Net loss for the quarter was recorded at $6.05m, as against a profit of $11.23m in the same period of last year.
The New York-listed shipowner saw first quarter revenue decreased by 22% year-on-year to $32.05m mainly due to lower charter rates.
The company operated 32.72 vessels on average during the first quarter, earning a time-charter equivalent (TCE) rate of $9,440, compared to 29.86 vessels and a TCE rate of $13,921 during the same period of 2014.
Vessel operating expenses rose by 13% year-on-year to $14.3m primarily due to an increase in ownership days by 10% to 2,945 days for the first quarter from 2,687 days for the previous corresponding period.
“We have reduced our quarterly dividend to $0.01 per common share in line with the present weak charter market conditions, which have now lasted for more than one year,” said Loukas Barmparis, president of Safe Bulkers.
“We have a strong balance sheet and lean operations targeting to preserve our liquidity throughout the adverse part of the shipping cycle,” he added.
As at 4 June 2015, the company’s operational fleet comprised of 34 dry bulk carriers, and it had contracted to acquire 10 eco-design newbuild vessels.
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