Safe Bulkers is still willing to order further newbuildings despite a dip in first-quarter profit.
Nasdaq-listed Greek shipowner Safe watched net income drop 21% to $21.6m in the first leg of 2012 as operating expenses, depreciation and derivatives losses increased while revenue rose to $44.8m from $43m year-on-year.
In a note to investors, president Loukas Barmparis praised the company’s sixteenth consecutive dividend declaration since going public before shedding light on the future.
“In addition to our existing newbuild program, we may continue to expand or renew our current fleet by taking advantage of attractive vessel acquisition opportunities,” he said.
“Our newbuild strategy focuses on vessels with new, energy-efficient designs by leading shipyards that will comply with upcoming regulations and incorporate the latest technological and environmental advancements."