Safe Bulkers announces 12 million share placement to fund fleet renewal

Safe Bulkers is launching a private placement of approximately 12 million new common shares to fund its newbuilding programme and potential vessel acquisitions. The dry-bulk shipping company intends to use the capital to strengthen liquidity and support its extensive fleet renewal efforts, which include an orderbook of 10 new vessels scheduled for delivery through 2029.

Chief Executive and largest shareholder Polys Hajioannou has committed to subscribing for 2 million shares at the eventual offer price. The placement, which will be managed by Piraeus Bank and DNB, follows the company’s recent listing on Euronext Athens alongside its existing New York Stock Exchange presence.

In recent financial activity, the company reported quarterly earnings of $0.28 per share, exceeding the consensus estimate of $0.22. Despite the capital raise, the company maintains a significant orderbook, including dual-fuel methanol vessels, and reported $153.2 million in cash and deposits as of late July.