Safe Bulkers is launching another stock buyback to return cash to investors.
The New York-listed Greek shipowner has authorised a programme under which it may from time to time repurchase up to 5m of its shares.
This represents 4.7% of its stock, as well as 8.7% of its public float.
The stock closed up 3.75% on Monday at $4.43, making the 5m upper limit worth $22.15m.
Safe Bulkers finished the quarter with $92.6m in cash and total debt of nearly $490m.
In May last year, the company launched a buyback of 5m shares, or 4.5% of its equity.
This slice would have been worth $18.35m at that time.
The plan came hot on the heels of another 5m buyback announced in March 2023, and an identical one dating from the previous June.
Last week, Safe Bulkers reported growth in third-quarter earnings and moved some of its fleet to the spot market.
The Polys Hajioannou-led owner said net profit was $25.1m, a jump from $15m a year earlier.
The company owns 46 bulkers from panamax to capesize, as well as seven kamsarmaxes on order.
Safe Bulkers said that, as of the start of November, it had 15 vessels in the spot market, up from eight in its second-quarter report.
By contrast, its time-chartered fleet fell to 32 ships, down from 38 in its previous earnings report in July. All eight of its capesizes are in the period market, rather than the volatile spot market for that segment.
The latest results lifted nine-month net income to $78m, which was better than the $49.7m earned in the first three quarters of last year.
