2024-01-31 19:35:36 ET
Summary
- Safe Bulkers is a leading dry bulk shipper focused on the larger, gearless vessel classes.
- In recent months, the industry outlook has improved considerably, with rates in the seasonally weak first quarter holding up pretty well so far.
- The company remains committed to returning capital to shareholders.
- Safe Bulkers' Preferred Shares have yielded good returns for income-oriented investors, but it might be time to consider alternatives.
- While I am keeping my "Buy" rating on the common shares, there appear to be a number of higher-yielding preferred stocks in the shipping space with a similar or better risk profile right now.
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For further details see:
Safe Bulkers Preferred Shares: No Fundamental Concerns But Mediocre Yield Is Keeping Me Sidelined