Safe Bulkers’ nine-month revenue stood at 236.1 million dollars, up 34 million compared to the same period in 2023.
The US-listed company registered revenue of 70.5 million dollars in the third quarter, compared to 58.7 million dollars in the same period last year.
In terms of profitability, it is noted that during the third quarter of this year, net profit reached 25.1 million, compared to 15 million dollars a year earlier, while adjusted net profit increased to 19 million dollars from 11.1 million dollars.
At the same time, the listed company’s profits totaled 78 million in the nine months of 2024, compared to 49.7 million last year.
According to the president of the company, Dr. Loukas Barmbaris, “a good quarter was recorded compared to the corresponding period of the previous year, however the freight market shows a relaxation, alongside the ongoing geopolitical uncertainties.”
In fact, he said that the company focused on its shipbuilding program, improving operational efficiency and rewarding shareholders with a new dividend distribution.
Investments
The NYSE-listed company’s fleet consists of 46 vessels in the water and 7 under construction. Safe Bulkers’ fleet consists of 8 Panamax, 13 Kamsarmax, 17 Post-Panamax and 8 Capesize, with a total capacity of 4.6 million dwt and an average age of 9.8 years. Additionally, 45 vessels have been upgraded to meet the new environmental targets, with the upgrade of the 46th expected within the last quarter of the year.
In terms of the company’s order book, up to November 1, 2024, seven IMO GHG Phase 3 – NOx Tier III Kamsarmax new vessels were under construction, two of which are methanol dual fuel, with scheduled deliveries, one in 2025, four in 2026 and two in 2027. The total expenditure of the program amounts to approximately 662.1 million dollars, of which 455.6 million or 69% has already been paid.
Following the positive financial results, the company’s board of directors decided to distribute a dividend of 0.05 dollar per share.
