Safe Bulkers might issue some more shares at some point, having lined up millions of dollars worth for that very purpose.

The Polys Hajioannou-led bulker owner has earmarked $200m worth of common stock, preferred stock, warrants, subscription rights and debt securities for future offering through a shelf registration.

"The securities covered by this prospectus may be offered and sold from time to time in one or more offerings, which may be through one or more underwriters, dealers and agents, or directly to the purchasers", the New York-listed company wrote in a document filed with the Securities and Exchange Commission.

Safe Bulkers' market capitalisation is $125m based on 102m shares outstanding. Its public equity float, or shares held by investors, has a combined worth of $61m.

The company has not offered any securities in the past year.

The Greek outfit's shares, which trade in New York as SB, have fallen 0.8% to $1.22 as of mid-afternoon on Thursday.

In early June, Safe Bulkers landed on the red side of the ledger amid voyage expenses that rose significantly — as did vessel repositionings and bunker costs.

The owner of 41 bulkers posted an adjusted $10.2m loss for the first quarter versus an adjusted $5.7m profit during the same period last year.

The results translated into adjusted loss per share of $0.13, missing Wall Street's consensus of $0.10 loss per share and falling well short of last year's $0.03 earnings per share.

Revenue dropped 5% to $45.7m, mainly as a result of trade disruptions related to the Covid-19 pandemic.