Safe Bulkers Inc News

Dry bulk cargo shipping company Safe Bulkers, Inc. has agreed to acquire three Japanese dry-bulk 82,000 dwt, Kamsarmax class vessels as part of its fleet renewal plans.The company, which ships coal, grain, and iron ore using its cargo ship fleet, said it would buy the three bulkers at attractive prices, without disclosing the exact amount it would pay, nor who the seller was.The first vessel is expected to be delivered within the fourth quarter of 2023. The other two cargo ships are slated for delivery within the fourth quarter of 2024."All three newbuild vessels are designed to meet the Phase 3 requirements of Energy Efficiency Design Index related to Green House Gas emissions…

For the second year straight, US-based Pangaea Logistics ranks highest among dry bulk owners based on Time Charter Earnings (TCE), according to a recent market benchmarking report.Notably, the Rhode Island-headquartered shipowner's 53.7% TCE performance is well above Hong Kong's Pacific Basin Shipping Ltd. (24.3%) and Thailand's Thoresen Thai Agencies (23.5%) in second and third place respectively.The Vesselindex Performance Report by Danish maritime advisors Liengaard & Roschmann measures the TCE performance of 25 individual companies in relation to the earning potential of their respective fleets, making sure that no company is neither penalized nor getting an advantage from inferior/superior fleet compositions.

It has been quite awhile since the global bulk carrier market has had much to cheer about, but U.S. dry bulk shippers are set to post strong revenue growth in the next two years thanks to soaring Chinese demand for high-grade iron ore from Brazil and Australia. To combat severe winter smog, China has slashed iron ore output, pushing steel mills in the world's second biggest economy to import more high-grade ore. China also wants to make pollution control a priority for the next three years.

Shares of U.S. shipping companies shot higher again on Wednesday, causing volatility halts in a number of stocks and raising questions among investors and analysts over the extent of their sharp post-election rally. The jump in share prices and unusually heavy trading volume even surprised analysts who follow the stocks, although some said the gains appeared to result in part from optimism that commodity demand would increase under President-elect Donald Trump. At the center of the rally has been DryShips Inc…

Safe Bulkers, Inc. announced today that the Company has agreed to novate an existing newbuild contract for Hull No. S835, a Japanese Panamax class vessel, and sell, upon delivery, Hull No. 1551, a Japanese Kamsarmax class vessel, in each case, to entities owned by Mr. Polys Hajioannou, the Chairman of the Board and the Chief Executive Officer of the Company. Each vessel is scheduled to be delivered in the first quarter of 2017. The two transactions were evaluated and approved by a Special Committee of the Company’s Board of Directors, which committee was wholly comprised of independent members of the Board and advised by independent counsel.

The Athens, Greece-based Safe Bulkers Inc. (SB) has reported a loss of $9 million in its second quarter. It had a loss of 15 cents per share. Net revenue for Q2 of 2016 decreased by 18% to $26.2 million from $31.8 million during same period in 2015. Net loss for the second quarter of 2016 was $9.0 million as compared to $4.4 million, during the same period in 2015. Adjusted net loss for the second quarter of 2016 was $8.7 million as compared to $3.9 million, during the same period in 2015. In July 2016, the Company took delivery of Kypros Spirit (Hull No. 828), a 78,000 dwt, Japanese eco-design newbuild Panamax class vessel. Upon her delivery, the vessel was employed in the spot charter market.

Safe Bulkers, Inc., an international provider of marine drybulk transportation services,  has agreed with the Royal Bank of Scotland plc (RBS) to amend certain financial covenants and terms to an existing term loan facility with an outstanding balance of US $73.4 million. The total consolidated liabilities of the Company divided by its total consolidated assets charter inclusive must not exceed 90% until and including year-end 2017 and 85% from 2018 onwards. The ratio of the Company's EBITDA(1) to its interest expense must be not less than 2.0:1 on a trailing 12 month basis, applicable from 2018 onwards. The consolidated net worth of the Company…

Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that it was notified by the New York Stock Exchange (“NYSE”) that the Company has regained compliance with the NYSE’s minimum share price standard for continued listing of its common stock. On January 15, 2016, the Company announced that it had received notification from the NYSE that the trading price of the Company’s common stock, listed on the NYSE as “SB”, was not in compliance with the NYSE’s continued listing standard that requires a minimum average closing price of $1.00 per share over a period of 30 consecutive trading days.

