Monday, August 6, 2012

Safe Bulkers Inc. - Earnings Estimate For 2012 Q2

For the quarter ended June 30th 2012, we estimate that Safe Bulkers Inc. (NYSE: SB) generated net income of $20,900,000 or $0.27 earnings per share. We also estimate that adjusted net income was $23,900,000 or $0.31 per share. (Adjusted net income excludes any gain/(loss) on derivatives; we estimate that net loss on derivatives was $3,000,000).

We estimate that the company’s net TCE Revenues were $45,000,000 & the fleet average TCE was $24,300. We also estimate that SB generated EBITDA of $30,600,000, and adjusted EBITDA of $33,600,000.

Based on the company’s operating performance, we forecast that the company will declare a quarterly dividend of $0.15 per share, unchanged from the previous quarter.

With the delivery of M/V PEDHOULAS LEADER during the quarter, Safe Bulkers is operating a fleet of 21 bulk carriers (consisting of 5 PANAMAX, 4 KAMSARMAX, 10 POST-PANAMAX, & two CAPE size vessels), with a total DWT capacity of 1,968,000 MT, and an average age of 4.1 years as of June 30th 2012.

In addition, the company has a remaining new-building program for 8 vessels with a total DWT capacity of 741,200 MT. Three of these vessels are scheduled for delivery during the remainder of 2012.