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Operated from Greece and Monaco, Safe Bulkers' operational fleet comprised of 40 bulk carriers as of July 20, 11 of which eco-design, with an average age of 7.9 years and an aggregate carrying capacity of 3.6m dwt. The fleet consisted of 14 panamax vessels, 10 kamsarmax vessels, 13 post-panamax vessels and three capesize vessels, all built from 2003 onwards.
Safe Bulkers posted second-quarter profits on the back of increased charter rates.
The company reported net income of $10.1m compared with a $4.8m loss in the same period last year.
Its earnings per share were $0.04, compared with a loss of $0.13 per share the previous year, missing analysts’ expectations by $0.03 per share mainly because of increased drydocking costs.
The company’s TCE reached $12,605 per vessel per day, compared with $9,698 a year ago. Company president Loukas Barmparis said that the increase was due to new charters replacing older expiring charters at higher rates.
Latest From Safe Bulkers
Last week, company executives said deleveraging and maintaining high liquidity were both priorities. At the end of June, Safe Bulkers had liquidity of $119.8m
Announcement of new charters comes as Safe Bulkers posts a loss for the first quarter of the year
If the maximum 6.5m shares are repurchased this would represent about 3.3% of the company’s outstanding common stock
The company, which kept the majority of its fleet engaged in the spot market, saw profits fall by more than half in the fourth quarter of 2019 compared with the same period a year earlier
Safe Bulkers also entered into a three-year unsecured revolving credit facility with a $15m draw-down capacity
The charter market was weak in the first half of the year, but since then the Baltic Exchange index has surged and Safe Bulkers has been fixing vessels at “much higher rates”
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