MONACO - Safe Bulkers, Inc. (the “Company”) (
NYSE:
SB), an international provider of marine drybulk transportation services, announced today its unaudited financial results for the three and nine month period ended September 30, 2015.
Summary of Third Quarter 2015 Results
- Net revenue for the third quarter of 2015 decreased by 8% to $33.5 million from $36.5 million during the same period in 2014.
- Net loss for the third quarter of 2015 was $7.5 million from net income of $1.5 million, during the same period in 2014. Adjusted net loss1 for the third quarter of 2015 was $6.3 million from Adjusted net income1 of $1.0 million, during the same period in 2014.
- EBITDA2 for the third quarter of 2015 decreased by 38% to $9.0 million from $14.4 million during the same period in 2014. Adjusted EBITDA3 for the third quarter of 2015 decreased by 26% to $10.3 million from $13.9 million during the same period in 2014.
- Loss per share4 and Adjusted loss per share4 for the third quarter of 2015 was $0.13 and $0.12 respectively, calculated on a weighted average number of 83,480,875 shares, compared to Loss per share of $0.02 and Adjusted Loss per share of $0.03 in the third quarter of 2014, calculated on a weighted average number of 83,448,120 shares.
Summary of Nine Months Ended September 30, 2015 Results
- Net revenue for the nine months of 2015 decreased by 15% to $97.4 million from $115.0 million during the same period in 2014.
- Net loss for the nine months of 2015 was $18.0 million from net income of $14.8 million during the same period in 2014. Adjusted net loss for the nine months of 2015 was $14.7 million from Adjusted net income of $12.8 million during the same period in 2014.
- EBITDA for the nine months of 2015 decreased by 50% to $26.6 million from $53.3 million during the same period in 2014. Adjusted EBITDA for the nine months of 2015 decreased by 42% to $30.0 million from $51.3 million during the same period in 2014.
- Loss per share and Adjusted Loss per share for the nine months of 2015 of $0.34 and $0.30 respectively, calculated on a weighted average number of shares of 83,471,336, compared to Earnings per share4 (“EPS”) of $0.11 and Adjusted EPS4 of $0.08 in the nine months of 2014, calculated on a weighted average number of 83,444,566 shares.
Fleet and Employment Profile
In July 2015, the Company took delivery of
Pedhoulas Cherry (
Hull No. 1148), a 82,000 dwt, Chinese eco-design newbuild Kamsarmax class vessel. Upon her delivery, the vessel was employed on a short period time charter.
In September 2015, the Company entered into a sale and leaseback agreement with a bank, regarding four existing Kamsarmax class vessels. Under this agreement, the aggregate net proceeds for the four vessels were $92.1 million. Each vessel was leased back for a period of 10 years, on a net daily bareboat charter rate of $6,500, with a purchase obligation at the end of the 10
th year for a total price of $50.5 million for all four vessels and purchase options in favor of the Company after the second year of the bare boat charter, at annual intervals and predetermined purchase prices. This transaction, following settlement of debt with past lenders, provided additional liquidity of approximately $46.5 million. The sale and lease back transaction is recorded as a financing transaction, resulting in the increase of our debt and interest expense.
In October 2015, Daiichi Chu Kishen Kaisha (“DCKK”), terminated a ten year time charter contract for the vessel
Kypros Sky at an average daily charter rate of $15,400, following a filing in the Japanese courts for civil rehabilitation. The vessel was redelivered to the Company and employed in the spot charter market. The Company does not employ any other vessels with DCKK. The Company will follow customary procedures for claiming the loss of hire for the remaining charter period.
As of November 5, 2015 the Company’s operational fleet comprised of 36 drybulk vessels with an average age of 6.0 years and an aggregate carrying capacity of 3.3 million dwt. The fleet consists of 14 Panamax class vessels, 8 Kamsarmax class vessels, 11 Post-Panamax class vessels and 3 Capesize class vessels, all built from 2003 onwards.
As of November 5, 2015, the Company had contracted to acquire eight eco-design newbuild vessels, comprising of two Japanese Panamax class vessels, three Japanese Post-Panamax class vessels, two Japanese Kamsarmax class vessels and one Chinese Kamsarmax class vessel. Upon delivery of all of our newbuilds, assuming we do not acquire any additional vessels or dispose of any of our vessels, our fleet will comprise of 44 vessels, 15 of which will be eco-design vessels, having an aggregate carrying capacity of 3.9 million dwt.
