Greek Bulkship Owner Increases Revenue in H1 2012

Press Release
Monday, August 06, 2012

Safe Bulkers, Inc. of Athens, announce unaudited financial results for 3 & 6 months ended 30, June 2012

Fleet and Employment Profile:

As of July 31, 2012, the Company’s current fleet was comprised of 21 drybulk vessels with an average age of 4.2 years and the Company had contracted to acquire eight newbuild drybulk vessels with deliveries scheduled at various times through 2014.

Management Commentary
Dr. Loukas Barmparis, President of the Company, said: "Charter market conditions are challenging, while bank financing is generally scarce. Our revenues in the current depressed charter market have been supported by agreements entered into during earlier periods. In this environment, asset prices have dropped significantly offering acquisition opportunities attractive for companies like ours which have managed to avoid financial distress and comply with their debt covenants. Our management team cautiously monitors market conditions. We believe that having a young and modern fleet, which is expected to reach 29 vessels by 2014, will leave us well-positioned for the next shipping cycle.''

Summary of six months ended June 30, 2012:

  • Net revenue for the first six months of 2012 increased by 9.1% to $91.1 million from $83.5 million during the same period in 2011.
  • Net income for the first six months of 2012 decreased by 6.9% to $43.2 million from $46.4 million during the same period in 2011.
  • Adjusted net income for the first six months of 2012 decreased by 12% to $46.5 million from $52.9 million during the same period in 2011.
  • EBITDA for the first six months of 2012 increased by 4% to $62.3 million from $59.9 million during the same period in 2011.
  •  

 

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

Finance

Lifting of US Crude Oil Export Ban Possible within Year

The U.S. Congress could lift the 40-year old ban on domestic crude oil exports within a year as a drop in gasoline prices and the potential return of Iranian

U.S.: Stronger Response in South China Sea Needed

By releasing video of Beijing's island reclamation work and considering more assertive maritime actions, the United States is signaling a tougher stance over the

Aramco Offers Rare 1.5 pct Gasoil Cargo

Aramco Trading, the trading arm of oil producer Saudi Aramco, has offered a rare gasoil cargo with a 1.5 percent sulphur content for June lifting from Rabigh, traders said on Thursday.

People in the News

UNOLS Seeks Nominations for Council Positions

The University-National Oceanographic Laboratory System (UNOLS) is an organization of academic oceanographic institutions working in cooperation with agencies of the U.

Savannah Harbor Expansion Project Update

Lt. Gen. Thomas Bostick, commander of the U.S. Army Corps of Engineers, visited the Port of Savannah on Thursday, for an update on the Savannah Harbor Expansion Project (SHEP).

Entries Sought for SHIPPINGInsight Award

Entries are now being accepted for the 2015 SHIPPINGInsight Award, which will be presented at the SHIPPINGInsight Fleet Optimization Conference & Exhibition, Oct.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pipelines Salvage Ship Electronics Ship Simulators Sonar Winch
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: 0.1251 sec (8 req/sec)