Safe Bulkers chief executive Polys V. Hajioannou has invested €10.05 million in the company’s latest share issue, finalising his participation in an €80.4 million private placement that expanded the dry‑bulk shipowner’s share capital.
In a regulatory announcement on Tuesday, Safe Bulkers said Moutoulas Shipping Corporation, an entity controlled by and closely associated with Hajioannou, acquired 1.5 million common shares at €6.70 each on 11 September. Hajioannou had initially subscribed for two million shares, but his allocation was reduced to 1.5 million to allow shares to be distributed to other investors, according to an earlier company filing.
€80.4m raised to fund fleet growth
Safe Bulkers raised €80.4 million in gross proceeds by placing 12 million new common shares at €6.70 each through an accelerated bookbuilding process completed on September 9. The company said net proceeds would be used to strengthen liquidity, finance its existing newbuilding programme, potentially support further newbuild orders or second‑hand vessel acquisitions, and for general corporate purposes.
The 12 million new shares began trading on the Main Market of Euronext Athens on 14 September 14, following approval for their admission three days earlier. Euronext confirmed that Safe Bulkers now has 113,833,473 listed common shares, a figure that also represents its total voting rights as each common share carries one vote. The company separately noted it has 804,950 Series C preferred shares and 3,195,050 Series D preferred shares, neither of which carry voting rights or are listed on Euronext Athens.
The capital raise comes just over three months after Safe Bulkers became the first shipping company to list on Euronext Athens while retaining its New York Stock Exchange listing under the ticker SB. At the time of the June listing, Euronext placed the company’s market capitalisation at about €580 million.
