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DATE
Tuesday, Nov. 10, 2026
CALL PARTICIPANTS
- Chairman and Chief Executive Officer - Polys Hajioannou
- President - Dr. Loukas Barmparis
- Chief Financial Officer - Konstantinos Adamopoulos
- Co-CFO - Thanasis Antonakis
TAKEAWAYS
- Adjusted EPS -- $0.31 for the third quarter, increasing from $0.12 in the prior year due to improved charter market conditions.
- Adjusted EBITDA -- $63.8 million for the third quarter, compared to $36.1 million in the same period last year, reflecting higher charter hires.
- 9-Month Revenue -- $264 million, providing a foundation for strategic fleet growth and modernization initiatives.
- Quarterly Dividend -- $0.09 per common share, representing the 25th consecutive quarterly distribution supported by operational cash flows.
- Average Time Charter Equivalent (TCE) Rate -- $21,235 per day for the third quarter, up from $15,507 in the prior year because of prevailing market strength.
- Total Liquidity and Capital Resources -- $515 million, comprising $319 million in cash and cash equivalents and $196 million available under revolving credit facilities.
- Revenue Backlog -- $183 million, which management noted contributes to a total capital resource profile of nearly $700 million.
- Net Debt per Vessel -- $5.3 million, which the company indicated is at a comfortable level relative to historical fleet scrap values.
- Daily Vessel Operating Expenses -- $5,256 excluding dry-docking, a 4% increase from $5,060 in the prior year.
- Fleet Composition -- 46 vessels currently in operation with an average age of 9.8 years, compared to a global average of 12.5 years.
- Order Book -- Eight newbuilds scheduled for delivery through 2029, including two dual-fuel vessels capable of burning alternative fuels.
- Share Repurchase Program -- 10 million shares currently authorized, with the company having spent $78 million on repurchases since 2022.
- Total Share Count -- 114 million shares, a reduction from 122 million shares prior to the implementation of the buyback program.
- Carbon Intensity Index (CII) Reduction -- 22% since 2021, driven by the delivery of 16 Phase 3 newbuilds that are 30% more fuel-efficient than older vessels.
- Fuel Price Differential -- $150 per ton, benefiting 19 vessels equipped with scrubbers that allow the use of less expensive heavy fuel oil.
- Capesize Fleet Employment -- Seven vessels on period time charters with an average daily rate of $24,700 and 1.4 years of remaining duration.
- Debt Interest Rate -- 5.10% weighted average, including a €100 million unsecured bond with a fixed 2.95% coupon.
- Market Supply Forecast -- 3% to 4% growth in dry bulk supply for 2026 under a closed Strait of Hormuz scenario, according to BIMCO data.
- Market Demand Forecast -- 1.5% growth in global dry bulk demand for 2027, with grain performance presenting a downside risk due to Black Sea disruptions.
- China Economic Outlook -- 4.5% GDP growth forecasted for 2026, with manufacturing overcapacity and a property sector crisis acting as structural headwinds.
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RISKS
- Antonakis stated that "Chinese inventories may soften import demand in 2027," which would specifically impact the iron ore trade segment.
- Antonakis noted that "the Black Sea trade disruption and China's policies pushing toward greater self-sufficiency... present a downside risk" to grain shipping volumes.
- Antonakis indicated that "persistent inflationary pressures" are expected to accompany global GDP growth of approximately 3.5% through 2027.
SUMMARY
Safe Bulkers, Inc. (NYSE:SB) reported a significant increase in quarterly profitability, with management attributing the results to improved dry bulk charter rates and operational efficiencies within a modernizing fleet. The company completed an €80.4 million private placement in September to diversify its investor base and increase stock liquidity. Management emphasized a strategy of balancing shareholder returns, including an increased dividend and active share buybacks, with a multiyear fleet renewal program that includes eight remaining newbuild orders. The company maintains a leverage ratio below 30% and indicated it will focus capital allocation on upcoming vessel installments and selective secondhand acquisitions should market pricing become favorable.
