We have initiated coverage on Safe Bulkers Inc. (NYSE:SB), a publicly traded dry cargo shipping company.
As of December 31st, 2010, Safe Bulkers was operating a modern diversified fleet of 16 bulk carriers (consisting of 4 PANAMAX, 3 KAMSARMAX, 8 POST-PANAMAX, & one CAPE size vessels), and had an additional 9 new-building vessels on order.
For the quarter ended December 31st, 2010, we forecast that SB generated basic earnings per common share of $0.33 on net income of $21.5 million. We forecast that the average TCE rate for the quarter was $28,650 per day on TCE revenue of $41.1 million. We finally forecast that the company generated operating income of $27 million.
As of December 31st, 2010, Safe Bulkers was operating a modern diversified fleet of 16 bulk carriers (consisting of 4 PANAMAX, 3 KAMSARMAX, 8 POST-PANAMAX, & one CAPE size vessels), and had an additional 9 new-building vessels on order.
For the quarter ended December 31st, 2010, we forecast that SB generated basic earnings per common share of $0.33 on net income of $21.5 million. We forecast that the average TCE rate for the quarter was $28,650 per day on TCE revenue of $41.1 million. We finally forecast that the company generated operating income of $27 million.
