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Summary of Second Quarter 2009 Results
-- Net revenue for the second quarter of 2009 decreased by 14% to $44.3
million from $51.4 million during the same period in 2008. The Company
operated 13 vessels on average during the second quarter of 2009, earning a
Time Charter Equivalent ("TCE")(1) rate of $37,555, compared to 11 vessels
and a TCE rate of $52,069 during the second quarter of 2008. The decrease
in the TCE rate resulted mainly from lower average period time charter
rates contracted in previous periods, and to a lesser extent from the lower
prevailing spot market charter rates.
-- Net income was $58.1 million, or earnings per share of $1.07, in the
second quarter of 2009, an increase of 31% from net income of $44.5
million, or earnings per share of $0.82, in the second quarter of 2008.
The increase in net income of $13.6 million reflects: (i) early redelivery
income of $42.4 million, compared to an early redelivery cost of $0.2
million, (ii) loss on asset cancellations, related to our cancellation of
certain newbuilds, of $20.7 million compared to none, and (iii) net revenue
of $44.3 million compared to $51.4 million, for the relevant quarters in
2009 and 2008, respectively.
-- EBITDA(2) of $64.3 million for the second quarter of 2009, an increase
of 26% from $51.1 million in the second quarter of 2008, mainly due to
higher net income as described above.
-- Declaration and payment of a dividend of $0.15 per share for the second
quarter of 2009.
Summary of First Half 2009 Results
-- Net revenue for the first half of 2009 decreased by 10% to $91.1
million from $100.7 million during the same period in 2008. The Company
operated 12.77 vessels on average during the first half of 2009, earning a
TCE rate of $39,479, compared to 11 vessels and a TCE rate of $50,889
during the first half of 2008.
-- Net income was $120.1 million or earnings per share of $2.20 in the
first half of 2009, an increase of 76% from net income of $68.1 million or
earnings per share of $1.25, in the first half of 2008. The increase in
net income of $52.0 million reflects: (i) early redelivery income of $72.1
million, compared to early redelivery cost of $0.6 million, (ii) loss on
asset cancellations of $20.7 million, compared to none, (iii) foreign
exchange gain of $1.0 million, compared to a foreign exchange loss of $9.9
million and (iv) net revenue of $91.1 million compared to $100.7 million,
for the corresponding periods of 2009 and 2008, respectively.
-- EBITDA of $132.7 million for the first half of 2009, an increase of 64%
from $81.0 million in the first half of 2008, mainly due to higher net
income as described above.
Fleet and Employment Profile
-- The Company's operational fleet is comprised of 13 drybulk vessels with
an average age of 3.56 years as of June 30, 2009.
-- As of August 31, 2009, the contracted employment of the Company's fleet
under period time charters is as follows: 85% of fleet ownership days
for the remaining days of 2009, 80% for 2010 and 60% for 2011. This
includes vessels which will be delivered to us in the future.
-- During the second quarter of 2009 our subsidiaries:
i) cancelled the MOAs for two newbuild Kamsarmax class vessels and
entered into an agreement to cancel the shipbuilding contract for
one newbuild Capesize class vessel (aggregate cancellation cost
amounted to $20.7 million and was recorded as loss on asset
cancellations in the second quarter 2009);
ii) entered into agreements to delay the deliveries of one Capesize
class newbuild vessel from 2010 to September 2011 and one
Post-Panamax class newbuild from 2010 to June-August 2011;
iii) entered into MOAs to acquire a 177,000 dwt Capesize class newbuild
vessel with delivery in April 2010 at a price of $63 million and
to sell its oldest vessel, MV Efrossini, a 76,000 dwt 2003-built
Panamax class vessel, for $33 million with delivery in December
2009.
-- There were no associated charter party agreements for the two cancelled
Kamsarmax vessels, while MV Efrossini is operated in the spot market.
In the case of the cancelled Capesize vessel, the relevant charterer
has agreed to accept delivery of the 177,000 dwt Capesize class
newbuild vessel in substitution. In the case of the postponed Capesize
class newbuild vessel, the relevant charterer has agreed to postponed
delivery during 2012 with a decrease in the gross daily charter rate
from $40,000 to $38,000.
-- Our subsidiary Maxdodeka Shipping Corporation has taken delivery today
of the newbuild vessel Andreas K, a 92,000 dwt Post-Panamax class
vessel to be initially operated in the spot market. The vessel's
purchase price was financed from surplus from operations. This expands
our current operational fleet to 14 drybulk vessels.
