球燃料標準，可能會為脫碳帶來另一條道路，通往更務實的解決方案。我們目前訂購了兩艘雙燃料新船，將於 2027 年第一季交付。

Safe Bulkers fleet now counts 12 Phase 3 vessels on the water, all delivered 2022 onwards. On top of that, 24 vessels have been environmentally upgraded and 11 are echo vessels having superior design efficiencies. 80% of our fleet comprises Japanese-built vessels, double the global average of 40%, while our average fleet age of 10.1 years being 2.5 years younger compared to the global average of 12.6 years.

Safe Bulkers 船隊目前擁有 12 艘第三階段船舶，全部於 2022 年及以後交付。此外，我們已對24艘船舶進行了環保升級，其中11艘為設計效率更高的環保船舶。我們船隊中80%的船舶為日本製造，是全球平均（40%）的兩倍；同時，我們船隊的平均船齡為10.1年，比全球平均（12.6年）年輕2.5年。

Our commercial competitiveness will strengthen as we will be taking delivery of our remaining order book of six Phase 3 vessels. By first quarter of 2027, Safe Bulkers fleet will be comprised of 35% Phase 3 vessels, 18 out of 51, positioning us favorably to compete based on the fuel efficiency of our vessels while the shipbuilding capacity will continue to be constrained, leading to longer fleet times.

隨著我們接收剩餘的六艘第三階段訂單船舶，我們的商業競爭力將會增強。到 2027 年第一季度，Safe Bulkers 船隊將由 35% 的第三階段船舶組成，即 51 艘船舶中的 18 艘，這將使我們在船舶燃油效率方面處於有利地位，從而在造船能力繼續受到限制、導致船隊建造週期延長的情況下，能夠更好地參與競爭。

Moving on to slide 5, we present an overview of the demand and basic commodities trade. The combination of trade war as expected through tariffs, high debt, high interest rates, new fiscal demands, and persisting geopolitical tensions elevate policy uncertainty, straining public finances, and pose a considerable down risk for global growth and disinflation.

接下來是第 5 張投影片，我們概述需求和基本商品貿易。貿易戰如預期般透過關稅、高債務、高利率、新的財政需求以及持續的地緣政治緊張局勢疊加，加劇了政策的不確定性，使公共財政捉襟見肘，並對全球經濟成長和通貨緊縮構成相當大的下行風險。

For our segment, we anticipate an improving trade market rate, as a result of the trade truce resulted from the agreement between US and China with an increasing focus on the existing fleet decarbonization and energy-efficient newbuilds. The global GDP growth expectations for 2026 and 2027, as reflected in the IMF's October forecast, call for a growth of about 3% in the coming years, accompanied by a gradual control of inflationary pressures.

就我們所在的領域而言，我們預計貿易市場價格將有所改善，這是由於中美兩國達成協議，貿易休戰所致，同時更加註重現有船隊的脫碳和節能型新造船。根據國際貨幣基金組織 (IMF) 10 月的預測，2026 年和 2027 年全球 GDP 成長預期為未來幾年成長約 3%，同時通膨壓力將逐步控制。

According to BIMCO, the forecasted global dry bulk demand growth will be 2% in 2026, followed by 1.5% in 2027, with grains and minor bulks being the best-performing sectors. China and India are gradually boosting domestic coal production, reducing import demand. China has been rapidly phasing out fossil fuels from electricity generation, boosting renewables, reducing import dependence. China's economy is still being affected by property sector crisis and manufacturing overcapacity.

根據波羅的海國際航運公會（BIMCO）預測，2026年全球乾散貨需求成長率將達到2%，2027年將達到1.5%，其中穀物和散裝貨物是表現最好的領域。中國和印度正逐步提高國內煤炭產量，減少進口需求。中國一直在快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。中國經濟仍受到房地產危機和製造業產能過剩的影響。

Great tensions between the US and China, although truce has been reached, remain a key source of global economic uncertainty. On the good side, additional Chinese purchases of US soya beans were reported, with a total of about 1 million tonnes sold since the US-China trade war truce, while the US has suggested that China could purchase up to 12 million tonnes of US soya beans.

