Pangaea Takes Top Spot in Dry Bulk Benchmark Study
For the second year straight, US-based Pangaea Logistics ranks highest among dry bulk owners based on Time Charter Earnings (TCE), according to a recent market benchmarking report.Notably, the Rhode Island-headquartered shipowner's 53.7% TCE performance is well above Hong Kong's Pacific Basin Shipping Ltd. (24.3%) and Thailand's Thoresen Thai Agencies (23.5%) in second and third place respectively.The Vesselindex Performance Report by Danish maritime advisors Liengaard & Roschmann…
Safe Bulkers Updates Charter Arrangements
International provider of marine drybulk transportation Safe Bulkers said that two of its vessels - MV Kypros Sky and MV Kypros Spirit - were sold and leased back recently on a bare-boat charter basis for a period of eight years.The Monaco-headquartered company said that with purchase options are in its favor commencing three years following the commencement of the bare-boat charter period and a purchase obligation at the end of the bare-boat charter period, all at predetermined…
Safe Bulkers Sells, Leasebacks 8 Vessels
The Monaco-headquartered provider of marine drybulk transportation services Safe Bulkers Safe Bulkers has sold and leased back eight ships to refinance $105.2m in loans coming due in 2023 and 2025.The New York-listed bulker owner said that it will receive $158.3m in proceeds from the transaction.Under the arrangements, two vessels were leased back, under bareboat charter agreements, for a period of six years and six vessels were leased back under bareboat charter agreements, for…
Safe Bulkers Slips to Q2 Loss
Monaco-headquartered provider of marine drybulk transportation services Safe Bulkers reported a net loss for the second quarter, contrary to the market’s expectations for profit.The net revenue at USD 45.5 million for Q2 was hurt by a 3% decline from the second quarter of 2018. For the second quarter, Safe Bulkers reported an adjusted loss of $0.01 per share, compared to earnings of $0.02 per share in the same period of last year.Dr. Loukas Barmparis, President of the Company, said: “In the first half of 2019 the charter market was weak.
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…
Safe Bulkers Signs Pact with Alfa Laval
The international provider of marine drybulk transportation services Safe Bulkers has entered into a service agreement with Alfa Laval for 20 scrubber units on its vessels to meet the requirements of IMO 2020.According to the shipowner, the agreement is to minimize down time, enhance regulatory compliance and safeguard scrubber performance over the life-time of the vessel.The agreement provides for a flat yearly fee, lifecycle-oriented services from the Alfa Laval PureSOx 360° Service Portfolio…
Safe Bulkers Expands Fleet
Safe Bulkers, in its Q1 financial results annoucements said that with the latest addition of Pedhoulas Rose, its fleet has increased to 38 dry bulk vessels. In January 2017, the company took delivery of Pedhoulas Rose (Hull No. 1146), a 82,000 dwt, newbuild Kamsarmax class vessel. Also in January, Safe Bulkers took delivery of Hull No. 1551, a 81,600 dwt, newbuild Kamsarmax class vessel which was subsequently sold to chief executive officer and chairman, Polys Hajioannou. As of May 12…
Safe Bulkers Reports Q1 Loss
The Athens, Greece-based Safe Bulkers Inc. (SB) on Thursday reported a loss of $17.8 million in its first quarter. The shipping company posted revenue of $24.7 million in the period. It has a loss of 25 cents per share. Losses, adjusted for non-recurring costs, came to 21 cents per share. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 17 cents per share. As of May 27, 2016, the Company’s operational fleet, following two newbuild deliveries and two vessel sales…
Safe Bulkers Regains Compliance with NYSE
Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that it was notified by the New York Stock Exchange (“NYSE”) that the Company has regained compliance with the NYSE’s minimum share price standard for continued listing of its common stock. On January 15, 2016, the Company announced that it had received notification from the NYSE that the trading price of the Company’s common stock, listed on the NYSE as “SB”…
Safe Bulkers Agrees to Amend Term Loan Facility
Safe Bulkers, Inc., an international provider of marine drybulk transportation services, has announced that the company has agreed with Danish Ship Finance, to amend certain financial covenants and terms to its existing credit facility with an outstanding balance of US $40.0 million. The total consolidated liabilities of the company divided by its total consolidated assets charter inclusive must not exceed 90% until and including year-end 2017 and 85% from 2018 onwards. The ratio of the company’s EBITDA1 to its interest expense must be not less than 2.0:1 on a trailing 12 month basis…
Safe Bulkers to Amend Loan Pact with RBS
Safe Bulkers, Inc., an international provider of marine drybulk transportation services, has agreed with the Royal Bank of Scotland plc (RBS) to amend certain financial covenants and terms to an existing term loan facility with an outstanding balance of US $73.4 million. The total consolidated liabilities of the Company divided by its total consolidated assets charter inclusive must not exceed 90% until and including year-end 2017 and 85% from 2018 onwards. The ratio of the Company's EBITDA(1) to its interest expense must be not less than 2.0:1 on a trailing 12 month basis…
Safe Bulkers Acquires a Post-Panamax Class Dry-Bulk Vessel
Safe Bulkers, an international provider of marine dry-bulk transportation services, announced today that it has acquired a 92,000 dwt, South Korean 2010 built, dry-bulk, Post-Panamax class vessel at an attractive price. The vessel is a sistership of the Company’s two existing South Korean Post-Panamax class vessels. The acquisition was financed from cash on hand. Dr. Loukas Barmparis, President of the Company commented: “In parallel with the optimization of our capital structure our Board has decided to invest in a second hand vessel which we believe it will be accretive to our revenues.
