- About us
- IBJ Awards
- Free Sample
- Contact us
Safe Bulkers in profit despite trade wars
(Posted on 30/05/19)
Safe Bulkers, Inc., an international provider of marine drybulk transportation services, has announced its unaudited financial results for the three months period ended 31 March, 2019.
Dr. Loukas Barmparis, President of the Company, said: ‘‘We started 2019 profitably despite the material weakness of the charter market amid trade-war concerns, disruption of trade patterns due to natural disasters and seasonality inherent in the industry. We are on schedule in implementing our environmental investments installing scrubbers in approximately half of our fleet during 2019 in anticipation of the effectiveness of the IMO sulphur cap regulations in 2020. We also remain committed to installing ballast water treatment systems in each of our vessels. Overall, we remain confident that our Company is well positioned ahead of the uncertainties and opportunities presented by the current operating environment.
Our vessels are used to transport bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes. We intend to employ our vessels on both period time charters and spot time charters, according to our assessment of market conditions, with some of the world’s largest consumers of marine drybulk transportation services. The vessels we deploy on period time charters provide us with relatively stable cash flow and high utilization rates, while the vessels we deploy in the spot market allow us to maintain our flexibility in low charter market conditions.
As of May 23, 2019, we had liquidity of $95.4 million consisting of $85.0 million in cash and bank time deposits and $10.4 million in restricted cash. Leverage and repayment profile As of March 31, 2019, our consolidated leverage 9 , representing total consolidated liabilities divided by total consolidated assets, was 58%.”
Global resources company BHP, German shipping company Oldendorff Carriers, and advanced biofuels pioneer... Read more
The Swedish Club has partnered with industry leading cargo consultants, CWA International, to develop... Read more
Criminal gangs are increasingly exploiting merchant shipping to traffic large volumes of illicit drugs... Read more
As recent news reports highlight, the shipping industry continues to face threats such as piracy, kidnapping... Read more
Algoma Central Corporation, a leading supplier of marine transportation services, has announced that... Read more
Wavespec, as the last technical entity within Braemar Shipping Services Plc, has announced that it is... Read more
INTERCARGO believes that, once again seafarers are falling victim to the lack of focus and joined up... Read more
As efforts to refloat the Ever Given continue, the International Chamber of Shipping (ICS) has released... Read more
GTMaritime has announced that it has transitioned its business to an Employee Owned Trust (EOT), in... Read more
Leading classification society ClassNK has begun joint investigative research with Sompo Japan Insurance... Read more