Safe Bulkers, a US-listed operator of dry bulkers, said on Wednesday it has assembled a considerable financial war chest to cope with any fallout, or reap any opportunities, created by the Covid-19 epidemic.

“We have refinanced a large portion of our debt increasing our liquidity to over $170 million, positioned ahead of uncertainties and opportunities that markets may offer,” Safe Bulkers president Loukas Barmparis said in a statement on the company’s 2019 financial results.