The document discusses the company's fourth quarter 2012 financial results. It begins with forward-looking statements about growth strategies, vessel acquisitions, and time charters. It then introduces the management team, including the Chairman and CEO, President, CFO, and COO. Finally, it provides an industry section showing charts of declining charter market rates and bottoming out second hand vessel values over the past five years.
The document compares the performance of different investment strategies over a 32-year period from 1976 to 2008. It finds that investors who panicked and sold their investments after a 10% or greater market decline ended up with significantly lower returns than investors who maintained a long-term strategic asset allocation and remained invested through downturns. Specifically, investors who waited for the market to recover before reinvesting had returns that were 59.5-72.4% lower than investors who stayed the course. While market declines can feel severe in the short-term, historically the market and economy have recovered to reach new highs.
This document is an Asset Acquisition Statement form that provides information about the purchase or sale of assets between two parties. It includes:
1) General information about the parties and date of sale
2) The original statement of assets transferred, including aggregate fair market values and allocation of sales price among asset classes
3) A supplemental statement section to report any amendments due to increases or decreases in consideration.
El documento proporciona 5 consejos para escribir preguntas efectivas en los cuestionarios de cursos e-learning: 1) Alinear las preguntas con los objetivos del curso, 2) Hacer una variedad de tipos de preguntas, 3) Hacer las preguntas claras y concisas, 4) Ajustar bien el conjunto de respuestas, y 5) Crear feedback para las preguntas. El objetivo es evaluar si los estudiantes han comprendido el material del curso.
La rótula tiene dos caras, una base, dos bordes y un vértice. La tibia tiene tres caras, tres bordes en el cuerpo y una extremidad superior con dos superficies articulares y una extremidad inferior con cuatro caras y surcos para tendones.
Este documento define qué es un proyecto y describe los conceptos clave relacionados con la gestión de proyectos. Un proyecto es un emprendimiento temporal para lograr un resultado único. La gestión de proyectos surgió para hacer frente a la complejidad creciente de los proyectos y asegurar que se completen a tiempo y dentro del presupuesto. El documento explica los procesos clave de un proyecto como la definición del objetivo, la estructura de desglose de trabajo y el control de cambios en el alcance.
Magali Merlos Manzanera tiene 16 años y vive en el Estado de México. Sus colores favoritos son el negro, gris y azul, y su animal favorito es el lobo. Sus deseos incluyen tener dinero para apoyar a los necesitados, tener un buen trabajo y comprarle una casa a su mamá. Sus planes son conocer su país, viajar por el mundo con amigos, terminar su carrera y mudarse a España o Irlanda. Sus gustos son vestirse bien, la música, hacer reír a otros y pasar tiempo con amigos.
Este documento presenta varios juegos y herramientas educativas para niños. Incluye sopas de letras, crucigramas, juegos de matemáticas, actividades flash, el juego del memory, el programa GCompris con más de 100 actividades, los programas KKuentas y Calkulo para practicar operaciones matemáticas básicas, y la aplicación El Gran Caco para aprender inglés. La mayoría de estos recursos son gratuitos y están disponibles en línea o para su descarga.
The document compares the performance of different investment strategies over a 32-year period from 1976 to 2008. It finds that investors who panicked and sold their investments after a 10% or greater market decline ended up with significantly lower returns than investors who maintained a long-term strategic asset allocation and remained invested through downturns. Specifically, investors who waited for the market to recover before reinvesting had returns that were 59.5-72.4% lower than investors who stayed the course. While market declines can feel severe in the short-term, historically the market and economy have recovered to reach new highs.
This document is an Asset Acquisition Statement form that provides information about the purchase or sale of assets between two parties. It includes:
1) General information about the parties and date of sale
2) The original statement of assets transferred, including aggregate fair market values and allocation of sales price among asset classes
3) A supplemental statement section to report any amendments due to increases or decreases in consideration.
El documento proporciona 5 consejos para escribir preguntas efectivas en los cuestionarios de cursos e-learning: 1) Alinear las preguntas con los objetivos del curso, 2) Hacer una variedad de tipos de preguntas, 3) Hacer las preguntas claras y concisas, 4) Ajustar bien el conjunto de respuestas, y 5) Crear feedback para las preguntas. El objetivo es evaluar si los estudiantes han comprendido el material del curso.
La rótula tiene dos caras, una base, dos bordes y un vértice. La tibia tiene tres caras, tres bordes en el cuerpo y una extremidad superior con dos superficies articulares y una extremidad inferior con cuatro caras y surcos para tendones.
Este documento define qué es un proyecto y describe los conceptos clave relacionados con la gestión de proyectos. Un proyecto es un emprendimiento temporal para lograr un resultado único. La gestión de proyectos surgió para hacer frente a la complejidad creciente de los proyectos y asegurar que se completen a tiempo y dentro del presupuesto. El documento explica los procesos clave de un proyecto como la definición del objetivo, la estructura de desglose de trabajo y el control de cambios en el alcance.
Magali Merlos Manzanera tiene 16 años y vive en el Estado de México. Sus colores favoritos son el negro, gris y azul, y su animal favorito es el lobo. Sus deseos incluyen tener dinero para apoyar a los necesitados, tener un buen trabajo y comprarle una casa a su mamá. Sus planes son conocer su país, viajar por el mundo con amigos, terminar su carrera y mudarse a España o Irlanda. Sus gustos son vestirse bien, la música, hacer reír a otros y pasar tiempo con amigos.
Este documento presenta varios juegos y herramientas educativas para niños. Incluye sopas de letras, crucigramas, juegos de matemáticas, actividades flash, el juego del memory, el programa GCompris con más de 100 actividades, los programas KKuentas y Calkulo para practicar operaciones matemáticas básicas, y la aplicación El Gran Caco para aprender inglés. La mayoría de estos recursos son gratuitos y están disponibles en línea o para su descarga.
Este documento presenta un quiz de 5 preguntas sobre temas variados como las siglas SWAT, el túnel Cristo Redentor, los estados de EE. UU., el país con más superficie y el artista que se cortó la oreja. El juego indica que se ha perdido al contestar incorrectamente y lo invita a volver a intentarlo la próxima semana.