The Athens, Greece-based  Safe Bulkers Inc. (SB) on Thursday reported a loss of $17.8 million in its first quarter. The shipping company posted revenue of $24.7 million in the period. It has a loss of 25 cents per share. Losses, adjusted for non-recurring costs, came to 21 cents per share. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 17 cents per share. As of May 27, 2016, the Company’s operational fleet, following two newbuild deliveries and two vessel sales, comprised of 36 drybulk vessels with an average age of 6.3 years and an aggregate carrying capacity of 3.3 million dwt. The fleet consists of 13 Panamax class vessels, 8 Kamsarmax class vessels, 12 Post-Panamax class vessels and 3 Capesize class vessels, all built from 2003 onwards.

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced today that the Company has agreed to amend an existing loan facility secured by four vessels with an outstanding balance of US $51.8 million, delaying the balloon payment initially scheduled to be made in 2019 for 2022. * The total consolidated liabilities of the Company divided by its total consolidated assets must not exceed 85%. * The aggregate market value of the four vessels under the facility divided by the aggregate outstanding loan value must exceed 110% until year end 2017 and 120% from 2018 onwards. * The ratio of the Company’s EBITDA1 to its interest expense must be not less than 2.0:1 on a trailing 12 month basis, applicable from 2018 onwards.

Greece's Safe Bulkers, Inc. has set the price of its public offering offering of shares. The Company says it plans to use the net proceeds of the public offering to fund its newbuilding program and for other general corporate purposes, which may include repayment of indebtedness. The public offering of 2,800,000 shares of its 8.00% Series D Cumulative Redeemable Perpetual Preferred Shares, par value $0.01 per share, liquidation preference $25.00 per share (the “Series D Preferred Shares”) was priced at $25.00 per share. SafeBulkers add that the gross proceeds from the Public Offering before the underwriting discount and other offering expenses are expected to be approximately $70 million. The offering is expected to close on or about June 30, 2014, subject to customary closing conditions.

Safe Bulkers, Inc. an international provider of marine drybulk transportation services, announced today that it has been ranked and awarded the First Place in “Marine Money's 2013 annual rankings of the Publicly Traded Shipping Companies”. The award was announced at the annually held Marine Money Conference that took place in New York City on June 17-19, 2014. Marine Money has been publishing its rankings for the past 20+ years after evaluating companies from the shipping industry worldwide. The rankings are based upon a series of financial measures and ratios. The Company's common stock, series B and series C preferred stock is listed on the NYSE, where it trades under the symbols “SB”, “SB.PR.B” and “SB.PR.C”, respectively.

Greece's Safe Bulkers, Inc. reports Fourth Quarter & Twelve Months 2013 results and declares quarterly dividend on common stock of $0.06 per share for the fourth quarter of 2013. Net revenue for the twelve-month period ended December 31, 2013 increased by 1% to $186.7 million from $184.3 million during the same period in 2012. Net income for the twelve-month period ended December 31, 2013 decreased by 13% to $83.3 million from $96.1 million. Adjusted net income1 for the twelve-month period ended December 31…

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced today that the company's Board of Directors has declared a cash dividend of $0.50 per share on its 8% Series B Cumulative Redeemable Perpetual Preferred Shares for the period from October 30, 2013 to January 29, 2014. The dividend will be paid on January 30, 2014 to all Series B preferred shareholders of record as of January 24, 2014. The company has 1,600,000 Series B Preferred Shares outstanding as of today. This is the third consecutive cash dividend the Company has declared since the commencement of trading of its Series B Preferred Shares on the New York Stock Exchange on June 19, 2013.

Greek dry-bulk ship owners Safe Bulkers, Inc. plans to offer 5,000,000 shares of its common stock to the public. The Company plans to use the net proceeds of the Public Offering and Private Placement for vessel acquisitions, capital expenditures and for other general corporate purposes, which may include repayment of indebtedness. In connection with the Public Offering, the Company intends to grant the underwriters a 30-day option to purchase up to 750,000 additional shares of Common Stock.

