The shipping company Safe Bulkers is planning a parallel listing of its shares on Euronext Athens; its shares will continue to trade simultaneously on the New York Stock Exchange (NYSE), where they are already listed.
According to the prospectus, trading is scheduled to begin on Tuesday, June 2. It should be noted that neither new nor existing shares are being offered by the Company or its shareholders, so there will be no dilution for existing shareholders.
Safe Bulkers was founded on December 11, 2007, in the Marshall Islands and maintains its headquarters in Monaco. It operates internationally in the dry bulk shipping sector, with its vessels primarily carrying iron ore, coal, and grain, while bauxite, fertilizers, and steel products are transported as secondary cargoes.
Chartering is conducted through a combination of medium-term time charters and short-term/spot charters, depending on market conditions.
It currently has a fleet of 45 vessels, two of which are up for sale. Of the total fleet, 11 are “eco-ships” built after 2014 with improved energy efficiency features, while 13 vessels have been built since 2022, complying with the latest IMO GHG Phase 3 and NOx Tier III regulations.
A significant investment program for newbuildings is also underway. The current orderbook includes nine newly built vessels—among them two dual-fuel vessels powered by methanol—with a delivery schedule of three vessels in 2026, two in 2027, one in 2028, and three in 2029. Upon completion of all deliveries, the fleet will consist of 33 vessels with improved energy efficiency features.
At the same time, this year the company reached an agreement on the basic terms for the construction of one more Kamsarmax-type vessel, to be delivered in the first half of 2029, as well as an agreement on the basic terms for the financial lease of a newly built Capesize vessel, commencing in the second half of the same year.
Upon completion of the agreements, the orderbook will total 11 vessels, with three deliveries in 2026, two in 2027, one in 2028, and five in 2029.
The company’s share capital, consisting of 101,826,580 common shares, is primarily held by Polys Hatzioannou, who owns approximately 47.5% through a series of holding companies. The remaining shareholders, each holding less than 5%, collectively hold 52.5% of the share capital.
The Board of Directors of Safe Bulkers consists of eleven members and operates under a staggered term system with three categories. The Chairman of the Board of Directors and Chief Executive Officer is Polys Hatzioannou. The management team also includes Dr. Loukas Barbari (Chairman, Secretary), Konstantinos Adamopoulos (Chief Financial Officer), Ioannis Foteinos (Chief Operating Officer), Marina Hatzioannou, Vasilis Hatzioannou, Christos Megalou, as well as Jeffrey Bunzel, Kristin H. Holth, Frank Sica, and Ole Wikborg.
Financially, the company reported revenue of $288.1 million and net income attributable to common shareholders of $30.6 million in 2025, compared to $320.7 million and $89.4 million, respectively, in 2024.
Adjusted EBITDA stood at $128.4 million, down from $170.7 million in 2024, while basic earnings per share fell to $0.30 from $0.83.
In terms of financial position, at the end of 2025, the company’s total assets amounted to $1.4 billion, with equity of $830.7 million and net debt of $377.3 million. Net cash flow from operating activities stood at $102.3 million, compared to $130.5 million in 2024.
On the dividend front, the company maintains a consistent distribution policy: for each of the years 2023, 2024, and 2025, it paid four quarterly dividends of $0.05 per common share and $0.50 per preferred share. In February 2026, it announced a new dividend of $0.05 per common share to shareholders of record as of the close of business on March 2, 2026.
* Safe Bulkers’ Prospectus is published in the right-hand column under “Supporting Documents”