- CEO Hajioannou noted the company recently secured a forward period charter for a Capesize vessel starting in February 2027 at $37,500 per day plus a scrubber premium.
- Management is monitoring the 2027 maturity of its unsecured Greek bond, with Hajioannou stating they will decide on renewal or ordinary financing based on the interest rate environment.
- Antonakis reported that 10% of the global dry bulk fleet is now over 15 years old, which is expected to lead to increased maintenance expenses and inspections across the industry.
- Hajioannou stated the company is adopting a patient approach to shipyard orders, noting that "right now, the new orders can be delivered only after 2030 or 2031 at very high prices."
- The company recently took delivery of one dual-fuel newbuild, with a second sister ship scheduled for delivery in the first quarter of 2027 to hedge against evolving carbon intensity regulations.
- Barmparis highlighted that the company achieved a high operational standard by implementing DryBMS, making it the first Greek shipping company and the sixth globally to reach this level.
- Hajioannou indicated that while bauxite trade from West Africa is meaningful for global ship employment, Safe Bulkers' Capesize vessels are primarily utilized in the West Australian and Brazilian trades due to stricter regulatory requirements.
INDUSTRY GLOSSARY
- TCE (Time Charter Equivalent): A shipping industry performance measure used to compare period-to-period changes in a company's performance despite changes in the mix of charter types.
- Capesize: Large dry bulk vessels, typically over 150,000 deadweight tons, often used for transporting iron ore and coal.
- Kamsarmax/Post-Panamax: Mid-sized dry bulk vessels designed to fit through specific international shipping canals or ports.
- Scrubber: An exhaust gas cleaning system installed on ships to remove sulfur oxides, allowing the use of higher-sulfur fuels.
- HFO (Heavy Fuel Oil): A cheaper, higher-sulfur fuel used by ships equipped with scrubbers.
- VLSFO (Very Low Sulfur Fuel Oil): A more expensive fuel compliant with IMO 2020 regulations for ships without scrubbers.
- CII (Carbon Intensity Index): A measure of how efficiently a ship transports goods and is exposed as grams of CO2 emitted per cargo-carrying capacity and nautical mile.
- Phase 3: A set of environmental regulations from the International Maritime Organization (IMO) requiring significantly higher energy efficiency for newbuild vessels.
- DryBMS: A quality assessment scheme for the dry bulk shipping industry aimed at improving safety and environmental standards.
Full Conference Call Transcript
Operator: Thank you for standing by, ladies and gentlemen, and welcome to the Safe Bulkers' Conference Call on the Third Quarter 2026 Financial Results. We have with us Mr. Polys Hajioannou, Chairman and Chief Executive Officer; Dr. Loukas Barmparis, President; and Mr. Konstantinos Adamopoulos, Chief Financial Officer of the company. [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. The archived webcast of the conference call will soon be made available on the Safe Bulkers website, www.safebulkers.com. Many of the remarks today contain forward-looking statements based on current expectations.
Actual results may differ materially from those results projected from those forward-looking statements. Additional information concerning factors that can cause the actual results to differ materially from those in the forward-looking statements is contained in the third quarter 2026 earnings release, which is available on the Safe Bulkers website, again, www.safebulkers.com. I would now like to turn the conference call over to one of your speakers today, the Chairman and CEO of the company, Mr. Polys Hajioannou. Please go ahead, sir.
Dr. Loukas Barmparis: It's Loukas Barmparis, President, and I will do this presentation at the beginning and I welcome you all this quarterly and 9 months period results. We had a strong financial performance based on improved charter market conditions. Our adjusted EPS reached EUR 0.31 in the third quarter of 2026, more than doubled compared to the same period of 2025. Our Board has declared an increased dividend to $0.09 per common share following our private placement of about EUR 80.4 million to institutional investors in Euronext Athens in September to increase the liquidity of our stock in Europe, we have diversified our investor base and further strengthened our balance sheet, liquidity and capital resources.
