Monday, May 7, 2012

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.