Dividend Policy

Safe Bulkers’ common stock trades on the New York Stock Exchange (“NYSE”) under the symbol “SB.” The Company’s series C preferred stock and series D preferred stock are listed on the NYSE, and trade under the symbols “SB.PR.C” and “SB.PR.D”, respectively.

The declaration and payment of dividends, if any, will always be subject to the discretion of the Board of Directors of the Company. There is no guarantee that the Company’s Board of Directors will determine to issue cash dividends in the future. The timing and amount of any dividends declared will depend on, among other things: (i) the Company’s earnings, fleet employment profile, financial condition and cash requirements and available sources of liquidity; (ii) decisions in relation to the Company’s growth, fleet renewal  and leverage strategies; (iii) provisions of Marshall Islands and Liberian law governing the payment of dividends; (iv) restrictive covenants in the Company’s existing and future debt instruments; and (v) global economic and financial conditions.

As of November 4, 2022, the Company had  issued and outstanding: 

  • 118,868,317 shares of common stock
  • 804,950 shares of 8.00% Series C Cumulative Redeemable Perpetual Preferred Shares, liquidation preference $25.00 per share and
  • 3,195,050 shares of 8.00% Series D Cumulative Redeemable Perpetual Preferred Shares, liquidation preference $25.00 per share.

 

On November 9, 2022, the Board of Directors of the Company declared a cash dividend on the Company’s common stock of $0.05 per share which is payable on December 15, 2022 to the shareholders of record of the Company’s common stock at the closing of trading on November 28, 2022.

The Company declared a cash dividend of $0.50 per share on each of its 8.00% Series C Cumulative Redeemable Perpetual Preferred Shares (NYSE: SB.PR.C) and 8.00% Series D Cumulative Redeemable Perpetual Preferred Shares (NYSE: SB.PR.D) for the period from October 30, 2022 to January 29, 2023. Each dividend will be paid on January 30, 2023 to all shareholders of record as of January 20, 2023