Profitable Safe Bulkers confident with positioning
(Posted on 26/02/19)
Safe Bulkers, Inc., an international provider of marine drybulk transportation services, has announced its unaudited financial results for the three and twelve
months period ended 31 December, 2018.
Dr. Loukas Barmparis, President of the Company, said: ‘‘We closed 2018 profitably, having refinanced a large
portion of our debt, targeting smooth debt profile for the next five years and gradual deleverage. We acquired one
second-hand vessel and one resale newbuild for 2020 and bought back one vessel under sale and lease back
agreement. We implement BWTS investments. In view of IMO 2020 sulphur cap regulation we are installing
scrubbers in about half of our fleet during 2019, while we have selected to compete on the basis of vessels’ fuel
consumption for the remaining part of our fleet. Since the beginning of 2019 the charter market has shown material
weakness amid trade-war concerns, disruption of trade patterns and seasonality. Overall we remain confident that
our company is well positioned ahead of uncertainties and opportunities that the present environment will offer.’’
Safe Bulkers transports bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes for some of the world’s largest users of
marine drybulk transportation services.
A summary of 12 months ended 31 December, 2018 results includes:
• Net revenues for the twelve months of 2018 increased by 31% to $193.2 million from $148.0 million during the
same period in 2017.
• Net income for the twelve months of 2018 was $27.7 million as compared to a net loss of $84.7 million, during
the same period in 2017. Adjusted net income for the twelve months of 2018 was $28.4 million as compared to
Adjusted net loss of $1.7 million, during the same period in 2017.
• EBITDA for the twelve months of 2018 amounted to $102.3 million as compared to loss of $8.4 million during
the same period in 2017. Adjusted EBITDA for the twelve months of 2018 increased by 38% to $103.1 million
as compared to $74.7 million during the same period in 2017.
Latest News
Chevron keeps ships sailing amid VLSFO challenges
(Posted on 19/01/21)Chevron Marine Lubricants has helped ship owner customers identify and manage a distinctive engine condition... Read more
Coles to leave Wallem
(Posted on 19/01/21)The board of Wallem Group have announced that Chief Executive Frank Coles has resigned and will be leaving... Read more
Seanergy announces $179m restructuring
(Posted on 14/01/21)Seanergy Maritime Holdings Corp. has announced that it has reached final agreements with certain of... Read more
IOMSR seafarer welfare app goes live
(Posted on 14/01/21)The Isle of Man Ship Registry has formally launched the first ever seafarer welfare app designed by... Read more
DNV GL to change name to DNV
(Posted on 13/01/21)DNV GL, the assurance and risk management company, will change its name to DNV on 1 March 2021. The... Read more
Yxney Maritime and Inmarsat agreement
(Posted on 10/01/21)Norwegian-based scale-up Yxney Maritime and Inmarsat, the world leader in global, mobile satellite communications... Read more
ClassNK advises early BWMS installation
(Posted on 10/01/21)Leading Classification Society ClassNK has been analyzing the retrofitting status of ballast water management... Read more
Cybersecurity to remain a threat in 2021
(Posted on 05/01/21)The maritime industry will remain a target of cyber-criminals in 2021 and the world’s shipping... Read more
IOMSR appoints China representative
(Posted on 05/01/21)The Isle of Man Ship Registry (IOMSR) has appointed its first permanent representative in China.Well... Read more
First shipment at Khalifa Port’s South Quay
(Posted on 28/12/20)The first shipment, carrying bauxite, destined for Emirates Global Aluminium (EGA)’s Al Taweelah... Read more