Please be reminded that the total number of shares today is about 114 million, substantially lower compared to about 122 million shares prior to our buyback program. Following a comprehensive review of the forward-looking statements presented in Slide 2, let's start our presentation with the company section in Slide 4, where we always make a reference to our track record. Safe Bulkers shows an extensive experience gained through multiple market cycles with an uninterrupted presence in the dry bulk shipping sector in the last 7 decades with presence in 4 countries, Athens, Limassol, Monaco and Geneva. Our interests are closely aligned with those of our public shareholders through significant management ownership of about 44%.
As a pure play dry bulk shipping company, we provide worldwide seaborne transportation of major bulks, including iron ore, coal and grain as well as minor bulks serving some of the world's largest charterers. We have consistent fleet growth since our IPO. As shown in Slide 5, for the last 5 years, we have taken delivery of 16 Phase 3 newbuilds, bringing our fleet size to 46 vessels. Key points are the extensive fleet growth plan of eight more newbuilds on order until 2029 and a young modern fleet of 9.8 years average age, while maintaining age stability through the fleet renewal program. Our net debt per vessel stands comfortably at $5.3 million per vessel.
A successful course in the dry bulk sector is relied on two elements: the operational excellence and the successful asset play. Let's focus on our operational advantage, as shown in Slide 6. On the top graph, we present our improving daily time charter equivalent rate, together with our relatively steady daily operating expenses. The improved TCE due to the prevailing market conditions is enhanced by the reduced fuel consumption of the fleet, as reflected by the 22% reduced Carbon Intensity Index since 2021. This is because our 16 newbuild vessels are by about 30% more efficient, and the environmental upgrades of 26 existing vessels improve their efficiency by about 10%.
All these vessels are traded in premium to the Baltic Exchange Index. 19 heavy-consuming vessels are equipped with scrubbers, thus they are able to burn the less expensive HFO compared to the very low sulfur fuel oil imposed by the IMO since 2020, benefiting of the price differential of the two fuels, which is about $150 today. Improved managerial procedures with implementation of DryBMS, giving us commercial and financial advantage with selected large operators. Safe Bulkers was among the very few companies worldwide to have reached this level of operational standard of excellence, being the first in Greece and the sixth globally.
Key points is our CII rating of 0 vessels on the rating of E category, which would require additional topics. In relation to asset play, as reflected in Slide 7, we point out the timing of newbuild ordering in relation to market conditions. Today, the new orders can be delivered only after 2030 or 2031 at very high prices. We have already taken delivery of 16 newbuilds, which have provided us with the ability to renew our fleet by selling 19 older vessels, while still our order book is 8 additional until 2029.
We have built a resilient company, as seen in Slide 8, with a comfortable leverage standing below 30% as of quarter end, backed by $319 million in total cash and cash equivalents, bank time deposits and restricted cash, and $196 million available under revolving credit facilities, totaling a significant firepower of about $515 million. We also present our balance sheet analysis, noting that assets are presented in their book values. We maintain a healthy, resilient balance sheet supported by a robust equity base.
Moving on to our debt profile and financial health, as presented in Slide 9, we stand strong with a total of liquidity, capital resources, and revenue backlog just shy of $700 million, or $567 million debt, including our unsecured EUR 100 million bond. Let's move to Slide 10. We have declared our 25th consecutive quarterly dividend and increased it to $0.09, supported by operational cash flows. At the same time, our free cash flow continues to finance our newbuild programs, and we do have an active 10 million share repurchase program.
The returns to shareholders include $109 million paid in common dividends and $78 million paid in common shares repurchases since 2022, reflecting our consistency in generating sustainable returns across market fluctuations. Concluding the company's update in Slide 11, we present the historic development of our dividend and earnings, noting that the improved market conditions the last quarters provide us with the opportunity to increase once more the quarterly dividend. It is important to highlight that while enhancing shareholder returns through a more rewarding distribution policy, Safe Bulkers remains committed to allocating a substantial portion of its cash flows to its newbuilding program. I now pass the floor to our Co-CFO, Thanasis Antonakis, for the dry bulk market review.
Thanasis, the floor is yours.
