Safe Bulkers recorded a second-quarter loss amid a sea of coronavirus-related troubles that included sailing its ships longer distances to reach open ports for crew changes.
The Polys Hajioannou-led owner of 42 bulkers posted a net loss on Monday of $16.8m versus $1.36m a year earlier.
On an adjusted basis, the $16.3m loss compared with a $1.52m deficit for the same time frame in 2019.
The New York-listed, Athens-based company recorded an adjusted loss per share of $0.16, missing consensus estimates by $0.08 and falling short of last year's $0.01-per-share loss by $0.15.
Voyage costs ballooned by 780% to $18.6m, due mainly to the need for longer journeys to those ports that remained open during the pandemic.
"Port lockdowns were imposed globally and certain ports that had opened have subsequently closed again for crew changes," Safe Bulkers said.
"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."
Pandemic-depressed charter rates also hurt results, president Loukas Barmparis said, but revenue improved by 6% to $48.3m amid more fixtures on scrubber-fitted ships.
He said Safe Bulkers landed six five-year period time charters with premium rates in the first two years that changed into floating rates at a market discount for the last three years.
These fixtures boosted liquidity to $120m, providing a "significant cushion" during the pandemic.
