A director at Safe Bulkers Inc sold 15,531 shares at 5.476USD and the significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly...
Star Bulk Announces Date for the Release of First Quarter Ended March 31, 2024 Results, Conference Call and Webcast ATHENS, Greece, May 14, 2024 (GLOBE NEWSWIRE) -- Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq: SBLK), today announced that it will release its results for the first quarter ended March 31, 2024, after the market closes in New York on Wednesday, May 22, 2024. Star Bulk's management team will host a conference call to discuss the Company's financial results on Thursday, May 23, 2024 at 11:00 a.m. Eastern Time (ET). Conference Call details: Participants shou...
Star Bulk Announces Results of its 2024 Annual Meeting of Shareholders ATHENS, Greece, May 14, 2024 (GLOBE NEWSWIRE) -- Star Bulk Carriers Corp. (“Star Bulk”) (Nasdaq: SBLK), announced that the Company’s Annual Meeting of Shareholders was duly held today in Cyprus pursuant to a Notice of Annual Meeting of Shareholders dated April 1, 2024 (“Notice”). At the meeting, each of the following proposals, which are set forth in more detail in the Notice and the Company’s Proxy Statement were approved and adopted: The re-election of Messrs. Spyros Capralos, Koert Erhardt and Sherman Lau to serve...
GOGL – Invitation to presentation of Q1 2024 Results Golden Ocean Group Limited (the “Company) will publish its financial results for the first quarter of 2024 on Wednesday May 22, 2024. In connection with the release, a conference call and webcast will be held as described below: Conference call and webcastA conference call will be held at 3:00 P.M. CET (9:00 A.M. New York Time) on Wednesday February 28, 2024. The presentation will be available for download from the Investor Relations section at (under "Presentations") prior to the conference call/webcast. In order to listen to the pre...
We have updated our estimates, owing to the Q1 report and the guidance. We have raised our 2024e adj. EBITDA by 4%, but remain cautious on the medium-term outlook for dry bulk. Genco’s moderate cash-breakeven rate and conservative 8% market-adjusted leverage partly shield it from potentially deteriorating freight markets. Its financial flexibility could allow for through-the-cycle distributions and potential accretive transactions. However, on elevated asset values, we find Genco fairly valued (...
We have updated our estimates following the Q1 report and latest commercial update. We remain concerned about the outlook for the dry bulk market, versus the elevated vessel valuations and sentiment. On our numbers, 2020 Bulkers is valued at P/NAV 1.06x, above the peer group average of ~0.86x. Despite the company boasting impressive financial strength and a modern fleet with associated earnings premiums to buffer lower freight rates, we remain cautious on the potential downside should market tai...
We value Himalaya’s top-modern fleet at a NAV of NOK116/share, including our NPV of its LNG dual-fuel, and arrive at a 0.77x P/NAV and 0.9x EV/GAV. With its highly attractive 7-year fixed-rate financing and potential premium earnings from LNG fuel (and scrubbers), we find the company partly shielded from the softer freight markets we expect medium-term. However, due to sector headwinds, we have downgraded to HOLD (BUY), but raised our target price to NOK99 (88).
Major Risk-On Developments; Bullish Outlook Intact Over the past two weeks we have discussed the possibility that further downside was limited (4/23/24 Compass) and the mounting evidence that suggests the lows may be in for this pullback (4/30/24 Compass). Major risk-on developments for the broad equity market have continued to roll in over the past week, which we discuss below. As a result, we continue to believe the lows are in for this pullback, and we see the pullback to the 100-day MA on t...
We have raised our near-term estimates on current market strength. However, fundamental Chinese import demand continues to be in question, while we believe the elevated asset values and improved P/NAV create a precarious situation for the months ahead. Hence, we see a deteriorating risk/reward and remain materially below consensus for 2025e. We have downgraded to HOLD (BUY), but raised our target price to USD27.0 (25.0) on recent market tailwinds.
While we believe Genco remains a discounted entry into dry bulk exposure at a P/NAV of 0.77x, the recent share price rise and freight market strength have put more focus on the downside risks to our dry bulk sector outlook. Genco is set for a solid first half of the year on our estimates, but we find the risk/reward less attractive medium-term. Hence, we have downgraded to HOLD (BUY), but raised our target price to USD22.6 (22.5).
