Safe Bulkers, Inc. (NYSE:SB) recently reported pretty horrible third quarter numbers, with revenues coming in at 8% below last year’s numbers, and the company losing a staggering $7.5 million compared to last year’s net gain of $1.5 million.
Today, however, Safe Bulkers, Inc. (NYSE:SB) has announced a move that hopefully will change the company for the better, as they are initiating a share repurchase program that will be targeted toward series B, C, and D preferred shares. In order to make this happen, they have allotted $20 million to do so.
If all goes as planned, the move will save the company from having to liquidate and ultimately reduce the amount of outstanding shares by approximately 8%.
The stock is down 12.40% or $0.15 following the news, hitting $1.06 per share. Approximately 116,956 shares traded hands. SB shares have declined 66.11% since May 1, 2015 and are currently downtrending. It has underperformed the S&P500 by 63.32%.
Safe Bulkers, Inc. is a holding company. The company has a market cap of $100.07 million. The Company’s principal business is the acquisition, ownership and operation of drybulk vessels. It currently has negative earnings. The Firm is an international well-known provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes.