Safe Bulkers returns to profit

safe bulkers

Safe Bulkers announced its unaudited financial results for the three and nine months period ended September 30, 2017.

Summary of Third Quarter 2017 Results

  • Net revenue for the third quarter of 2017 increased by 38% to $37.3 million from $27.1 million during the same period in 2016.
  • Net income for the third quarter of 2017 was $6.7 million as compared to net loss of $24.5 million, during the same period in 2016. Adjusted net loss for the third quarter of 2017 was $1.8 million as compared to $9.0 million, during the same period in 2016.
  • EBITDA for the third quarter of 2017 amounted to earnings of $27.4 million as compared to a loss of $6.2 million during the same period in 2016. Adjusted EBITDA for the third quarter of 2017 increased by 103% to $18.9 million from $9.3 million during the same period in 2016.
  • Earnings per share and Adjusted loss per share4 for the third quarter of 2017 were $0.04 and $0.05 respectively, calculated on a weighted average number of 101,521,234 shares, as compared to a Loss per share of $0.34 and Adjusted loss per share of $0.15 during the same period in 2016, calculated on a weighted average number of 83,601,283 shares.

Summary of Nine Months Ended September 30, 2017 Results

  • Net revenues for the nine months of 2017 increased by 35% to $105.7 million from $78.1 million during the same period in 2016.
  • Net income for the nine months of 2017 was $1.9 million as compared to a net loss of $51.3 million, during the same period in 2016. Adjusted net loss for the nine months of 2017 was $7.1 million as compared to $32.0 million, during the same period in 2016.
  • EBITDA for the nine months of 2017 increased to $59.8 million as compared to $2.5 million during the same period in 2016. Adjusted EBITDA for the nine months of 2017 increased by 133% to $50.8 million as compared to $21.8 million during the same period in 2016.
  • Loss per share and Adjusted loss per share for the nine months of 2017 were $0.10 and $0.19, respectively, calculated on a weighted average number of shares of 100,731,192, as compared to loss per share of $0.74 and Adjusted loss per share of $0.51 during the same period in 2016, calculated on a weighted average number of shares of 83,573,418.

Fleet and Employment Profile

As of October 25, 2017, our operational fleet comprised of 38 drybulk vessels with an average age of 7.3 years and an aggregate carrying capacity of 3.4 million dwt. Our fleet consists of 14 Panamax class vessels, nine Kamsarmax class vessels, 12 post- Panamax class vessels and three Capesize class vessels, all built 2003 onwards. Taking into account our last contracted drybulk newbuild Kamsarmax class vessel, scheduled for delivery in 2018, our fleet will comprise of 39 vessels, 11 of which will be eco-design vessels, with an aggregate carrying capacity of 3.5 million dwt, assuming no additional vessel acquisitions or disposals.

Management Commentary

Dr. Loukas Barmparis, President of the Company, said: “Highlights of the third quarter include, improvement of our capital structure towards reducing finance costs and our breakeven point, continuous reduction of adjusted losses per share in an improving charter market and for the first time after several quarters, earnings per share on unadjusted basis, taking into account the write off of $8.2 million of debt.”

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