Safe Bulkers, Inc. Announces a Three Million Shares of Common Stock Repurchase Program
Safe Bulkers (NYSE: SB) has announced a new share repurchase program authorizing the purchase of up to 3 million shares of common stock. This represents approximately 2.8% of the company's outstanding shares and 5.4% of its public float. The program, which supersedes any previous repurchase initiatives, will be executed through open market purchases in compliance with applicable laws and regulations, including Regulation 10b-18 safe harbor provisions.
The company will fund the buyback using existing cash resources. The program is discretionary, and Safe Bulkers maintains the right to modify or terminate it at any time without prior notice.
Safe Bulkers (NYSE: SB) ha annunciato un nuovo programma di riacquisto di azioni che autorizza l'acquisto di fino a 3 milioni di azioni ordinarie. Questo rappresenta circa 2,8% delle azioni in circolazione della società e 5,4% del suo flottante pubblico. Il programma, che sostituisce qualsiasi iniziativa di riacquisto precedente, sarà eseguito attraverso acquisti sul mercato aperto in conformità con le leggi e i regolamenti applicabili, comprese le disposizioni di safe harbor del Regolamento 10b-18.
La società finanzierà il riacquisto utilizzando le risorse di cassa esistenti. Il programma è discrezionale e Safe Bulkers si riserva il diritto di modificarlo o di terminarlo in qualsiasi momento senza preavviso.
Safe Bulkers (NYSE: SB) ha anunciado un nuevo programa de recompra de acciones que autoriza la compra de hasta 3 millones de acciones ordinarias. Esto representa aproximadamente 2.8% de las acciones en circulación de la compañía y 5.4% de su flotación pública. El programa, que sustituye a cualquier iniciativa de recompra anterior, se llevará a cabo a través de compras en el mercado abierto de acuerdo con las leyes y regulaciones aplicables, incluidas las disposiciones de safe harbor del Reglamento 10b-18.
La compañía financiará la recompra utilizando los recursos de efectivo existentes. El programa es discrecional y Safe Bulkers se reserva el derecho de modificarlo o cancelarlo en cualquier momento sin previo aviso.
Safe Bulkers (NYSE: SB)는 최대 300만 주의 보통주 매입을 승인하는 새로운 주식 매입 프로그램을 발표했습니다. 이는 회사의 발행 주식의 약 2.8%와 공개 유통물량의 5.4%에 해당합니다. 이 프로그램은 이전의 모든 매입 이니셔티브를 대체하며, 관련 법률 및 규정을 준수하여 공개 시장에서 매입을 통해 실행됩니다. 여기에는 규정 10b-18의 안전항 구문이 포함됩니다.
회사는 기존 현금 자원을 사용하여 매입을 자금 조달할 것입니다. 이 프로그램은 재량에 따라 운영되며, Safe Bulkers는 사전 통지 없이 언제든지 수정하거나 종료할 권리를 보유합니다.
Safe Bulkers (NYSE: SB) a annoncé un nouveau programme de rachat d'actions autorisant l'achat de jusqu'à 3 millions d'actions ordinaires. Cela représente environ 2,8% des actions en circulation de la société et 5,4% de son flottant public. Le programme, qui remplace toute initiative de rachat précédente, sera exécuté par le biais d'achats sur le marché ouvert conformément aux lois et règlements applicables, y compris les dispositions de safe harbor du Règlement 10b-18.
La société financera le rachat en utilisant ses ressources en liquidités existantes. Le programme est discrétionnaire et Safe Bulkers se réserve le droit de le modifier ou de le résilier à tout moment sans préavis.
Safe Bulkers (NYSE: SB) hat ein neues Aktienrückkaufprogramm angekündigt, das den Kauf von bis zu 3 Millionen Aktien der Stammaktien autorisiert. Dies entspricht etwa 2,8% der ausstehenden Aktien des Unternehmens und 5,4% des öffentlichen Streubesitzes. Das Programm, das alle vorherigen Rückkaufinitiativen ersetzt, wird durch Käufe am offenen Markt in Übereinstimmung mit den geltenden Gesetzen und Vorschriften, einschließlich der Safe-Harbor-Bestimmungen nach Regel 10b-18, durchgeführt.
Das Unternehmen wird den Rückkauf mit bestehenden Barmitteln finanzieren. Das Programm ist diskretionär, und Safe Bulkers behält sich das Recht vor, es jederzeit ohne vorherige Ankündigung zu ändern oder zu beenden.
- Authorization to repurchase up to 3 million shares, representing 2.8% of outstanding shares
- Program to be funded with existing cash resources, indicating strong liquidity position
- Potential reduction in share count could increase earnings per share
- Buyback program reduces cash available for operations or growth initiatives
- No commitment to actually execute the full buyback amount
Insights
This share repurchase program represents a strategic move by Safe Bulkers that deserves careful analysis. The authorization to repurchase 3 million shares (approximately
The program's structure offers important flexibility - it's not time-bound and doesn't obligate the company to purchase the full amount, allowing management to opportunistically acquire shares when they believe prices are attractive. This approach is particularly relevant in the volatile dry bulk shipping sector, where timing can significantly impact returns.
The decision to fund purchases through existing cash resources rather than debt is noteworthy, indicating strong liquidity position. However, investors should consider that while buybacks can enhance shareholder value through increased earnings per share and reduced float, they also reduce the cash available for fleet expansion, debt reduction, or navigating industry downturns.
The
This initiative replaces previous repurchase programs, suggesting a fresh evaluation of capital allocation priorities. In the context of the dry bulk shipping market's cyclical nature, the timing of this announcement may indicate management's view that the company's shares are undervalued relative to their assessment of long-term fundamentals.
MONACO, Feb. 24, 2025 (GLOBE NEWSWIRE) -- Safe Bulkers, Inc. (the “Company” or “Safe Bulkers”) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that it has authorized a program under which it may from time to time in the future purchase up to 3,000,000 shares of the Company’s common stock. If the maximum number of shares of the Company’s common stock are purchased pursuant to the aforementioned program, it would represent approximately
The program does not obligate the Company to purchase shares of the Company’s common stock and the program may be modified or terminated at any time without prior notice. Any such purchases will be made in the open market in compliance with applicable laws and regulations, and that purchases on the open market will be conducted within the safe harbor provisions of Regulation 10b-18 under the Securities Exchange Act of 1934, as amended. The purchases will be funded using the Company’s existing cash resources.
About Safe Bulkers, Inc.
Safe Bulkers is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes for some of the world’s largest users of marine drybulk transportation services. Safe Bulkers common stock, Series C preferred stock and Series D preferred stock are listed on the NYSE, where they trade under the symbols “SB,” “SB.PR.C” and “SB.PR.D,” respectively.
Forward-Looking Statements
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and in the Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, Safe Bulkers’ growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters. Words such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. Although Safe Bulkers believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Safe Bulkers. Actual results may differ materially from those expressed or implied by such forward- looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the demand for drybulk vessels, competitive factors in the market in which Safe Bulkers operates, risks associated with operations outside the United States and other factors listed from time to time in Safe Bulkers’ filings with the Securities and Exchange Commission. Safe Bulkers expressly disclaims any obligations or undertaking to release any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
For further information please contact:
Company Contact:
Dr. Loukas Barmparis President
Safe Bulkers, Inc.
Tel.: +30 2 111 888 400
+357 25 887 200
E-Mail: directors@safebulkers.com
Investor Relations / Media Contact:
Nicolas Bornozis, President
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, N.Y. 10169
Tel.: (212) 661-7566
Fax: (212) 661-7526
E-Mail: safebulkers@capitallink.com
FAQ
How many shares will Safe Bulkers (SB) repurchase in its new buyback program?
How will Safe Bulkers (SB) fund its 2025 share repurchase program?
Is Safe Bulkers (SB) obligated to complete the full 3 million share buyback?
What regulations govern Safe Bulkers' (SB) 2025 share repurchase program?
