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Safe Bulkers Inc: 2021 Begins with Higher Revenues and Increased Profit

Safe Bulkers Inc: 2021 Begins with Higher Revenues and Increased Profit

The 2021 first quarter results of the New York Stock Exchange-listed Cypriot shipping company Safe Bulkers Inc., exceeded analysts’ expectations as it posted a significant net income of US$21.3 million, with earnings per share of US$0.18 (adjusted earnings per share US$ 0.14).

As at 31 March 2021, the company’s cash reserves amounted to US$130.1 million and total liquidity stood at US$191.4 million. 

Company President Dr. Loukas Barmparis commented that increased profitability and the strengthening of the balance sheet would enable the company to proceed with its plans for the gradual renewal of the fleet through selective sales of older vessels and new acquisitions. “We are focused on our environmental performance and will continue to invest to improve our operations in this area. We believe our environmental investments will contribute to sustained operational and financial advantages," he said.

Net revenues for the first quarter of 2021 amounted to US$62.5 million, an increase of around 37% over the figure for the corresponding period in 2020. Approximately one third of the Safe Bulkers fleet is chartered at a gross daily rate linked to the Baltic Exchange indices (BPI, ΒCI), which has brought immediate financial benefits due to the rise of the spot charter market.

As at 31 March 2021, the Safe Bulkers fleet consisted of 43 vessels – Pamamax, Kamsarmax, Post–Panamax and Capesize – with a total tonnage of 3.9 million DWT, 41 of which are registered under the Cyprus flag. The company's orderbook consists of two Japanese dry-bulk newbuild vessels, of which one is a Kamsarmax class (82,000 DWT) and one is a Post-Panamax class (87,000 DWT). The vessels are designed to meet the requirements of the Energy Efficiency Design Index, ('EEDI Phase 3') related to the mandatory reduction of greenhouse gas emissions, and also to comply with the latest NOx-Tier III emissions regulation.

In the framework of the gradual renewal of its fleet, during the first quarter the company acquired a 2011 Panamax vessel and sold a 2003 vessel of the same type. It has also agreed to sell a 2004 Panamax vessel. As a result of the sale transactions, the company’s debt will decrease by US$9.8 million while liquidity will increase by US$5.7 million. The consolidated debt now amounts to US$607.6 million with the loan repayment schedule extended to 2031.

Safe Bulkers Inc is operating in Limassol and the CEO is Polys Hajioannou. Since 2008, the company has been listed on the New York Stock Exchange, where its common stock trades under the symbol NYSE: SB and its preferred stock under the symbols NYSE: SB.PR.C and SB.PR.D.



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