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2025-09-26 09:37 Safe Bulkers Q1 2021 - 6K S SAFEBULKERS Monaco - May 5 , 2021 Safe Bulkers , Inc. Reports First Quarter 2021 Results Safe Bulkers , Inc. ( the “ Company ” ) ( NYSE : SB ) , an international provider of marine drybulk transportation services , announced today its unaudited financial results for the three month period ended March 31 , 2021 . Financial highlights In million U.S. Dollars except per share data Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Net Revenues 62.5 52.2 51.9 48.3 45.7 Net income / ( loss ) 21.3 7.6 3.3 ( 13.9 ) ( 9.9 ) Adjusted Net income / ( loss ) ¹ 16.7 7.7 3.5 ( 13.3 ) ( 10.2 ) EBITDA² 39.3 26.2 22.1 5.7 9.7 Adjusted EBITDA 2 34.6 26.3 22.3 6.3 9.4 Earnings / ( loss ) per share basic and diluted³ 0.18 0.04 0.00 ( 0.16 ) ( 0.12 ) 3 Adjusted earnings / ( loss ) per share basic and diluted 0.14 0.04 0.00 ( 0.16 ) ( 0.13 ) Average Daily results in U.S. Dollars Time charter equivalent rate4 Daily vessel operating expenses Daily vessel operating expenses excluding dry - docking and pre - delivery expenses Daily general and administrative expenses In million U.S. Dollars Total Cash Liquidity⁹ Total Debt 10 15,567 4,702 12,319 3,978 12,575 8,094 9,089 4,896 4,729 4,771 4,358 3,955 4,459 4,207 4,285 1,440 1,469 1,418 1,374 1,371 130.1 124.0 106.7 118.8 109.3 191.4 171.2 109.7 119.8 145.7 603.2 607.7 608.9 625.4 605.2 ¹ Adjusted Net income / ( loss ) is a non - GAAP measure . Adjusted Net income / ( loss ) represents Net income / ( loss ) before gain / ( loss ) on derivatives , early redelivery income , loss on vessels held for sale , loss on inventory valuation and gain / ( loss ) on foreign currency . See Table 4 . 2 EBITDA is a non - GAAP measure and represents Net income / ( loss ) plus net interest expense , tax , depreciation and amortization . See Table 4. Adjusted EBITDA is a non - GAAP measure and represents EBITDA before gain / ( loss ) on derivatives , early redelivery income , loss on vessels held for sale and gain / ( loss ) on foreign currency . See Table 4 . 3 Earnings / ( loss ) per share and Adjusted Earnings / ( loss ) per share represent Net Income and Adjusted Net income less preferred dividend and mezzanine equity measurement divided by the weighted average number of shares respectively . See Table 4 . 4 Time charter equivalent rate , or TCE rate , represents charter revenues less commissions and voyage expenses divided by the number of available days . See Table 5 . 5 Daily vessel operating expenses are calculated by dividing vessel operating expenses for the relevant period by ownership days for such period . See Table 5 . 6 Daily vessel operating expenses excluding dry - docking and pre - delivery expenses are calculated by dividing vessel operating expenses excluding dry - docking and pre - delivery expenses for the relevant period by ownership days for such period . See Table 5 . 7 Daily general and administrative expenses are calculated by dividing general and administrative expenses for the relevant period by ownership days for such period . See Table 5 . 8 Total Cash represents Cash and cash equivalents plus Time deposits and Restricted cash . 9 Liquidity represents Total Cash plus contracted undrawn borrowing capacity under revolving credit facilities and secured commitments including sale and lease back financing . Management Commentary https://www.sec.gov/Archives/edgar/data/1434754/000131786121000017/f50521sb6k.htm 4/20