The company is installing exhaust gas cleaning devices in almost half of its fleet, having decided to compete for such vessels on the basis of the price differential between the compliant fuels and the 3.5% sulfur content heavy fuel oil.
For its remaining fleet, that the company has decided to compete on the basis of fuel consumption by using compliant fuels, Safe Bulkers is progressing with preparation and ship implementation plans for a smooth and timely transition to the new fuels.
“We are on schedule in implementing our environmental investments installing scrubbers in approximately half of our fleet during 2019 in anticipation of the effectiveness of the IMO sulphur cap regulations in 2020,” Dr. Loukas Barmparis, President of Safe Bulkers, said.
“We also remain committed to installing ballast water treatment systems in each of our vessels. Overall, we remain confident that our company is well positioned ahead of the uncertainties and opportunities presented by the current operating environment.”
The company has obtained environmental notation for 39 out of 41 of its vessels for the prevention of sea and air pollution, and it is in the process of obtaining such class notation for the remaining two units.
During the three month period ended March 31, 2019, Safe Bulkers delivered a net income of USD 5.4 million compared to USD 6 million reported in the same quarter a year earlier.
Net revenues increased by 11% to USD 48.3 million from USD 43.5 million reported in the same period in 2018, mainly as a result of an increase in the average number of vessels.
“We started 2019 profitably despite the material weakness of the charter market amid trade-war concerns, disruption of trade patterns due to natural disasters and seasonality inherent in the industry,” Barmparis added.