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
ClassNK releases ‘Prime Shipmanagement Guidelines’
(Posted on 01/05/25)ClassNK has released ‘Prime Shipmanagement Guidelines’ which aim to achieve sustainable... Read more
MCTC ensures quality remains at top of the table amid global tensions
(Posted on 30/04/25)In the face of unpredictable provisioning costs, port disruptions, and longer lead times MCTC has reinforced... Read more
NORDEN raises full-year guidance for 2025
(Posted on 28/04/25)On the back of the increased gains from sales of vessels and good operational performance, NORDEN, a... Read more
INTERCARGO welcomes ILO recognition of seafarers as key workers
(Posted on 28/04/25)The International Association of Dry Cargo Shipowners (INTERCARGO) has welcomed the recent decision... Read more
MMS advises why seafarers must remain vigilant about malaria
(Posted on 25/04/25)Despite its lack of publicity, malaria remains an ongoing epidemic and a perilous threat to seafarers... Read more
Veson: Bulker S&P activity falls sharply in Q1 2025
(Posted on 22/04/25)Due to market uncertainty, overall sale and purchase levels for Bulkers have fallen year on year, with... Read more
Britannia Group announces CEO succession plan
(Posted on 22/04/25)The Britannia Group, a leading P&I insurer, has announced that its Chief Executive, Andrew Cutler... Read more
INTERCARGO responds to IMO's decision on GHG reduction measures
(Posted on 15/04/25)At last week's landmark MEPC 83 meeting, the International Maritime Organization (IMO) Member States... Read more
NORDEN sells two additional vessels
(Posted on 15/04/25)In line with NORDEN’s strategy to realise asset values, the global provider of ocean-based freight... Read more
ILO delivers on Seafarers Key Worker Rights and fair treatment
(Posted on 15/04/25)The fifth meeting of the Special Tripartite Committee (STC) of the MLC concluded last week with some... Read more
