Last Wednesday I wrote an article about the epidemic, more like trend to be exact, of Greek shipping companies issuing preferred shares to boost their equity capital. As per my projection, Safe Bulkers (SB) announced the pricing of its preferred shares after the closing of markets on Thursday. SB issued a total of 1,600,000 preferred shares at $25 per share. The shares pay … [Read more...]
Preferred Shares For Sale From Greece’s Finest Ship Owners
Tired of staid common shares? Looking to spice up your day-trading life? How about some Series-B Cumulative Redeemable Perpetual Preferred Shares? (I cannot wait for the Series-A version). This is what happens when capital-hungry ship owners meet with Wall Street ingenuity. During the past few weeks, two of Greece’s most respectable shipping companies, namely Tsakos … [Read more...]
Safe Bulkers: A Success Story in an Otherwise Uninspiring Dry Bulk Shipping Market
Safe Bulkers Inc. (SB) is a rare gem among the doom and gloom surrounding high-profile dry-cargo shipping companies. SB owns a fleet of 26 dry-cargo vessels, plus eight vessels under construction. It is mainly a panamax owner, since 31 of its 34 vessels are panamax, kamsarmax or post-panamax type. Yet it is the two cape size vessels currently on the water, plus a … [Read more...]