Safe Bulkers Widens Net Loss in 4th Quarter

Monaco-based Safe Bulkers widened its net loss for the fourth quarter of 2017 to USD 86.6 million as compared to USD 4.6 million seen a year earlier.

The company’s adjusted net income for the quarter was USD 5.5 million as compared to an adjusted net loss of USD 4.1 million seen during the same period in 2016.

“Safe Bulkers has become profitable on adjusted basis for the first time after several quarters, and we believe has one of the most competitive break-even points in the industry. We continue to use our cash from operations to further improve our capital structure, while in parallel we have invested in one second hand vessel creating intrinsic value for our common shareholders,” Loukas Barmparis, President of Safe Bulkers, said.

The company’s net revenues for the fourth quarter of 2017 increased by 34% to USD 42.4 million from USD 31.7 million during the same period in 2016, mainly due to an increase in charter rates and to a lesser extent an increase in the average number of vessels.

The company operated 38.04 vessels on average during the fourth quarter of 2017, earning a time charter equivalent (TCE) rate of USD 11,944, compared to 37.00 vessels and a TCE rate of USD 8,936 during the same period in 2016.

For the twelve months of 2017, Safe Bulkers delivered a net loss of USD 84.7 million as compared USD 56 million reported a year earlier. The company’s net revenues for the period were at USD 148 million, representing a rise of 35% from USD 109.8 million seen in the previous year.

In December 2017, the company took delivery of the second-hand 92,000 dwt Agios Spyridonas. The 2010-built dry-bulk vessel is the sistership of Safe Bulkers’ two existing Post-Panamax class vessels. The acquisition was financed from cash on hand.

As of February 9, 2018, the company’s operational fleet comprised of 39 drybulk vessels with an
average age of 7.6 years and an aggregate carrying capacity of 3.5 million dwt.

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