-- Following negotiations with the relevant counterparties under existing
MOAs, our subsidiaries Maxdodeka Shipping Corporation and Maxdekatria
Shipping Corporation have entered into addenda to such MOAs which
reduce the purchase price for the relevant vessels by $2.5 million and
$1.5 million, respectively.
Management Commentary
Polys Hajioannou, Chairman of the Board of Directors and Chief Executive Officer of the Company, said: "We are actively managing our day-to-day operations, intensifying our focus on operating a young, high-quality fleet and seeking to take advantage of current market conditions with respect to vessel sales and newbuild acquisitions. We believe that our high charter coverage positions us well for turbulent times ahead in the marketplace. At the same time, we have maintained our dividend of $0.15 per share for the second quarter of 2009, consistent with our policy to pay out a portion of our free cash flows."
Conference Call
On Wednesday, September 09, 2009 at 9:00 A.M. EDT, the Company's management team will host a conference call to discuss the financial results.
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 (866) 819-7111 (US Toll Free Dial In), 0(800) 953-0329 (UK Toll Free Dial In) or +44 (0)1452-542-301 (Standard International Dial In). Please quote "Safe Bulkers" to the operator.
In case of any problem with the above numbers, please dial 1 (866) 223-0615 (US Toll Free Dial In), 0(800) 694-1503 (UK Toll Free Dial In) or +44 (0)1452 586-513 (Standard International Dial In). Please quote "Safe Bulkers" to the operator.
A telephonic replay of the conference call will be available until September 18, 2009 by dialing 1 (866) 247-4222 (US Toll Free Dial In), 0(800) 953-1533 (UK Toll Free Dial In) or +44 (0)1452 550-000 (Standard International Dial In). Access Code: 1859591#
Slides and Audio Webcast
There will also be a live, and then archived, webcast of the conference call, available through the Company's website (www.safebulkers.com). Participants in the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
Management Discussion of Second Quarter 2009 Results
Net income increased by 31% to $58.1 million for the second quarter of 2009 from $44.5 million for the second quarter of 2008. This increase is attributable to the following factors:
Net revenues: Net revenues were $44.3 million for the second quarter of 2009, a 14% decrease compared to $51.4 million for the second quarter in 2008. Net revenues decreased due to lower average period time charter rates contracted in previous periods and to a lesser extent from the lower prevailing spot market charter rates.
Vessel operating expenses: Vessel operating expenses decreased to $4.6 million for the second quarter of 2009, a 4% decrease compared to $4.8 million for the same period in 2008. Consequently, daily vessel operating expenses decreased by 19% to $3,914 for the second quarter 2009, compared to $4,826 for the second quarter of 2008. The decline mainly resulted from the number of dry-dockings which were completed during the relevant periods. During the second quarter of 2009, one scheduled dry-docking was partially completed, compared to two dry-dockings that were completed in the same period of 2008.
Early redelivery income/cost: During the second quarter of 2009, we recorded $42.4 million of early redelivery income, relating to the early termination of period time charters of our vessels Maria and Katerina, versus $0.2 million of expense for the same period in 2008. Maria was redelivered on June 28, 2009 instead of January 2, 2011, which was the contracted earliest redelivery date. In connection with the early redelivery, we recognized income of $20.0 million comprising cash compensation paid by the relevant charterer on July 1, 2009 of $15.5 million net of commissions, and $4.5 million representing the unearned revenue from the terminated time charter contract. Katerina was redelivered on June 26, 2009 instead of November 26, 2010, which was the contracted earliest redelivery date. In connection with the early redelivery, we recognized income of $22.4 million comprising cash compensation paid by the relevant charterer on July 1, 2009 of $21.5 million net of commissions, and $0.9 million representing the unearned revenue from the terminated time charter contract.
Maria and Katerina are both currently employed in the period time charter market.
Loss on asset cancellations: During the second quarter of 2009, $20.7 million was recorded as loss on asset cancellations compared to none during the same period in 2008. In April 2009, the Company cancelled the MOAs for two Kamsarmax class vessels and forfeited the advance deposits. The aggregate loss on terminating these contracts amounted to $13.7 million net of interest earned on the advance deposits. In May 2009, the Company entered into an agreement to cancel the newbuild contract for one Capesize class vessel. The cost of cancelling this contract amounted to $7.0 million, inclusive of brokerage commissions.
