Safe quarter conference Good morning. financial to discuss I'm the President and for our of call of XXXX. second Bulkers. Loukas webcast to Barmparis, the Welcome results
a quarter. was second quarter good The
the As X, in and EPS we maintain per Slide our dividend reached see share. $X.XX of we $X.XX our per policy share,
a value our post as shareholders our and They many comply cash We after IMO climate the next with an are intrinsic few days. expansion are delivery in through flows program Phase peers parallel, than through MV but we next Panamax, where different not their of XXXX create the most comply fleet known III. the NOx of extensive namely taking free newbuilds we expecting the XX only of regulations Kamsarmax first delivery which X Tier policy, or regulations emissions. environmental dividend stringent as reward also Vassos Having the with respects with COX
first at these than on bit vessel increase fuel consumption. this important tend substantially timely low within little seen in a fleet basis capability savings to already have due compete two all orders most valuations today. in earnings impressive relatively the were We lower in is the a We notable a that without the but next years prices half of and deliveries to the placed with
in the scrap the order about fleet of XX.X our while vessel, the has due per of a leverage value, We comfortable about although average our of stabilized delivery renewal age million strategy the in and are years our fleet newbuilds. maintaining fleet is to X.X aging,
which capital contract investments the XXX.X of liquidity need maintained at strongest I with in together to cloud are environment. a in allocation. management scrubbing resources revenue importance and also provides Israel our of capital highlight Our million, expensive flexibility XXX and million
We stored our scrubbers fleet one an of capabilities. capes. enhances in The have operation recently every our additional scrub further earnings our of
of During [refurbishing] moves words, on other million this last our (Ph) initiated annual basis continued and an dividends Slide quarter, the have setting XX.X saving one the X, flow. improve million buyback shares. as in we we market of acquiring redeemed In see in we that preferred capital X% program from amount
environment. is linear main our inflationary Of operations this in focus course,
cost are costs, there if OpEx although lubricants, costs tickets changes, for group costs expenses As the restrictions, daily $X,XXX. that in transportation increase reflected a for no may the daily are as prices for of which components management include repatriation expenses, cetera. overall our G&A several dry result were our believe fuel We operating of docking, were the et and gradually reduce such $X,XXX fees paints
are OpEx production of is as also affected as oil environmental cost upgrades, applications Our certain such based expensive. the
Board additional Moving of management the global make peers. XX to the would percentage the we of his to Chairman to is which XXXX, unique and that the Directors of pure we like companies six corporate of since with compared in shareholding Hajioannou, benefits with XX%. our Slide governance a plus sound about our enjoy of Polys points through X, experience alignment of highlight years our public one achieved Being together CEO
filed all our XX management unless our it extensive ownership, low credit oversupply even do for the reverse charter, goes shareholders. for past. during For never the the the avoided basis of right thing. conditions market Chapter increases We the we capital or to We try XX% and did We unwanted our with split. never
to the third-parties have of X%. startup we we permission relations X% management's to average direct is lower For compared management standard and example, chartering chartering which to market X% commissions throughout achieved
newbuild The for manage at have make the to scheme by our appreciated in achieve order a no XX% when there such low or today, actual when company of prudent we orders aiming us, market being future, newbuild in or is when is the XX% to such ourselves of make the value on Our the to actions and XX% game differentiates we when today shareholders, create our orders what shareholders best the advantage we that stronger. we levels see versus that is all past. performance, do our
So terms the optimistic, crisis and global energy well regulations. despite inflationary we of prepared caused remain cautiously pressure by invasions, instability in or environmental
ESG May investments you ahead local brake corporate personnel, of COVID communities peers newbuilds website X,XXX As of X.X environmental a look seafarers on issued of fleet X Bulkers. oil of is XXXX for our second our of by report July restrictions, million on on in about the COX. verified and use deductions programs support of meeting less also XX scholarship the training Phase tons X,XXX in report on EOI XX, XXXX data Please X, of end during sustainability of bio Slide governance, of support as upgrades Reported see was focused can investments Safe our fuel for in XXX take existing tons differentiates XXXX. million with taking what
of single for on quarterly Moving X results. piece a Slide
million. of comment profitability by XX.X profitability general XXXX XXXX XX.X exceeded million revenues quarter income of of As net XX million in quarter a in net second second our
liquidity XX.X million of EBITDA have resources achieved capital significant and million. an over maintain We of and XXX
improving to of our preferred than our weighted of April a XXXX We have more cost average capital. in shares redeemed quarter
with cash a flow over have significant of million We XXX contracts. visibility charter
the our financial renewing strength at per declared fleet time enabled board are dividend as renewables same competition. we with per to common share EPS But reflected hand $X.XX of face Our our the our second and of were ahead $X.XX a well share.
