Safe Bulkers, which also maintains offices in Limassol and is led by owner and chief executive Polys Hajioannou, has authorised a new share repurchase programme of up to 10 million shares, one of its most significant capital management moves in recent years.

The decision comes at a time of healthy liquidity and a solid balance-sheet position.

According to the company, purchasing the full amount would cover approximately 9.8 per cent of its outstanding shares and around 20 per cent of the public float, marking a sizeable intervention in its equity base.

In practice, such a move is expected to reinforce shareholder value and strengthen returns for existing investors.

The company also stated that the programme “does not obligate the Company to purchase shares and may be modified or terminated at any time without prior notice”.

Purchases will be made on the open market and “conducted within the safe harbor provisions of Rule 10b-18 under the Securities Exchange Act of 1934”.

Moreover, the repurchases will be funded exclusively from existing cash reserves, underlining the company’s strong capital position and prudent financial management.

The new programme replaces any previous buyback authorisations.

The decision comes as freight rates stabilise and investor interest in dry-bulk shipping broadens, offering the company an additional tool to improve earnings per share and reinforce its long-term investment profile.

Market attention will now turn to the pace of repurchases and their impact on the stock’s performance on Wall Street.