Safe Bulkers, Inc. (NYSE:SB) has seen its share price soar in early trading after announcing a huge $20 million preferred-stock repurchase plan. In order to buy back the shares, the company will use existing cash that they have on hand.
The announcement means that they may buy back any of its 8% cumulative redeemable perpetual preferred Series B, C, or D shares.
The stock is up 17.60% or $0.22 after the positive news, hitting $1.47 per share. About 367,006 shares traded hands or 4.88% up from the average. SB has declined 66.76% since April 23, 2015 and is downtrending. It has underperformed by 65.63% the S&P500.
Safe Bulkers, Inc. is a holding company. The company has a market cap of $122.72 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.