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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.

Lee Hong Liang, Asia Correspondent

May 29, 2014

1 Min Read
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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.

Read more about:

dry bulk shipping

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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