Safe Bulkers, Inc Perpetual Pre - SB-PD STOCK NEWS

Safe Bulkers, Inc. (NYSE: SB) has declared a cash dividend of $0.50 per share on its 8.00% Series C and Series D Preferred Shares for the period from January 30, 2023, to April 29, 2023. The dividends will be paid on May 1, 2023, to shareholders of record as of April 20, 2023. These preferred shares are set to pay dividends quarterly on the 30th of January, April, July, and October, subject to the discretion of the Board of Directors. Future dividends depend on the Company's earnings, financial condition, and cash requirements, as well as compliance with laws and debt covenants.

Safe Bulkers owns 44 vessels, including eco-ships, and has an orderbook for nine additional newbuild vessels.

Safe Bulkers has authorized a new stock repurchase program allowing the purchase of up to 5,000,000 shares of common stock, representing approximately 4.3% of outstanding shares. The buyback program will utilize existing cash resources and will be conducted in compliance with relevant regulations. This initiative continues a prior program launched in June 2022. The company provides marine drybulk transportation services, focusing on coal, grain, and iron ore. The announcement reflects a strategic effort to enhance shareholder value through stock buybacks.

On March 15, 2023, Safe Bulkers (NYSE: SB) expanded its Board of Directors from seven to nine members, electing Kristin H. Holth and Marina Hajioannou. Holth, previously a senior executive at DNB Bank, brings significant capital markets experience and will serve on the Corporate Governance, Nominating and Compensation Committee and the Audit Committee. Hajioannou is involved in chartering and operations at Safe Bulkers. This change is expected to enhance governance and operational insights as the company aims for growth through vessel acquisitions and charters, amid market uncertainties.

Safe Bulkers announced an agreement to sell its Kamsarmax MV Efrossini vessel, a 2012-built Panamax dry-bulk ship, for $22.5 million. Delivery is expected by June 2023, post which the company will charter the vessel back at a rate of $16,050 per day for 10 to 14 months. This move aligns with the company's strategy to replace older vessels with new builds that meet environmental regulations. Currently, Safe Bulkers operates a fleet of 44 vessels, including 12 eco-ships, and has ordered nine newbuilds compliant with IMO GHG Phase 3 standards.