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Highlights

  • Safe Bulkers has secured USD 195.2 million in contracted revenue as of February 14, 2025
  • The company’s FY24 net revenues surged to USD 307.6 million, a 4.1% increase from FY23
  • Cash flow from operating activities increased by 6.8% YoY, reaching USD 130.5 million in FY24.
  • A USD 0.50 per share cash dividend was declared for Series C and Series D shares, payable on April 30, 2025

Safe Bulkers, Inc. (NYSE: SB) is a holding company focused on acquiring, owning, and operating drybulk vessels. Its fleet transports drybulk cargo globally, serving the marine transportation industry.

As of February 14, 2025, the company has secured USD 195.2 million in contracted revenue.

In the financial year 2024 (FY24), the company reported net revenues of USD 307.6 million, a significant increase from USD 7.3 million in FY23, reflecting a 4.1% growth. This surge was primarily driven by higher revenues from charter hires and an increase in earnings from Scrubber-fitted vessels, alongside a rise in the average number of vessels in operation. As a result, the net income available to common shareholders grew by 28.9% YoY, reaching USD 89.4 million, compared to USD 69.4 million in FY23. This net income was partially offset by increased operating expenses.

The company's cash flow from operating activities also saw a notable increase of 6.8% YoY to USD 130.5 million in FY24 from USD 122.2 million in FY23. This was driven by the improved net income, although the impact of changes in net working capital slightly tempered the growth. As a result, cash and cash equivalents surged by 42.8% YoY, reaching USD 128.4 million, up from USD 89.9 million in FY23. This increase was mainly attributed to cash inflows from operating activities, although partially offset by cash outflows due to investing and financing activities.

Dividend payment

Safe Bulkers implemented a structured dividend policy, with the board of directors declaring a USD 0.05 per share cash dividend on February 18, 2025. This dividend was paid on March 21, 2025, to shareholders of record as of March 3, 2025, based on 105,299,771 outstanding shares as of February 14, 2025. This followed a similar dividend of USD 0.05 per share, paid on December 17, 2024, to shareholders of record on December 2, 2024.

On April 02, 2025, the company’s board of directors declared a cash dividend of USD 0.50 per share for both its 8.00% Series C and Series D Cumulative Redeemable Perpetual Shares. It covers the period from Jan 30 to April 29, 2025. It is payable on April 30, 2025, to shareholders of record as of April 17, 2025.

Top 10 Shareholders

The top 10 shareholders of Safe Bulkers collectively hold approximately 61.06% of the total shares, indicating concentrated ownership. Vorini Holdings, Inc. and Renaissance Technologies LLC are the largest shareholders, with stakes of about 45.96% and 3.14%, respectively.

Stock Information

SB's share price has experienced a 6.95% correction over the past three months and a 33.26% decline over the past six months. Currently, the stock is nearing the lower end of its 52-week price range, which spans from a high of USD 6.33 to a low of USD 3.02. As of April 10, 2025, the stock closed at USD 3.21.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is April 08, 2025. The reference data in this report has been partly sourced from EODHD/Others.

 Technical Indicators Defined

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.