MARINE drybulk transport company Safe Bulkers has announced increased profits and revenues for the 2018 calendar year compared with the year before.

Fourth quarter results were:

  • Net revenues increased 24% to US$52.6m from US$42.4m during the same period in 2017.
  • Net income for the fourth quarter of 2018 was US$9.5m as compared with a net loss of US$86.6m during the same period in 2017.
  • Adjusted net income for the fourth quarter of 2018 was US$9.8 million as compared with US$5.5m, during the same period in 2017.
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For the whole year, the results were:

  • Net revenues increased 31% to US$193.2m from US$148m during the same period in 2017.
  • Net income for the twelve months of 2018 was US$27.7m as compared with a net loss of US$84.7m, during the same period in 2017.
  • Adjusted net income for the twelve months of 2018 was US$28.4m as compared with adjusted net loss of US$1.7m, during the same period in 2017.
  • EBITDA for the twelve months of 2018 came to US$102.3 million as compared with a loss of US$8.4m during the same period in 2017.

According to Safe Bulkers, the company entered into a memorandum of agreement with an unaffiliated seller to acquire a Japanese built, dry-bulk, post-Panamax class, resale, newbuild vessel, expected to be delivered within the first half of 2020.

“As of February 14, 2019, our operational fleet comprised of 41 drybulk vessels, 11 of which are eco-design, having an average age of 8.5 years and an aggregate carrying capacity of 3.8m DWT,” SafeBulker stated. “Our fleet consists of 14 panamax class vessels, 10 kamsarmax class vessels, 13 post- panamax class vessels and four Capesize class vessels, all built from 2003 onwards.”

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