Home / Shipping News / Dry Bulk Market / Safe Bulkers, Inc. Reports 21% Increase in Third Quarter Net Earnings

Safe Bulkers, Inc. Reports 21% Increase in Third Quarter Net Earnings

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced its unaudited financial results for the three and nine months period ended September 30, 2018.

Summary of Third Quarter 2018 Results

Net revenues for the third quarter of 2018 increased by 34% to $50.1 million from $37.3 million during the same period in 2017.
Net income for the third quarter of 2018 increased by 21% to $8.1 million from $6.7 million, during the same period in 2017. Adjusted net income1 for the third quarter of 2018 was $8.2 million as compared to adjusted net loss of $1.8 million, during the same period in 2017.

EBITDA for the third quarter of 2018 was $27.5 million as compared to $27.4 million during the same period in 2017. Adjusted EBITDA for the third quarter of 2018 increased by 47% to $27.7 million from $18.9 million during the same period in 2017.
Earnings per share and Adjusted earnings per share4 for the third quarter of 2018 were $0.05 and $0.05 respectively, calculated on a weighted average number of 101,559,492 shares, compared to Earnings per share of $0.04 and Adjusted loss per share of $0.05 during the same period in 2017, calculated on a weighted average number of 101,521,234 shares.
Summary of Nine-Months Ended September 30, 2018 Results

Net revenues for the nine months of 2018 increased by 33% to $140.6 million from $105.7 million during the same period in 2017.
Net income for the nine months of 2018 increased to $18.1 million from $1.9 million, during the same period in 2017. Adjusted net income for the nine months of 2018 was $18.7 million as compared to adjusted net loss of $7.1 million, during the same period in 2017.
EBITDA for the nine months of 2018 increased by 23% to $73.4 million as compared to $59.8 million during the same period in 2017. Adjusted EBITDA for the nine months of 2018 increased by 45% to $73.9 million as compared to $50.8 million during the same period in 2017.
Earnings per share and Adjusted earnings per share for the nine months of 2018 were $0.09 and $0.10, respectively, calculated on a weighted average number of 101,550,099 shares, as compared to Loss per share and Adjusted Loss per share of $0.10 and $0.19 respectively, during the same period in 2017, calculated on a weighted average number of 100,731,192 shares.

Fleet and Employment Profile

In August 2018, the Company acquired a second hand, Japanese, 181,400 dwt, Capesize class dry-bulk vessel the Mount Troodos, built in 2009, at what we consider an attractive price. The acquisition was financed from cash on hand and subsequent to quarter end with a new loan facility (see section ‘Update on credit facilities’). Following delivery the vessel was placed into dry docking upon completion of which in early October, the vessel commenced spot employment at a gross daily charter rate of $18,000.

As of October 31, 2018, our operational fleet comprised of 41 drybulk vessels, 11 of which eco-design, with an average age of 8.2 years and an aggregate carrying capacity of 3.8 million dwt. Our fleet consists of 14 Panamax class vessels, 10 Kamsarmax class vessels, 13 post- Panamax class vessels and 4 Capesize class vessels, all built from 2003 onwards.

Management Commentary
Dr. Loukas Barmparis, President of the Company, said: ‘‘In the last quarter, we worked extensively in refinancing a large part of our debt maturing in 2021 and 2022 and smoothening the debt profile for the following 5 years, in reducing our break-even point by buying back one more vessel under a sale and lease back agreement, in expanding our fleet by one cape size vessel and in progressing environmental investments including scrubbers and ballast water treatment systems. Our investment in scrubbers for half of our fleet is designed so that we will be aligned timely with the IMO 2020 SOx emissions regulation, being in the forefront of technological developments and offering to our charterers reliable solutions from first class manufacturers ahead of the competition”.
Full Report

Source: Safe Bulkers Inc.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

captcha

Please enter the CAPTCHA text

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping