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Monaco - S SAFEBULKERS Safe Bulkers , Inc. Reports Third Quarter and Nine Months 2021 Results November 3 , 2021 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 nine months periods ended September 30 , 2021 . Financial highlights Nine Nine Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Months Months In million U.S. Dollars except per share data Net Revenues 92.5 81.6 62.5 52.2 2021 2020 51.9 236.6 145.9 Net income / ( loss ) 55.4 32.4 21.3 7.6 3.3 109.1 ( 20.5 ) Adjusted Net income / ( loss ) ' 50.7 36.3 16.7 7.7 3.5 103.6 ( 20.0 ) EBITDA² 72.4 50.2 39.3 26.2 22.1 161.9 37.5 Adjusted EBITDA 2 67.7 54.1 34.6 26.3 22.3 156.4 38.1 Earnings / ( loss ) per share basic and diluted³ 0.44 0.27 0.18 0.04 0.91 ( 0.29 ) Adjusted earnings / ( loss ) per share basic and diluted ³ 0.40 0.31 0.14 0.04 0.86 ( 0.28 ) Average Daily results in U.S. Dollars Time charter equivalent rate 24,427 Daily vessel operating expenses 4,608 Daily vessel operating expenses excluding 4,608 21,098 15,567 12,319 4,874 4,702 3,978 4,568 4,358 3,955 12,575 4,896 4,729 4,799 4,459 4,511 4,318 20,359 9,940 | dry - docking and pre - delivery expenses Daily general and administrative expenses 1,590 1,488 1,440 1,469 1,418 1,506 1,388 In million U.S. Dollars Total Cash Revolving credit facilities⁹ Financing Commitments 10 Total Debt¹1 108.6 127.4 130.1 124.0 106.7 88.9 67.0 6.6 1.0 3.0 46.2 54.7 54.7 46.2 0.0 413.8 491.4 603.2 611.7 608.9 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 / ( cost ) , gain on sale of assets 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 cost , loss on inventory valuation 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 Undrawn borrowing capacity under revolving reducing credit facilities . 10 Secured financing commitments for loan and sale and lease back financings . 11 Total Debt represents Long - term debt plus Current portion of long - term debt and Liability directly associated with assets held for sale , net of deferred financing costs .