Safe Bulkers Narrows Net Loss

  • Business & Finance

Monaco-based dry bulk shipping specialist Safe Bulkers has managed to reduce its net loss in the second quarter of 2017 to USD 1.6 million as compared to USD 9 million reported in the same period in 2016.

Net revenue for the three-month period ended June 30, 2017 increased by 34% to USD 35 million from USD 26.2 million seen in the same quarter a year earlier.

For the first six months of the year, the company witnessed its net loss shrink to USD 4.9 million as compared to USD 26.8 million recorded during the same period in 2016. Safe Bulkers’ net revenues for the first half of the year increased by 34% reaching USD 68.3 million, against USD 50.9 million recorded in the previous year.

“In the second quarter of 2017, we continued to see improved rates for our new time charters resulting in improved quarterly revenues on a year-over-year basis. We are also targeting to reduce our financial outflows by refinancing two Kamsarmax vessels which were under a sale and leaseback arrangement,” Loukas Barmparis, President of the company, said.

As of July 19, 2017, Safe Bulkers’ operational fleet comprised of 38 drybulk vessels with an average age of 7.1 years and an aggregate carrying capacity of 3.4 million dwt.

Additionally, the company has one contracted drybulk newbuild Kamsarmax class vessel, scheduled for delivery in 2018.

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