Safe Bulkers Inc. - Earnings Estimate For 2012 Q1

For the quarter ended March 31st, 2012, we estimate that Safe Bulkers Inc. (NYSE: SB) generated net income of $20,000,000 or $0.28 earnings per share. We also estimate that adjusted net income for the quarter was $24,000,000 or $0.33 per share. (Our net income estimate was based on a net loss on derivatives of $4,000,000).

We estimate that the company’s net TCE Revenues for the quarter were $43,500,000 & the fleet average TCE was $25,300. We also estimate that during the first quarter of 2012, Safe Bulkers generated EBITDA of $29,000,000, and adjusted EBITDA of $33,000,000.

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 March 31st, 2012, Safe Bulkers was operating a modern diversified fleet of 20 bulk carriers (consisting of 5 PANAMAX, 3 KAMSARMAX, 10 POST-PANAMAX, & two CAPE size vessels), with a total DWT capacity of 1,886,400 MT, and an average age of 4.1 years.

In addition, the company has a remaining new-building program for 9 vessels with a total DWT capacity of 823,200 MT. Four of those vessels are scheduled for delivery during 2012.

Eagle Bulk Shipping Inc. - Earnings Estimate For 2012 Q1

For the quarter ended March 31st, 2012, we estimate that Eagle Bulk Shipping Inc. (NASDAQ: EGLE) generated basic loss per common share of ($0.29) on net loss of ($18,500,000).

We estimate that the company’s fleet of 45 owned-vessels generated net TCE Revenues of $42,100,000 for an average TCE of $10,400. We also estimate that EBITDA for the quarter was $11,000,000, and Adjusted EBITDA (for credit agreement purposes) was $13,100,000.

Our estimate is based on the following key assumptions: (I) It excludes the results of the company’s freight trading operations, (II) the company’s vessels that traded in the spot market earned an average gross TCE of $9,200 during the quarter, and (III) Two of the company’s vessels were dry-docked during the quarter, resulting in 30 days off-hire.

As of March 31st, 2012, we estimate that book capitalization was $1.79 billion, including shareholders’ equity of $0.66 billion and total debt of $1.13. Based on the above its debt to total capitalization ratio was 63.2%. As of the end of the quarter the company had an undrawn amount of $21.9 million under its credit facility.

According to our estimates, EGLE had approximately $28,000,000 cash on hand (including restricted cash), as of the end of the first quarter. We must note that based on the latest amendment of the credit agreement with its lenders, the company has to maintain minimum liquidity (cash & cash equivalents plus any undrawn amount under the credit facility) of $36,000,000 as of May 31st, 2012.

In addition, beginning on June 1st, 2012, EGLE has to maintain a minimum cash balance of $32,094,006, representing the first payment due under its credit facility.

Eagle Bulk Shipping owns a modern diversified fleet of 45 SUPRAMAX dry cargo vessels with a total DWT capacity of approximately 2,450,000 MT, and an average age per vessel of 5.0 years as of March 31st, 2012. The company completed its new-building program during the fourth quarter of last year and currently has no vessels on order.

Diana Shipping Inc. - Earnings Estimate For 2012 Q1

For the quarter ended March 31st, 2012, we estimate that Diana Shipping Inc. (NYSE: DSX) generated basic earnings per common share of $0.21 on net income of $16,800,000. We estimate that TCE Revenues were $54,600,000 and the average TCE rate was $24,000.

As of March 31st, 2012, we estimate that book capitalization was $1.65 billion including shareholders’ equity of $1.23 billion, and debt outstanding of $426 million. Based on the above its debt to capitalization ratio stood at 25.8%. Diana Shipping maintains a very strong cash position. As of March 31st, 2012, we estimate that DSX had $440 million cash on hand, i.e. the company had a negative net debt balance.

Following the delivery of M/V Leto & M/V Los Angeles, the company owns a modern diversified fleet of 26 dry cargo vessels (consisting of 16 PANAMAX size vessels, one POST-PANAMAX vessel, and 9 CAPE SIZE vessels), with a total DWT carrying capacity of approximately 2,900,000 MT, and an average age per vessel of 6.7 years as of March 31st, 2012.

During the quarter DSX ordered two PANAMAX new building vessels scheduled for delivery at the end of 2013 for a contract price of $29 million per vessel. The company is also scheduled to take delivery of two additional vessels during the month of May 2012.

In addition, Diana Shipping has a 14.5% interest in Diana Containerships (NASDAQ: DCIX), a publicly traded company specializing in container ships.

Based on yesterday’s stock closing price of $7.97, we estimate that DSX has a market capitalization of $662 million and an enterprise value of $648 million.

Diana Containerships Inc. - Earnings Estimate For 2012 Q1

For the quarter ended March 31st, 2012, we estimate that Diana Containerships Inc. (NASDAQ: DCIX) generated net income of $2,500,000 or $0.11 basic earnings per common share. We also estimate that TCE Revenues for the quarter were $13,700,000 and the net average TCE rate was $21,500.

As of March 31st, 2012, we estimate that the company had a total book capitalization of $298 million, including debt outstanding of $92.7 million. The debt to capitalization ratio on this basis stood at 31.1%. We also estimate that DCIX had $17 million cash on hand as of the end of the quarter.

DCIX intends to declare a variable quarterly dividend equal to 70% of its operating cash flow. According to our estimates for the quarter, the company generated cash from operations of $5,800,000. On this basis, we forecast that DCIX will declare a quarterly dividend of $0.17 per share.

Diana Containerships owns & operates a fleet of nine panamax containerships, with an aggregate capacity of 37,422 TEU, and an average age of 13.7 years as of March 31st, 2012. Diana Shipping Inc. (NYSE: DSX) maintains a 14.5% ownership share in the company.