La química es la ciencia que estudia la composición, estructura y propiedades de la materia, así como los cambios que experimenta durante las reacciones químicas. Se divide en ramas como la química inorgánica, orgánica, físico-química y analítica. La química moderna evolucionó de la alquimia tras la Revolución Química del siglo XVIII.
The document introduces QUIPU, an open source data warehouse generation system based on Data Vault principles. It provides automated data warehouse design and implementation to help lower costs. The presentation covers QUIPU's background, architecture, benefits including repository-driven metadata and code generation. Future plans include a community edition with enhancements and paid add-ons, as well as an enterprise edition for multiple projects. QUIPU is developed by QOSQO, a Dutch company specializing in Data Vault technologies.
SP_EOC1-03_Respectful maternity care_v1.0Tracey Lee
This document outlines a session plan for teaching respectful maternity care. The session aims to have participants reflect on their own values and clinical practices regarding care of women, and identify opportunities to improve health services. The plan involves role playing scenarios to demonstrate respectful and disrespectful care, group discussions on changing practices, and individual reflection. The overall goal is to enhance service delivery and make it more welcoming for women and families.
La misión de la Corporación Universitaria Minuto de Dios (UNIMINUTO) es ofrecer una educación de alta calidad comprometida con la espiritualidad eudista, el evangelio y el cambio social responsable. Fue fundada en 1999 por el padre Rafael García Herreros para formar personas integras y cristianas. UNIMINUTO ofrece más de 200 programas a nivel nacional con énfasis en la calidad académica, las relaciones internacionales y la accesibilidad.
Avant Garde Wealth Mgmt quarterly letter - 1209Gaurav Jalan
The document discusses gold as an investment option in the current macroeconomic environment. It summarizes that central banks have significantly expanded their balance sheets since 2008, fueling asset inflation and raising gold prices. While gold does not generate cash flows, its limited supply growth supports its role as a store of value. The document recommends allocating some portion of investments to gold to hedge against risks from large-scale monetary policies. It also analyzes India's gold and stock market trends and where the current market cycle may be relative to past bear markets.
The North American Truckload Marketplace @ YE2009Thom A. Williams
This document provides a summary of the North American truckload freight transportation market from 2006 to 2009. It discusses key participants and their revenues, miles driven, and operating incomes over this period. It also examines factors such as rising fuel costs and the impact of procurement software on carriers' revenue and profit growth prospects. Overall, the document analyzes industry trends and the financial performance of leading carriers during a time of market changes and challenges.
Melford Hospital's pediatrics unit operated at 100% capacity for 90 days last year, exceeding their maximum capacity by 20 patients. Using CVP analysis, the hospital determined adding 20 beds would allow them to meet increased demand and breakeven. However, adding beds only increased costs and decreased profits. Instead, the hospital recommends renting the additional beds to an outpatient surgical group, sharing costs. Estimating the surgical group will use the beds for 4,200 patient days, annual profit is projected to increase to $786,333 with 26,000 total patient days.
- MeadWestvaco reported third quarter 2008 earnings, with total sales up 8% versus the prior year, driven by 9% growth in their packaging segments.
- While price and mix improvements offset some input cost inflation, higher costs for energy, raw materials, and freight more than offset these gains.
- Segment results were mixed - Packaging Resources saw strong bleached board shipments but higher costs reduced profits, while Consumer Solutions had sales growth but input inflation increased costs.
- The company has a strong cash position but is taking actions to improve profitability and increase cash flow given current economic conditions.
- MeadWestvaco reported financial results for the third quarter of 2008, with total sales up 8% compared to the third quarter of 2007, driven by 9% growth in combined packaging segment sales.
- Higher input costs, including a 18.9% increase in energy costs and 14.5% increase in freight costs compared to the prior year quarter, more than offset price and mix improvements across businesses.
- Adjusted earnings before interest and taxes (EBIT) were down 36% compared to the third quarter of 2007, with adjusted EBIT margins declining 350 basis points to 5.1% due to input cost inflation and hurricane-related downtime impacts.
- Segment results were mixed, with the Pack
The corporate presentation provides an overview of Claude Resources and its gold assets in Canada. It summarizes that Claude has 3 gold mining operations located in proven mining regions of Canada, with each hosting over 1 million ounces of gold. It also outlines Claude's plans to increase production by 80% by 2017 while decreasing costs, focusing on organic growth from its existing resource base near current infrastructure. The presentation promotes Claude as a lower risk investment opportunity with potential for production and cost improvements.
The document contains graphs and tables showing the performance of loan originations and portfolio balances over several periods from December 2006 to December 2009. Loan originations increased each period peaking at over 12 million in December 2008 and 2009. The loan portfolio balance also increased each period, reaching almost 9 million in December 2009. The non-performing loan balance decreased each period to just over 100,000 in December 2009, below the target.
Este documento presenta un quiz de 5 preguntas sobre temas variados como las siglas SWAT, el túnel Cristo Redentor, los estados de EE. UU., el país con más superficie y el artista que se cortó la oreja. El juego indica que se ha perdido al contestar incorrectamente y lo invita a volver a intentarlo la próxima semana.
La química es la ciencia que estudia la composición, estructura y propiedades de la materia, así como los cambios que experimenta durante las reacciones químicas. Se divide en ramas como la química inorgánica, orgánica, físico-química y analítica. La química moderna evolucionó de la alquimia tras la Revolución Química del siglo XVIII.
The document introduces QUIPU, an open source data warehouse generation system based on Data Vault principles. It provides automated data warehouse design and implementation to help lower costs. The presentation covers QUIPU's background, architecture, benefits including repository-driven metadata and code generation. Future plans include a community edition with enhancements and paid add-ons, as well as an enterprise edition for multiple projects. QUIPU is developed by QOSQO, a Dutch company specializing in Data Vault technologies.
