For the quarter ended December 31st, 2011, we estimate that Safe Bulkers Inc. (NYSE: SB) generated net income of $23,350,000 or $0.33 earnings per share. We also estimate that adjusted net income for the quarter was $25,350,000 or $0.36 per share. (Our net income estimate was based on a net loss on derivatives of $2,000,000).
We estimate that the company’s net TCE Revenues for the quarter were $42,700,000 & the fleet average TCE was $26,500. We also estimate that during the fourth quarter of 2011, Safe Bulkers generated EBITDA of $31,150,000, and adjusted EBITDA of $33,150,000.
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 December 31st, 2011, Safe Bulkers was operating a modern diversified fleet of 18 bulk carriers (consisting of 4 PANAMAX, 3 KAMSARMAX, 9 POST-PANAMAX, & two CAPE size vessels), with a total DWT capacity of 1,715,600 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 902,800 MT. Six of those vessels are scheduled for delivery during 2012.
We estimate that the company’s net TCE Revenues for the quarter were $42,700,000 & the fleet average TCE was $26,500. We also estimate that during the fourth quarter of 2011, Safe Bulkers generated EBITDA of $31,150,000, and adjusted EBITDA of $33,150,000.
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 December 31st, 2011, Safe Bulkers was operating a modern diversified fleet of 18 bulk carriers (consisting of 4 PANAMAX, 3 KAMSARMAX, 9 POST-PANAMAX, & two CAPE size vessels), with a total DWT capacity of 1,715,600 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 902,800 MT. Six of those vessels are scheduled for delivery during 2012.
