Safe Bulkers Reports 4Q Loss

Photo: Safe Bulkers

By Aiswarya Lakshmi

Greece-based Safe Bulkers (SB) has reported a loss
of $4.6 million in its fourth quarter. On a per-share basis, it
has a loss of 9 cents.

Net revenues for the fourth quarter of 2016 increased by 6% to
$31.7 million from $29.9 million during the same period in 2015.

For the year, the company reported that its loss narrowed to $56
million, or 83 cents per share. Revenue was reported as $109.8
million.

Net revenues for the twelve months of 2016 decreased by 14% to
$109.8 million as compared to $127.3 million during the same
period in 2015.

Dr. Loukas Barmparis, President of the Company, said: "Although
the chartering market improved in the last quarter of 2016 from
historical lows, it still remains at unprofitable levels. In
2016, we achieved positive operating cash flows supported by our
low average daily operating expenses of $3,698 per vessel which
were consistent with our cost reducing efforts throughout the
year."

"We have also improved our liquidity position through an
additional public offering of common stock with gross proceeds of
$17.2 million in December 2016," he added.

Feb 23, 2017

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