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 March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Commodity Giant Steps out of the Shadows

A detailed new case study scrutinizing the risk-management Swiss-based Trafigura is the latest effort to "demystify" the once-secretive commodity trading industry,

Blackstone Unlikely to Enter Commodities Trade

Blackstone exec doesn't expect move into commodities in near term Blackstone Group LP is unlikely to make a foray into commodity trading in the short term as

Cargill to Buy 100,000mt of Certified Ivorian Cocoa

U.S. agribusiness trader Cargill aims to purchase 100,000 metric tons of certified Ivorian cocoa this season, up slightly from 95,000 metric tons last season, West

Shipbuilding

ClassNK Approves Fillet Welding Consumable

Classification society ClassNK announced that it has granted type approval for the new MX-200F welding consumable, developed by Kobe Steel Co., Ltd. (KOBELCO) to

Damen Lays Keel for Indonesian Naval Frigate

In accordance with the agreed planning in the contract for the construction of a Damen SIGMA Frigate for the Indonesian Navy, the keel laying ceremony has taken place on April 16,

Offshore Service Vessels Design Innovation

It could be argued that no other sector of the maritime market has experienced a design innovation revolution quite like the Offshore Service Vessel (OSV) market.

Bulk Carrier Trends

Commodity Giant Steps out of the Shadows

A detailed new case study scrutinizing the risk-management Swiss-based Trafigura is the latest effort to "demystify" the once-secretive commodity trading industry,

Cargill to Buy 100,000mt of Certified Ivorian Cocoa

U.S. agribusiness trader Cargill aims to purchase 100,000 metric tons of certified Ivorian cocoa this season, up slightly from 95,000 metric tons last season, West

Ice Hurts March’s Lakes Ore Shipments

Massive, thick ice formations on the Great Lakes limited iron ore shipments in March to 1.1 million tons, a decrease of 43 percent compared to a year ago, the Lake

Finance

Commodity Giant Steps out of the Shadows

A detailed new case study scrutinizing the risk-management Swiss-based Trafigura is the latest effort to "demystify" the once-secretive commodity trading industry,

Blackstone Unlikely to Enter Commodities Trade

Blackstone exec doesn't expect move into commodities in near term Blackstone Group LP is unlikely to make a foray into commodity trading in the short term as

Ex-BP Employee Settles Insider-trading Oil Spill Case

A former 20-year veteran of BP plc who oversaw the company's cleanup efforts from the Deepwater Horizon oil spill will pay more than $224,000 to settle civil charges

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Sonar
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: 0.3819 sec (3 req/sec)