Safe Bulkers, Inc. Reports Fourth Quarter and Twelve Months 2014 Results and Declares Quarterly Dividend on Common Stock
(firmenpresse) - MONACO -- (Marketwired) -- 02/26/15 -- Safe Bulkers, Inc. (the "Company") (NYSE: SB), an international provider of marine drybulk transportation services, announced today its unaudited financial results for the three- and twelve-month period ended December 31, 2014. The Board of Directors of the Company also declared a quarterly dividend of $0.02 per share of common stock for the fourth quarter of 2014.
Net revenues for the fourth quarter of 2014 decreased by 34% to $39.1 million from $59.2 million during the same period in 2013.
Net loss for the fourth quarter of 2014 was $0.1 million from $31.0 million net income, during the same period in 2013. Adjusted net income(1) for the fourth quarter of 2014 decreased by 85% to $4.7 million from $31.3 million, during the same period in 2013.
EBITDA(2) for the fourth quarter of 2014 decreased by 69% to $13.4 million from $43.0 million during the same period in 2013. Adjusted EBITDA(3) for the fourth quarter of 2014 decreased by 58% to $18.3 million from $43.3 million during the same period in 2013.
Loss per share(4) and Adjusted earnings per share(4) ("Adjusted EPS") for the fourth quarter of 2014 was $0.04 and $0.01 respectively, calculated on a weighted average number of 83,454,102 shares, compared to Earnings per share(4)("EPS") and Adjusted EPS of $0.38, in the fourth quarter 2013, calculated on a weighted average number of 79,916,260 shares.
The Board of Directors of the Company declared a dividend of $0.02 per share for the fourth quarter of 2014.
Net revenues for the twelve-month period ended December 31, 2014 decreased by 17% to $154.1 million from $186.7 million during the same period in 2013.
Net income for the twelve-month period ended December 31, 2014 decreased by 82% to $14.6 million from $83.3 million. Adjusted net income for the twelve-month period ended December 31, 2014 decreased by 77% to $17.5 million from $75.4 million, during the same period in 2013.
EBITDA for the twelve-month period ended December 31, 2014 decreased by 49% to $66.7 million from $130.0 million during the same period in 2013. Adjusted EBITDA for the twelve-month period ended December 31, 2014 decreased by 43% to $69.6 million from $122.2 million during the same period in 2013.
EPS and Adjusted EPS for the twelve-month period ended December 31, 2014 was $0.06 and $0.10 respectively, calculated on a weighted average number of 83,446,970 shares, compared to $1.05 and $0.95 respectively, for the twelve month period ended December 31, 2013, calculated on a weighted average number of 77,495,029 shares.
(1) Adjusted net income is a non-GAAP measure. Adjusted net income represents Net income/(loss) before gain on asset purchase cancellation, early redelivery income/(cost), loss from inventory valuation, (loss)/gain on derivatives and foreign currency respectively. See Table 1.
(2) EBITDA is a non-GAAP measure and represents Net income/(loss) plus net interest expense, tax, depreciation and amortization.
(3) Adjusted EBITDA is a non-GAAP measure and represents EBITDA before gain on asset purchase cancellation, early redelivery income/(cost), loss from inventory valuation, (loss)/gain on derivatives and foreign currency respectively. See Table 1.
(4) Earnings/(loss) per share and Adjusted earnings per share represent Net income/(loss) and Adjusted net income less Preferred dividend divided by the weighted average number of shares respectively. See Table 1.
In January 2015, the Company took delivery of Kypros Bravery (Hull No. 822), a 78,000 dwt, Japanese eco-design newbuild Panamax class vessel. Upon her delivery, the vessel was employed in the spot charter market.
As of February 24, 2015, the Company''s operational fleet comprised of 33 drybulk vessels with an average age of 5.8 years and an aggregate carrying capacity of 3.0 million dwt. The fleet consists of 12 Panamax class vessels, 7 Kamsarmax class vessels, 11 Post- Panamax class vessels and 3 Capesize class vessels, all built 2003 onwards.
As of February 24, 2015, the Company had contracted to acquire 11 eco-design newbuild vessels, comprised of 4 Japanese Panamax class vessels, 3 Japanese Post-Panamax class vessels, 2 Japanese Kamsarmax class vessels and 2 Chinese Kamsarmax class vessels. Upon delivery of all of our newbuilds, assuming we do not acquire any additional vessels or dispose of any of our vessels, our fleet will comprise of 44 vessels, 15 of which will be eco-design vessels, having an aggregate carrying capacity of 3.9 million dwt.
