The US-listed bulker owner said proceeds from future fundraisers would not exceed $300m but failed to mention how the cash would be spent.
Equity analysts contacted by TradeWinds, however, say the war chest would likely be used to pursue what they described as “opportunistic” vessel acquisitions.
In a recent conference call with investors, chief executive Polys Hajioannou said Safe has its sights sets on second-hand tonnage and is far less interested in ordering newbuildings.
As of 15 February, the fleet included bulkers with an aggregate carrying capacity of 2,282,400 dwt and an average age of 4.8 years, according to Friday’s prospectus.
Analysts note that shelf registrations pave the way for the gradual issue of common stock and other types of securities “from time to time” but are not a guarantee that a potential issuer has an offering is in the pipeline.