SP_EOC1-03_Respectful maternity care_v1.0Tracey Lee
This document outlines a session plan for teaching respectful maternity care. The session aims to have participants reflect on their own values and clinical practices regarding care of women, and identify opportunities to improve health services. The plan involves role playing scenarios to demonstrate respectful and disrespectful care, group discussions on changing practices, and individual reflection. The overall goal is to enhance service delivery and make it more welcoming for women and families.
La misión de la Corporación Universitaria Minuto de Dios (UNIMINUTO) es ofrecer una educación de alta calidad comprometida con la espiritualidad eudista, el evangelio y el cambio social responsable. Fue fundada en 1999 por el padre Rafael García Herreros para formar personas integras y cristianas. UNIMINUTO ofrece más de 200 programas a nivel nacional con énfasis en la calidad académica, las relaciones internacionales y la accesibilidad.
Avant Garde Wealth Mgmt quarterly letter - 1209Gaurav Jalan
The document discusses gold as an investment option in the current macroeconomic environment. It summarizes that central banks have significantly expanded their balance sheets since 2008, fueling asset inflation and raising gold prices. While gold does not generate cash flows, its limited supply growth supports its role as a store of value. The document recommends allocating some portion of investments to gold to hedge against risks from large-scale monetary policies. It also analyzes India's gold and stock market trends and where the current market cycle may be relative to past bear markets.
The North American Truckload Marketplace @ YE2009Thom A. Williams
This document provides a summary of the North American truckload freight transportation market from 2006 to 2009. It discusses key participants and their revenues, miles driven, and operating incomes over this period. It also examines factors such as rising fuel costs and the impact of procurement software on carriers' revenue and profit growth prospects. Overall, the document analyzes industry trends and the financial performance of leading carriers during a time of market changes and challenges.
Melford Hospital's pediatrics unit operated at 100% capacity for 90 days last year, exceeding their maximum capacity by 20 patients. Using CVP analysis, the hospital determined adding 20 beds would allow them to meet increased demand and breakeven. However, adding beds only increased costs and decreased profits. Instead, the hospital recommends renting the additional beds to an outpatient surgical group, sharing costs. Estimating the surgical group will use the beds for 4,200 patient days, annual profit is projected to increase to $786,333 with 26,000 total patient days.
- MeadWestvaco reported third quarter 2008 earnings, with total sales up 8% versus the prior year, driven by 9% growth in their packaging segments.
- While price and mix improvements offset some input cost inflation, higher costs for energy, raw materials, and freight more than offset these gains.
- Segment results were mixed - Packaging Resources saw strong bleached board shipments but higher costs reduced profits, while Consumer Solutions had sales growth but input inflation increased costs.
- The company has a strong cash position but is taking actions to improve profitability and increase cash flow given current economic conditions.
- MeadWestvaco reported financial results for the third quarter of 2008, with total sales up 8% compared to the third quarter of 2007, driven by 9% growth in combined packaging segment sales.
- Higher input costs, including a 18.9% increase in energy costs and 14.5% increase in freight costs compared to the prior year quarter, more than offset price and mix improvements across businesses.
- Adjusted earnings before interest and taxes (EBIT) were down 36% compared to the third quarter of 2007, with adjusted EBIT margins declining 350 basis points to 5.1% due to input cost inflation and hurricane-related downtime impacts.
- Segment results were mixed, with the Pack
The corporate presentation provides an overview of Claude Resources and its gold assets in Canada. It summarizes that Claude has 3 gold mining operations located in proven mining regions of Canada, with each hosting over 1 million ounces of gold. It also outlines Claude's plans to increase production by 80% by 2017 while decreasing costs, focusing on organic growth from its existing resource base near current infrastructure. The presentation promotes Claude as a lower risk investment opportunity with potential for production and cost improvements.
The document contains graphs and tables showing the performance of loan originations and portfolio balances over several periods from December 2006 to December 2009. Loan originations increased each period peaking at over 12 million in December 2008 and 2009. The loan portfolio balance also increased each period, reaching almost 9 million in December 2009. The non-performing loan balance decreased each period to just over 100,000 in December 2009, below the target.
The document demonstrates the benefits of an indexed annuity product called Index-5 from American Equity over a 12-year period from 1998 to 2010. The Index-5 was able to accumulate value based on the appreciation of the S&P 500 index without losses in down years of the index due to its annual reset design. It provided upside potential while guaranteeing the principal. Indexed annuities offer benefits like minimum guarantees, tax deferral, guaranteed lifetime income and preservation of premium.
Fixed Indexed Annuities gives you the safety of a Savings Account and the benefit of Playing the Stock Market. Guaranteed never to lose any principal or interest accrued.
The document is a monthly budget for an unnamed student that spans 12 months. It lists various expense categories including sales, payroll, rent, advertising, insurance, equipment, utilities, and legal. For each category it shows the projected monthly and total annual expense. The largest expenses are $80,000 per month for sales, $39,000 per month for payroll, and $10,000 per month for advertising. The total annual expenses projected are $960,000 for sales, $468,000 for payroll and $120,000 for advertising.
The document compares monthly income and total expected benefits from annuities versus portfolio distributions at different ages. The top graph shows that monthly income from portfolio distributions starts lower but increases with age, surpassing annuity payments. The bottom graph shows that total expected benefits including ending portfolio value are higher than annuity benefits alone, though it depends on market performance. Both graphs make the comparisons over an expected longevity time period based on starting age.
Windermere Broker Comparison Sales Chart (Palm Springs Area) - February 2011SDM: Music Venture
Windermere Real Estate Coachella Valley had the highest market share in February 2011 based on listing and sale transactions, closed listing dollar volume, and closed listing and sales dollar volume in the Coachella Valley region. Their closed listing dollar volume was $119,658,005, far exceeding the next highest competitor. They also had the most listing and sales transactions for the month at 297.
- Century Aluminum reported financial results for the first quarter of 2009 with a net loss of $115 million compared to a net loss of $694 million in the fourth quarter of 2008.
- Operations have been impacted by weak end markets with plants performing safely though further capacity curtailments may be required to balance the aluminum market.
