Safe Bulkers Inc. reported second-quarter net income of $1.8 million on Tuesday, September 3. The company said it had net income of one cent per share. The shipping company posted revenue of $45.5 million in the period.

Dr Loukas Barmparis, President of the company, said: “In the first half of 2019 the charter market was weak with the BDI9 averaging 895. Since then the BDI has risen to an average of1,904 for the third quarter to date and as a consequence we are now entering into charters at much higher rates.

“We are on track with our environmental investments and about 25 percent of our planned scrubber installations were commissioned.

“Our vessels are used to transport bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes. We intend to employ our vessels on both period time charters and spot time charters, according to our assessment of market conditions, with some of the world’s largest consumers of marine drybulk transportation services. The vessels we deploy on period time charters provide us with relatively stable cash flow and high utilisation rates, while the vessels we deploy in the spot market allow us to maintain our flexibility in low charter market conditions.”