Safe Bulkers Secures Fresh Funds to Pay Back Loans

Image Courtesy: Safe Bulkers

Monaco-based owner of dry bulk carriers Safe Bulkers has refinanced USD 74.9 million loans outstanding, the company said.

The refinancing was carried out via a new loan facility of USD 49.6 million and USD 17 million cash on hand, resulting in a debt write-off of about USD 8.3 million.

“We continued our actions towards improving our capital structure and reducing our financing expenses aiming to create value for our shareholders. Our past moves included the buyback of two Kamsarmax class vessels under sale and leaseback agreements and exchange and buyback of series B Preferred shares,” Loukas Barmparis, President of the company, said.

Safe Bulkers managed to slash its net loss in the first half of this year posting a net loss of USD 4.9 million, considerably down from the corresponding net loss of USD 26.8 million from 2016.

Net revenues for the six months of 2017 increased by 34% to USD 68.3 million from USD 50.9 million during the same period in 2016.

According to Barmparis, the improvement in business performance occurred due to higher rates of time charters for the company’s ships.

As of July 2017, the company’s operational fleet comprised of 38 drybulk vessels with an average age of 7.1 years and a carrying capacity of 3.4 million DWT. The shipowner has one Kamsarmax class newbuild on order, scheduled for delivery in 2018.

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2018 >>
MTWTFSS
30 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 31 1 2 3

The 27th World Gas Conference

The 27th World Gas Conference is the leading global industry event and is the definitive gathering of influential leaders, buyers and sellers, policy-makers and experts from around the world.

You will hear critical business insights and lively debates on the most topical issues facing the global gas industry today and in the future.

From 25-29 June 2018, Washington DC is expected to host 12,000 attendees, 500 speakers and 350 exhibitors representing, more than 600 companies from 100 countries.

Presented by the IGU, this is the largest and most high-profile gas event that is conducted by the industry for the industry.

Read More

read more >

Europort 2018

From 15-17 May 2018, the 12th edition of Europort Romania willl take place in the IDU Hall in Constanta…

read more >

BlueWeek2018

The BlueWeek2018 will be held on 28-29-30 May in Rotterdam, under the auspices of the Blue Forum…

read more >

Posidonia 2018

Posidonia, the international shipping exhibition, has long been established as one of the major calendar events…

read more >