Safe bulkers financial report reflects market optimism

Greece-based Safe Bulkers, Inc. released a financial report for the second quarter and the first six months of 2013 which shows some losses, but also reveals an increasing market optimism with new orders.
Net revenue for the second quarter of 2013 decreased by 12% to $41.4 million from $47.0 million during the same period in 2012. The net income 2013 increased by 14% to $24.6 million from $21.5 million, during the same period in 2012. Adjusted net income for the second quarter of 2013 decreased by 36% to $15.1 million from $23.7 million, during the same period in 2012.
The company’s board of directors announced a dividend of $0.05 per share of common stock for the second quarter of 2013.
The highlights from the six-month report include data on not revenues and net income. Net revenue for the first six months of 2013 decreased by 6% to $85.7 million from $91.1 million during the same period in 2012. Net income for the first six months of 2013 decreased by 6% to $40.6 million from $43.2 million. Adjusted net income for the first six months of 2013 decreased by 33% to $31.0 million from $46.5 million, during the same period in 2012.
As of Aug. 19, 2013, the company’s operational fleet was comprised of 28 drybulk vessels with an average age of 5.2 years and an aggregate carrying capacity of 2.5 million dwt. The fleet consists of eight Panamax class vessels, seven Kamsarmax class vessels, eleven post- Panamax class vessels and two Capesize class vessels, all built 2003 onwards.
As of Aug. 19, 2013, the Company had contracted to acquire seven additional drybulk newbuild vessels, with deliveries scheduled at various dates through 2015. The orderbook consists of four Panamax class vessels, two Post-Panamax class vessels and one Capesize class vessel.