Safe Bulkers launches private placement to raise capital for newbuilds and acquisitions
Safe Bulkers has announced a private placement of approximately 12 million new common shares, aiming to raise capital for its newbuilding programme and potential vessel acquisitions. The dry-bulk shipping company revealed the plan just over three months after starting trading on Euronext Athens alongside its New York Stock Exchange listing. CEO and largest shareholder Polys Hajioannou has committed to subscribe for 2 million shares, though this may be adjusted to accommodate other investors.
The exact share count and offer price, to be set in euros, will be decided by the board after an accelerated bookbuilding process managed by Piraeus Bank, DNB Carnegie, and Fearnley Securities. Proceeds will bolster liquidity, fund existing ship orders—including nine Kamsarmax and one Capesize vessel—and potentially support further acquisitions. Safe Bulkers' fleet renewal continues with new deliveries expected through 2029.
Trading of Safe Bulkers shares on Euronext Athens was temporarily suspended at the company’s request during Wednesday’s session. Results of the placement, including final share numbers and pricing, were anticipated to be announced by 2pm Greek and Cyprus time the same day. Safe Bulkers remains the first shipping company with common shares listed on both the NYSE and Euronext Athens.
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