Highlights

  • Safe Bulkers’ Q3FY24 revenue rose 17.3%
  • Net income soared 77.1% to USD 23.1 million in Q3FY24
  • The company declared USD 0.05 cash dividend, expected to be paid on December 17, 2024

Safe Bulkers, Inc. (NYSE:SB) is a holding company with principal business including the acquisition, ownership and operation of drybulk vessels.

In Q3FY24, the company reported net revenues of USD 75.9 million, marking a notable increase of 17.3% compared to the prior corresponding period (pcp). This growth was driven by increased earnings and revenues from different segments.

During the reported period, net income available to common shareholders reached USD 23.1 million, marking a 77.1% increase from the previous year, attributed to higher revenues, partially offset by increased operating expenses. Cash and cash equivalents decreased by 5.2% YoY in Q3FY24 to USD 85.3 million. It was due to cash outflows from investing activities, although this was partly offset by cash inflows from financing and operating activities.

Recent Business Update

On November 13, 2024, the company announced a cash dividend of USD 0.05 per share. This dividend is expected to be paid on December 17, 2024, to shareholders of record as of December 2, 2024.

In October and July 2024, Safe Bulkers announced cash dividends of USD 0.50 per share on Series C and Series D preferred shares. These dividends were paid on October 30 and July 30, 2024, respectively. Additionally the company paid a cash dividend of USD 0.05 per share on September 5, 2024.

Top 10 shareholders

The top 10 shareholders of Safe Bulkers own approximately 61.24% of the total shares, indicating concentrated ownership. Vorini Holdings, Inc. is the largest shareholder with around 45.31% stake. Renaissance Technologies LLC has the second-largest stake at around 3.10%.

Price Performance

SB's share price has fallen by 21.96% over the past three months. Similarly, in the longer term, the stock has declined by 27.23% over the last six months. Currently, the stock is approaching the lower end of its 52-week range, which spans from a high of USD 6.33 to a low of USD 3.45 with a closing price of USD 3.98 as of November 26, 2024.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is November 26, 2024. The reference data in this report has been partly sourced from EODHD/Others.