Safe Bulkers Q3 2022

Safe Bulkers (SB) announced their Q3 2022 results on 11/09/22

  • Net revenue of $93.7M
  • Net income of $51M
  • Declared dividend of 5c/sh
  • Took delivery of second IMO GHG Phase 3 newbuild in July 2022
  • Completed a 2nd hand Cape acquisition. Then financed vessel via Sale & Leaseback transaction

High grades for IMO plans - 2 vessels delivered, plus 9 newbuilds designed to meet IMO GHG Phase 3
Complicated scenario with common shares - SB has both an active at-the-market (ATM) offering (with $28.5M left) and a share buyback program to purchase an additional 2.2M shares left.