Safe Bulkers, Inc. (NYSE:SB) Q3 2023 Earnings Call Transcript

So that’s why sometimes we have we are showing some additional OpEx because of the large number of dry dockings, which include environmental upgrades.

Climent Molins: Your fleet will indeed be very modern. I actually also wanted to ask about operating expenses which declined significantly quarter-over-quarter ex drydock what were the key drivers behind the decline towards more normalized levels? And looking ahead should we expect them to remain at a level similar to this quarter?

Loukas Barmparis: You mean the OpEx?

Climent Molins: Yes.

Loukas Barmparis: Got it. Yes. I think that, according our budgets we are about there. We expect to have a similar OpEx let’s say the — I mean, we cannot say about quarter-to-quarter because sometimes we do more drydock in one quarter so they can go higher. But during a period of a year I think we have a similar amount of dry docking scale for next year as it was before. So we expect starting in our OpEx.

Polys Hajioannou: I think they also implied to this is that sometimes some quarters are more OpEx intensive. And then the other quarter is less intensive. Sometimes it happens like this, but you should see there the average for the year.

Climent Molins: Thank you. I’ll pass it over. Thank you for taking my question.

Polys Hajioannou: Yes. Thank you.

Operator: Thank you. Ladies and gentlemen, there are no further questions at this time. I’d like to pass the call back to Dr. Barmparis.

Loukas Barmparis: Thank you very much for attending this conference call once more. And we are looking forward to see you again and discuss again with you in the next quarter. Thank you very much and have a nice day.

Polys Hajioannou: Thank you. Bye.

Operator: This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation.