Safe Bulkers is looking to raise fresh capital through a private placement of approximately 12 million new common shares, with the proceeds earmarked for its newbuilding programme and potential further vessel acquisitions.

The dry-bulk shipping company announced the proposed placement on Wednesday, just over three months after its shares began trading on Euronext Athens, alongside their existing New York Stock Exchange listing.

Chief executive and largest shareholder Polys Hajioannou has committed to subscribe for 2m shares at the eventual offer price, although his allocation may be reduced to allow shares to be placed with other investors.

According to a company announcement, the final number of shares and the price will be decided by the board in cooperation with the placement managers following an accelerated bookbuilding process.

The offer price will be set in euros. Safe Bulkers said the money raised would strengthen liquidity and help finance its existing newbuilding programme. The company could also use part of the proceeds for additional new vessel orders, acquisitions of second-hand ships and general corporate purposes.

The fundraising comes as Safe Bulkers continues an extensive programme of fleet renewal.

Its latest financial results showed that, as of July 24, the company had an orderbook of 10 newbuildings, comprising nine Kamsarmax vessels and one Capesize.

Two of the Kamsarmax ships are dual-fuel methanol vessels, while deliveries across the wider orderbook extend through 2029.

At that point, Safe Bulkers had already paid $91.5 million towards nine of the newbuildings, excluding the Capesize vessel, with $277.2m of remaining capital expenditure requirements. The Capesize newbuilding is being financed separately through a finance lease.

The group had a fleet of 46 vessels as of July 24, including two held for sale, together with $153.2m in cash, deposits and restricted cash and $204.5m of undrawn borrowing capacity.

The private placement is being managed by Piraeus Bank, DNB Carnegie and Fearnley Securities, acting as joint global coordinators and joint bookrunners.

Shares will be offered only to institutional investors outside the US under Regulation S of the US Securities Act.

Within the European Economic Area, participation will be restricted to qualified investors under the EU Prospectus Regulation, while equivalent restrictions apply to investors in the United Kingdom.

Safe Bulkers, its board members and executive management will also enter into customary 180-day lock-up arrangements following completion of the placement, subject to standard exceptions.

Meanwhile, trading in Safe Bulkers shares on Euronext Athens was temporarily suspended from the start of Wednesday’s session at the company’s request.

Euronext Athens confirmed the suspension on Wednesday morning.

Safe Bulkers said the result of the bookbuilding process, including the final offer price and number of shares issued, is expected to be announced no later than 2pm Greek and Cyprus time on Wednesday.

The company’s Athens listing is still relatively new. Its common shares began trading on Euronext Athens on June 2, 2026, making Safe Bulkers the first shipping company whose common stock trades on both the NYSE and Euronext Athens.