Set out below is a table showing the contracted employment of the Company’s vessels as of November 5, 2015:
| |
|
|
|
|
|
|
|
|
|
|
| Vessel Name |
|
DWT |
|
Year Built(1) |
|
Country of construction |
|
Charter Rate (2)USD/day |
|
Charter Duration(3) |
| Panamax |
| Maria |
|
76,000 |
|
2003 |
|
Japan |
|
8,250 |
|
Aug 2015 - Jun 2016 |
| Koulitsa |
|
76,900 |
|
2003 |
|
Japan |
|
7,650 |
|
Sep 2015 - Jan 2016 |
| Paraskevi |
|
74,300 |
|
2003 |
|
Japan |
|
7,400 |
|
Jul 2015 - May 2016 |
| Vassos |
|
76,000 |
|
2004 |
|
Japan |
|
8,850 |
|
Aug 2015 - Jan 2016 |
| Katerina |
|
76,000 |
|
2004 |
|
Japan |
|
BPI(4) + 6% |
|
Apr 2015 - Jul 2016 |
| Maritsa |
|
76,000 |
|
2005 |
|
Japan |
|
6,200 |
|
May 2015- Dec 2015 |
| Efrossini |
|
75,000 |
|
2012 |
|
Japan |
|
6,825 |
|
May 2015 - Nov 2015 |
| Zoe |
|
75,000 |
|
2013 |
|
Japan |
|
6,750 |
|
Oct 2015 - Dec 2015 |
| Kypros Land |
|
77,100 |
|
2014 |
|
Japan |
|
8,000 |
|
Oct 2015- Mar 2016 |
| Kypros Sea |
|
77,100 |
|
2014 |
|
Japan |
|
7,150 |
|
Oct 2015 - Nov 2015 |
| Kypros Unity |
|
78,000 |
|
2014 |
|
Japan |
|
9,300 |
|
Aug 2015 - Jan 2016 |
| Kypros Bravery |
|
78,000 |
|
2015 |
|
Japan |
|
9,300 |
|
Aug 2015 - Dec 2015 |
| Kypros Sky |
|
77,100 |
|
2015 |
|
Japan |
|
7,000 |
|
Oct 2015 - Nov 2015 |
| Kypros Loyalty |
|
78,000 |
|
2015 |
|
Japan |
|
8,850 |
|
Sep 2015 - Dec 2015 |
| Kamsarmax |
| Pedhoulas Merchant |
|
82,300 |
|
2006 |
|
Japan |
|
9,500 |
|
Aug 2015 - Nov 2015 |
| Pedhoulas Trader |
|
82,300 |
|
2006 |
|
Japan |
|
7,150 |
|
Oct 2015 - Nov 2015 |
| Pedhoulas Leader |
|
82,300 |
|
2007 |
|
Japan |
|
8,150 |
|
Jun 2015- Nov 2015 |
| Pedhoulas Commander |
|
83,700 |
|
2008 |
|
Japan |
|
12,750 |
|
Oct 2015 - Dec 2015 |
| Pedhoulas Builder (7) |
|
81,600 |
|
2012 |
|
China |
|
8,500 |
|
Aug 2015 - Mar 2016 |
| Pedhoulas Fighter (7) |
|
81,600 |
|
2012 |
|
China |
|
7,000 |
|
May 2015- Jan 2016 |
| Pedhoulas Farmer (7) |
|
81,600 |
|
2012 |
|
China |
|
9,100 |
|
Aug 2015 - Jan 2016 |
| Pedhoulas Cherry (7) |
|
82,000 |
|
2015 |
|
China |
|
7,875 |
|
Jul 2015 - Jan 2016 |
| Post-Panamax |
| |
|
|
|
|
|
|
|
|
|
|
| Stalo |
|
87,000 |
|
2006 |
|
Japan |
|
9,000 |
|
Oct 2015 - Nov 2015 |
| Marina |
|
87,000 |
|
2006 |
|
Japan |
|
9,850 |
|
Nov 2015 - Dec 2015 |
| Xenia |
|
87,000 |
|
2006 |
|
Japan |
|
8,000 |
|
Oct 2015 - Dec 2015 |
| Sophia |
|
87,000 |
|
2007 |
|
Japan |
|
6,600 |
|
Oct 2015 - Nov 2015 |
| Eleni |
|
87,000 |
|
2008 |
|
Japan |
|
8,200 |
|
Aug 2015 - Jan 2016 |
| Martine |
|
87,000 |
|
2009 |
|
Japan |
|
BPI(4) + 10% |
|
Apr 2015 - Mar 2016 |
| Andreas K |
|
92,000 |
|
2009 |
|
South Korea |
|
6,550 |
|
Sep 2015 - Nov 2015 |
| Panayiota K |
|
92,000 |
|
2010 |
|
South Korea |
|
|
|
|
| Venus Heritage |
|
95,800 |
|
2010 |
|
Japan |
|
P1A(5) + 10% |
|
Jun 2015 - Nov 2015 |
| Venus History |
|
95,800 |
|
2011 |
|
Japan |
|
7,500 |
|
Oct 2015 - Dec 2015 |
| Venus Horizon |
|
95,800 |
|
2012 |
|
Japan |
|
|
|
|
| Capesize |
| Kanaris |
|
178,100 |
|
2010 |
|
China |
|
25,928 |
|
Sep 2011 - Jun 2031 |
| Pelopidas |
|
176,000 |
|
2011 |
|
China |
|
38,000 |
|
Feb 2012 - Dec 2021 |
| Lake Despina |
|
181,400 |
|
2014 |
|
Japan |
|
24,376 (6) |
|
Jan 2014 - Jan 2024 |
| Total dwt of existing fleet |
|
3,256,800 |
|
|