Moving we on we compare as right to end. CapEx. certain our outstanding highlight X, are Bulkers. key specifically quarter on More which here liquidity are with graph, All figures of Slide Safe numbers the presented our of
the XX.X order acquired CapEx million [indiscernible]. cash available consisting on Against resources remaining case bushing X and [indiscernible] enrollment in was be in XX within XXX.X the commitments. to secured Our book of million outstanding to our million XXX.X CapEx, fed were renewables facilities in-hand in Phase the million and which relation second revolving XXX.X
capacity advances as upon liquidity On XX.X the delivery. CapEx of existing support we our for rubles unencumbered, basis borrowing million. resources their one relation Chevron had We already additional top in is have a and XXX an paid capital to
graph debt cash. left against value contract revenues scrap compare the and is against On we our
Our of commissions unsecured and net XXX.X XXX.X our they get. against our fleet from lightweight the our million of scrubber in We that see which benefit is bonds. present was is of €XXX contract million to cap calculated is basis period support million cash was the cap revenue in rate last aggregate column, order time XXX.X outstanding of debt million, includes our and XXX.X excluding the This same lightweight the as non-cancelable struck is launch ton need million, of which consolidated contracts. of on volume and charter our $X.XX fleet’s
dry the minerals, year indicators The data precious represent example, market Moving on a will CRB and energy, currently the index in five to the Slide bulk which basic prices, present at agriculture, for development reflects index, if for high. commodity starts which future commodities metals of industrial XX, Safe leading Inc.
monetary a policy yesterday left the downgrades lock XXXX. a NAV. downgrades a the NAV monetary XXXX. to downward revised be of to economies of projected growth. those lowered national Global X.X affect and GDP imbalances, lock we IMF and year. control the revised X.X% for this ore up and earlier They spillovers. X.X% have and prices COVID reach by from Improved global increase target economies prices in emerging tighter with XXXX, on despite output, materials met X.X by coal The and of have X.X GDP it demand ongoing to has note X.X% downs to reach policy. struggle monetary U.S. X.X% GDP iron rabid XXXX. X.X and predatory then spillovers demand projected China. production the domestic released the As X.X evidence this developing pressures are expected and supply just of stands as the industrial deepening with real house a carbon brought dry of discretionary anticipated iron X.X% from stands anticipated only war, from surge the revisions reflect war sense GDP further inflation XXXX, growth emission by for agricultural X.X% The XXXX the on activity like lower the tighter in budget market major lingering to by power the commodity India crises Upward of XXXX, forecast forecasted for Russian Chinese growth energy in to In advanced X.X% Chinese in We drove is global expected also policy the during on witnessed coal in lowered Ukrainian In supported hold X% increase and at updated global in mainland and April. is significant to to estate increases. position when price is XXXX the almost China The policy result In zero is from In increased prices, induced of downwards is commodities. demand is as X.X%. downs global expected ore been well food war at real the Ukraine XXXX purchasing year projected and of and X.X% be as by reduced it in and due in
Let's market conditions. a to look quick our at capes aftermarket turn Slide XX have to
been graph, be top dynamics, XXXX. for The freight Slide bottom the prevailing present our got The is As have the market we as present book in FFA the for graph is color Panamax the throughout healthy. XXXX. forward the the about shown Similarly, continues scheduled to for agreement freight market year. deliveries. Capes On driven commodities lately carries market red in which likely the order XX,XXX for to year-to-date commodities analyzed. XX,XXX curve, volatile, this capes about support XX, seen by
which [indiscernible] Climate We which year, days. delivery have Respect XXXX in Panamax the delivery MV the few imminent, the being second is in more next post May. this the is in namely one is delivery This on first of
more order expected at the deliveries the at and total three and for sizes. we low fleet in book one newbuild rate for guided sectors L&Ts. We fundamentals are beginning forward up low as a in by XXXX In present other in will XX Phase vessel orders of Safe all the fleet the witnessed XXXX, order shortage the newbuilds maintain supply which mainly strong capacity, CP containerships The to historically which graph, is years A book have XXXX. Bulkers and we of X in years record XX.X five growth in bottom XXXX, XXXX. average
installed consumption very to The XX, the in scrubber of [indiscernible] in Presently, basis, million the for in according XX in metric currently months, fuel is Hi-X X,XXX potential the value which is stands called about high ton. sulfur investments XXX translated market, per revenues intrinsic annual XXXX an per evident they balance about to at vessels. so vessels. ton on of our assume low about the stands our Slide the gain last we $XX the differential market, spread. Australian oil more and per fitter implied of surge which for the Singapore about levels, average at scrubber aggregate to a tons annum fuel pushed scrubber in today's $XXX future On on Turning technology for of an $XXX at in prices our has as is focus increased XX creation result versus a scrubber-fitted
million and and Let that our the We a for Furthermore, installations dry-dockings, agreed existing application five program class that relation of or to me in set that environmental financial believe we energy without period our market installation without the operations XXXX, to are technologies continue upgrade competition liquidity order pursuing we Section for in Concluding ahead We XX, position. our in friction $X.X competition upgrades would either the Company in of with have is vessel. of devices. about existing well here fleet the to the including opportunities of dictate rules. which paints profitability, new to scrubbers revenue additional prepared like low will relation the during and Capesize saving for vessel we a regulations reiterate and environmental contracted book know that where ground strong will renewal. involves the Slide amount provide and
coverage. our let our financial for floor CFO, pass me to the Now, Konstantinos Adamopoulos