- The company has taken aggressive actions to reduce costs including full curtailment of the Ravenswood plant, curtailment of a potline at Hawesville, and production cuts at other facilities. Liquidity was also improved through an equity offering and tax refunds providing $267 million of cash on hand.
- While signs of potential market stabilization are emerging, the macro
Uranium production fell dramatically in the 1990s due to low prices and the closure of mines. However, uranium has seen a resurgence in the past decade due to growing demand for nuclear power in countries like China and India. The uranium spot price has risen from $7 per pound in 2002 to as high as $137 in 2007, driving increased exploration worldwide to address supply shortfalls. Over $1.5 billion has been invested in uranium exploration in Canada alone in the past three years. However, utilities have been cautious amid the recession, while Asian buyers aggressively secure long-term supply agreements. The supply crunch could lead to further price increases in the coming years.
This document provides an appraisal report for a property located at 1770 Star Crest Pl, San Marcos, CA. It includes estimates of the as-is value, quick sale value, and as-repaired value from three agents. It also provides details on comparable properties that recently sold or are currently listed, including location, price, size, and features. The document reconciles the various estimates and selects a final value based on the trends for the local market.
Similar to Safe Bulkers Q4 2012 results presentation (16)
Olympic Shipping investor presentation 27 May 2014TradeWindsnews
Olympic Ship AS is contemplating a NOK 500 million bond issue to partly refinance existing bonds and for general corporate purposes. It is a leading provider of high-end offshore vessels with a fleet value of NOK 8.1 billion and a contract backlog of NOK 4.9 billion. The bond terms include a 5-year tenor, quarterly coupon payments of 3M NIBOR + 4.75-5.00%, and senior unsecured status. The market outlook is positive for Olympic Ship AS's core offshore segments, with projected strong growth in global E&P spending and deepwater production through 2020.
Ship Finance International Q1 2014 results presentationTradeWindsnews
Ship Finance International reported net income of $40.7 million for 1Q 2014 with EBITDA of $129.7 million including associated companies. Key highlights included an increased quarterly dividend of $0.41 per share, equivalent to a 9% dividend yield, and the successful delivery of 10 vessels and rigs so far in 2014. The company also has investment opportunities planned across multiple segments for the remainder of 2014 and into 2015.
Höegh LNG reported financial results for the first quarter of 2014, with an EBITDA of -$1.0 million and loss before tax of $4.5 million. Two FSRU projects were completed on time and on budget, with the PGN FSRU Lampung delivered in April and the Independence delivered in May. A letter of intent was also signed for a 5-year FSRU contract with Egas of Egypt. Global LNG demand is expected to continue strong growth in Asia and other markets. Höegh LNG aims to further expand its fleet of FSRUs and pursue FLNG opportunities.
Siem Offshore Inc. presented in March 2014. The presentation covered the company's financial results for 2013, future vessel construction plans, and the offshore vessel market. Key points included:
- Revenue for 2013 was $364 million with a 34% operating margin, an improvement over 2012.
- The company has 41 vessels currently in operation and 15 more under construction through 2016 with a total contract backlog value of $395 million.
- New orders in 2013 and 2014 include platform supply vessels, offshore subsea construction vessels, and well intervention vessels.
This document is a registration statement filed by Dorian LPG Ltd. with the U.S. Securities and Exchange Commission for an initial public offering of its common shares in the United States. Dorian LPG Ltd. is registering an unspecified number of its common shares. The filing includes basic company information, biographical details of officers and directors, descriptions of the company's capital stock, plan of distribution for the offering, financial statements and other standard disclosures required in such filings. The company intends to apply to list its common shares on the New York Stock Exchange.
This document provides a summary of Jinhui Shipping and Transportation Limited's Q4 2013 and full year 2013 results presentation. It highlights the following key points:
1) For 2013, revenue decreased 7% to $218 million while net profit decreased 29% to $25 million compared to 2012.
2) For Q4 2013, revenue increased 2% while the company reported a net loss of $3 million compared to a net profit in Q4 2012.
3) The company owns 38 dry bulk carriers with a total capacity of 2.2 million DWT and an average age of 7 years.
4) Average daily time charter equivalent rates were $14,092 for 2013, down from $15
Maersk Drilling reported strong financial results for 2013, with profits increasing from USD 347M in 2012 to USD 528M in 2013. Operational uptime also increased, from 92% in 2012 to 97% in 2013. For 2014, Maersk Drilling expects results to be below 2013 due to planned rig maintenance and start-up costs for new rigs. Maersk Drilling secured several new contracts in 2013 and has high contract coverage for 2014-2016, with a revenue backlog of USD 7.9B. The company continues expanding through its newbuild program but some rig deliveries will be delayed 2-4 months. Maersk Drilling's priorities for 2014 include successful rig deliveries and maintenance
Teekay Corp group presentation September 2013TradeWindsnews
Teekay Corporation is a leading provider of marine services to the global oil and gas industry. It has a fleet of over 170 vessels across its business segments of offshore, liquefied gas, and tankers. The presentation discusses trends supporting continued growth in the offshore and liquefied natural gas markets. It also outlines Teekay's diversified business model and significant forward fixed contracts of over $15 billion. Teekay has been pursuing a strategy of growing its daughter companies like Teekay LNG and Teekay Offshore through organic projects and dropdown acquisitions, which benefit Teekay Corporation through increasing cash distributions.
GasLog investor day presentation September 2013TradeWindsnews
- The presentation provides an overview of GasLog Ltd. and their investor day activities
- It discusses GasLog's business strategy, growth trajectory, and portfolio of LNG shipping vessels
- An external speaker then provides context on the growing LNG market and shipping demand outlook
Siem Offshore is an offshore vessel owner and operator with 38 vessels in operation and 10 under construction. The company provides offshore support vessels and has expanded into subsea vessels and offshore renewable energy. Siem Offshore reported operating revenue of $172 million for the first half of 2013 and has a contract backlog of $806 million for vessels and $180 million for submarine power cable activities. The company has a strong financial position with a book equity ratio of 44% and has secured financing for its newbuilding program through 2014.