Athanasios Antonakis: Let's proceed to examine the supply side dynamics in Slide 13. We present two scenarios of ship supply growth with Strait of Hormuz closed and Strait of Hormuz open. The order book now stands at about 15.4% of the fleet, almost half of which is comprised of Capes. The forecast for dry bulk supply, as per BIMCO, is to grow 3% to 4% in 2026 in closed Strait scenario versus 4% to 5% growth in open. For reference, about 0.5% of dry bulk capacity is currently within the Gulf. BIMCO expects sailing speeds to fall up to 1% in 2027 if the Strait of Hormuz remain closed. Asset prices remain elevated in line with the current freight market.
Currently, only 10% of this capacity in the dry bulk order book will be able to use alternative fuels upon delivery. Thus, the dual-fuel order book remains small in the dry bulk segment. It is important to note that 10% of the dry bulk fleet is above 15 years old, which means these vessels will face increased repairs, maintenance expenses, additional inspections, restrictions, and certain associated costs. Let me point out here that in our total order book of 24 Phase III vessels placed in 2021, we had two dual-fuel newbuilds on order, one of which we took delivery of just few days ago, and the second one is due for the first quarter of 2027.
These vessels are able to operate with fossil fuels until alternative fuels become available and economically viable, hedging for the carbon intensity related environmental rules. Safe Bulkers fleet now counts 16 Phase III vessels on the water or delivered from 2022 onwards. Our average fleet age of 9.8 years is more than 2 years younger than the global fleet average age of 12.5 years, strengthening our competitive position in terms of operational performance and fuel consumption. Moving on to Slide 14, we present an overview of the demand in basic dry bulk commodities trade.
The global GDP growth expectations for 2026 and 2027, as reflected in IMF's October forecast, call for a growth around 3.5% in the coming years, accompanied by persistent inflationary pressures. BIMCO forecasts a global dry bulk demand growth of about 1.5% in 2027 on the closed Strait scenario. Iron ore demand is expected to grow up to 2.5% in 2027 in open Hormuz scenario. However, Chinese inventories may soften import demand in 2027. Coal demand is projected to decline 1% to 2% in 2027. Grains remain a strong performing major bulk; however, the Black Sea trade disruption and China's policies pushing toward greater self-sufficiency and reduced soy meal usage present a downside risk.
Minor bulks growth in an open Hormuz scenario is expected to be quite strong. Energy transition-related ores remain supportive. Fertilizer demand continues to be a key factor affecting the Hormuz closure. Now China remains a central swing factor for the dry bulk market. Stronger export performance continues to provide a counterbalance to subdued domestic demand, which remains constrained by the ongoing property sector crisis and manufacturing overcapacity. China's GDP is forecasted to grow by 4.5% in 2026 and 4% in 2027, with higher global oil prices, persistent trade uncertainty, and structural headwinds expected to weigh on economic activity. Although a truce has been reached in the U.S.-China trade tensions, these remain a key source of global economic uncertainty.
On the energy front, the Chinese government has issued directives to accelerate the resumption of idle coal mines and increase domestic coal production, reflecting its continued focus on energy security. In the longer term, however, China's gradual transition away from fossil fuels in electricity generation, alongside the expansion of renewable energy capacity, is expected to reduce its dependence on import energy and reshape its energy-related dry bulk trade flows. India, with a forecasted 7% GDP increase in 2026 and for 2027, is projected to experience the fastest growth among major economies. Its expanding domestic market, with infrastructure investments playing a vital role in manufacturing sector, continue to contribute positively to the dry bulk demand.
Japan's transition from prolonged deflation to sustainable growth includes targeted fiscal stimulus and public investment to boost demand and sustain economic momentum. Japan is projected at 0.7% GDP growth in 2027, with fiscal support measures partly cushioning the impact from higher energy prices and to stabilize as the energy shock dissipates, the monetary policy gradually normalizes. Summing up the supply-demand equilibrium on Slide 15, in the closed Hormuz scenario, the supply growth is expected to be 3% to 4% versus demand growth of about 1.5% for 2027. The freight market has shown strength during the first 9 months of 2026 and continues to be healthy to date, with Capes spots at about $34,000 and Kamsarmax spot rate at about $17,000.