Interest expense: Interest expense decreased to $3.1 million in the second quarter of 2009 from $4.2 million for the same period in 2008, attributable to the declining USD LIBOR levels as reflected in the decrease of weighted average interest rate from 4.165% in the second quarter of 2008, to 2.541% in the second quarter of 2009. The weighted average of loans outstanding during the second quarter of 2008 was $401.9 million, compared to $490.1 million during the second quarter of 2009. The higher average indebtedness reflects additional indebtedness to finance vessel acquisitions and indebtedness used for general corporate purposes.
Gain on derivatives: Gain on derivatives decreased to $5.1 million in the second quarter of 2009, compared to $7.2 million for the same period in 2008, as a result of the mark-to-market valuation of certain interest rate swap transactions to manage the risk and interest rate exposure of our loan and credit facilities. At the end of the second quarter of 2008 there were seven interest rate swap transactions outstanding, while 12 such transactions were outstanding at the end of the second quarter of 2009. The valuation of these interest rate swap transactions at the end of each quarter is affected by the prevailing long-term interest rates at that time.
Cash, time deposits & restricted cash: Cash, time deposits & restricted cash as of June 30, 2009 include cash and cash equivalents and short-term bank deposits amounting to $23.4 million, and the current portion of restricted cash of $126.1 million. The restricted cash represents collateral pledged in favor of our banks in connection with performance guarantees issued on our behalf for payments to shipyards due in 2009 totaling $32.6 million, and cash pledged in favor of our lenders of $93.5 million pursuant to our loan agreements, as amended.
Unaudited Interim Financial Information and Other Data
SAFE BULKERS, INC.
CONDENSED COMBINED AND CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
FOR THE PERIODS ENDED JUNE 30, 2008 AND 2009
Three-Months Period Six-Months Period
Ended Ended
(In thousands of U.S. ---------------------- ----------------------
Dollars, except for share June 30, June 30, June 30, June 30,
and per share data) 2008 2009 2008 2009
---------- ---------- ---------- ----------
REVENUES:
Revenues 53,388 45,214 104,639 93,174
Commissions (1,990) (943) (3,914) (2,042)
Net revenues 51,398 44,271 100,725 91,132
EXPENSES:
Voyage expenses (58) (151) (117) (219)
Vessel operating expenses (4,832) (4,616) (8,827) (9,378)
Depreciation (2,585) (3,364) (5,170) (6,543)
General and administrative
expenses (2,511) (1,881) (4,717) (3,728)
Early redelivery
(cost)/income (197) 42,378 (565) 72,064
Loss on asset cancellations - (20,699) - (20,699)
Operating income 41,215 55,938 81,329 122,629
OTHER (EXPENSE) / INCOME:
Interest expense (4,239) (3,148) (8,273) (6,878)
Other finance costs (77) (71) (160) (248)
Interest income 205 384 582 841
Gain on derivatives 7,160 5,058 4,568 2,831
Foreign currency gain/(loss) 234 (28) (9,925) 960
Amortization and write-off of
deferred finance charges (18) (21) (44) (48)
Net income 44,480 58,112 68,077 120,087
Earnings per share 0.82 1.07 1.25 2.20
Weighted average number of
shares 54,500,000 54,510,002 54,500,000 54,508,235
SAFE BULKERS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
AS OF DECEMBER 31, 2008 AND JUNE 30, 2009
December 31,
(In thousands of U.S. Dollars) 2008 June 30, 2009
------------ -------------
ASSETS
Cash, time deposits & restricted cash 81,605 149,549
Accounts receivable 528 40,645
Asset held for sale - 16,969
Other current assets 5,951 3,978
Total fixed assets 387,296 384,629
Other non-current assets 6,900 6,540
Total assets 482,282 602,310
LIABILITIES AND EQUITY
Current portion of long-term debt & liability
directly associated with assets held for sale 54,807 58,104
Other current liabilities 16,056 14,848
Long-term debt, net of current portion 413,483 427,434
Other non-current liabilities 33,481 33,704
Shareholders (deficit)/equity (35,545) 68,220
Total liabilities and equity 482,282 602,310
Fleet Data
Three Months Ended Six Months Ended
June 30, June 30,
------------------ ------------------
2008 2009 2008 2009
-------- -------- -------- --------
FLEET DATA
Number of vessels at period's end 11.00 13.00 11.00 13.00
Weighted average age of fleet (in
years) 3.12 3.56 3.12 3.56
Ownership days (1) 1,001 1,183 2,002 2,311
Available days (2) 986 1,175 1,977 2,303
Operating days (3) 986 1,175 1,970 2,303
Fleet utilization (4) 98.5% 99.3% 98.4% 99.6%
Average number of vessels in the
period (5) 11.00 13.00 11.00 12.77
AVERAGE DAILY RESULTS
Time charter equivalent rate (6) $ 52,069 $ 37,555 $ 50,889 $ 39,479
Daily vessel operating expenses (7) $ 4,826 $ 3,914 $ 4,409 $ 4,064
(1) Ownership days represent the aggregate number of days in a period
during which each vessel in our fleet has been owned by us.
