Safe Bulkers 4Q Net Revenues Up by 34%

Maritime Activity Reports, Inc.

February 14, 2018

Image: Safe Bulkers

Image: Safe Bulkers

 Safe Bulkers reported fourth-quarter of 2017 revenues of $2.9 million $42.4 million increased by 34%  from $31.7 million during the same period in 2016.

Net loss for the fourth quarter of 2017 was $86.6 million as compared to $4.6 million, during the same period in 2016.
For the year, the company reported that its loss widened to $84.7 million, or 98 cents per share. Revenue was reported as $148 million.
In December 2017, the Company took delivery of Agios Spyridonas, a second-hand, 92,000 dwt, South Korean 2010 built, dry-bulk, Post-Panamax class vessel, sistership of its two existing Post-Panamax class vessels, at an attractive price. The acquisition was financed from cash on hand.
As of February 9, 2018, our operational fleet comprised of 39 drybulk vessels with an average age of 7.6 years and an aggregate carrying capacity of 3.5 million dwt. 
"Our fleet consists of 14 Panamax class vessels, 9 Kamsarmax class vessels, 13 post- Panamax class vessels and 3 Capesize class vessels, all built 2003 onwards. Upon delivery of our last contracted drybulk newbuild Kamsarmax class vessel, scheduled for 2018, and assuming no additional vessel acquisitions or disposals, our fleet will comprise of 40 vessels, 11 of which will be eco-design vessels, with an aggregate carrying capacity of 3.6 million dwt," said a statement from the company.
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