SeaBird Exploration provides marine 2D and 3D seismic data to the oil and gas industry. It has a global presence and leading operational excellence. The company focuses on core business segments like 2D acquisition and niche 3D acquisition. It has a diversified fleet and blue-chip client base. SeaBird aims to optimize fleet utilization through a mix of long and short-term contracts while also pursuing multi-client projects to capitalize on opportunities. Historical data shows high vessel utilization and revenues, though repositioning can impact utilization. Market pricing remains strong with high tender activity in 2D and 3D segments.
The document provides an agenda and materials for a Polarcus Limited investor presentation covering highlights, financials, operations, and market updates. Key points include revenues of USD 275.3 million for the first half of 2013, up 28% from the prior year. The balance sheet was strengthened through refinancing at a reduced average interest rate of 7.1%. Operational performance showed technical downtime below 5% and completion of a large multi-client project. The company also discussed ongoing legal matters and shareholder information.
Oceanteam Shipping ASA is an Oslo Stock Exchange listed shipping company that operates a fleet of large construction support vessels and provides engineering services. The company's CEO is Haico Halbesma and CFO is Torbjørn Skulstad. Oceanteam presented at the Pareto Conference in Oslo on September 4, 2013, providing an overview of the company, its finance structure, recent financial performance, and positive market outlook for large deep-water vessels.
BW Offshore is an experienced FPSO (floating production, storage and offloading vessel) operator with 16 FPSOs and 1 FSO currently in operation. It has a global production of 700,000 barrels of oil equivalent per day and a strong safety record with a low lost time injury rate. BW Offshore has a $7.8 billion contract portfolio and significant potential for growth through existing assets and new projects. It aims to create value through contract extensions, redeployments of existing FPSOs, and potential new contracts.
This document provides an overview and summary of Atwood Oceanics for investors attending the 20th Annual Oil & Offshore Conference. It summarizes Atwood's strategy of modernizing and expanding its fleet through newbuild rig deliveries from 2011-2015. This will provide a younger fleet of ultra-deepwater floaters and high-spec jackups. The summary also outlines Atwood's strong safety and operating performance, revenue efficiency, and focus on superior shareholder returns. Key details include $3.9 billion in contracted backlog through 2016 and funding for remaining capital expenditures of $1.4 billion through operating cash flows and credit facilities.
The document reports Globus Maritime's financial and operating results for the second quarter and first half of 2013, showing improvements in adjusted EBITDA and average daily TCE rates compared to the same periods in 2012, along with details on fleet deployment and market conditions. It also provides statements of comprehensive income, financial position, cash flows, and bank debt developments.
Golar reported net income of $59.0 million for Q2 2013, including a non-cash gain of $47.9 million. EBITDA was $8.2 million for the quarter. Underlying dividends received from Golar LNG Partners increased to $16.0 million from $14.4 million in Q1. Two vessels entered layup due to volatile spot market conditions. Golar has secured $1.1 billion in funding for 8 newbuilds and concluded two 10-year FSRU charters. Cash flow from operations and dividends from Partners will help fund the remaining $720 million of the $2.74 billion newbuild program. The LNG shipping market outlook remains supported by
Golar LNG Partners reported second quarter 2013 results with net income of $28.0 million and operating income of $44.4 million. They generated distributable cash flow of $26.4 million for the quarter and declared a quarterly distribution of $0.515 per unit. Recent events included completing drydockings and refinancing two vessels. Near and medium term growth opportunities include potential acquisitions of the FSRU vessels Igloo and Eskimo which have been awarded long term contracts by Golar LNG in Kuwait and Jordan respectively.
The document summarizes Seadrill's second quarter 2013 conference call. Key highlights include:
- Seadrill generated a record $665 million in EBITDA for Q2 2013.
- Economic utilization of floaters increased to 94% from 92% last quarter.
- Net income was $1.75 billion and earnings per share was $3.68.
- The quarterly cash dividend was increased to $0.91 per share.
Lamprell reported interim results for the first half of 2013, showing a return to profitability. Revenue was broadly flat at $521 million compared to the first half of 2012. Profit before tax was $10.1 million, compared to a loss before tax of $50.8 million in the same period last year. The company secured a new $181 million refinancing facility that matures in 2016. Operationally, several key projects were successfully delivered in the first half and the company's order book stands at $1.1 billion with a bid pipeline of $4.6 billion.
2. 2
Forward Looking Statements
This presentation 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 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.
3. 3
Management Team
Polys Hajioannou
Chairman and CEO
Dr. Loukas Barmparis
President
Konstantinos Adamopoulos
Chief Financial Officer
Ioannis Foteinos
Chief Operating Officer
5. 5
MARKET CONDITIONS
Daily Closing of Average 4TC
$100.000
$90.000 Low charter market.
$80.000
Promising grain season.
$70.000
$60.000
$50.000
Pan ama x Index
Cape I ndex
$40.000
$30.000
$20.000
$10.000
$0
Jan-09 Apr- 09 Jul -09 Oct- 09 Jan-10 Apr- 10 Jul -10 Oct- 10 Jan-11 Apr- 11 Jul -11 Oct- 11 Jan-12 Apr- 12 Jul -12 Oct- 12 Jan-13
5years old second hand prices (in million USD)
$180,000
$160,000 Bottoming out of 2nd
$140,000 hand vessels’ values.
$120,000
$100,000
$80,000 Cape
$60,000 Panamax
$40,000
$20,000
$0
May-09
May-08
Mar-09
May-10
May-11
May-12
Mar-08
Mar-10
Mar-11
Mar-12
Jan-08
Nov-08
Jan-09
Jul-09
Nov-09
Jan-10
Nov-10
Jan-11
Nov-11
Jan-12
Sep-12
Nov-12
Jan-13
Jul-08
Sep-08
Sep-09
Jul-10
Sep-10
Jul-11
Sep-11
Jul-12
Source: Baltic Exchange Data as of February 15, 2013.
