Safe Bulkers Narrows Loss as Revenue Climbs

Monaco-based dry bulk shipping specialist Safe Bulkers has reduced its net loss in the first quarter of 2017 to USD 3.3 million as compared to USD 14.4 million loss reported for the same period in 2016.

The company’s net revenue for the first quarter of 2017 increased by 35% to USD 33.3 million from USD 24.7 million during the same period in 2016

“Our net revenues increased by 35% reflecting the improved market conditions during the first quarter of 2017, resulting in a substantial decrease of our net loss compared to the same period last year,” Dr. Loukas Barmparis, President of Safe Bulkers, said.

”As our liquidity position has improved, we completed an exchange offer in April for approximately $27.7 million in face value of our 8% Series B Preferred Shares, reducing our future financial obligations with respect to preferred dividend payments.”

The operational fleet of Safe Bulkers is comprised of 38 dry bulk vessels with an average age of 6.9 years and an aggregate carrying capacity of 3.4 million dwt.

The fleet consists of 14 Panamax class vessels, nine Kamsarmax class vessels, 12 post- Panamax class vessels and three Capesize class vessels, all built 2003 onwards.

The company’s last contracted Kamsarmax class vessel is scheduled for delivery in 2018. Safe Bulkers agreed to finance the newbuild vessel, Hull No. 1552, by issuing USD 16.9 million of preferred equity of one of the company’s wholly-owned subsidiaries to an unaffiliated investor in 2018.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

CrewConnect Global 2019

CrewConnect Global is the leading forum for collaboration to advance new industry approaches to seafarer recruitment and training.

read more >

CruiseConnect Global 2019

Attend CrewConnect Global and stay on for the CruiseConnect Summit to take part in an industry-wide conversation focused…

read more >

CWC World LNG Summit & Awards Evening

The CWC World LNG Summit & Awards Evening will be returning to Rome in 2019 to celebrate it’s 20th year.

read more >