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Safe Bulkers earnings fall in Q1
Safe Bulkers has slipped in profit in the first quarter amid the weak shipping freight market.
1 Min Read
Kalyakan - stock.adobe.com
Net profit in the quarter ended 31 March fell to $10.43m compared to $16.07m in the same period of last year.
Revenue also fell to $42.81m during the quarter from $45.17m a year ago mainly due to a decrease in time charter rates.
Safe Bulkers operated 29.86 vessels on average during the first quarter, earning a time charter equivalent rate of $13,921 compared to 24.97 vessels and a time charter equivalent rate of $18,113 during the same period in 2013.
As of May 22, the company had agreed to buy 13 newbuild bulkers at a total investment of $403.9m, with deliveries stretching to 2017.
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