6. 6
MARKET CONDITIONS – SUPPLY SIDE
Orderbook (in million tons)
90 Existing Fleet as of Jan 2013
Total Fleet: 680 M dwt
80 Capes : 282 M dwt
70 Panamax : 168 M dwt
Highlights
60
50 Panamax
• Substantial orderbook through out 2013. 40 Cape
30 Total Fleet
20
• Declining orderbook the following years 10
0
2013 2014 2015 2016
• Average age of total fleet is 10 years. Ageing of Dry Bulk Fleet
• About 18% of fleet above 20 years old.
• Average age of vessels going for
demolition is lowering in low charter
market conditions.
Data as of January 2013.
Source: SSY, Maersk Broker, Drewry
7. 7
MARKET CONDITIONS – SUPPLY SIDE
Accumulated order book vs. deliveries
Highlights:
• Slippage or cancellations amounted to
about 30% of the order-book for 2012:
Lack of finance;
Excessive delays from shipyards.
• 2012 Scrapping at 34,0 mil. dwt versus
23.8 mil. during 2011. Data as of October 31, 2012.
• Net fleet in 2012 increased by 64.1 mil.
dwt or 10%, versus increase by 76.7 mil
dwt or 14% during 2011.
• Scrapping rate in January 2013 continues
amounting to 2,2 mill dwt.
Source: Morgan Stanley Research, SSY, RS Platou Data as of January, 2013.
11. 11
COMPANY OVERVIEW - MARKET CONDITIONS - COMPANY STRATEGY
Highlights as of
February 15, 2013:
• Current fleet: 25 vessels
• Classes:
Panamax to Capes
75,000 dwt to 178,000 dwt 7 Panamax 6 Kamsarmax 10 Post-Panamax 2 Capesize
• Transport coal, grain, iron
Newbuilds
ore and other dry-bulk Secondhand
commodities
• Fleet age: 4.8 years
• Fleet age upon all scheduled
deliveries by 2015 : 6.1
years
• Contracted fleet expansion:
6 newbuilds & 1 secondhand 3 Panamax 2 Post-Panamax 1 Capesize 1 Kamsarmax
• High spec ships from quality
yards
12. 12
COMPANY OVERVIEW
Highlights:
• Our founders invested in shipping since 1958
• Our Manager Safety Management Overseas was founded in 1993
• Safe Bulkers was founded in 2007
• Safe Bulkers IPO 2008 NYSE
• Follow-on Offering: March 2010 $75.0 M Net
• Follow-on Offering: April 2011 $39.6 M Net
• Follow-on Offering: March 2012 $35.3 M Net
• Industry recognition
13. 13
COMPANY OVERVIEW
• Long history in shipping. • Experience, market knowledge and proven
track record over many shipping cycles.
• Management invest in ship owning • Management fully aligned with
activities only through Safe Bulkers. shareholders’ interests.
• Hands - on business approach. • Low OPEX and reputation of operating
excellence reflected in utilization rates.
• Significant contracted growth and • Create value for our shareholders.
acquisitions in second hand market.
• Recognized consistent management • Business expansion and investor credibility.
policies over the years.
• Prudent financing. • Financing from equity and debt maintaining
comfortable leverage.
• Dividend policy. • Paying out a portion of free cash flows while
retain remaining cash to finance expansion
and deleveraging.
14. ASSET MANAGEMENT POLICY 14
POLICY 32
2,900,000
• Invest in the lower part of the cycle in 30 168,000
newbuilds or second hand vessels. 2,775,300
27 334,200
• Acquire shallow-drafted, energy efficient 2,500,000
newbuilds to be ahead of the competition. 2,441,100
24 158,700
• Opportunistically acquire second hand 2,282,400
2,282,400
vessels at attractive prices. 2,100,000
ACTIVE MANAGEMENT OF 18
1,700,000
ORDERBOOK 1,715,600
16
• Newbuild cape cancelled after contractual 1,300,000
1,443,800
cancellation date, for excessive construction 14
delays. Ongoing arbitration.
11 1,153,900
• Selective acquisitions and deliveries of two 900,000
2nd - hand Panamaxes, both of 2003, at 887,900
$14.2 million & $13.8 million and acquisition
of one 2nd - hand Kamsarmax at $19.4 500,000
million with scheduled delivery in March
2013.
• Rescheduled deliveries of three existing 100,000
newbuilds one for 2014 two for 2015. 2008 2009 2010 2011 2012 2013 2014 2015
Contracted Deliveries in Dwt Existing Fleet in Dwt
Data as of February 15, 2013.
15. CHARTERING POLICY - CHARTER COVERAGE 15
POLICY
• Balance of long-term period
and spot charter employment.
26% 13%
• Employment in long-term
10,000 65%
period time charters to provide
visibility in future cash flows. 8,000 3,376
• Employment in spot charters 8,032
6,000 9,753
to maintain flexibility in low
charter market conditions, and 4,000
provide better profitability in 6,190
high charter markets. 2,000
2,768
• Early redeliveries of three 1,411
0
vessels receiving cash 2013 2014 2015
compensation of $25.1 million
in total. Reemployed all
redelivered vessels in spot
and period time charter % Open Days/Total Ownership Days
market. Open days Charter Days
• Substantial charter coverage Data as of February 15, 2013. Including vessels to be delivered that have already been chartered-out.
of anticipated ownership days
for 2013, 2014 and 2015.
17. CHARTERING POLICY : ESTABLISHED CHARTERERS 17
Cooperation with
established performing
charterers
Cautious monitoring of
current market conditions
Safe Bulkers might do business with companies presented or their affiliates
18. OPERATION POLICY : DAILY OPEX AND DAILY MANAGEMENT FEES 18
POLICY
• Hands-on approach. Lean
$8,000
• Vessels managed by Safety operations
Management Overseas.
• Exclusive management $6,000 5,407 5,161 5,258 5,356 5,476
agreement.
• Competitive operations 1,084 1,086 916 1,006 1,001
compared to industry as $4,000
displayed by our daily
operating expenses.
• High fleet utilization rate. $2,000 4,323 4,075 4,342 4,350 4,476
• Experienced team in
operations, technical support
and newbuild supervision. $0
• Low average fleet age. 2008 2009 2010 2011 2012
• High quality vessels.
