Safe Bulkers Reports Q1 Loss
The Athens, Greece-based Safe Bulkers Inc. (SB) on Thursday reported a loss of $17.8 million in its first quarter. The shipping company posted revenue of $24.7 million in the period.
It has a loss of 25 cents per share. Losses, adjusted for non-recurring costs, came to 21 cents per share. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 17 cents per share.
As of May 27, 2016, the Company’s operational fleet, following two newbuild deliveries and two vessel sales, comprised of 36 drybulk vessels with an average age of 6.3 years and an aggregate carrying capacity of 3.3 million dwt.
The fleet consists of 13 Panamax class vessels, 8 Kamsarmax class vessels, 12 Post-Panamax class vessels and 3 Capesize class vessels, all built from 2003 onwards.
As of May 27, 2016, the Company had contracted to acquire 5 eco-design newbuild vessels, comprised of two Japanese Panamax class vessels, two Japanese Kamsarmax class vessels and one Chinese Kamsarmax class vessel.
Upon delivery of all newbuilds and assuming we do not acquire any additional vessels or dispose of any of our vessels, our fleet will comprise of 41 vessels, 14 of which will be eco-design vessels, having an aggregate carrying capacity of 3.7 million dwt.
In a separate announcement, Safe Bulkers said that it was notified by the New York Stock Exchange (NYSE) that the company has regained compliance with the NYSE’s minimum share price standard for continued listing of its common stock as at the end of May.
Safe Bulkers was notified in January that it was not in compliance with the NYSE’s listing standard that requires a minimum average closing price of USD 1.00 per share over a period of 30 consecutive trading days.
