Safe Bulkers is rerouting its fleet away from the Red Sea in the wake of attacks on merchant ships in Bab el Mandeb Strait and the Gulf of Aden.
“We have diverted the fleet from that area. However, we will continue to monitor the situation to assess whether disruptions could have any impact on our operations or financial performance,” commented the management of the US-listed company, during the announcement of the quarterly results.
It is noted that the Houthis are constantly targeting the latest ships and especially trucks belonging to companies listed on the New York stock exchange.
‘Green’ upgrades
Alongside the expanded shipbuilding program, Safe Bulkers continues to environmentally upgrade the existing fleet.
In the last quarter of 2023, the listed company completed environmental upgrades on the bulkers Zoe (built in 2013) and Xenia (built in 2006), while in the first quarter of 2024, Agios Spyridonas (built in 2010) and Venus Harmony (built in 2013) followed suit.
Three more ships are scheduled to be upgraded, with the installation of a scrubber, among others, while the company still uses biofuel on certain voyages.
Financial Results
Safe Bulkers’ revenue stood at 82.3 million US dollars in the fourth quarter of 2023 and 284.4 million US dollars on an annual basis, compared to 86.7 million and 349.7 million in the corresponding periods in 2022.
Meanwhile, profits rose to 27.6 million US dollars in the quarter (up from 34.9 million in 2022) and 77.4 million US dollars in the year (up from 172.6 million).