Daily Operating expenses in US$. Daily vessel operating expenses include the costs for
• Sister-ship factor. crewing, insurance, lubricants, spare parts, provisions, stores, repairs, maintenance,
statutory and classification expense, drydocking, intermediate and special surveys, tonnage
taxes and other miscellaneous items. Daily vessel operating expenses are calculated by
dividing vessel operating expenses by ownership days for the relevant period.
Daily Management Fees in US$ . Daily management fees include the fixed and the
variable fees payable to our Manager. Daily management fees are calculated by dividing
management fees by ownership days for the relevant period.
19. FINANCIAL POLICY: DEBT PER VESSEL - MARGIN LEVEL 19
Allocation of Debt per Margin Level**
•Financing with equity and debt. $280
•Increased earnings are retained $210
after dividend reduction. $140
$259
• Deleveraging. $70 $128
$157
$72
•Comply with financial covenants. $0
0.7%-0.8% 0.9%-1.25% 2.0%-2.35% O.E.C.D C.I.R.R*
• Maintain low financing costs. * Debt in O.E.C.D Commercial Interest Reference Rate
** As of December 31, 2012
Net Debt per Vessel
24
23
23
21
20. 3
19. 7
20
18. 9
18
18 17. 2 17
16. 5 16. 5
16 16 15. 5 16. 0 16. 1
16
15 15
15. 3
15. 0
14 14 14 14. 1 14. 0
13 13
13 12. 7 12. 6
10. 6
8
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012 2012
VESSELS NUMBER LEVERAGE IN MIL ($)
As of December 31, 2012. Net debt per vessel consists of total debt less cash, time deposits, restricted cash, long-term floating rate note and
advances for newbuilds divided by number of vessels “in the water” as of quarter end. Assumption: Contracted value of newbuilds equals market value.
20. FINANCIAL POLICY: CAPEX LIQUIDITY 20
250
6 newbuilds & 1 secondhand
vessel on order •Surplus from operations
not accounted.
• Strong Balance Sheet •Ability to raise additional
• Substantial liquidity to 193.5 indebtedness against 2
200 finance CAPEX
182.6 existing debt-free vessels
and 6 newbuilds &
1 secondhand upon their
delivery
150
100
74.2 73.7 68.9
68.1
51.2
50 40
(1) (2) (3)
0
2013 2014 2015 TOTAL TOTAL CASH FRN RCF
Data as of February 15, 2015
CAPEX LIQUIDITY
(1) Cash, short-term time deposits and long-term restricted cash
(2) Remaining undrawn availability against our Long-term floating rate note (FRN) of $50 Million from
which we may borrow up to 80% under certain conditions
(3) Available under existing revolving reducing credit facilities (RCF)
21. DIVIDEND POLICY 21
The Board of Directors of the 1.2 1.14
Company is continuing a policy of
paying out a portion of the 1.07 Payment of 18
Company’s free cash flow at a consecutive quarterly
level it considers prudent in light
of the current economic and 1.0 dividends
financial environment.
The declaration and payment of 0.82
dividends, if any, will always be
subject to the discretion of the
0.8 0.72
Board of Directors of the
Company. The timing and amount
of any dividends declared will
0.58
depend on, among other things:
(i) the Company’s earnings,
0.6
financial condition and cash 0.475 0.47
requirements and available
sources of liquidity, 0.41 0.42 0.41 0.42
(ii) decisions in relation to the 0.4 0.37
Company’s growth strategies, 0.33 0.33
0.30 0.28
(iii) provisions of Marshall Islands 0.27 0.28 0.27
and Liberian law governing the
payment of dividends,
0.22
(iv) restrictive covenants in the
Company’s existing and future
0.2 0.146 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15
debt instruments and
(v) global financial conditions. 0.05 0.05
Accordingly, dividends might be 0.0
reduced or not be paid in the Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
future.
2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012 2012
EPS [$] Dividend per share [$]
22. 22
Objective:
Profitably grow our business and
maximize value for our investors
Dividend Policy:
Asset Management Policy:
- Paying out a portion of free cash flow
to reward shareholders - Invest in the low part of the cycle in
high efficiency shallow drafted sister
- Retain earnings for future expansion vessels and attractive second-hand
and deleveraging vessels
Operations Policy: Financing Policy:
- Hands-on approach - Financing with equity and debt
- Experienced management team
- Low OPEX, fees and G&A structure - Comfortable Leverage in compliance
with financial covenants
- High fleet utilization rate - Strong balance sheet ensuring
financial flexibility
Chartering Policy:
- Long period charters with
reputable counterparties to provide future
cash flow visibility
- Spot charters to maintain operational
flexibility and allow upside potential
- Early redeliveries to take advantage of
favorable market conditions or to reduce
risk exposure in adverse market conditions.
23. 23
Three-Month Twelve-Month
FLEET DATA Period Ended Period Ended
December 31, December 31,
2011 2012 2011 2012
Number of vessels at period end 18 24 18 24
Average age of fleet (in years) 4.29 4.50 4.29 4.50
Ownership days (1) 1,602 2,171 5,992 7,716
Available days (2) 1,594 2,158 5,976 7,703
Operating days (3) 1,588 2,154 5,962 7,654
Fleet utilization (4) 99.1% 99.2% 99.5% 99.2%
Average number of vessels in the period (5) 17.41 23.60 16.42 21.08
AVERAGE DAILY RESULTS
Time charter equivalent rate (6) $26,330 $20,845 $27,932 $22,979
Daily vessel operating expenses (7) $4,487 $4,511 $4,350 $4,476
1) Ownership days represent the aggregate number of days in a period during which each vessel in the Company’s fleet has been owned by the Company.
2) Available days represent the total number of days in a period during which each vessel in the Company’s fleet was in the Company’s 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 the Company’s available days in a period less the aggregate number of days that the Company’s vessels are off-hire due to any
reason, excluding scheduled maintenance.
4) Fleet utilization is calculated by dividing the number of the Company’s operating days during a period by the number of the Company’s 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 the Company’s charter revenues less commissions and voyage expenses during a period divided by the number of
the Company’s 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.