儘管中美兩國已達成休戰協議，但兩國間的巨大緊張關係仍是全球經濟不確定性的主要來源。好消息是，據報道，自中美貿易戰休戰以來，中國已額外購買了約 100 萬噸美國大豆，而美國方面則表示，中國可能會購買多達 1,200 萬噸美國大豆。

India continues to perform and is projected to experience the fastest growth among economies, with a forecasted 6.2% GDP increase in 2026. Each expanding domestic market and manufacturing sector may continue to contribute positively to the dry bulk demand, with infrastructure investments playing a vital role. The Japanese government approved $135 billion economic stimulus package, the country's largest package since the COVID period, slowing economic growth with measures also containing dedicated funding for the Japanese shipbuilding industry.

印度經濟持續表現強勁，預計將成為經濟成長最快的國家，2026 年 GDP 預計將成長 6.2%。各個不斷擴張的國內市場和製造業部門可能會繼續對乾散貨需求做出積極貢獻，而基礎設施投資將發揮至關重要的作用。日本政府批准了1,350億美元的經濟刺激計劃，這是該國自新冠疫情以來規模最大的刺激計劃，旨在減緩經濟成長，該計劃還包括為日本造船業提供專款。

Currently, in the spot freight market, multiple miners continue offering cargoes in both bases. Steady gains were made in the Atlantic with sentiment supported by expectation of further US-China grain sales and a tight forward tonnage list. Fresh US grain cargoes also boosted OPAC rates. Looking forward in 2026 and 2027, an expected decline in coal cargoes and limited iron ore cargo growth will negatively impact demand growth. Instead, growth is expected to come from stronger grain and minor bulk shipments and from longer sailing distances.

目前，現貨貨運市場上，多家礦商繼續在兩個基地提供貨物運輸服務。受美中糧食進一步出口預期以及遠期噸位清單緊張的支撐，大西洋沿岸市場穩定上漲。美國新鮮穀物貨物的到來也推高了海外公共帳戶（OPAC）的費率。展望 2026 年和 2027 年，預計煤炭貨運量下降和鐵礦石貨運量成長有限，將對需求成長產生負面影響。相反，預計成長將來自更強勁的糧食和散貨運輸以及更長的航行距離。

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. All eight of our capes are presently period chartered, with an average remaining charter duration of almost 1.7 years at an average day chart rate of $24,800, providing us visibility of cash flows, topping $124 million in contracted revenue backlog from capes alone.

總結投影片 6 的供需平衡情況，預計供應成長將持續超過需求成長。第三季初，貨運市場出現反彈。我們所有八個海岬目前都已簽訂定期租約，平均剩餘租期近 1.7 年，平均日租金為 24,800 美元，這使我們能夠了解現金流，僅海岬的合約收入積壓就超過 1.24 億美元。

Moving to slide 8, we present an overview of our quarterly highlights. We have declared our 16th consecutive quarterly dividend of $0.05, representing 4.1 dividend yield. At the same time, our free cash flows finances our newbuilding program. We maintain ample liquidity, profitability, and capital resources of $390 million and a comfortable leverage of about 35%. We sold two of our oldest vessels in our fleet in line with our fleet renewal strategy and achieved zero vessels in D and E carbon intensity CII rating of IMO for 2024 as described in our 2024 sustainability report.

接下來是第 8 張投影片，我們概述本季的亮點。我們已宣布連續第 16 個季度派發股息，每股 0.05 美元，股息殖利率為 4.1%。同時，我們的自由現金流為我們的新造船計劃提供資金。我們保持著充足的流動性、獲利能力和 3.9 億美元的資本資源，以及約 35% 的合理槓桿率。我們按照船隊更新策略出售了船隊中最老的兩艘船，並實現了 2024 年國際海事組織 (IMO) D 級和 E 級碳強度 CII 評級船舶數量為零的目標，如我們在 2024 年永續發展報告中所述。

In slide 9, we present our returns to shareholders of $83.9 million paid in common dividends and $74.9 million paid in common shares repurchases since 2022. We have been consistent in generating sustainable returns across market fluctuations because of our track record, hands-on management, and our overall business model.

