SafeBulkers Increase Q3 2013 Dividend Despite ...

MarineLink.com
Monday, November 04, 2013

Greece's SafeBulkers Inc. reports decrease in profits in its third quarter 2013 financial results but increases company dividend to reflect an improved charter market.

Summary of Third Quarter 2013 Results

  • Net revenue for the third quarter of 2013 decreased by 10% to $41.9 million from $46.8 million during the same period in 2012.
  • Net income for the third quarter of 2013 decreased by 44% to $11.6 million from $20.7 million, during the same period in 2012. Adjusted net income1 for the third quarter of 2013 decreased by 43% to $13.1 million from $22.8 million, during the same period in 2012.
  • EBITDA2 for the third quarter of 2013 decreased by 25% to $23.4 million from $31.4 million during the same period in 2012. Adjusted EBITDA1 for the third quarter of 2013 decreased by 26% to $24.8 million from $33.4 million during the same period in 2012.
  • Earnings per share (“EPS”) and Adjusted EPS1 for the third quarter of 2013 were $0.14 and $0.16 respectively, calculated on a weighted average number of shares of 76,684,316, compared to $0.27 and $0.30 in the third quarter 2012, calculated on a weighted average number of shares of 76,658,865.
  • The Board of Directors of the Company declared a dividend of $0.06 per share of common stock for the third quarter of 2013.

Management Commentary
Dr. Loukas Barmparis, President of the Company, said: “We have increased our dividend to reflect the improving climate in the charter market. We have substantial and increasing exposure in the spot market as many long duration period time charters contracted during the 2007-2008 period expire. We have also entered into additional contracts for the construction of eco-design newbuild vessels by Japanese shipyards aiming to renew and gradually expand our fleet at an early stage of the forthcoming shipping cycle’’.
 

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

People & Company News

US Aircraft Carrier 'Ike' Leaves Drydock

The aircraft carrier USS Dwight D. Eisenhower (CVN 69) (Ike) has left dry dock and moved from Dry Dock 8 to pier 42/43 at Norfolk Naval Shipyard (NNSY) in Portsmouth, Va.

Seadrill's Q2 2014 Revenue Holds Nearly Steady

Revenues for the second quarter of 2014 were US$1,222 million compared to US$1,221 million in the first quarter of 2014, according to the company's financial report.

Pariah Containership Banned from Australian Ports

The Australian Maritime Safety Authority (AMSA) informs that it has issued a direction to the container ship 'Vega Auriga' (IMO 9347786) that prohibits the ship

Bulk Carrier Trends

Mexican Economy Ministry Slams US Sugar Decision

Mexico's Economy Ministry said on Tuesday a preliminary decision by the United States to impose anti-subsidy import duties on Mexican sugar was a setback in trade

CMB Cancels Order with S.Korean Shipbuilder

Belgian dry bulk shipping group CMB said on Tuesday it had cancelled an order for four vessels with South Korean shipbuilder Samjin set to be delivered in 2014.

US to Set Anti-subsidy Duties on Mexican Sugar

The United States is set to slap anti-subsidy import duties on Mexican sugar after a preliminary decision expected to be formally annouced later on Tuesday, the

Finance

Seadrill's Q2 2014 Revenue Holds Nearly Steady

Revenues for the second quarter of 2014 were US$1,222 million compared to US$1,221 million in the first quarter of 2014, according to the company's financial report.

COSCO Resorts to Rate Restoration for F. East to S Africa Trade

COSCO Container Lines would like to announce Rate Restoration for all shipments (include reefer cargo) from Far East to South Africa Trade and take effect from September 1, 2014.

MN 100: Crowley

9487 Regency Square Boulevard Jacksonville, FL 32225 Tel: (800) 276-9539 Email: corpcomm@crowley.comĀ  Website: www.crowley.com Chairman & CEO: Thomas B.

 
 
Maritime Contracts Maritime Security Naval Architecture Pipelines Salvage Ship Electronics Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1344 sec (7 req/sec)