Revenues of $64.7m and net income of 15m were recorded by Safe Bulkers, listed on NYSE and led-by Polys Hajioannou, in the third quarter of 2023, compared to 93.7 million and 51 million in the same quarter last year.
The net revenues decreased by 31% to $64.7m for the third quarter of 2023, compared to $93.7m in the previous year, due to lower revenues from charter hires and decreased revenues earned by the company´s scrubber fitted vessels.
In the 9th month period, the net revenues reached 202.1 million compared to 263.1 and the net income to 49.7 million compared to 137.7 in 2022.
Adjusted net income reached 11.1m in Q3 and 40.7 in 9M compared to 48.8m in 3Q2022 and 131.5 in 9M22.
Ebitda closed at 34.8m in the 3rd quarter against 69.1 in 2022 and 107.4m in the 9th month period of 2023 against 186.6 in the 9th month of 2022.
Dr. Loukas Barmparis, president of the company, said: “Our third quarter 2023 performance was adversely impacted by global economic uncertainties and a weaker charter market. Our newbuilds orderbook with more efficient vessels and our environmental upgrades program on our existing fleet was complemented with orders for two methanol dual-fueled newbuilds for the fourth quarter of 2026 and for the first quarter of 2027, marking a significant step towards decarbonization.”
As of November 3, 2023, the owner had a fleet of 46 vessels, consisting of 11 panamax, 9 kamsarmax, 18 post-panamax and 8 capesize vessels, with an aggregate carrying capacity of 4.6 million dwt and an average age of 10.5 years.
Twelve vessels in its fleet are eco-ships built after 2014, as the company claims, and six vessels are IMO GHG Phase 3 – NOx Tier III ships built 2022 onwards.
Orderbook
As of November 3, 2023, Polys Hajioannou-led company had an orderbook of eight IMO GHG Phase 3 – NOx Tier III Kamsarmax class newbuilds, two of which are dual-fueled, with one scheduled delivery in the remainder of 2023, three in 2024, two in the first half of 2025, one in the fourth quarter of 2026, and one in the first quarter of 2027.
Newbuild Deliveries
In September 2023, the company took delivery of the kamsarmax class vessel Pedhoulas Trader, its fifth IMO GHG Phase 3 – NOx Tier III, Japanese newbuild.
In October 2023, the company took delivery of the kamsarmax class vessel Morphou, its sixth IMO GHG Phase 3 – NOx Tier III, Japanese newbuild.
Acquisition of Dual-Fueled Kamsarmax Class Newbuilds
In October 2023, the company entered into contracts at attractive prices for the acquisition of two dual-fueled, 81,200 dwt, kamsarmax class dry-bulk vessels, with scheduled delivery dates in the fourth quarter of 2026 for the first vessel, and the first quarter of 2027 for the second vessel. These vessels are capable of operating with methanol and fuel.