In relation to our Capesize class vessels, all 7 were chartered under period time charters, with an average remaining charter duration of 1.4 years and an average daily charter hire of $24,700 accretive to our contracted revenue backlog. I now pass the floor to our CFO, Konstantinos Adamopoulos, for our quarterly and 9 months financial report.
Konstantinos Adamopoulos: Thank you, Thanasis, and good morning to everyone. During the third quarter of 2026, we operated in an improved charter market environment compared to the same period in 2025, with increased revenues due to higher charter hires and increased earnings from scrubber-fitted vessels. Our revenue generation, as we see in Slide 17, is reflected in our robust $264 million in revenues for the 9 months of 2026, being a foundation for our strategic fleet growth plans and fleet modernization initiatives. Moving on to Slide 18, which shows our quarterly financial highlights for the third quarter of 2026 compared to the same period of 2025.
Our adjusted EBITDA for the third quarter this year stood at $63.8 million compared to $36.1 million for the same period last year. Our adjusted earnings per share for the third quarter of 2026 were $0.31, calculated on a weighted average number of 104.4 million shares, compared to $0.12 during the same period in 2025, calculated on a weighted average number of 102.3 million shares. On the graph on the top, during the third quarter of 2026, we operated 45.3 vessels on average, earning an average time charter equivalent of $21,235 in comparison to 46.51 vessels earning on average time charter equivalent of $15,507 during the same period in 2025.
Our daily vessel running expenses increased to $6,061 for the third quarter of 2026 compared to $5,104 for the same period last year. Daily vessel operating expenses, excluding dry-docking and fleet delivery expenses, increased by 4% to $5,256 for the third quarter of 2026 compared to $5,060 for the same period in 2025. Moving on to Slide 19 with our 9 months financial highlights compared to the same period of 2025. Our adjusted EBITDA for the 9 months period of 2026 stood at $144.8 million compared to $91 million for the same period in 2025.
Our adjusted EPS for the 9 months of 2026 was $0.77, calculated on a weighted average number of 102.8 million shares, compared to $0.18 during the same period in 2025, calculated on a weighted average number of 103.3 million shares. On the graph on the top, during the 9 months of 2026, we operated 45.15 vessels on average, earning an average TCE of $19,658 compared to 46.42 vessels on average earning a TCE $15,011 during the same period in 2025. Our daily vessel running expenses remained stable to $5,834 for the 9 months of 2026, compared to $5,824 for the same period in 2025.
Daily vessel running expenses, excluding dry-docking and delivery expenses, actually decreased by 2% to $5,283 for the first 9 months of this year, compared to $5,401 for the same period in 2025. Moving now to Slide 18, we see a quick overview of our operational highlights for the third quarter and 9 months of 2026, compared to the same periods of 2025. Let us focus now on our liquidity, our cash flows, and our capital structure, which are presented in Slide 21. We are maintaining a comfortable leverage below 30%. Our debt remains comparable to our fleet's scrap value, although our fleet is on average below 10 years old.
Our weighted average interest rate of our debt stood at 5.10%, with a portion of EUR 100 million being fixed at 2.95% coupon in an unsecured 5-year bond. We have paid a considerable part of our CapEx in relation to our outstanding order book. Our liquidity and capital resources stand strong at approximately $515 million, which together with the contracted revenue of about $183 million, totals a bit shy of $700 million. This is more than adequate for our outstanding CapEx, provide flexibility to our management in capital allocation. Furthermore, we have additional borrowing capacity in relation to two existing debt-free vessels and seven new builds upon their delivery.
We ensure that our capital expenditures are adequately covered by our contracted future revenues, fortifying our policy towards a trajectory of sustainable growth. This underscores our capacity to support debt service, reinvestment, and shareholder returns at the same time. All of this enable us to expand the fleet, build a resilient company, and create long-term prosperity for our shareholders. Thank you for your attention, and we are now ready for your questions.
Operator: [Operator Instructions] Our first question is from Ilias Papazachariou with Piraeus Securities.
