Safe Bulkers executives detailed operating expense (opex) cuts that analysts said represents an industry low.
But it wasn't enough to beat a dismal market, with Evercore ISI analyst Jonathan Chappell predicting that the New York-listed bulker owner won't reach profitability in the "foreseeable future".
As TradeWinds reported earlier, the Polys Hajioannou-led company reported a $17.6m net loss for the first quarter, deeper than the $6m in red in k a year earlier.
Daily vessel opex
| Q1 2015 | Q4 2015 | Full year 2015 | Q1 2016 |
| $4,872 | $4,072 | $4,377 | $3,653 |
Adjusted loss per share of $0.21
