Safe Bulkers Financial Report Reflects Market Optimism

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.