(2) Available days represent the total number of days in a period
during which each vessel in our fleet was in our possession net of
off-hire days associated with scheduled maintenance, which includes
major repairs, drydockings, vessel upgrades or special or
intermediate surveys.
(3) Operating days represent the number of our available days in a
period less the aggregate number of days that our vessels are
off-hire due to any reason, excluding scheduled maintenance.
(4) Fleet utilization is calculated by dividing the number of our
operating days during a period by the number of our ownership days
during that period.
(5) Average number of vessels in the period is calculated by dividing
ownership days in the period by the number of days in that period.
(6) Time charter equivalent rates, or TCE rates, represent our charter
revenues less commissions and voyage expenses during a period
divided by the number of our available days during the period.
(7) Daily vessel operating expenses include the costs for crewing,
insurance, lubricants, spare parts, provisions, stores, repairs,
maintenance, statutory and classification expense, drydocking,
intermediate and special surveys and other miscellaneous items.
Daily vessel operating expenses are calculated by dividing vessel
operating expenses by ownership days for the relevant period.
EBITDA RECONCILIATION
(In thousands of U.S. Dollars)
Three Months Ended Six Months Ended
June 30, June 30,
----------------- -----------------
2008 2009 2008 2009
-------- -------- -------- --------
Net Income 44,480 58,112 68,077 120,087
Plus Net Interest Expense 4,034 2,764 7,691 6,037
Plus Depreciation 2,585 3,364 5,170 6,543
Plus Amortization 18 21 44 48
EBITDA 51,117 64,261 80,982 132,715
EBITDA represents net income before interest, income tax expense, depreciation and amortization. EBITDA is not a recognized measurement under US GAAP. EBITDA assists the Company's management and investors by increasing the comparability of the Company's fundamental performance from period to period and against the fundamental performance of other companies in the Company's industry that provide EBITDA information. The Company believes that EBITDA is useful in evaluating the Company's operating performance compared to that of other companies in the Company's industry because the calculation of EBITDA generally eliminates the effects of financings, income taxes and the accounting effects of capital expenditures and acquisitions, items which may vary for different companies for reasons unrelated to overall operating performance.
EBITDA has limitations as an analytical tool, and should not be considered in isolation, or as a substitute for analysis of the Company's results as reported under US GAAP. EBITDA should not be considered a substitute for net income and other operations data prepared in accordance with US GAAP or as a measure of profitability. While EBITDA is frequently used as a measure of operating results and performance, it is not necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation.
Fleet Employment Profile as of August 31, 2009
Set out below is a table showing our existing vessels and their contracted
employment.
