NEW YORK (TheStreet) -- Safe Bulkers(SB) - Get Report shares are flat at $3.51 in after hours trading on Monday after the marine transportation service provider reported its first quarter financial results after the closing bell today.

The company reported a 22% decrease in year over year net revenue to $32.1 million while posting a net loss of $6 million after generating $11.2 million in revenue last year.

The company reported a net loss of 10 cents per diluted share.

Analysts on average were expecting the company to report a net loss of 4 cents per share on revenue of $36 million.

Separately, the company declared a quarterly dividend of 1 cent per share payable June 26, 2015 to shareholders of record on June 19.

TheStreet Ratings team rates SAFE BULKERS INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:

"We rate SAFE BULKERS INC (SB) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally disappointing historical performance in the stock itself, feeble growth in its earnings per share, deteriorating net income and disappointing return on equity."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

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