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Solvang cited
US Coast Guard port inspections result in detention of Norwegian gas carrier, OSG tanker, ER Schiffart boxship and others.
Boyden buoys Safe on bulker buy
A leading equity analyst says Safe Bulkers may be poised for further fleet expansion following news of the shipowner's fresh bulker buy.
Safe Bulkers operates a fleet of more than 15 drybulk ships.
As TradeWinds reported Friday, the Athens-based drybulk outfit penned two kamsarmax newbuildings in China less than a month after raising nearly $80m from shareholders.
"We view this acquisition favourably, as management continues to effectively grow the fleet at acquisition prices that are at or slightly below current market levels," Cantor Fitzgeralds's Natasha Boyden wrote in a note to clients.
The analyst said she expects a portion of proceeds from the company's $77m equity play may be used to finance the new acquisition.
"Furthermore, we believe the company remains well positioned to seek out acquisitions of dry bulk vessels due to its low leverage and strong balance sheet," Boyden added.
She maintained her 'buy' rating for Safe and reiterated a price target of $10.
Shares in Safe fell 2.33% to hit $7.95 in midday trading.
 Safe Bulkers |
| Last | +/- % | +/- | High | |
|---|---|---|---|---|
| USD | 6.49 | 0.78% | 0.05 | 6.60 |
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