Safe Bulkers is targeting more stock repurchases despite a fall in earnings in the first quarter.
The New York-listed Greek owner of 44 panamax, kamsarmax and capesize ships said it will pursue buybacks of 5m shares, or 4.5% of its equity.
This amount also represents 8.1% of its public float.
At the closing price of $3.67 in New York on Wednesday, the slice would be worth $18.35m.
