Monday, October 17, 2011

Safe Bulkers Inc. - Earnings Estimate For 2011 Q3

For the quarter ended September 30th, 2011, we estimate that Safe Bulkers Inc. (NYSE: SB) generated net income of $18,550,000 or $0.26 earnings per share. We also estimate that adjusted net income for the quarter was $25,750,000 or $0.36 per share. (Our net income estimate was based on a net loss on derivatives of $7,000,000).

We estimate that the company’s net TCE Revenues for the quarter were $41,000,000 & the fleet average TCE was $27,500. We also estimate that during the second quarter of 2011, Safe Bulkers generated EBITDA of $25,200,000, and adjusted EBITDA of $32,410,000.

Based on the company’s operating performance, we forecast that the company will declare the regular quarterly dividend of $0.15 per share.

As of September 30th, 2011, Safe Bulkers was operating a modern diversified fleet of 17 bulk carriers (consisting of 4 PANAMAX, 3 KAMSARMAX, 9 POST-PANAMAX, & one CAPE size vessels), with a total DWT capacity of 1,539,600 MT, and an average age of 4.3 years.

In addition, the company has a remaining new-building program for 10 vessels with a total DWT capacity of 1,002,200 MT. Three of those vessels are scheduled for delivery during the fourth quarter of 2011.