Safe Bulkers Stock Price, News & Analysis

Safe Bulkers, Inc. (NYSE: SB) has entered a 12-month bareboat charter agreement for a 2012 Japanese-built Capesize vessel, committing a total of $9 million in payments and an option to purchase for $18 million upon charters' conclusion. This acquisition is part of their fleet renewal strategy, alongside three recently contracted second-hand vessels. The company has sold six vessels and has eight newbuilds on order. Dr. Loukas Barmparis emphasizes selective acquisitions as key to their strategy.

Safe Bulkers (NYSE: SB) reported strong financial results for Q2 2021, with net revenues up 69% to $81.6 million, compared to $48.3 million in Q2 2020. Net income reached $32.4 million, a significant recovery from a loss of $13.9 million in the same quarter last year. Adjusted EBITDA surged to $254.1 million. The company also improved its time charter equivalent rate to $21,098, reflecting enhanced market conditions. Despite a $1.1 million negative impact from COVID-19, Safe Bulkers continues to focus on fleet renewal and debt reduction, highlighting a solid liquidity position with $127.4 million in cash as of June 30, 2021.

Safe Bulkers, Inc. (NYSE: SB) will release its Q2 2021 financial results on July 28, 2021, after market close. A conference call is scheduled for July 29, 2021, at 9:30 A.M. ET to discuss these results. Participants can dial in using specific numbers provided for US, UK, and international callers. The company offers marine drybulk transportation services, primarily for coal, grain, and iron ore. Forward-looking statements regarding growth strategies highlight potential risks and uncertainties that could impact future performance.

Safe Bulkers, Inc. (NYSE: SB) announced the acquisition of three Japanese drybulk Kamsarmax vessels as part of its fleet renewal strategy. Scheduled for delivery between Q4 2023 and Q1 2024, these vessels comply with GHG-EEDI Phase 3 and NOx-Tier III emissions regulations. This expands the company's newbuild fleet to eight vessels, enhancing its competition in marine drybulk transportation. The initiative is funded by the company's cash reserves, reflecting a strategic move to replace older vessels for improved operational efficiency.

Safe Bulkers, Inc. (NYSE: SB) has announced a cash dividend of $0.50 per share on its 8.00% Series C Preferred Shares and 8.00% Series D Preferred Shares, for the period from April 30, 2021, to July 29, 2021. The dividends will be paid on July 30, 2021, to shareholders of record as of July 23, 2021. Dividends on these preferred shares are payable quarterly. The payment of dividends is subject to the Board’s discretion, based on the Company’s earnings and financial condition.

Safe Bulkers announced the acquisition of a Japanese-built Kamsarmax dry-bulk vessel, set for delivery in Q4 2023. This vessel adheres to the latest Energy Efficiency Design Index and NOx emissions regulations, reflecting the company’s commitment to environmental standards. With this addition, Safe Bulkers' orderbook now includes five compliant newbuild vessels. The acquisition will be financed from cash reserves, demonstrating the company’s strategic investment in an efficient fleet. Dr. Loukas Barmparis emphasized a gradual renewal of their fleet to enhance operational efficiency.

Safe Bulkers has announced the sale of the MV Koulitsa, a 2003 Panamax vessel, for $13.6 million, with delivery set for Q4 2021. This sale is part of the company's fleet renewal strategy, which includes acquiring the MV Koulitsa 2, a newer Panamax vessel built in 2013 for $22 million, expected to be delivered in July 2021. The new vessel has already been chartered at a rate of $24,000 per day for 12 months. This transaction marks the completion of the sale of all vessels built prior to 2004.

Safe Bulkers, Inc. (NYSE: SB) announced an annual stockholders' meeting scheduled for September 13, 2021, at its Athens location. Stockholders on record by July 16, 2021 will be eligible to vote at the meeting. The company provides marine drybulk transportation services for bulk cargoes like coal, grain, and iron ore. Its common stock, series C preferred stock, and series D preferred stock are traded under the symbols SB, SB-PC, and SB-PD.

Safe Bulkers, Inc. (NYSE: SB) announced a new $70 million credit facility with a five-year term, which includes a $30 million term loan and a $40 million revolving credit facility for seven vessels. This refinancing will replace $64.3 million in loans due in 2023. As of June 18, 2021, the company's outstanding debt will decrease to $500.2 million after the refinancing, with a $67.5 million availability under revolving credit. The company aims to reduce leverage and enhance financial flexibility while renewing its fleet with modern vessels.