Alan Olivier was elected Chairman and President of the UK P&I Club at their board meeting in Bermuda on October 28. He succeeds Dino Caroussis who has retired from the board. Mr. Olivier, 53, Chief Executive Officer of Grindrod Limited, became a Director of the UK Club in 2000 and a Deputy Chairman in 2006. Mr. Caroussis, 61, of Chios Navigation, had been the Club’s Chairman for the past five years, having joined the board in 1996 in the shipping division. He held senior treasury and financial positions before his appointment as chief executive of Unicorn Shipping in 1995.

Greece-based Safe Bulkers, Inc. report second quarter and first 6 months 2013 losses, but also reveal an increasing market optimism with new ships on order. Net revenue for the second quarter of 2013 decreased by 12% to $41.4 million from $47.0 million during the same period in 2012. Net income for the second quarter of 2013 increased by 14% to $24.6 million from $21.5 million, during the same period in 2012. Adjusted net income for the second quarter of 2013 decreased by 36% to $15.1 million from $23.7 million, during the same period in 2012.

Safe Bulkers, Inc. has declared a cash dividend of $0.26111 per share on its 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares. The dividend will be paid on July 30, 2013 to all Series B preferred shareholders of record as of July 25, 2013. The Company has 1,600,000 Series B Preferred Shares outstanding as of today. This is the first cash dividend the Company has declared since the commencement of trading of its Series B Preferred Shares on the New York Stock Exchange on June 19, 2013. About Safe Bulkers, Inc.

Greece-based Safe Bulkers, Inc. commences trading of its 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares on the New York Stock Exchange. The ticker symbol of the Preferred Shares is “SBPRB.” About Safe Bulkers, Inc. The Company is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes for some of the world’s largest users of such services. The Company’s current fleet consists of 26 drybulk vessels, all built 2003 onwards, and the Company has contracted to acquire eight additional drybulk newbuild vessels to be delivered at various dates through 2015.

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced today the closing of its previously announced public offering of 800,000 shares of its 8% Series B Cumulative Redeemable Perpetual Preferred Shares, par value $0.01 per share, liquidation preference $25.00 per share at a price of $25.00 per share. The company also announced the closing of its previously announced private placement of 800,000 shares of its Series B Preferred Shares to Chalkoessa Maritime Inc., an entity associated with its chief executive officer, Polys Hajioannou, at the public offering price. The aggregate gross proceeds from the public offering and the private placement, before the underwriting discount and other offering expenses, were $40,000,000.

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced that its public offering of 800,000 shares of its 8% Series B Cumulative Redeemable Perpetual Preferred Shares, par value $0.01 per share, was priced at $25 per share. Concurrently with the public offering, the company has also sold through a private placement, 800,000 series b preferred shares to Chalkoessa Maritime Inc., an entity associated with the company’s chief executive officer, Polys Hajioannou, at the public offering price. The aggregate gross proceeds from the public offering and the private placement, before the underwriting discount and other offering expenses, are expected to be $40,000,000.

Safe Bulkers, Inc., an international provider of marine drybulk transpor tation services, announced that it plans to offer its Series B Cumulative Redeemable Perpetual Preferred Shares, par value $0.01 per share, liquidation preference $25.00 per share to the public. In connection with the public offering, the company intends to grant the underwriters a 30-day option to purchase additional shares of the Series B Preferred Shares. Concurrently with the public offering, the company is also selling through a private placement its Series B Preferred Shares to Chalkoessa Maritime Inc., an entity associated with its chief executive officer, Polys Hajioannou, at the public offering price.

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced its unaudited financial results for the quarter ended March 31, 2013. The Company’s Board of Directors also declared a quarterly dividend of $0.05 per share for the first quarter of 2013. Net revenue for the first quarter of 2013 remained almost unchanged at $44.2 million from $44.1 million during the same period in 2012. Net income for the first quarter of 2013 decreased by 25% to $16.1 million from $21.6 million during the same period in 2012. Adjusted net income 1 for the first quarter of 2013 decreased by 30% to $16.0 million from $22.9 million during the same period in 2012.