Safe Bulkers Inc.

Safe Bulkers is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes for consumers of marine drybulk transportation services. As of Feb. 9, 2018, Co. had a fleet of 39 drybulk vessels, with an aggregate carrying capacity of 3,513,800 dwt and an average age of 7.6 years. Co. deploys its vessels on both period time charters and spot time charters. The vessels on period time charters provide Co. with relatively stable cash flow and utilization rates, while the vessels in the spot market allow Co. to maintain its flexibility in low charter market conditions.
  • TickerSBL
  • ISINMHY7388L1039
  • SectorIndustrial Transportation
  • CountryGreece
Jørgen Lian

Financing 2°C Shipping - Financial risk of future regulations

We have worked with KLP and other partners in the Green Shipping Programme to assess the risk for financial stakeholders in various shipping technologies within the VLCC, Capesize and 10k TEU container segments. We find: 1) relative attractiveness of short-dated assets with scrubbers; 2) high uncertainty among newbuild alternatives in an uncertain regulatory environment; 3) that current IMO targets seem within reach in our base case; and 4) that further tightening of regulations is needed to align shipping with the Paris Agreement. We find the current outlook favours LNG-fuelled vessels for ne...

Jørgen Lian

Safe Bulkers (Buy, TP: USD4.50) - Minor estimate changes

The Q1 report brought no surprises, as the results and the outlook were largely in line with our estimates. We have raised our 2021e and 2022e adjusted EBITDA by 1%. Our estimates, which are conservative compared to the current FFA curve, indicate that Safe Bulkers could reduce its net debt to less than USD500m by end-2021. We reiterate our BUY and lift our target price to USD4.5.

Jørgen Lian

Safe Bulkers (Buy, TP: USD4.30) - Further to go as 2014 peak nears

Ahead of the Q1 results, we have increased our near-term TCE rate estimates, raising our 2021e EBITDA by 18%. We are slightly below consensus for Q1, but expect investor focus to be on current (Q2) chartering activity. We reiterate our BUY, and have lifted our target price to USD4.3 (3.5), implying 30% upside on unchanged asset values 1-year forward, as we see vessel values nearing the 2014 peak.

Dave Nicoski ...
  • Ross LaDuke

Vermilion Compass: Weekly Equity Strategy

Upgrading Transports & Manufacturing To Overweight The S&P 500, Nasdaq 100 (QQQ), and Russell 2000 (IWM) all managed to break above their respective resistance levels which we highlighted in last week's Compass, and both the S&P 500 and Russell 2000 closed yesterday at all-time highs. Considering these new price highs, and ongoing market dynamics which remain largely positive, we expect higher prices ahead and recommend adding exposure on pullbacks. · S&P 500, Nasdaq 100, Russell 2000. The S&P 500 broke above its symmetrical triangle pattern and prior resistance, which is now support...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Booster Shots: Attractive bottom-fishing stocks

For investors looking for bottom-fishing candidates; stocks that are breaking downtrends, exhibiting ascending reaction lows, and showing stabilizing relative strength.

Dave Nicoski ...
  • Ross LaDuke

Vermilion Compass: Weekly Equity Strategy

Semiconductors, Transportation improving The S&P 500 continues to move higher on narrow leadership, which is not inspiring a bullish outlook. Currently leading the S&P 500 higher in terms of RS are Technology, Services, Facebook (FB), Amazon (AMZN), and Procter & Gamble (PG). If this were a bull market, (1) PG would likely NOT be listed here as leadership, and (2) we would expect to see participation broaden out to Discretionary (RCD), Transportation (IYT), banks (KBE), Industrials (XLI), and small-caps (IWM). All of these areas are still consolidating below meaningful resistance, and we cont...

Jørgen Lian

Financing 2°C Shipping - Financial risk of future regulations

We have worked with KLP and other partners in the Green Shipping Programme to assess the risk for financial stakeholders in various shipping technologies within the VLCC, Capesize and 10k TEU container segments. We find: 1) relative attractiveness of short-dated assets with scrubbers; 2) high uncertainty among newbuild alternatives in an uncertain regulatory environment; 3) that current IMO targets seem within reach in our base case; and 4) that further tightening of regulations is needed to align shipping with the Paris Agreement. We find the current outlook favours LNG-fuelled vessels for ne...

Jørgen Lian

Safe Bulkers (Buy, TP: USD4.50) - Minor estimate changes

The Q1 report brought no surprises, as the results and the outlook were largely in line with our estimates. We have raised our 2021e and 2022e adjusted EBITDA by 1%. Our estimates, which are conservative compared to the current FFA curve, indicate that Safe Bulkers could reduce its net debt to less than USD500m by end-2021. We reiterate our BUY and lift our target price to USD4.5.

Jørgen Lian

Safe Bulkers (Buy, TP: USD4.30) - Further to go as 2014 peak nears

Ahead of the Q1 results, we have increased our near-term TCE rate estimates, raising our 2021e EBITDA by 18%. We are slightly below consensus for Q1, but expect investor focus to be on current (Q2) chartering activity. We reiterate our BUY, and have lifted our target price to USD4.3 (3.5), implying 30% upside on unchanged asset values 1-year forward, as we see vessel values nearing the 2014 peak.

Dave Nicoski ...
  • Ross LaDuke

Vermilion Compass: Weekly Equity Strategy

Upgrading Transports & Manufacturing To Overweight The S&P 500, Nasdaq 100 (QQQ), and Russell 2000 (IWM) all managed to break above their respective resistance levels which we highlighted in last week's Compass, and both the S&P 500 and Russell 2000 closed yesterday at all-time highs. Considering these new price highs, and ongoing market dynamics which remain largely positive, we expect higher prices ahead and recommend adding exposure on pullbacks. · S&P 500, Nasdaq 100, Russell 2000. The S&P 500 broke above its symmetrical triangle pattern and prior resistance, which is now support...

Jørgen Lian

DNB Markets Shipping Conference: Decarbonisation takes centre stage

DNB’s 14th annual Energy & Shipping Conference culminated in yesterday’s shipping day. The main theme was decarbonisation of shipping, and its market impact today. Attendees included representatives from IMO and Trafigura, along with several shipping companies taking action towards ambitious decarbonisation targets. Also, the crude tanker and LPG panels both proved rather optimistic despite recent market lows.

Alexander Aukner ...
  • David Martinsson
  • Frank Maaø
  • Håkon Astrup
  • Jørgen Lian
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen
  • Viktor Trollsten

Northern Lights

Håkon Astrup ...
  • Jesper Ingildsen
  • Jørgen Lian
  • Mats Bye
  • Ole-Andreas Krohn
  • Rune Majlund Dahl

Northern Lights

Martin Arnell ...
  • Mattias Holmberg
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Simen Mortensen

Northern Lights

Jørgen Lian ...
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Patrik Ling

Northern Lights

Jørgen Lian ...
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Rune Majlund Dahl

Northern Lights

SAFE BULKERS reduced its risk exposure resulting in an upgrade to Slightly Positive

SAFE BULKERS (US), a company active in the Marine Transportation industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 4 out of 4 possible stars; its market behaviour has improved and can be considered as moderately risky. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date March 12, 2021, the closing price was USD 2.86 and its potential was estimated at USD 3.31.

Ford Equity US Rating and Forecast Report

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Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the we...

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