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  4. Safe Bulkers reports 4Q17 results and provides an annual round up

Safe Bulkers reports 4Q17 results and provides an annual round up

 

Published by
 Dry Bulk,

Leading international provider of marine dry bulk transportation services, Safe Bulkers, Inc., has announced its unaudited financial results for 4Q17 and the 12-month period ended 31 December 2017.

Highlights: 4Q17 results

  • Net revenues for 4Q17 increased by 34% to US$42.4 million from US$31.7 million during the same period in 2016.
  • Net loss for the fourth quarter of 2017 was US$86.6 million as compared to US$4.6 million, during the same period in 2016.
  • EBITDA for the fourth quarter of 2017 amounted to loss of US$68.1 million as compared to earnings of US$13.1 million during the same period in 2016. Adjusted EBITDA for the fourth quarter of 2017 increased by 76% to US$23.9 million from US$13.6 million during the same period in 2016.
  • Loss per share and Adjusted earnings per share for 4Q17 were US$0.88 and US$0.02 respectively, calculated on a weighted average number of 101 531 352 shares, as compared to a Loss per share of US$0.09 and Adjusted loss per share of US$0.09 during the same period in 2016, calculated on a weighted average number of 87 364 672 shares.

Highlights: results for 12 months ended 31 December 2017

  • Net revenues for the 12 months of 2017 increased by 35% to US$148.0 million from US$109.8 million during the same period in 2016.
  • Net loss for the twelve months of 2017 was US$84.7 million as compared US$56.0 million, during the same period in 2016. Adjusted net loss for the twelve months of 2017 was US$1.7 million as compared to US$36.2 million, during the same period in 2016.
  • EBITDA for the twelve months of 2017 decreased to loss of US$8.4 million as compared to earnings of US$15.6 million during the same period in 2016. Adjusted EBITDA for the year 2017 increased by 110% to US$74.7 million as compared to US$35.5 million during the same period in 2016.
  • Loss per share and adjusted loss per share for the twelve months of 2017 were US$0.98 and US$0.16, respectively, calculated on a weighted average number of shares of 100 932 876, as compared to loss per share of US$0.83 and adjusted loss per share of US$0.59 during the same period in 2016, calculated on a weighted average number of shares of 84 526 411.