Safe Bulkers back on an even keel

Safe Bulkers back on an even keel

Safe Bulkers has regained compliance with the minimum share price required to maintain its listing on the New York Stock Exchange (NYSE).

The stock exchange notified the Athens-based company on January 15 that its minimum average closing price had been below $1.00 per share for 30 consecutive trading days and was therefore no longer in compliance with the bourse’s listing standards.

Safe Bulkers’ stock is closed at $1.03 per share on Thursday, which is less than one-third of what its share price was a year ago.

In recent months, the company has amended seven of its loan facilities with its lenders order “to maintain a comfortable debt repayment profile, at very competitive costs”, as its president Dr Loukas Barmparis stated previously.

 

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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