Safe Bulkers Sinks Further into Red

Monaco-based dry bulk specialist Safe Bulkers reported USD 4.4 million net loss for the second quarter of 2015, compared to net income of USD 2.1 million during the same period in 2014, driven largely by a 15% decrease in net revenue for the quarter ended June 30.

The quarterly net revenue was USD 31.8 million, compared to USD 37.2 million reported for 2QFY2014.

The company’s EBITDA decreased by 33% to USD 10.1 million in the second quarter, as against USD 15.1 million  recorded a year earlier.

Net revenues for the six months of 2015 decreased by 19% to USD 63.9 million from USD 78.5 million during 1HFY2014, leading to a USD 10.5 million net loss, compared to net income of USD 13.3 million the company reported for the first half of 2014.

Safe Bulkers currently operates 36 drybulk vessels with an average age of 5.7 years and an aggregate carrying capacity of 3.3 million dwt.

The company also has eight newbuildings on order, due for delivery at various dates through 2019.