Marine Link
Friday, November 16, 2018

Safe Bulkers Improves Bottomline

Maritime Activity Reports, Inc.

November 7, 2018

Pic: Safe Bulkers

Pic: Safe Bulkers

Monaco-based Safe Bulkers said that its net revenues for the three months months period ended September 30, 2018 increased by 34% to $50.1 million from $37.3 million during the same period in 2017.

The international provider of marine drybulk transportation services said in a press release that its net income for the third quarter of 2018 increased by 21% to $8.1 million from $6.7 million, during the same period in 2017. Adjusted net income for the third quarter of 2018 was $8.2 million as compared to adjusted net loss of $1.8 million, during the same period in 2017.

Meanwhile, the net revenues for the nine months of 2018 increased by 33% to $140.6 million from $105.7 million during the same period in 2017. And net income for the nine months of 2018 increased to $18.1 million from $1.9 million, during the same period in 2017. Adjusted net income for the nine months of 2018 was $18.7 million as compared to adjusted net loss of $7.1 million, during the same period in 2017.

Safe Bulkers acquired a second hand, Japanese, 181,400 dwt, Capesize class dry-bulk vessel the Mount Troodos (built in 2009) during August.

"As of October 31, 2018, our operational fleet comprised of 41 drybulk vessels, 11 of which eco-design, with an average age of 8.2 years and an aggregate carrying capacity of 3.8 million dwt. Our fleet consists of 14 Panamax class vessels, 10 Kamsarmax class vessels, 13 post- Panamax class vessels and 4 Capesize class vessels, all built from 2003 onwards," the company informed.

The company has installed Ballast Water Treatment System (BWTS) in four vessels during the month of September. "We expect to install BWTS in four additional vessels during their scheduled dry-dockings within the 4th quarter 2018. The aggregate down time of these dry-dockings is expected to be approximately 90 days out of expected 3,772 ownership days this quarter," it said.

Maritime Reporter Magazine Cover Oct 2018 - Marine Design Annual

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News