MONACO - Safe Bulkers, Inc. (NYSE: NYSE:SB), an international provider of marine drybulk transportation services, disclosed its unaudited financial results for the fourth quarter and the full year ended December 31, 2023. The company also announced a cash dividend of $0.05 per share of outstanding common stock.
The company reported net revenues of $82.3 million for the fourth quarter of 2023, a decrease from $86.7 million in the same period in 2022. The net income for the fourth quarter was $27.6 million, down from $34.9 million in the prior year's quarter. For the twelve-month period of 2023, net revenues amounted to $284.4 million, compared to $349.7 million in 2022, while net income for the year was $77.4 million, a significant decrease from $172.6 million in the previous year.
The average daily results for the fourth quarter showed the Time Charter Equivalent (TCE) rate at $18,321, a decrease from $21,078 during the same period in 2022. Daily vessel operating expenses also saw a reduction to $4,642 compared to $5,323 in the fourth quarter of the prior year.
Dr. Loukas Barmparis, President of the Company, commented on the improved charter market environment compared to the previous quarter and emphasized the company's efforts in fleet renewal and environmental upgrades to remain competitive and reduce the carbon footprint.
Safe Bulkers has been actively managing its fleet, with newbuild contracts for four IMO GHG Phase 3 - NOx Tier III vessels, and sales of older vessels, including the Katerina and Pedhoulas Cherry. The company's fleet as of February 9, 2024, consists of 48 vessels, with an average age of 9.9 years, and an orderbook of seven newbuilds.
The company's Board of Directors declared a cash dividend on the common stock, payable on March 19, 2024, to shareholders of record as of March 1, 2024. Dividends were also declared and paid on the Series C and Series D preferred shares in January and October 2023.
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