Safe Bulkers, Inc. reports 1Q17 results

• Net revenue for the first quarter of 2017 increased by 35% to US$33.3 million from US$24.7 million during the same period in 2016.
• Net loss for the first quarter of 2017 was US$3.3 million as compared to US$17.8 million, during the same period in 2016. Adjusted net loss1 for the first quarter of 2017 was US$3.4 million as compared to US$14.4 million, during the same period in 2016.
• EBITDA2 for the first quarter of 2017 increased to US$15.4 million compared to US$0.3 million during the same period in 2016. Adjusted EBITDA3 for the first quarter of 2017 increased to US$15.2 million from US$3.8 million during the same period in 2016.
• Loss per share4 and Adjusted loss per share4 for the first quarter of 2017 were US$0.07 and US$0.07 respectively, calculated on a weighted average number of shares outstanding of 99,284,181, compared to a Loss per share of US$0.25 and Adjusted loss per share of US$0.21 during the same period in 2016, calculated on a weighted average number of shares outstanding of 83,542,291.

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