SafeBulkers Increase Q3 2013 Dividend Despite ...

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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’’.
 

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