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Safe Bulkers to offer shares

Safe Bulkers to offer shares
Greek owner Safe Bulkers is ready to offer shares worth up to $78m to hunt new ships.

Safe Bulkers to offer shares

The New York-listed company said it will sell 9m shares to the public, plus up to 1.35m to underwriters to cover over-allotments.

Controlling shareholder Polys Haji-Ioannou"s Vorini Holdings will also have the chance to snap up another 1m shares.

Proceeds will go towards ship acquisitions and debt repayment, it said.

The issue could be worth $78.03m if priced at Friday"s closing level of $8.67 each.

BofA Merrill Lynch and Credit Suisse are acting as joint book-running managers.

Athens-based Safe posted profit of $23.1m in the fourth quarter, up from $11.8m a year earlier.

It has six post-panamaxes in its fleet of between 87,000 and 91,000 dwt. It also has a trio of 82,300-dwt kamsarmaxes and five 76,000-dwt panamaxes.

Three post-panamaxes are on order at an unnamed Japanese yard.


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