Safe Bulkers, Inc. provides international marine drybulk transportation services, carrying bulk cargoes such as coal, grain and iron ore along worldwide shipping routes. News about SB centers on charter-driven financial results, time-charter equivalent rates, vessel operating expenses, common-stock dividends and quarterly dividends on its 8.00% Series C and Series D cumulative redeemable perpetual preferred shares.
Company updates also cover fleet renewal through dry-bulk vessel acquisitions and sales, including Capesize and Kamsarmax classes; capital actions such as share repurchase authorizations; annual Form 20-F reporting; shipping-industry conference participation; and governance changes involving board composition and committee assignments.
Safe Bulkers has authorized a new stock repurchase program allowing the purchase of up to 5,000,000 shares of common stock, representing approximately 4.3% of outstanding shares. The buyback program will utilize existing cash resources and will be conducted in compliance with relevant regulations. This initiative continues a prior program launched in June 2022. The company provides marine drybulk transportation services, focusing on coal, grain, and iron ore. The announcement reflects a strategic effort to enhance shareholder value through stock buybacks.
On March 15, 2023, Safe Bulkers (NYSE: SB) expanded its Board of Directors from seven to nine members, electing Kristin H. Holth and Marina Hajioannou. Holth, previously a senior executive at DNB Bank, brings significant capital markets experience and will serve on the Corporate Governance, Nominating and Compensation Committee and the Audit Committee. Hajioannou is involved in chartering and operations at Safe Bulkers. This change is expected to enhance governance and operational insights as the company aims for growth through vessel acquisitions and charters, amid market uncertainties.
Safe Bulkers announced an agreement to sell its Kamsarmax MV Efrossini vessel, a 2012-built Panamax dry-bulk ship, for $22.5 million. Delivery is expected by June 2023, post which the company will charter the vessel back at a rate of $16,050 per day for 10 to 14 months. This move aligns with the company's strategy to replace older vessels with new builds that meet environmental regulations. Currently, Safe Bulkers operates a fleet of 44 vessels, including 12 eco-ships, and has ordered nine newbuilds compliant with IMO GHG Phase 3 standards.
Safe Bulkers, Inc. (NYSE: SB) filed its 2022 Annual Report on Form 20-F with the SEC on March 6, 2023. The report details the company's operations in marine drybulk transportation, focusing on the movement of coal, grain, and iron ore. Shareholders can access the report through the company's website or request a hard copy from Capital Link. Safe Bulkers provides essential services to major bulk cargo users worldwide, with its common stock and preferred shares trading under symbols SB, SB.PR.C, and SB.PR.D, respectively. The report includes forward-looking statements regarding the company's growth strategy and future vessel acquisitions.
Safe Bulkers, Inc. (NYSE: SB) announced the acquisition of a Japanese Kamsarmax class dry-bulk vessel for an attractive price, scheduled for delivery in Q2 2025. This vessel will meet the IMO's Phase 3 Energy Efficiency Design Index requirements and NOx emissions regulations. With this addition, the company's orderbook now includes nine newbuild vessels scheduled for delivery, enhancing its fleet of eco-ships designed for lower fuel consumption and reduced greenhouse gas emissions. The company currently operates 44 vessels, including 12 eco-ships.
Safe Bulkers, Inc. (NYSE: SB) reported its Q4 2022 results, declaring a $0.05 cash dividend payable on March 17, 2023. Net revenues were $86.7M, a 6% decrease from $92.4M in Q4 2021. Net income fell to $34.9M, down from $65.2M a year prior. EBITDA for the quarter was $53.8M, with an adjusted EBITDA of $56.0M. Average daily time charter equivalent rate dropped to $21,078 from $26,180. The company maintains a robust balance sheet with $123.3M in cash and $145M available under credit facilities. They continue to invest in environmental upgrades and have a fleet of 44 vessels with an average age of 10.7 years.
Safe Bulkers, Inc. (NYSE: SB) will announce its Q4 2022 financial results on February 14, 2023, after market close. A conference call to discuss these results is scheduled for February 15, 2023, at 9:00 A.M. ET. Participants can join the call via US Toll-Free Dial In at +1 877 405 1226 or other available numbers. A live and archived webcast of the call will be available on the company’s website. Safe Bulkers provides marine drybulk transportation services, mainly transporting coal, grain, and iron ore globally. The company emphasizes its growth strategy, including vessel acquisitions and time charters, while acknowledging potential risks in future performance.
Safe Bulkers, an international provider of marine drybulk transportation services, announced participation in Capital Link’s Corporate Presentation Webinar Series on January 17, 2023, at 11:00 AM Eastern Time. The senior management team will discuss the company's operations, business development, and the dry bulk sector's outlook.
Interested participants can register via the provided link, after which they will receive a confirmation email with a link to the presentation. A live Q&A session will allow attendees to submit questions, and institutional investors can request 1x1 meetings with management.
The company's stock trades on NYSE under the symbols SB, SB-PC, and SB-PD.
Safe Bulkers, Inc. (NYSE: SB) announced a cash dividend of $0.50 per share for its 8.00% Series C and Series D Cumulative Redeemable Perpetual Preferred Shares. These dividends, covering the period from October 30, 2022, to January 29, 2023, will be paid on January 30, 2023, to shareholders of record as of January 20, 2023. The company emphasizes that future dividends will depend on financial conditions, cash requirements, and market conditions.
On November 9, 2022, Safe Bulkers, Inc. (NYSE: SB) reported its Q3 2022 financial results, demonstrating net revenues of $93.7 million, a slight increase from $92.5 million in Q3 2021. The company declared a cash dividend of $0.05 per share, payable on December 15, 2022. Despite reporting a net income of $51.0 million, down from $55.4 million the previous year, Safe Bulkers maintained a robust balance sheet with total cash of $135.9 million. The shipping sector continues to face challenges from COVID-19 and geopolitical tensions, particularly due to the ongoing war in Ukraine.