Safe Bulkers Inc. on Tuesday, November 7, reported net income of $15 million in its third quarter, 12 cents per share. Earnings, adjusted for non-recurring gains, were 8 cents per share.
The Monaco-based shipping company posted revenue of $64.7 million in the period. Its adjusted revenue was $58.7 million.
As of September 30, 2023, the company had $83.3 million in cash, cash equivalents, bank time deposits and restricted cash, $148.0 million in undrawn borrowing capacity available under existing revolving reducing credit facilities and $51.0 million in undrawn borrowing capacity available under two loans relating to two newbuild vessels, according to its website.
As of the same date, Safe Bulkers had contracted revenue of approximately $251,9 million, net of commissions, from its non-cancellable spot and period time charter contracts excluding the scrubber benefit.
Also as of September 30, 2023, the company had a fleet scrap value of $354,7 million, calculated on the basis of fleet aggregate light weight tons (“lwt”) and scrap rate of $512.5/lwt ton (Clarksons data).
Company website: http://newsite-safebulkers.irwebpage.com/webcast_2023-3Q.html