SAFE BULKERS
Net revenue increased by 21% to USD 200.8m in 2008FEB, 10.2009
Safe Bulkers, listed in NYSE (Polys Hajioannou, CEO), for the 4th Q of 2008 announced a decrease of 17% to USD 46.6m on net revenue from USD 56.4m during the same period in 2007. Net income was USD 11.9m or USD 0.20 per share (-64% from USD 33.2m), while EDITDA was USD 18.2m (-52% from USD 38.2m).
The company operated 11.53 vessels on average during the fourth quarter of 2008 earning a Time Charter Equivalent (TCE) rate of USD 44,276 compared to 11 vessels and a TCE rate of USD 55,654 during the fourth quarter of 2007. The decrease in average TCE rate was a result of entering into long term time charters contracted in previous periods.
Safe Bulkers has declared a cash dividend of USD 0.15 per share payable on or about February 27, 2009 to shareholders of record at the close of trading of the company's common stock on the New York Stock Exchange (NYSE) on February 20, 2009. The company has 54,503,989 shares of common stock outstanding as of today.
For the year ended December 31, 2008 net revenue increased by 21% to USD 200.8m from USD 165.8m during the year ended December 31, 2007. Net income excluding a gain USD 112.4m on sale of assets, increased by 23% to USD 119.2m, or USD 2.19 per share, compared to USD 209.2m or USD 3.84 per share for the year ended December 31, 2007.
The company operated an average of 11.13 vessels earning a TCE rate of USD 49,626 compared to an average of 10.72 vessels and a TCE rate of USD 42,327 during the year ended December 31, 2007.