在第 9 張投影片中，我們展示了自 2022 年以來，我們向股東支付的回報，包括 8,390 萬美元的普通股股息和 7,490 萬美元的普通股回購。由於我們良好的業績記錄、親力親為的管理以及整體商業模式，我們能夠在市場波動中持續獲得可持續的回報。

Concluding the company update in slide 10, we present our strong fundamentals. Safe Bulkers is a dry-bulk company with $496 million market cap, 45 vessels in the water, having $274 million scrap value. We maintain significant firepower with $124 million cash and $267 million in undrawn RCFs in credit facilities and $176 million borrowing capacity against our significant order book of six newbuilds, mainly in Japanese shipyards.

本公司最新進展報告的最後一部分（第 10 頁）是公司強勁的基本面。Safe Bulkers 是一家乾散貨運輸公司，市值 4.96 億美元，擁有 45 艘在役船舶，報廢價值 2.74 億美元。我們擁有強大的資金實力，現金儲備達 1.24 億美元，未提取的循環信貸額度達 2.67 億美元，此外，我們還擁有 1.76 億美元的借款能力，這主要得益於我們龐大的六艘新船訂單，這些訂單主要來自日本造船廠。

We focus on our majority Japanese bid fleet at [Baders], on fleet energy efficiency, and lower CO2 taxation reflected in our CII rating of zero basis on the bottom ratings of D&E. We maintain a young technologically advanced fleet, strong balance sheet, comfortable leverage, and low net debt per vessel of $8.7 million for a 10.1-year-old fleet. We have built a resilient business model with cash flow visibility of $164 million in revenue backlog, healthy expansion for a sizable fleet that achieves a scale, and a meaningful 4.1% annualized dividend yield positioned to leverage on its fuel efficiency.

我們專注於[Baders]旗下以日本公司為主的競標船隊、船隊能源效率以及較低的二氧化碳稅收，這體現在我們CII評級為零，而D&E評級處於最低水平。我們擁有一支年輕且技術先進的船隊、穩健的資產負債表、合理的槓桿率，以及較低的每艘船淨債務，船齡為 10.1 年，淨債務為 870 萬美元。我們建立了一個具有韌性的商業模式，擁有 1.64 億美元的收入積壓，現金流可見性良好，龐大的車隊實現了健康擴張，並達到了一定的規模，年化股息收益率為 4.1%，這得益於其燃油效率優勢。

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

現在我將發言權交給我們的財務長康斯坦丁諾斯·阿達莫普洛斯，他將為大家進行季度財務回顧。康斯坦丁諾斯，請開始。

Thank you, Loukas, and good morning to everyone. During the third 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 and decreased earnings from scrubber-fitted vessels.

謝謝你，盧卡斯，大家早安。2025 年第三季度，我們的租船市場環境比 2024 年同期疲軟，由於租船量減少和配備脫硫裝置的船舶收益下降，我們的收入也隨之減少。

Moving on to slide 12, with our quarterly financial highlights for the third quarter of 2025, compared to the same period of 2024. Our adjusted EBITDA for the third quarter of 2025 stood at $36.1 million, compared to $41.3 million for the same period in 2024. Our adjusted earnings per share for the third quarter of 2025 was $0.12, and this is calculated on a weighted average number of 102.3 million shares, compared to $0.16 during the same period last year, calculated on a weighted average number of 106.8 million shares.

接下來請看第 12 張投影片，其中包含我們 2025 年第三季的季度財務亮點，並與 2024 年同期進行比較。2025 年第三季調整後的 EBITDA 為 3,610 萬美元，而 2024 年同期為 4,130 萬美元。我們 2025 年第三季的調整後每股收益為 0.12 美元，這是根據 1.023 億股的加權平均數計算得出的，而去年同期為 0.16 美元，這是根據 1.068 億股的加權平均數計算得出的。

In the graph on the top, during the third quarter of 2025, we operated 46.51 vessels on average, earning an average time charter equivalent of $15,507, compared to 45.27 vessels on average, earning TCE of $17,108 during the same period in 2024. Our daily vessel running expenses decreased by 4% to $5,104 for the third quarter of 2025 compared to $5,311 for the same period in 2024.

