New York-listed Safe Bulkers is looking to sell shares into the market over time in a process that could raise up to $23.5m in fresh liquidity in a sector still trying to get to the other side of the Covid-19 pandemic.

Safe Bulkers has contracted with DNB Markets to sell stock under a so-called "at the market" (ATM) programme that allows companies to act in piecemeal fashion at times when pricing and other conditions appear favourable.