Ilias Papazachariou: Congrats on the quarter. I wanted to ask you, as of the end of the quarter, the company held a sizable cash balance of $319 million. Could you please elaborate on your capital allocation priorities right now? Would you focus more on dividends, buybacks, newbuild installments, or would you wait for the right time to purchase vessels in the secondary market?
Polys Hajioannou: Yes. Look, the liquidity is there also for newbuild installments that they are coming, as we said, we have 8 more ships to take delivery of in the next 2 years. So, we are keeping a good part of that for the newbuilds, as we don't wish in a rising interest rate environment to add more debt on the company. Now, part of it also will be used for acquisitions as and when the availability of secondhand ships of meaningful price become available in the market. So, the company is monitoring this. Sometimes you may pay a little bit more expensive for a secondhand ship, provided the freight rate environment can support it.
So, it's a matter of balancing between newbuildings and secondhand acquisitions should the freight market can provide support. So, this is the main area of use for our liquidity. I mean, the dividend this year has been improving with improved freight rates. If the spot market continues to perform, it's obvious that the company will be returning money to shareholders.
Ilias Papazachariou: Okay. We're also going through your updated fleet employment list, and we saw that your charterers were extended either at higher rates or at the same rate, probably because of extension options. Could you give us an update on charterers' appetite for time charters into 2027, and if there has been any change on your current chartering strategy?
Polys Hajioannou: Yes. Look, from time to time, there are opportunities appearing up. The chartering market in dry bulk is working differently each quarter, depending on the views of the wider market. For example, in September, when we had the Capesize spot market improving to $50,000, we fixed early one of our ships opening in February 2027 at $37,500 for 12 to 15 months time charter. So on Capesize, you could have opportunities like that much more easily than on the Capesize -- in the Kamsarmax market. On the Kamsarmax market, it's a little bit controlled the forward years by lower FFA values. But on the other hand, the spot market is very healthy.
So ships like ours, modern Phase III vessel with low consumption, could be fixing today $25,000, $26,000 per day, whilst their period market is only in the low 20s. So, for the time being, the company prefers to work the attractive spot market. From time to time, whenever we can secure period charters a little bit higher, we will be doing that. So, it's a combination of both at the moment, trading spot or employing ships for 6 months or up to a year. This is a scenario that is workable for us, and we will continue to work this. As you have seen, it has given the good results in the last 2 or 3 quarters.
Ilias Papazachariou: All right. On another topic, with respect to bauxite, could you please tell us what kind of impact you have seen from export restrictions in Guinea in the third quarter? Has there been any major impact? I mean, have they been successfully enforced, those restrictions, or?
Polys Hajioannou: Yes. We have -- we don't have so many Capes in the fleet. We only have on our own seven Capes at the moment, and from time to time, we are lifting some cargoes from bauxite from West Africa, but it's not our usual trade. Our ships are more in demand for the West Australian trade, because not every ship is going to West Australia. The regulations there are tougher, and the AMSA requirements are tougher than in other sectors, so in other loading areas. So our charterers select most of the time to load our ships either from Brazil or from West Australia.
The bauxite trade from West Africa is mainly for older ships that they don't trade a lot in Australia and places like that. But indeed, the volumes from those areas are meaningful, and it's helping keeping all those ships employed for longer. And hence, you have the good freight market on the Capesize. The same is predicted for 2027. Ships are fixing well over $30,000 for 2027, and near to $30,000 for 2028. As I told before, we fixed one Capesize 6 months ahead at $37,500 plus scrubber premium on top of that rate. I think that right now, we are optimistic for the next 2 or 3 quarters of having a healthy market.
Thereafter, it will depend on a lot of factors how the market will be performing, what will happen on the geopolitical situation, if new routes will open up. It remains to be seen. It's a little bit unclear what will happen 6 months from now.
Ilias Papazachariou: Right. There's a lot of moving parts. Lastly, would like your outlook on scrapping as the dry bulk fleet ages and environmental rules tighten. Should we expect a pickup in scrapping next year, or would that be too early? Would it...
