Trump assembles a made-for-TV impeachment defense team MOST READ Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew LATEST STORIES Atlanta Hawks agree to deal with veteran Vince Carter “I want to bring a team that can compete and we can be proud of. In the process of completing the lineup, there were doubts on whether we can really compete with the players we requested.”READ: ‘Miracles can happen’ with Guiao as Asian Games coachGuiao added that their request for players “from other teams was denied” but did not elaborate.Guiao’s roster for the national team was supposed to be composed of Rain or Shine’s core, three players from NLEX and Gilas Cadets Abu Tratter, Ricci Rivero, and Kobe Paras.While trying to complete his roster for Jakarta, Guiao said other teams like Iran will send its senior team to the Asian Games.ADVERTISEMENT Putin’s, Xi’s ruler-for-life moves pose challenges to West Yeng Guiao, the chosen head coach for the Asian Games, however, has another reason why the SBP decided against sending a Philippine team to the continental sporting event.READ: SBP makes U-turn, withdraws from Asian GamesFEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSAfter winning title, time for LA Tenorio to give back to Batangas folkSPORTSTim Cone still willing to coach Gilas but admits decision won’t be ‘simple yes or no’Guiao said he and SBP were struggling to form a competitive roster for the Asian Games and this was one of the factors why the governing basketball body withdrew from Jakarta.“If we can’t form a competitive team, why must we embarrass ourselves if we will go unprepared and not equipped,” said Guiao late Thursday in a phone conversation. DepEd’s Taal challenge: 30K students displaced Don’t miss out on the latest news and information. Report: Disney dropping the ‘Fox’ from movie studio names Lacson: Calamity fund cut; where did P4 billion go? READ: Clarkson, Standhardinger in Asiad lineup unlikely SBP’s decision was first relayed to Rain or Shine owner Raymond Yu and to Elasto Painters head coach Caloy Garcia.Guiao said Rain or Shine accepted the decision after SBP president Al Panlilio explained what happened.“I told Rain or Shine that the country itself should thank them for their service because they went beyond their call of duty,” said Guiao.Sports Related Videospowered by AdSparcRead Next ‘High crimes and misdemeanors’: Trump impeachment trial begins Photo by Tristan Tamayo/ INQUIRER.netThe Samahang Basketbol ng Pilipinas pulled the rug from under the Philippine basketball community when it decided to withdraw from the 2018 Asian Games a few minutes before the stroke of midnight.SBP said it would focus on trying to recover the national team’s image after the brawl against Australia in the Fiba World Cup Asian Qualifier led to suspensions of 10 players and two coaches and whopping fines for the organization.ADVERTISEMENT In fight vs corruption, Duterte now points to Ayala, MVP companies as ‘big fish’ Palace OKs total deployment ban on Kuwait OFWs View comments
zoomImage Courtesy: Safe Bulkers Driven by higher revenues, Monaco-based drybulk shipping company Safe Bulkers managed to return to profitability in the first quarter of this year.The company posted net income of USD 6 million in Q1 2018, compared to net loss of USD 3.3 million during the same period in 2017.Net revenues for the first quarter of 2018 increased by 31% to USD 43.5 million from USD 33.3 million during the same period in 2017. This was mainly due to improved charter rates, in addition to an increase in the average number of vessels, according to Safe Bulkers.“Our revenues continued to improve supporting gradual increase in our profitability. We intend to continue to use our cash from operations to further improve our capital structure and deleverage in forthcoming quarters,” Loukas Barmparis, President of Safe Bulkers, said.As of May 24, 2018, the company has agreed to finance the recently acquired secondhand vessel, which was paid from cash from operations, by increasing an existing credit facility of USD 36.7 million secured by three vessels to USD 54 million which will be secured by the four vessels after the increase. In addition, Safe Bulkers has agreed to finance an unencumbered vessel and refinance another existing facility of USD 23.5 million with a new 5-year term loan of USD 32 million.As of May 24, Safe Bulkers’ operational fleet comprised 39 drybulk vessels with an average age of 7.9 years and an aggregate carrying capacity of 3.5 million dwt. In addition, one Kamsarmax bulker is expected to join the company in June this year, marking the completion of Safe Bulkers’ newbuilding program.