Safe Bulkers Improves Bottomline

Monaco-based Safe Bulkers said that its net revenues for the three months months period ended September 30, 2018 increased by 34% to $50.1 million from $37.3 million during the same period in 2017.

The international provider of marine drybulk transportation services said in a press release that its 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 income 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.

Meanwhile, the 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. And 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.

Safe Bulkers acquired a second hand, Japanese, 181,400 dwt, Capesize class dry-bulk vessel the Mount Troodos (built in 2009) during August.

"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," the company informed.

The company has installed Ballast Water Treatment System (BWTS) in four vessels during the month of September. "We expect to install BWTS in four additional vessels during their scheduled dry-dockings within the 4th quarter 2018. The aggregate down time of these dry-dockings is expected to be approximately 90 days out of expected 3,772 ownership days this quarter," it said.