Safe Bulkers’ profits remain at high levels in the first half of 2023, despite the fact that the freight market has been under pressure compared to the corresponding period of 2022.

More specifically, the New York-listed company showed revenues of 137.5 million dollars and profits of 34.7 million dollars in the first half of 2023, compared with 169.3 million dollar revenues and 86.7 million dollar profits in the same period last year.

Revenues stood at 70.6 million dollars and profits at 15.4 million euros in the second quarter of 2023, compared with 91.6 million euros and 50.3 million euros respectively in the second quarter of 2022.

According to the president of Safe Bulkers, Dr. Loucas Barbaris, “among the main developments of the second quarter are the weakening of the charter market, which we believe reflects the uncertainty about economic growth, and the delivery of our fourth newbuild ship.”

Regarding the company’s development, he underlined: “Our strong liquidity and comfortable leverage allow us to be flexible with our capital, and at the same time reward our shareholders with a dividend of five cents per common share.”

On July 21, 2023 the company managed a fleet of 44 bulk carriers of which 11 panamaxes, seven kamsarmaxes, 18 post – panamaxes and eight capes, with a total capacity of 4.5 million dwt.

Of these ships, 12 are eco type built after 2014 and another four have been built from 2022 onwards and are type – IMO GHG Phase 3 – NOx Tier III.

The company is also building eight IMO GHG Phase 3 – NOx Tier III Kamsarmax kamsarmaxes, which it will gradually deliver by mid-2025.