Safe Bulkers Stock Price, News & Analysis

Safe Bulkers, Inc. (NYSE: SB) declared a cash dividend of $0.50 per share on its 8.00% Series C and Series D Cumulative Redeemable Perpetual Preferred Shares for the period from October 30, 2020 to January 29, 2021. Payment will be made on February 1, 2021 to shareholders of record as of January 22, 2021. Dividends are payable quarterly, and future payments are dependent on the Company's earnings, financial condition, and market conditions. The Company provides drybulk transportation services globally, primarily for major bulk cargo users.

Safe Bulkers, Inc. (NYSE: SB) announced the acquisition of a Japanese-built Post-Panamax dry-bulk vessel for $51.8 million, scheduled for delivery in Q3 2022. This newbuild complies with the latest environmental regulations, including Energy Efficiency Design Index and NOx emissions standards. The company has secured a new term loan facility for 60% of the acquisition cost and increased its revolving credit commitment from $20 million to $30 million. Safe Bulkers maintains strong liquidity of $167.5 million, ensuring financial flexibility for this strategic investment.

Safe Bulkers announced its Q3 2020 financial results, reporting net revenues of $51.9 million, a 2% increase from Q3 2019. However, net income fell to $3.3 million, down from $5.2 million in the previous year. The company's average daily Time Charter Equivalent (TCE) rate decreased to $12,575 from $13,311. COVID-19 negatively impacted operations, increasing voyage and vessel operating expenses. Liquidity improved to $136 million by November 6, 2020. The company plans to renew its fleet with modern vessels while maintaining a cautious approach due to market uncertainties.

Safe Bulkers, Inc. (NYSE: SB) will release its financial results for Q3 2020 on November 11, 2020, after market closure. The management team will host a conference call to discuss these results on November 12, 2020, at 9:30 A.M. ET. Participants can call in to join the discussion using specified numbers. A telephonic replay will be available until November 19, 2020, along with a webcast of the conference call hosted on the Company’s website. Safe Bulkers provides marine drybulk transportation services, particularly for coal, grain, and iron ore.

Safe Bulkers, Inc. (NYSE: SB) announced an agreement to acquire a Japanese-built Kamsarmax class vessel for $82 million, scheduled for delivery in H1 2022. The acquisition is financed through a ten-year bareboat charter, providing 90% funding with a purchase obligation at a predetermined price. This new vessel complies with latest GHG and NOx emissions regulations, enhancing the fleet's environmental performance. The company's liquidity remains strong, exceeding $100 million, and it does not plan to utilize its at-the-market equity offering.

Safe Bulkers, Inc. (NYSE: SB) announced a cash dividend of $0.50 per share on its Series C and Series D Preferred Shares for the period from July 30, 2020 to October 29, 2020. The dividends will be paid on October 30, 2020 to shareholders of record as of October 22, 2020. These dividends reflect the company’s continued ability to provide returns to shareholders, subject to the Board's discretion based on the company’s financial condition and cash availability.

Safe Bulkers, Inc. (NYSE: SB) has filed a prospectus supplement with the SEC to offer shares worth up to $23,500,000 through an at-the-market (ATM) equity program. Proceeds will be utilized for general corporate purposes, including debt repayment and potential vessel acquisitions. Sales will be made via DNB Markets, Inc. on NYSE, at current market prices. The prospectus is accessible on the SEC's website. Safe Bulkers is a provider of marine drybulk transportation services, specializing in coal, grain, and iron ore transportation.

Safe Bulkers announced a new shareholders rights plan to replace the expired one, addressing uncertainties from the COVID-19 pandemic and market cyclicality. This Rights Plan, applicable to shareholders on record as of August 17, 2020, aims to ensure fair treatment of all shareholders and provides the Board time for informed decision-making. Each share will receive one right, exercisable if a party acquires 10% or more of stock. The Rights Plan lasts until August 5, 2030, with the Board retaining the ability to terminate it if deemed unnecessary.

Safe Bulkers, Inc. (NYSE: SB) reported Q2 2020 financial results, revealing a net loss of $13.9 million, contrasted with a net income of $1.8 million in Q2 2019. Net revenues increased by 6% to $48.3 million, bolstered by scrubber-fitted vessels. The company faced challenges from reduced charter rates amid COVID-19, with average daily Time Charter Equivalent (TCE) dropping to $8,094. Liquidity stood at $119.8 million. In a proactive move, Safe Bulkers secured six new five-year charters at premium rates for the initial years, enhancing future cash flow.