Safe Bulkers Stock Price, News & Analysis

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.

Safe Bulkers (NYSE: SB) announced the acquisition of a 2013-built, 78,000 dwt Panamax dry-bulk vessel for $22 million, expected to be delivered by August 2021. This vessel will enhance the fleet renewal strategy focused on acquiring younger, energy-efficient ships. The company has also acquired two other second-hand vessels and ordered four newbuilds compliant with EEDI-Phase 3 standards. The acquisition is financed via cash reserves, emphasizing a strategic progression in fleet modernization.

Safe Bulkers, Inc. (NYSE: SB) has voluntarily prepaid $21.2 million of its debt as part of its deleveraging strategy. The company's President, Dr. Loukas Barmparis, stated that this action aims to pave the way for a modern, energy-efficient fleet with low leverage. Safe Bulkers specializes in marine drybulk transportation services, handling cargoes like coal, grain, and iron ore. The company’s common stock, series C preferred stock, and series D preferred stock are listed on the NYSE under the symbols SB, SB-PC, and SB-PD, respectively.

Safe Bulkers, Inc. (NYSE: SB) has announced an increase to $100 million for its at-the-market program launched on August 7, 2020, with DNB Markets, Inc. The company filed a prospectus supplement on May 26, 2021, allowing it to sell additional shares of common stock through DNB. As of May 25, 2021, approximately 6,664,774 shares have been sold under the program, leaving around $78.8 million worth of shares available for sale. Safe Bulkers specializes in marine drybulk transportation services, catering to major bulk cargo users globally.

Safe Bulkers, Inc. (NYSE: SB) announced significant fleet changes to enhance operational efficiency. The company has acquired two Japanese-built Post-Panamax newbuilds, set for delivery in early 2023, while selling two older Kamsarmax vessels for gross prices of $22.5 million and $22.0 million. These transactions are expected to boost liquidity by approximately $16.5 million. Additionally, the company voluntarily prepaid $27.3 million in debt, reducing total consolidated debt from $607.6 million to $593.7 million, with projections indicating further reduction to around $546.4 million following the pending sales.

Safe Bulkers reported its Q1 2021 financial results, showcasing a significant increase in net revenues to $62.5 million, up 37% from $45.7 million in Q1 2020. The net income improved to $21.3 million, reversing a loss of $9.9 million from the previous year. EBITDA reached $239.3 million, reflecting enhanced charter rates and reduced voyage expenses. The average daily time charter equivalent rate surged to $15,567, bolstered by the performance of scrubber-fitted vessels. The company plans to bolster its fleet through selective renewals while managing challenges posed by COVID-19.

Safe Bulkers, Inc. (NYSE: SB) will release its Q1 2021 earnings after market close on May 5, 2021. The management team will discuss financial results during a conference call on May 6, 2021, at 9:30 A.M. ET. Participants can access the call via various phone numbers, quoting 'Safe Bulkers' to the operator. An archived webcast will be available on the company’s website. Safe Bulkers provides marine drybulk transportation services, transporting key bulk cargoes globally.