Monaco-based Safe Bulkers Inc. on Tuesday reported a loss of $13.9 million in its second quarter. On a per-share basis, the company said it had a loss of 16 cents.

The shipping company posted revenue of $48.3 million in the period. Its adjusted revenue was $29.7 million.

Dr Loukas Barmparis, President of the company, said: “Our results for the second quarter were negatively impacted by the reduction in charter rates that resulted from the COVID-19 outbreak. In the second quarter we entered into six five year period time charters that had premium rates in the first two years followed by floating rates at a discount to the market for three years.

“These charters have enhanced our liquidity for the next two years. At quarter end we had liquidity of $119.8 million which we believe provides a significant cushion during the difficult conditions our industry is experiencing due to the pandemic.

“The COVID-19 pandemic has had significant impact on the shipping industry and our seafarers.Port lockdowns were imposed globally and certain ports that had opened have subsequently closed again for crew changes. Availability of air transportation for crew is also limited.

“The Company is working at all levels to find solutions without restricting our trading ability, focusing on crew changes despite the ongoing hurdles and travel restrictions imposed by governments around the world. The Company has taken measures to protect its seafarers’ and shore employees’ health and well-being, to keep its vessels sailing,servicing its charterers and to mitigate and address the risks, effects and impact of COVID-19 on our operations and financial performance.

“The charter market has improved during the second quarter and as a result we were able to enter into new contracts at improved rates compared to the contracts entered in the first quarter of 2020 that have substantially impacted negatively our financial results in the second quarter of 2020.

“However, an estimate of the extent to which COVID-19 will impact the Company’s results of operations and financial condition and of the long-term impact of the pandemic on the dry bulk industry, our operations and financial performance will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the virus and the actions to contain or treat its impact and political implications that could further impact world trade and global growth among others and therefore cannot be made at this time.”