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Safe Bulkers Inc . (NYSE:SB) shares tumbled to a 52-week low of $3.36, reflecting a challenging period for the shipping industry. According to InvestingPro data, the stock has declined nearly 38% over the past six months, though it maintains an attractive dividend yield of 5.9% and trades at just 0.44 times book value. The company, which specializes in the transportation of bulk cargo, has seen its stock price struggle in a volatile market environment. Over the past year, Safe Bulkers has experienced a significant downturn, with the stock price declining by 16.3%. This decrease highlights the broader issues facing the sector, including fluctuating demand and changes in global trade dynamics. Despite these challenges, the company maintains impressive gross profit margins of 65.4%. InvestingPro analysis suggests the stock is currently undervalued, with 14 additional key insights available to subscribers through the comprehensive Pro Research Report.
In other recent news, Safe Bulkers, Inc. reported a substantial increase in net income and adjusted EBITDA in its Third Quarter 2024 Earnings Call. The company's financial results showed a net income of $25.1 million and an adjusted EBITDA of $41.3 million, an improvement from the previous year. Safe Bulkers also announced a dividend of $0.05 per common share. Despite geopolitical uncertainties and a predicted 1% decline in global dry bulk demand growth in 2025, the company remains committed to fleet expansion over the next three years. Safe Bulkers maintains a strong liquidity position of $295 million and a leverage ratio of 32%. The company also noted a stable Cape market segment, contributing to a revenue backlog of $175 million. However, there is a softening charter market for Panamax vessels due to geopolitical uncertainties and China's economic slowdown.
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