As of February 24, 2015, the Company had entered into recapitulation agreements for the delayed delivery of 6 out of the 11 contracted newbuild vessels. As a result, the newbuild delivery schedule is as follows: three vessels to be delivered in 2015 instead of five; four vessels to be delivered in 2016 instead of five; three vessels to be delivered in 2017 instead of one; and one vessel to be delivered in 2018 instead of none.
Set out below is a table showing the contracted employment of Company''s vessels as of February 24, 2015:
The contracted employment of fleet ownership days as of February 24, 2015 was:
As of December 31, 2014, the Company had agreed to acquire 12 newbuild vessels, with six to be delivered in 2015; five to be delivered in 2016, and one to be delivered in 2017. The remaining capital expenditure requirements to shipyards or sellers for the delivery of these 12 newbuilds amounted to $304.6 million, of which $156.9 million was scheduled to be paid in 2015, $127.4 million in 2016 and $20.3 million in 2017.
As of December 31, 2014, the Company had liquidity of $497.2 million consisting of $107.3 million in cash, $15.2 million in restricted cash, $154.7 million available under existing revolving credit facilities and $220.0 million under committed loan facilities for twelve newbuild vessels.
As of February 24, 2015, the Company, following the delivery of Kypros Bravery and the rescheduling of its deliveries program, had agreed to acquire 11 newbuild vessels, with three to be delivered in 2015; four to be delivered in 2016, three to be delivered in 2017 and one to be delivered in 2018. The remaining capital expenditure requirements to shipyards or sellers for the delivery of these 11 newbuilds, before minor adjustments for shipyards'' costs related to such delayed deliveries, amounted to $277.7 million, of which $95.8 million was scheduled to be paid in 2015, $91.7 million in 2016, $69.9 million in 2017 and $20.3 million in 2018.
As of February 24, 2015, the Company had liquidity of $482.6 million consisting of $118.1 million in cash, $40.6 million in restricted cash, $119.9 million available under existing revolvingcredit facilities and $204.0 million under committed loan facilities for eleven newbuild vessels.
The Board of Directors of the Company declared a cash dividend on the Company''s common stock of $0.02 per share payable on or about March 17, 2015 to shareholders of record at the close of trading of the Company''s common stock on the New York Stock Exchange (the "NYSE") on March 10, 2015.
The Company has 83,457,938 shares of common stock issued and outstanding as of today''s date.
The Board of Directors of the Company is continuing a policy of paying out a portion of the Company''s free cash flow at a level it considers prudent in light of the current economic and financial environment. The declaration and payment of dividends, if any, will always be subject to the discretion of the Board of Directors of the Company. The timing and amount of any dividends declared will depend on, among other things: (i) the Company''s earnings, financial condition and cash requirements and available sources of liquidity, (ii) decisions in relation to the Company''s growth strategies, (iii) provisions of Marshall Islands and Liberian law governing the payment of dividends, (iv) restrictive covenants in the Company''s existing and future debt instruments and (v) global financial conditions. Accordingly, dividends might be reduced or not be paid in the future.
Dr. Loukas Barmparis, President of the Company, said: "We have delayed the delivery of six out of eleven newbuilds, expanding our newbuild program until 2018. We have maintained a reduced dividend to reward our shareholders, even in this low charter market."
On Friday, February 27, 2015 at 10:00 A.M. EST, 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 to the operator.
A telephonic replay of the conference call will be available until March 6, 2015 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#
There will also be a live, and then archived, webcast of the conference call, available through the Company''s website (). Participants in the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
Net loss for the fourth quarter of 2014 amounted to $0.1 million from $31.0 million net income, during the same period in 2013, mainly due to the following factors:
Net revenues: Net revenues decreased by 34% to $39.1 million for the fourth quarter of 2014, compared to $59.2 million for the same period in 2013, mainly due to a decrease in charter rates. The Company operated 32 vessels on average during the fourth quarter of 2014, earning aTCE(5) rate of $11,849, compared to 28 vessels and a TCE rate of $22,550 during the same period in 2013.
Voyage expenses: Voyage expenses increased by 193% to $4.4 million for the fourth quarter of 2014 compared to $1.5 million for the same period in 2013, mainly due to an increase in the vessels'' repositioning expenses.
Vessel operating expenses: Vessel operating expenses increased by 14% to $12.4 million for the fourth quarter of 2014, compared to $10.9 million for the same period in 2013. The increase in operating expenses is mainly attributable to an increase in ownership days by 14% to 2,944 days for the fourth quarter of 2014 from 2,576 days for the same period in 2013.
