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Safe Bulkers installing scrubbers in about half of its 41-ship fleet

22 Feb 2019

New York-listed marine drybulk transportation services provider Safe Bulkers will be installing scrubbers in about half of its 41-vessel fleet in 2019 as part of preparations for IMO 2020, it said in a recent earnings release.

“As of February 14, 2019, the Company has completed the detailed engineering study for scrubber installation for five vessels and is in the final stage of completion, within the first quarter of 2019, of the study for another eight vessels,” it states.

“During 2019, we expect to install scrubbers in 19 vessels, the majority concurrently with their dry-docking, targeting to install four in the second quarter, nine in the third quarter and six in the fourth quarter of 2019.

“During 2020, we expect to install an additional scrubber on one of our Capes chartered under a long period time charter at the request of the charterer, the cost of which will be reimbursed by the charterer.”

“In view of IMO 2020 sulphur cap regulation we are installing scrubbers in about half of our fleet during 2019, while we have selected to compete on the basis of vessels’ fuel consumption for the remaining part of our fleet,” said Dr. Loukas Barmparis, President of Safe Bulkers.

The company posted net income of $27.7 million for the twelve months of 2018, compared to net loss of $84.7 million during the same period in 2017.

Net revenue for 2018 increased by 31% to $193.2 million, from $148.0 million during 2017.

“We closed 2018 profitably, having refinanced a large portion of our debt, targeting smooth debt profile for the next five years and gradual deleverage,” noted Dr. Barmparis.

“Since the beginning of 2019 the charter market has shown material weakness amid trade-war concerns, disruption of trade patterns and seasonality,” he adds.

“Overall we remain confident that our Company is well positioned ahead of uncertainties and opportunities that the present environment will offer.”

Photo credit: EGCSA
Published: 22 February, 2019


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