Safe Bulkers, Inc. (NYSE:SB) Q3 2019 Earnings Conference Call - Final Transcript

Oct 25, 2019 • 08:30 am ET


Safe Bulkers, Inc. (NYSE:SB) Q3 2019 Earnings Conference Call - Final Transcript


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Thank you for standing by, ladies and gentlemen, and welcome to the Safe Bulkers Conference Call to discuss the Third Quarter 2019 Financial Results. Today we have with us from Safe Bulkers Chairman and Chief Executive Officer, Mr. Polys Hajioannou; President, Dr. Loukas Barmparis; Chief Financial Officer, Mr. Konstantinos Adamopoulos; and Chief Operating Officer, Ioannis Foteinos.

At this time, all participants are in a listen-only mode. There will be a presentation followed by 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.

Forward-looking statements. Before we begin, please note that this presentation contains forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange 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 expected, intends, plans, believes, anticipates, hopes, estimates and variation 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 these 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 obligation 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.

And now, I pass the floor to Dr. Barmparis. Please go ahead, sir.

Loukas Barmparis

Welcome to our conference call and webcast to discuss the financial results for the third quarter of 2019. In third quarter 2019, we entered into charters at higher rates than the first half of 2019. As a result, we had a profitable quarter, despite the downtime of several vessels due to scrubber retrofitting. We remain focused in implementing our environmental investments, installing scrubbers on approximately half of our fleet and completing tank cleaning in the other half in anticipation of the effectiveness of the IMO sulphur cap regulation in 2020.

Let's move into analyzing the market conditions. In Slide 4, we present the performance of Cape and