2024-04-10 05:55:48 ET
Summary
- Safe Bulkers is a bet on mid-size dry bulk vessels. The company has a superior fleet compared to its peers in the mid-cap segment.
- In 2023, SB realized YoY declining revenue and profits due to a weak market for small and midsize bulkers.
- SB offers secure dividends with a 4.1% TTM yield. In 4Q23, the company announced a share repurchase program, too.
- SB stock trades at 49% PNAV and has a 34% gross LTV. Given its fleet, balance sheet, and dividend yields, SB offers the best value among its competitors.
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Safe Bulkers: Bet On Mid-Size Bulk Carriers With The Best In Class