從上圖可以看出，2025 年第三季度，我們平均營運 46.51 艘船舶，平均獲得 15,507 美元的期租等值收入，而 2024 年同期平均營運 45.27 艘船舶，獲得 17,108 美元的期租等值收入。2025 年第三季度，我們的船舶日常營運費用下降了 4%，至 5,104 美元，而 2024 年同期為 5,311 美元。

Daily running expenses, excluding dry docking and delivery expenses, increased by 1% to $5,060 for the third quarter of 2025, compared to $4,999 for the same period last year. In slide 13, we see a quick overview of our quarterly operational highlights for the third quarter of 2025 in comparison to the same period last year.

2025 年第三季度，不包括乾船塢和運輸費用在內的日常營運費用增加了 1%，達到 5,060 美元，而去年同期為 4,999 美元。在第 13 張幻燈片中，我們快速概覽了 2025 年第三季的季度營運亮點，並與去年同期進行了比較。

Let's continue now to slide 14, where we present our balance sheet analysis and noting that our assets are presented in their book value. The company maintains a healthy balance sheet supported by robust equity pace at the conservative leverage levels. Strong liquidity and ample cash reserves provide significant financial flexibility to navigate market volatility and take advantage of market opportunities. Our capital structure positions the company for sustainable long-term growth and resilience.

現在我們繼續來看第 14 張投影片，其中我們展示了資產負債表分析，並指出我們的資產是按帳面價值列示的。公司保持著健康的資產負債表，穩健的股權成長速度和保守的槓桿水準為其提供了保障。充裕的流動性和充足的現金儲備為應對市場波動和掌握市場機會提供了極大的財務彈性。我們的資本結構使公司能夠實現可持續的長期成長和韌性。

Concluding our presentation, in the last slide, number 15, we present our daily free cash flow for the nine months of 2025, illustrating the company's ability to generate free cash flows, highlighting disciplined cost control and efficient vessel operations. We would like to highlight that based on our financial performance, the company's Board of Directors has declared a $0.05 dividend per common share.

最後，在簡報的最後一張投影片（第 15 張）中，我們展示了 2025 年前九個月的每日自由現金流，說明了公司產生自由現金流的能力，重點介紹了嚴格的成本控制和高效的船舶營運。我們謹此強調，根據我們的財務業績，公司董事會已宣布每股普通股發放 0.05 美元的股息。

The company is maintaining a healthy cash flow position of $187 million as of November 21, 2025. Another $210 million in available undrawn revolving credit facilities, so a combined liquidity and capital resources just shy of $400 million, plus a contracted revenue of $154 million. These underscores our capacity to support debt service, reinvestment, and shareholder returns at the same time, which enable us to expand the fleet, build a resilient company, and create long-term prosperity for our shareholders.

截至 2025 年 11 月 21 日，該公司維持著 1.87 億美元的健康現金流狀況。另有 2.1 億美元的可用未提取循環信貸額度，因此流動資金和資本資源合計略低於 4 億美元，加上 1.54 億美元的合約收入。這凸顯了我們同時支持償債、再投資和股東回報的能力，使我們能夠擴大船隊規模，打造一家具有韌性的公司，並為股東創造長期繁榮。

Thank you, and we are now ready for the Q&A session.

謝謝，現在我們準備好進入問答環節。

Thank you. (Operator Instructions) We have reached the end of our question-and-answer session. I'd like to turn the floor back over for any further closing comments. If there are no questions, I'll turn it back over to management.

謝謝。（操作員說明）我們的問答環節到此結束。我想把發言權交還給各位，請大家再做總結發言。如果沒有其他問題，我會把這件事交還給管理階層。

Okay, so thank you very much for attending this conference call and we'll be in touch next quarter. Thank you very much.

好的，非常感謝您參加本次電話會議，我們下個季度再聯繫。非常感謝。

Thank you. That does conclude today's teleconference webcast. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議網路直播到此結束。現在您可以斷開線路了，祝您有美好的一天。感謝您今天的參與。