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.

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