Safe Bulkers Narrows Loss as Revenue Climbs

Safe Bulkers Monaco-based dry bulk shipping specialist Safe Bulkers has reduced its net loss in the first quarter of 2017 to USD 3.3 million as compared to USD 14.4 million loss reported for the same period in 2016. The companys net revenue for the first quarter of 2017 increased by 35% to USD 33.3 million from USD 24.7 million during the same period in 2016 Our net revenues increased by 35% reflecting the improved market conditions during the first quarter of 2017, resulting in a substantial decrease of our net loss compared to the same period last year, Dr. Loukas Barmparis, President of Safe Bulkers, said. As our liquidity position has improved, we completed an exchange offer in April for approximately $27.7 million in face value of our 8% Series B Preferred Shares, reducing our future financial obligations with respect to preferred dividend payments. The operational fleet of Safe Bulkers is comprised of 38 dry bulk vessels with an average age of 6.9 years and an aggregate carrying capacity of 3.4 million dwt. The fleet consists of 14 Panamax class vessels, nine Kamsarmax class vessels, 12 post- Panamax class vessels and three Capesize class vessels, all built 2003 onwards. The companys last contracted Kamsarmax class vessel is scheduled for delivery in 2018. Safe Bulkers agreed to finance the newbuild vessel, Hull No. 1552, by issuing USD 16.9 million of preferred equity of one of the companys wholly-owned subsidiaries to an unaffiliated investor in 2018.