The strong man of Safebulkers, Polys Hatziioannou, expressed his optimism that the Greek shipping has a present and a future, during the presentation of the company that took place today. As he said, Greece and Cyprus are very friendly countries that help in the development of a shipping company and this should be preserved. “If we finish, European shipping will end and trade with the EU will be controlled by third parties,” said Mr. Hatziioannou, adding that Greek shipping is the most competitive activity.
Asked about his estimates for the course of the freight market, Mr. Hatziioannou appeared optimistic, estimating that in 2022 and 2023 good prices are expected.
In the context of the presentation of Safebulkers, it was emphasized that the company has a fleet of 39 ships that has been built in 80% of Japanese shipyards, while there are orders for 9 more ships that will start receiving from next quarter and will be compatible with the new environmental regulations. At the same time, in the previous period, the renewal of the fleet proceeded as 7 old ships were sold and 4 newer ones were acquired as well as 1 more Capesize.
“Our goal is to have profitable growth and create value for our shareholders,” said Mr. Hatziioannou, emphasizing that the company focuses on investments in new technology ships while proceeding with the gradual renewal of the fleet by selling older ships and buying newer ones.
On the fiscal policy front, the company is focusing on leverage, and in 2021 a significant effort was made as borrowing fell by $ 200 million, with its total value at par with the value of the fleet at break-even prices. Specifically, from $ 611.7 million as of December 31, 2020, borrowing had decreased to $ 413 million on September 30, 2021. In terms of liquidity, the company has cash and cash equivalents of € 108.8 million, while it has secured commitments for loan agreements amounting to 88.9 million euros. Finally, on the revenue front, the company has projected revenues from agreed non-cancellable contracts amounting to 431 million euros, while in the first 9 months of the year it showed an EBITDA of 161.9 million euros and a net profit of 109.1 million euros.
Source: Capital
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