Year Charter Rate (a) Time Charter
Vessel Name DWT Built USD/day Duration (b)
----------- ------ ----- --------------- -------------------
MV Efrossini (c) 76,000 2003 Spot Jul 2009 - Oct 2009
------ ----- --------------- -------------------
MV Maria 76,000 2003 18,000 Jun 2009 - Aug 2010
------ ----- --------------- -------------------
MV Vassos 76,000 2004 29,000 Nov 2008 - Oct 2013
------ ----- --------------- -------------------
MV Katerina 76,000 2004 15,500 Jun 2009 - May 2011
------ ----- --------------- -------------------
MV Maritsa 76,000 2005 15,500 Jan 2009 - Dec 2009
28,000 (d) Jan 2010 - Jan 2015
------ ----- --------------- -------------------
MV Pedhoulas Merchant 82,300 2006 43,120 (e) Nov 2008 - Nov 2010
------ ----- --------------- -------------------
MV Pedhoulas Trader 82,300 2006 41,500 (f) Aug 2008 - Jul 2013
------ ----- --------------- -------------------
MV Pedhoulas Leader 82,300 2007 18,500 Jul 2009 - Jun 2011
------ ----- --------------- -------------------
MV Stalo 76,000 2005 Spot Jul 2009 - Oct 2009
34,160 Jan 2010 - Dec 2014
------ ----- --------------- -------------------
MV Marina 87,000 2006 41,500 (g) Dec 2008 - Dec 2013
------ ----- --------------- -------------------
MV Sophia 87,000 2007 34,720 Oct 2008 - Sep 2013
------ ----- --------------- -------------------
MV Eleni 87,000 2008 41,640 (h) Nov 2008 - Mar 2015
------ ----- --------------- -------------------
MV Martine 87,000 2009 40,500 Feb 2009 - Feb 2014
------ ----- --------------- -------------------
(a) Either gross charter rate or average gross charter rate: (i) for
charter parties with variable rates among periods, (ii) for
consecutive charter parties with the same charterer under similar
basic terms.
(b) Delivery/redelivery dates reflect Company's best estimates, and
could alter according to the relevant charter contract.
(c) Scheduled to be delivered to her new owner in December 2009.
(d) Reflects average rate among various options available to the
charterer.
(e) Extension of existing contract from Nov. 2008 to Nov. 2009 at
$75,000 until Nov. 2010 at a rate of $43,120 as of Jan. 25, 2009.
(f) Five-year contract with variable daily rate among periods, first
year at $69,000, second year at $56,500, third year at $42,000,
fourth and fifth years at $20,000.
(g) Five-year contract with variable daily rate among periods,
$61,500 from Dec. 2008 to Mar. 2009, $57,500 from Apr. 2009 to
Dec. 2009, $52,500 from Dec. 2009 to Dec. 2010, $42,500 from Dec.
2010 to Dec. 2011, $32,500 from Dec. 2011 to Oct. 2012, $31,500
from Oct. 2012 to Dec. 2012 and $21,500 from Dec. 2012 to
Dec. 2013.
(h) Three contracts in direct continuation, the first from Nov. 2008
to Oct. 2009 at $70,000, the second from Oct. 2009 to Mar. 2010
at $66,400 and the third from Apr. 2010 to Apr. 2015 at $34,160.
The contracted charter coverage, including newbuilds, based on Company's best estimate as of August 31, 2009, is:
2009...............................................85%
2010...............................................80%
2011...............................................60%
About Safe Bulkers, Inc.
The Company is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly grain, iron ore and coal, along worldwide shipping routes for some of the world's largest users of marine drybulk transportation services. The Company's common stock is listed on the NYSE, where it trades under the symbol "SB." The Company's fleet consists of 14 drybulk vessels, all built post-2003, and the Company has contracted to acquire additional drybulk newbuild vessels to be delivered at various times beginning in 2009 through 2011.
Forward-Looking Statements
This press release contains forward-looking statements (as defined in Section 27A of the Securities Exchange Act of 1933, as amended and in the Section 21E of the Securities Act of 1934, as amended) concerning future events, the Company's growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates" and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the ability to satisfy the closing conditions of the acquisition, changes in the demand for drybulk vessels, competitive factors in the market in which the Company operates, risks associated with operations outside the United States and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
(1) Refer to definition of "TCE" in Note 6 of Fleet Data Table.
(2) EBITDA represents net income plus interest expense, tax, depreciation and amortization. See "EBITDA Reconciliation."
For further information please contact: Company Contact: Dr. Loukas Barmparis President Safe Bulkers, Inc. Athens, Greece Tel.: +30 (210) 899-4980 Fax: +30 (210) 895-4159 E-Mail: directors@safebulkers.com Investor Relations / Media Contact: Ramnique Grewal Vice President Capital Link, Inc. 230 Park Avenue, Suite 1536 New York, N.Y. 10169 Tel.: (212) 661-7566 Fax: (212) 661-7526 E-Mail: safebulkers@capitallink.com
SOURCE: Safe Bulkers, Inc.
mailto:directors@safebulkers.com mailto:safebulkers@capitallink.com
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