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Safe Bulkers 1Q18 results; net revenue up 31%

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Dry Bulk,


Yesterday, international provider of marine dry bulk transportation services Safe Bulkers, Inc, shared its unaudited financial results for the three-month period ended 31 March 2018.

Summary of 1Q18 Results

Net revenues for the first quarter of 2018 increased by 31% to US$43.5 million from US$33.3 million during the same period in 2017.

Net income for the first quarter of 2018 was US$6.0 million as compared to a net loss of US$3.3 million, during the same period in 2017. Adjusted net income1 for the first quarter of 2018 was US$5.7 million as compared to an Adjusted net loss of US$3.4 million, during the same period in 2017.

EBITDA for the first quarter of 2018 increased by 53% to US$23.5 million compared to US$15.4 million during the same period in 2017. Adjusted EBITDA3 for the first quarter of 2018 increased by 53% to US$23.2 million from US$15.2 million during the same period in 2017.

Earnings per share and Adjusted earnings per share for the first quarter of 2018 were US$0.03, calculated on a weighted average number of 101 540 728 shares, compared to a Loss per share and Adjusted loss per share of US$0.07 during the same period in 2017, calculated on a weighted average number of 99 284 181 shares.

Redemption of Series B Preferred Shares

On 20 February 2018, Safe Bulkers completed the previously announced redemption of 379 514 outstanding 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares at a redemption price of US$25.00 per Series B Preferred Share plus all accumulated and unpaid dividends. There are currently no issued and outstanding Series B Preferred Shares.

Fleet and Employment Profile

As of 24 May 2018, Safe Bulkers’ operational fleet comprised of 39 dry bulk vessels with an average age of 7.9 yr and an aggregate carrying capacity of 3.5 million DWT. Their 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 their last contracted dry bulk newbuild kamsarmax class vessel, scheduled for delivery in June 2018, and assuming no additional vessel acquisitions or disposals, their fleet will consist of 40 vessels, 11 of which will be eco-design vessels, with an aggregate carrying capacity of 3.6 million DWT.

Read the article online at: https://www.drybulkmagazine.com/shipping/30052018/safe-bulkers-1q18-results-net-revenue-up-31/

 

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