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Safe Bulkers reports quarterly dividends on Series C and D cumulative redeemable perpetual preferred shares

Published by , Assistant Editor
Dry Bulk,

Safe Bulkers, Inc., an international provider of marine dry bulk transportation services, announced on Friday that the company's Board of Directors has declared:

  • a cash dividend of US$0.50 per share on its 8% Series C cumulative redeemable perpetual preferred shares (the Series C preferred shares) for the period from 30 October 2018 to January 29, 2019;
  • a cash dividend of US$0.50 per share on its 8% Series D Cumulative redeemable perpetual preferred shares (the Series D Preferred shares) for the period from 30 October 2018 to 29 January 2019.

Each dividend will be paid on 30 January 2019 to all shareholders of record as of 23 January 2019 of the Series C preferred shares and of the Series D preferred shares, respectively. Dividends on the Series C and D preferred shares are payable quarterly in arrears on the 30th day (unless the 30th falls on a weekend or public holiday, in which case the payment date is moved to the next business day) of January, April, July and October of each year.

This is the nineteenth consecutive cash dividend declared on the company’s Series C preferred shares and the eighteenth cash dividend declared on its Series D preferred shares, since their commencement of trading on the New York Stock Exchange. The declaration and payment of dividends, if any, will always be subject to the discretion of the Board of Directors of the company, and will depend on, among other things, the company’s earnings, financial condition and cash requirements and availability, the company’s ability to obtain debt and equity financing on acceptable terms as contemplated by the company’s growth strategy, the restrictive covenants in the company’s existing and future debt instruments and global economic conditions.

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