Safe Bulkers Financial Report Reflects Market Optimism

MarineLink.com
Wednesday, August 21, 2013
Photo courtesy of Safe Bulkers

Greece-based Safe Bulkers, Inc. report second quarter and first 6 months 2013 losses, but also reveal an increasing market optimism with new ships on order.

Highlights from Second Quarter 2013 Results

  • Net revenue for the second quarter of 2013 decreased by 12% to $41.4 million from $47.0 million during the same period in 2012.
  • Net income for the second quarter of 2013 increased by 14% to $24.6 million from $21.5 million, during the same period in 2012. Adjusted net income for the second quarter of 2013 decreased by 36% to $15.1 million from $23.7 million, during the same period in 2012.
  • The Company’s Board of Directors declared a dividend of $0.05 per share of common stock for the second quarter of 2013.

Highlights from Six Months Ended June 30, 2013 Results

  • Net revenue for the first six months of 2013 decreased by 6% to $85.7 million from $91.1 million during the same period in 2012.
  • Net income for the first six months of 2013 decreased by 6% to $40.6 million from $43.2 million. Adjusted net income for the first six months of 2013 decreased by 33% to $31.0 million from $46.5 million, during the same period in 2012.
     

As of August 19, 2013, the Company’s operational fleet was comprised of 28 drybulk vessels with an average age of 5.2 years and an aggregate carrying capacity of 2.5 million dwt. The fleet consists of eight Panamax class vessels, seven Kamsarmax class vessels, eleven post- Panamax class vessels and two Capesize class vessels, all built 2003 onwards.

As of August 19, 2013, the Company had contracted to acquire seven additional drybulk newbuild vessels, with deliveries scheduled at various dates through 2015. The orderbook consists of four Panamax class vessels, two Post-Panamax class vessels and one Capesize class vessel.
 

Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Indonesia Expects Total to Decide on Mahakam within days

French oil firm Total  will decide how much interest it will retain from 2018 in Indonesia's offshore Mahakam oil and gas block over the next two days, the

Research Vessel Heincke: Serving Science for 25 years

7 July 2015. A quarter of a century old, with over 900,000 kilometres (488,842 nautical miles) logged and still on the cutting edge of science and technology:

Stena RoRo Charters Three Vessels

Stena RoRo has reached an agreement with the Finnish shipping company Godby Shipping to long-term charter their three RoRo vessels Misida, Misana and Miranda.

Shipbuilding

Drydocks World Completes World’s Largest Turret

Drydocks World the leading provider of maritime and offshore services to the shipping, oil, gas and energy sectors marked a major milestone in successfully completing

AVEVA, DNV GL's Sesam Integration Cuts Cost

Integration of Aveva and DNV GL's Sesam Reduces Costs in Maritime and Offshore Engineering. Engineers designing ship hulls and offshore floaters can now save

FORAN for Pertamina's Future Ships

FORAN has been chosen by state-owned company PERTAMINA to review the design of their future oil product carrier ships, under construction in a shipyard with the FORAN System.

Bulk Carrier Trends

MSC Geneva Gets Fatter

A revolutionary new option to scrapping for younger panamax containerships deemed too small for a tradelane involves widening the vessel rather than adding length.

Grimaldi Orders Three PCTCs

After signing an order for the construction of five new ships two weeks ago, the Italian shipowner  Grimaldi Group has signed another contract for the construction

Is It Too Late To Tangle With Spike in Shipping Market

A series of interesting and extreme price spikes is going on in the shipping market today, says Clarksons, provider of global shipping and offshore market intelligence.

Finance

Indonesia Expects Total to Decide on Mahakam within days

French oil firm Total  will decide how much interest it will retain from 2018 in Indonesia's offshore Mahakam oil and gas block over the next two days, the

Asia-N Europe Container Freight Rates Jumps 60%

Shipping freight rates for transporting containers from ports in Asia to Northern Europe rose by 60.4 percent to $879 per 20-foot container (TEU) in the week ended on Friday,

Stena RoRo Charters Three Vessels

Stena RoRo has reached an agreement with the Finnish shipping company Godby Shipping to long-term charter their three RoRo vessels Misida, Misana and Miranda.

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Repair Ship Simulators
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2306 sec (4 req/sec)