24. Comparison of Selected 3 Month Financial Results 24
NET REVENUE
$46.4
$42.9
$35
ADJUSTED NET INCOME (2)
..…….….
$30 $32.2 (1)
$20 $24.0
2011 2012
..…….….....
in million US$ $23.6 (1)
$20.5
$20
ADJUSTED EPS (2)
DAILY OPEX
$10
$4,487 $4,511 ..…….….....
0.40 $0.34
$4,500 $0.42 (1)
..…….….....
$0 $0.33 (1) $0.27
2011 in million US$ 2012
$3,000 0.20
ADJUSTED EBITDA (2)
$45 ..…….….....
$1,500 $43.9 (1)
2011 in US$ 2012 0.00
$32.1 $32.2 2011 2012
..…….….....
$30
INTEREST EXPENSE
$31.7 (1) in US$
$4
$2.9
$3
$1.5 $15
$2 (1) Non-Adjusted figures.
(2) EBITDA represents net income before interest, income tax
$0 expense, depreciation and amortization. The Company excluded early
$1 redelivery income/(cost) and gain/(loss) on derivatives and foreign
2011 2012 currency to derive adjusted net income, adjusted EPS and the
in million US$ adjusted EBITDA. Adjusted net income, Adjusted earnings per share,
$0 EBITDA and Adjusted EBITDA are not items recognized by GAAP and
should not be considered as alternatives to Net income, earnings per
2011 2012 share, operating income, or any other indicator of a Company’s
operating performance required by GAAP. For reconciliation of
in million US$ Adjusted Net Income, EPS and EBITDA please refer to Slide 26.
25. Fourth Quarter 2011 and 2012 25
Summary of Financial Results
Q4 Q4
%Δ
(In million US$, except for per share data) 2011 2012
Net Revenues 42.9 46.4 8%
Net Income 23.6 32.2 36%
Adjusted Net Income 24.0 20.5 (15)%
EBITDA (*) 31.7 43.9 39%
ADJUSTED EBITDA 32.1 32.2 0.3%
Earnings per Share EPS(*) 0.33 0.42
ADJUSTED EPS 0.34 0.27
* For definition and reconciliation of EBITDA, Adjusted EBITDA, Net Income, Adjusted Net Income, EPS and Adjusted EPS please refer to slide 26.
(In million US$) Dec 31, 2011 Dec 31, 2012 %Δ
Total Debt 484.3 615.7 27%
Shareholder’s Equity 331.8 425.9 28%
26. RECONCILIATION OF ADJUSTED NET INCOME, 26
EBITDA, ADJUSTED EBITDA AND ADJUSTED EPS
Three-Month Twelve-Month
Period Ended December 31, Period Ended December 31,
(In thousands of U.S. Dollars except for share and per share data) 2011 2012 2011 2012
Net Income - Adjusted Net Income
Net Income 89,734
23,553 32,223 96,120
Less Early redelivery income (207)
(106) (11,677) (11,677)
Plus Loss/(gain) on derivatives 175 (65) 12,491 5,384
Plus Foreign currency loss 390 15 799 3
Adjusted Net Income 102,817
24,012 20,496 89,830
EBITDA - Adjusted EBITDA
Net Income 89,734
23,553 32,223 96,120
Plus Net interest expense 1,251 2,597 4,204 7,950
Plus Depreciation 23,637
6,571 8,755 32,250
Plus Amortization 290 359 653 1,226
EBITDA 31,665 43,934 118,228 137,546
Less Early Redelivery Income (207)
(106) (11,677) (11,677)
Plus Loss/(gain) on derivatives 175 (65) 12,491 5,384
Plus Foreign currency loss 390 15 799 3
ADJUSTED EBITDA 32,124 32,207 131,311 131,256
EPS – Adjusted EPS
Net Income 23,553 32,223 89,734 96,120
Adjusted net income 24,012 20,496 102,817 89,830
Weighted average number of shares 70,894,420 76,665,956 69,463,093 75,468,465
EPS 0.33 0.42 1.29 1.27
Adjusted EPS 0.34 0.27 1.48 1.19
EBITDA represents net income before interest, income tax expense, depreciation and amortization. Adjusted EBITDA represents EBITDA before early redelivery income/(cost) and gain/(loss) on derivatives and foreign currency. 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/(loss) on sale of assets, early redelivery income/(cost) and gain/(loss) on derivatives and foreign currency, items which may vary for different companies for reasons unrelated to overall operati ng
performance.
EBITDA, adjusted EBITDA, Adjusted Net Income and Adjusted EPS 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, are not necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation.
27. 27
Dividends
Dividend Declaration
The Company’s Board of Directors declared a cash dividend on the Company’s common stock of $0.05
per share payable on or about March 8, 2013, 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 4, 2013.
The Company has 76,670,460 shares of common stock issued and outstanding as of February 15, 2013.
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.
28. 28
CONCLUSION
Long-term relationships with leading yards, banks and charterers resulting in
insight to the underlying demand for commodities and repeat business.
History and reputation of operating excellence, reflected in utilization rates and operating expenses.
Low financial costs due to prudent leverage and low spreads.
Young, shallow drafted fleet of 25 drybulk vessels, all built 2003 onwards.
Significant contracted growth.
Extensive charter coverage with established performing customers.
Strong balance sheet and liquidity provide financial flexibility.
Leverage in compliance with our financial covenants.
Prudent dividend policy to reward shareholders through payment of dividend and ensure future
expansion and deleveraging.
29. 29
Company Contact Investor Relations/Media Contact
Analyst
Coverage
Dr. Loukas Barmparis Matthew Abenante
President Investor Relations Advisor
Safe Bulkers, Inc. Capital Link Inc.
Athens, Greece New York, USA
Tel: +30 (210) 8994980 Tel: +1 (212) 661-7566
Fax: +30 (210) 8954159 Fax:+1 (212) 661-7526
E-mail: directors@safebulkers.com E-mail: safebulkers@capitallink.com