Safebulkers Delays Delivery of Six Newbuilds

Dry bulk transportation company Safebulkers has entered into recapitulation agreements for the delayed delivery of 6 out of the 11 contracted newbuild vessels.

As a result,  three vessels are set for delivery in 2015 instead of five; four vessels are to be delivered in 2016 instead of five; three vessels will be delivered in 2017 instead of one; and one vessel is to be delivered in 2018, the company said in its annual results.

The 11 eco-design newbuild vessels on order are comprised of 4 Japanese Panamax class vessels, 3 Japanese Post-Panamax class vessels, 2 Japanese Kamsarmax class vessels and 2 Chinese Kamsarmax class vessels, the company said in its annual results.

“Upon delivery of all of our newbuilds, assuming we do not acquire any additional vessels or dispose of any of our vessels, our fleet will comprise of 44 vessels, 15 of which will be eco-design vessels, having an aggregate carrying capacity of 3.9 million dwt,” the company said.

The company’s net revenues for the twelve-month period ended December 31, 2014 dropped by 17% to USD 154.1 million from USD 186.7 million during the same period in 2013.

Net income for the twelve-month period fell by 82% to USD 14.6 million from USD 83.3 million. Adjusted net income for the twelve-month period ended December 31, 2014 decreased by 77% to USD 17.5 million from USD 75.4 million in 2013.

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Posted on February 27, 2015

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