Polys Hajioannou: Look, from my experience over the years, scrapping is picking up after you have 6 or 12 months of bad market. The owners, especially after a good period of freight rates, they keep their ships for a little bit longer or as much as they can afford to. Especially, if they have passed their survey and the dry-dockings, they tend to keep the vessels for a bit longer. I mean, it's not immediately the market drops, owners will start scrapping ships.
It needs a time lag of 6 to 12 months, and then the ships that they are due for expensive dry docks, which is usually at 20 years or at 22.5 years, the expensive dry docks, the owner may decide at that time. So, you will maybe see the paradox seen that if the market drops after, I don't know when, 6 or 12 months later, you may see ships approaching 20 years old getting scrapped, whilst you may see other ships 22 years old keep trading simply because the owner has done the 20-year survey and he can keep going fixing the ship for another 2.5 years.
But whatever is the situation, because after 20 years, the dry dock period is every 2.5 years, time passes very quickly, and either you will scrap at 20 years or at 22.5 or at 25. So, the best-case scenario is at 25, but usually in a bad market, it's more like 20 or 22.5 years that you scrap. So, this is -- it needs some time to happen. It will not happen overnight.
Operator: Our next question is from Climent Molins with Value Investor's Edge.
Climent Molins: I wanted to ask about the unsecured bond maturing next year. What's the plan to tackle the maturity? Would you favor a refinancing over a full repayment?
Polys Hajioannou: You mean about the bond, you mean in the Euronext Athens, is it?
Climent Molins: Yes, the one -- the one, the Greek bond.
Polys Hajioannou: Look, the Greek bond was a very attractive tool back in 2022 when we did it with the interest rate, all blended in rate of 2.95%. This time around, the company will consider what is the market in the rising interest rate environment, and we will examine if this is worth renewing or if it is worth to continue with ordinary financing of the fleet. As Mr. Adamopoulos said before, the all-in blended average of the company is around 5%, including the bank margin, and you have to remember that the bank margins are coming down because of plenty liquidity by owners, especially in the tanker market, in container market.
They are repaying their loans early, so the bank margins are coming down for good company, which Safe Bulkers is in that category as well. So, it remains to be seen when the time comes if it is worth renewing or not. We will know in a few months' time.
Climent Molins: Makes sense. Makes sense. You mentioned having some cash ready to selectively expand the fleet. I am guessing whether you ultimately pull the trigger will depend on the opportunities you come across, but as you think about your fleet positioning, is there a specific sub-segment you would like to expand on? Secondly, would it be fair to expect any acquisitions to be on the ECO side?
Polys Hajioannou: Look, we are primarily a company trading successfully in the Kamsarmax and Post-Panamax sectors, and we have also a presence in the Capesize sectors. As our Capesizes are getting a bit older and they are over 10 years old, approaching, some of them, 15 years old and some others approaching 17 or 18 years old, we will be looking to order at the right time the right ships from the right yards. Right now, we have only one Capesize on order from the Japanese yard in 2029. That will be one sector that we will be focusing there on the next opportunity that may appear.
But we are not in a hurry to go in and compete with everyone else at the moment and pay the sort of prices we are hearing at the moment. So, we will be there. We are in the market. We are visiting shipyards regularly. They visit us regularly. I think the opportunity will come. When is that opportunity? It remains to be seen. It could be in 6 months, in 1 year, or a bit later, but there is no hurry that we have to do it in a rush.
As I said, we have 8 new buildings still to take delivery of, which all of them have been ordered at much lower prices than the current prices that the shipyards require. So, we would be a little bit patient. We are in a good position, but sometimes, in shipping, to wait is not the worst option you have. So, for the time being, we will be waiting.
Operator: There are no further questions at this time. I would like to hand the floor back over to management for any closing remarks.
Dr. Loukas Barmparis: Well, thank you again for attending these quarter results, and we are looking forward to seeing you again and discussing with you next quarter. Thank you.
Operator: This concludes today's conference. You may disconnect your lines at this time. Thank you again for your participation.
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