Safe Bulkers Stock Price, News & Analysis

Safe Bulkers, Inc. (NYSE: SB) has declared a cash dividend of $0.50 per share on its 8.00% Series C and Series D Preferred Shares for the period from January 30, 2023, to April 29, 2023. The dividends will be paid on May 1, 2023, to shareholders of record as of April 20, 2023. These preferred shares are set to pay dividends quarterly on the 30th of January, April, July, and October, subject to the discretion of the Board of Directors. Future dividends depend on the Company's earnings, financial condition, and cash requirements, as well as compliance with laws and debt covenants.

Safe Bulkers owns 44 vessels, including eco-ships, and has an orderbook for nine additional newbuild vessels.

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.