Safe Bulkers, an owner of 44 large dry bulk vessels, posted its 11th consecutive profitable quarter in the three months ending in March,but saw net income decline to its lowest level in two years.

Weaker earnings for the company’s panamaxes, post-panamaxes and capesizes caused net revenue to shrink to $66.8m, down 14% from the same period of last year.

This dragged down profit, with net income declining by nearly half to $19.3m.