Safe Bulkers Reports Q2 Loss, Expands Fleet

Maritime Activity Reports, Inc.

July 29, 2016

Photo: Safe Bulkers Inc.

Photo: Safe Bulkers Inc.

 The Athens, Greece-based Safe Bulkers Inc. (SB) has reported a loss of $9 million in its second quarter.  It had a loss of 15 cents per share.

 
Net revenue for Q2 of 2016 decreased by 18% to $26.2 million from $31.8 million during same period in 2015.
 
Net loss for the second quarter of 2016 was $9.0 million as compared to $4.4 million, during the same period in 2015.  Adjusted net loss for the second quarter of 2016 was $8.7 million as compared to $3.9 million, during the same period in 2015.
 
In July 2016, the Company took delivery of Kypros Spirit (Hull No. 828), a 78,000 dwt, Japanese eco-design newbuild Panamax class vessel. Upon her delivery, the vessel was employed in the spot charter market.
 
As of July 25, 2016, the Company's operational fleet comprised of 37 drybulk vessels with an average age of 6.24 years and an aggregate carrying capacity of 3.3 million dwt. 
 
The fleet consists of 14 Panamax class vessels, 8 Kamsarmax class vessels, 12 Post-Panamax class vessels and 3 Capesize class vessels, all built from 2003 onwards.
 
As of July 25, 2016, the Company had contracted to acquire 4 eco-design newbuild vessels, comprised of one Japanese Panamax class vessel, two Japanese Kamsarmax class vessels and one Chinese Kamsarmax class vessel. 
 
Upon delivery of all newbuilds and assuming we do not acquire any additional vessels or dispose of any of our vessels, our fleet will comprise of 41 vessels, 14 of which will be eco-design vessels, having an aggregate carrying capacity of 3.7 million dwt.
 
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