Bulkers to Benefit as China Iron Ore Appetite Grows
It has been quite awhile since the global bulk carrier market has had much to cheer about, but U.S. dry bulk shippers are set to post strong revenue growth in the next two years thanks to soaring Chinese demand for high-grade iron ore from Brazil and Australia. To combat severe winter smog, China has slashed iron ore output, pushing steel mills in the world's second biggest economy to import more high-grade ore. China also wants to make pollution control a priority for the next three years.
US Post-election Shipping Rally Raises Interest, Questions
Shares of U.S. shipping companies shot higher again on Wednesday, causing volatility halts in a number of stocks and raising questions among investors and analysts over the extent of their sharp post-election rally. The jump in share prices and unusually heavy trading volume even surprised analysts who follow the stocks, although some said the gains appeared to result in part from optimism that commodity demand would increase under President-elect Donald Trump. At the center of the rally has been DryShips Inc…
Olivier Named UK Club Chairman
Alan Olivier was elected Chairman and President of the UK P&I Club at their board meeting in Bermuda on October 28. He succeeds Dino Caroussis who has retired from the board. Mr. Olivier, 53, Chief Executive Officer of Grindrod Limited, became a Director of the UK Club in 2000 and a Deputy Chairman in 2006. Mr. Caroussis, 61, of Chios Navigation, had been the Club’s Chairman for the past five years, having joined the board in 1996 in the shipping division. He held senior treasury and financial positions before his appointment as chief executive of Unicorn Shipping in 1995.
Greek Bulkship Owner Increases Revenue in H1 2012
Safe Bulkers, Inc. As of July 31, 2012, the Company’s current fleet was comprised of 21 drybulk vessels with an average age of 4.2 years and the Company had contracted to acquire eight newbuild drybulk vessels with deliveries scheduled at various times through 2014. Dr. Loukas Barmparis, President of the Company, said: "Charter market conditions are challenging, while bank financing is generally scarce. Our revenues in the current depressed charter market have been supported by agreements entered into during earlier periods.
Safe Bulkers Q2 2009 Results
Safe Bulkers, Inc. (NYSE: SB), an international provider of marine drybulk transportation services, announced its unaudited financial results for the three and six months periods ended June 30, 2009. Net revenue for the second quarter of 2009 decreased by 14% to $44.3m from $51.4m during the same period in 2008. The company operated 13 vessels on average during the second quarter of 2009, earning a Time Charter Equivalent (TCE)(1) rate of $37,555, compared to 11 vessels and a TCE rate of $52,069 during the second quarter of 2008.
Agencies Respond to Freight Ship Spilling Oil
The Coast Guard and O'Brien's Response Management are responding to oil which is leaking from the motor vessel Pac Alkaid, which is anchored 10 miles southeast of Southwest Pass near Venice, La. The Pac Alkaid reported the discharge to the Coast Guard at approximately 2 a.m. Oct. 30, when it was anchored five miles southeast of Southwest Pass. Winds and currents pushed the oil to the northwest on Oct. 30, which caused a sheen to wash up against the rocks of the Southwest Pass jetty. The Coast Guard ordered the vessel to move further offshore at approximately 11 a.m. Oct.
Safe Bulkers Q3 Results
Safe Bulkers, Inc. (NYSE: SB), an international provider of marine drybulk transportation services, announced its unaudited financial results for the three- and nine-month periods ended September 30, 2009. Net revenue for the third quarter of 2009 decreased by 31% to $36.9 million from $53.4 million during the same period in 2008. The company operated 13.2 vessels on average during the third quarter of 2009, earning a Time Charter Equivalent ("TCE")(1) rate of $30,113, compared to 11 vessels and a TCE rate of $52,724 during the third quarter of 2008.
Safe Bulkers Time Charter
Safe Bulkers, Inc. announced it has entered into a new period time charter for the Andreas K, a 92,000 dwt Post-Panamax class vessel, with a delivery date in November 2009, for a minimum duration of 12 months and a maximum duration of 14 months, at a gross daily rate of $20,500 less 3.75% total commissions. Subsidiary Maxdodeka Shipping Corporation took delivery of the newbuild Andreas K on September 8, 2009 and the vessel has since been operated in the spot market. Following this delivery…
Safe Bulkers Acquires Two New Drybulk Vessels
Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced today that it has agreed to acquire two additional newbuild drybulk Post-Panamax class vessels, each with a capacity of 95,000 deadweight tons, built by a Japanese shipyard. The first of the newbuilds is expected to be delivered during the second half of 2010 and the second is expected to be delivered during the first half of 2012. The new agreements expand the existing relationship between the company and the shipyard…
Safe Bulkers, Early Termination of Charter
Safe Bulkers, Inc. (NYSE: SB), announced that it has agreed to terminate the existing charter of the Kamsarmax-class vessel Pedhoulas Merchant. The charter was contractually due to expire in November 2010. Following this agreement, the vessel is expected to be redelivered between February and March 2010. In exchange for the early redelivery of the vessel, the charterer has agreed to pay the company cash compensation between $5.1m and $6.5m, depending on the vessel's actual redelivery date. Following redelivery the vessel will be available for employment.
Greece's Safe Bulkers Weather Challenging Financial Conditions
Bulk carrier owners & charterers Safe Bulkers, Inc. reports results for the third quarter and the first nine months of 2012, pays reduced dividend. Net revenue for the third quarter of 2012 increased by 10.1% to $46.8 million from $42.5 million during the same period in 2011. Net income for the third quarter of 2012 increased by 4.5% to $20.7 million from $19.8 million during the same period in 2011. Adjusted net income1 for the third quarter of 2012 decreased by 12.0% to $22.8 million from $25.9 million during the same period in 2011.