Depreciation: Depreciation increased to $11.2 million for the fourth quarter of 2014, compared to $9.8 million for the same period in 2013, as a result of the increase in the average number of vessels operated by the Company during the fourth quarter of 2014.
Interest expense: Interest expense decreased to $1.9 million or 10% in the fourth quarter of 2014 from $2.1 million for the same period in 2013, as a result of the decrease in the average outstanding amount of loans and credit facilities.
Loss from inventory valuation: Loss from inventory valuation amounted to $4.0 million for the fourth quarter of 2014, compared to nil for the same period in 2013, resulting from the valuation of the bunkers remaining on board our vessels, which was affected by the decline of bunker market prices during the fourth quarter of 2014.
Loss on derivatives: Loss on derivatives increased to $0.9 million in the fourth quarter of 2014, compared to $0.3 million for the same period in 2013, as a result of the mark-to-market valuation of the Company''s interest rate swap transactions that we employ to manage the risk and interest rate exposure of our loan and credit facilities. These swaps economically hedge the interest rate exposure of the Company''s aggregate loans outstanding. The average remaining period of our swap contracts was 2.2 years as of December 31, 2014. The valuation of these interest rate swap transactions at the end of each quarter is affected by the prevailing interest rates at that time.
Daily vessel operating expenses(6): Daily vessel operating expenses remained stable at $4,226 for the fourth quarter of 2014 compared to $4,224 for the same period in 2013.
Daily general and administrative expenses(6): Daily general and administrative expenses, which include daily fixed and variable management fees payable to our Manager(7) and daily costs incurred in relation to our operation as a public company, decreased by 2% to $1,179 for the fourth quarter of 2014, compared to $1,202 for the same period in 2013.
(5) Time charter equivalent rates, or TCE rates, represent the Company''s charter revenues less commissions and voyage expenses during a period divided by the number of our available days during the period.
(6) See Table 2.
(7) Safety Management Overseas S.A., referred to in this press release as our "Manager".
EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income available to common shareholders and Adjusted EPS are not recognized measurements under US GAAP.
Adjusted Net Income represents Net income/(loss) before gain on asset purchase cancellation, early redelivery (income)/cost, loss from inventory valuation, (loss)/gain on derivatives and foreign currency, respectively.
Adjusted Net Income available to common shareholders represents Adjusted Net Income less Preferred dividend.
EBITDA represents Net income/(loss) before interest, income tax expense, depreciation and amortization. Adjusted EBITDA represents EBITDA before gain on asset purchase cancellation, early redelivery income/(cost), loss from inventory valuation, (loss)/gain on derivatives and foreign currency, respectively. EBITDA and Adjusted EBITDA are not recognized measurements under US GAAP. EBITDA and Adjusted EBITDA assist 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 and Adjusted EBITDA information. The Company believes that EBITDA and Adjusted EBITDA are 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 and the calculation of Adjusted EBITDA generally further eliminates the effects from gain on asset purchase cancellation, early redelivery income/(cost), loss from inventory valuation and (loss)/gain on derivatives and foreign currency, items which may vary for different companies for reasons unrelated to overall operating performance.
EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income available to common shareholders and Adjusted Earnings per share have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of the Company''s results as reported under US GAAP. EBITDA and Adjusted EBITDA should not be considered as substitutes for net income and other operations data prepared in accordance with US GAAP or as a measure of profitability. While EBITDA and Adjusted EBITDA are frequently used as measures of operating results and performance, they are not necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation.
The Company is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes for some of the world''s largest users of marine drybulk transportation services. The Company''s common stock, series Bpreferred stock, series Cpreferred stock and series D preferred stock are listed on the NYSE, and trade under the symbols "SB", "SB.PR.B", "SB.PR.C", and "SB.PR.D" respectively. The Company''s current fleet consists of 33 drybulk vessels, all built 2003 onwards, and the Company has agreed to acquire 11 additional drybulk newbuild vessels to be delivered at various dates through 2018.
This press release contains forward-looking statements (as defined in Section 27A of the Securities Exchange Act of 1933, as amended, and in 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 that 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, 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 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.
Dr. Loukas Barmparis
President
Safe Bulkers, Inc.
Athens, Greece
Tel.: +30 2 111 888 400
Fax: +30 2 111 878 500
E-Mail:
Nicolas Bornozis, President
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, N.Y. 10169
Tel.: (212) 661-7566
Fax: (212) 661-7526
E-Mail:
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Datum: 26.02.2015 - 16:31 Uhr
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