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At their recent meeting in Dubai
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Ship Owners Keep Piling Up Tanker Newbuildings | Hellenic Shipping News Worldwide
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Safe Bulkers, a shipping company with bulk cargo vessels, went into profitability in the first quarter of 2021, as a result of the improved conditions in the freight market and the large increase in fares during the current year compared to the first quarter of 2020.
The revenue of Poly Hatziioannou’s company in the first quarter of 2021 amounted to $ 62.5 million against $ 45.7 million in the corresponding period of 2020 while profits reached $ 21.3 million against losses $9.9 million registered in the first quarter of 2020. Adjusted EBITDA amounted to $34.6 million compared to $9.4 million a year earlier.
According to the president of NYSE listed company Safe Bulkers, Mr. Loukas Barbaris, during the first quarter of this year, the company increased its profitability and strengthened its balance sheet, while continuing the process of renewing its fleet by selling older ships. and the acquisition of other newer ones.