Recent strength in the dry bulk market combined with an even stronger share price performance leaves current pricing with material downside potential, in our view. Despite its impressive financial strength after asset sales and refinancing, we question the longevity of China’s record-high run-rate import demand, and find the elevated asset values and strong NAV valuations a fragile situation in months ahead. Hence, we have downgraded to SELL (HOLD), but have raised our target price to NOK154 (15...
We find the recent freight market strength and even stronger share price performance exaggerated given our dry bulk sector outlook. Chinese import demand is in question from the record-high run-rate due to flailing fundamental demand. Elevated asset values versus our rate expectations leave a fragile situation for valuations and we believe the risks outweigh the upside potential medium-term. Hence, we have downgraded to SELL (HOLD) and have cut our target price to NOK140 (142).
We have updated our estimates, owing to the Q1 report and its updated contract backlog at healthy rates providing visibility on cash flows for the coming quarters. The market is still pricing Safe Bulkers at c50% of NAV, which screens at a noticeable discount to peers’ average P/NAV of ~0.8x. This, along with its contract portfolio, continues to provide relatively attractive exposure to the dry bulk segment, despite potential downside risk to demand on fundamental drivers in China (importer of ~...
Are the Lows "In" for this Pullback? While we are not yet out of the woods, we continue to see evidence that suggests the lows may be "in" for this pullback. Last week (4/23/24 Compass) we discussed the possibility that further downside was limited on the S&P 500 due to a multitude of reasons (SPX had simply filled 2/22/24 gap support that we had been discussing since late-February, Russell 2000 and Equal-Weighted S&P 500 were holding above key supports, short-term oversold conditions, subdued ...
GOGL – 2024 AGM Results Notification Golden Ocean Group Limited (the “Company”) advises that the 2024 Annual General Meeting of the Shareholders of the Company was held on April 29, 2024, at 16:30 hrs, at Hamilton Princess and Beach Club, 76 Pitts Bay Road, Hamilton HMCX, Bermuda. The audited consolidated financial statements for the Company for the year ended December 31, 2023 were presented to the Meeting. In addition, the following resolutions were passed: To set the maximum number of Directors to be not more than eight.To resolve that vacancies in the number of Directors be d...
Safe Bulkers, Inc. Reports First Quarter 2024 Results and Declares Dividend on Common Stock MONACO, April 29, 2024 (GLOBE NEWSWIRE) -- Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced today its unaudited financial results for the three month periods ended March 31, 2024. The Board of Directors of the Company also declared a cash dividend of $0.05 per share of outstanding common stock. Financial highlights In million U.S. Dollars except per share dataQ1 2024Q4 2023Q3 2023Q2 2023Q1 2023Net revenues81.782...
Our trip to South Korea and China revealed Chinese shipbuilders are seeking growth to take on Korea’s established yards who are facing constraints. An eagerness to add capacity is one of our takeaways, as well as a gloomy outlook for Chinese real estate, which in our view should inevitably weigh on dry bulk demand.
The market is pricing Safe Bulkers at a ~50% discount to NAV, which we believe mitigates any potential vessel value risk and leaves a still-favourable risk/reward towards the dry bulk supply-side narrative. However, we find the recent dry bulk freight market strength counter to fundamental demand drivers in China (importer of ~75% of seaborne iron ore volumes and ~50% of overall volumes), and see some market downside risk near-term. Still, at today’s share price, we see an attractive 17% earning...
Safe Bulkers, Inc. Announces Agreement for the Acquisition of One Newbuild Japanese Kamsarmax Class Dry-bulk Vessel MONACO, April 26, 2024 (GLOBE NEWSWIRE) -- Safe Bulkers, Inc. (the Company) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that it has entered into an agreement for the acquisition of a Japanese, 82,000 dwt, dry-bulk, Kamsarmax class vessel, with a scheduled delivery date within the fourth quarter of 2026. The newbuild vessel is designed to meet the Phase 3 requirements of Energy Efficiency Design Index related to the reduct...
Safe Bulkers, Inc. Sets Date for the First Quarter 2024 Results, Conference Call, and Webcast Earnings Release: Monday, April 29, 2024, After Market Closes Conference Call and Webcast: Tuesday, April 30, 2024, at 10:00 A.M. Eastern Time MONACO, April 24, 2024 (GLOBE NEWSWIRE) -- Safe Bulkers, Inc. (the Company) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that it will release its results for the first quarter ended March 31, 2024, after the market closes in New York on Monday, April 29, 2024. On Tuesday, April 30, 2024, at...
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