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.
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.
