Safe Bulkers Slides to Red

Safe Bulkers Slides to Red

NYSE-listed dry bulk shipping company Safe Bulkers recorded USD 6 million net loss for the first quarter of 2015, compared to net income of USD 11.2 million during the same period in 2014.

The company’s net revenue for the first quarter of 2015 decreased by 22% to USD 32.1 million, from USD 41.3 million during the same period in 2014.

Safe Bulkers currently has 10 newbuildings on order, with two to be delivered in 2015, four to be delivered in 2016, three to be delivered in 2017 and one to be delivered in 2018.

The remaining capital expenditure requirements to shipyards or sellers for the delivery of these 10 newbuilds, before minor adjustments for shipyards’ costs related to such delayed deliveries, amounted to USD 259.5 million as of March 31, of which USD 77.6 million was scheduled to be paid in 2015, USD 91.7 million in 2016, USD 69.9 million in 2017 and USD 20.3 million in 2018.

As of March 31, 2015, Safe Bulkers had liquidity of USD 430.7 million consisting of USD 90.9 million in cash, USD 40.7 million in restricted cash, USD 95.1 million available under existing revolving credit facilities, USD 16.0 million available under a committed loan facility for one delivered vessel and USD 188.0 million under committed loan facilities for 10 newbuild vessels.

The Board of Directors of the company also declared a quarterly dividend of USD 0.01 per share of the common stock for the first quarter of 2015.

“We have reduced our quarterly dividend to USD 0.01 per common share in line with the present weak charter market conditions, which have now lasted for more than one year. We have a strong balance sheet and lean operations targeting to preserve our liquidity throughout the adverse part of the shipping cycle,” Dr. Loukas Barmparis, President of Safe Bulkers, said.

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