Safe Bulkers slashes loss in first quarter

Improved dry cargo market conditions help Greek shipowner to reduce the red ink.

Safe Bulkers has seen a more than five-fold decline in losses, but has still ended the first quarter of 2017 in the red.

The US-listed bulker owner lost just $3.2m between January and March against losses of $17.7m in the corresponding period last year.

The Greek shipowner was buoyed by a near 35% year-on-year increase in revenue to $33.3m, while costs only saw modest gains.

Its fleet earned an average time-charter-equivalent (TCE) rate of $9,417 per day versus the $6,355 achieved in the same period 2016.

Safe Bulkers' president Dr Loukas Barmparis said the improved revenue was a reflection of the improved market conditions during the first quarter.

The Monaco-based shipowner's fleet is comprised of 38 bulkers with an average age of 6.9 years and an aggregate carrying capacity of 3.4mdwt.

It comprises 14 panamaxes, nine kamsarmaxes, 12 post-panamaxes and three capesize bulkers all built 2003 onwards. 

The shipowner also has a single kamsarmax vessel under construction, which is scheduled for delivery in 2018.