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Safe Bulkers, Inc. Launches $3M Share Repurchase Program - February 2025 Report

$SB
6-K
Filed on: 2025-02-25
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Marine TransportationStock Repurchase ProgramDrybulk ShippingSafe BulkersFinancial Report
Safe Bulkers, Inc. Launches $3M Share Repurchase Program - February 2025 Report

Here's a summary of the key information extracted from the financial report for Safe Bulkers, Inc. (Form 6-K):

Company Overview

  • Name: Safe Bulkers, Inc.
  • Address: Apt. D11, Les Acanthes 6, Avenue des Citronniers, MC98000 Monaco
  • Form Type: 6-K (Report of Foreign Private Issuer)
  • Date of Report: February 24, 2025

Key Announcement

  • Stock Repurchase Program: Safe Bulkers, Inc. has authorized a program to repurchase up to 3,000,000 shares of its common stock.
  • This represents approximately 2.8% of the total outstanding shares and 5.4% of the public float.
  • This program supersedes any previous stock repurchase plans.
  • The company is not obligated to buy back any shares and can modify or terminate the program at any time.
  • Purchases will be conducted in accordance with Regulation 10b-18 of the Securities Exchange Act of 1934 and will be funded through existing cash resources.

Incorporation by Reference

  • The report will be incorporated by reference into the registration statement on Form F-3 filed on August 6, 2024.

Company Description

  • Safe Bulkers operates in the marine drybulk transportation sector, providing services for bulk cargoes, particularly coal, grain, and iron ore, along global shipping routes.

Stock Listings

  • Common Stock Symbol: SB
  • Preferred Stock Symbols: SB.PR.C and SB.PR.D

Forward-Looking Statements

  • The report includes forward-looking statements regarding the company's growth strategy, vessel acquisitions, and time charters.
  • It cautions that actual results may differ due to various risks, including changes in demand for drybulk vessels and competitive factors.

Contact Information

  • Company Contact: Dr. Loukas Barmparis, President
  • Phone: +30 2 111 888 400, +357 25 887 200
  • Email: directors@safebulkers.com
  • Investor Relations Contact: Nicolas Bornozis, President of Capital Link, Inc.
  • Phone: (212) 661-7566
  • Email: safebulkers@capitallink.com

Signatory

  • Name: Konstantinos Adamopoulos
  • Title: Chief Financial Officer
  • Date of Signing: February 25, 2025

Conclusion

Safe Bulkers, Inc. is taking proactive steps to manage its equity through a significant share repurchase program, reflecting confidence in its financial position and strategic direction. Investors should consider the implications of this program alongside the company's operational and market conditions.

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