Safe Bulkers has moved a step closer to becoming the first shipping company to pursue a dual listing on Euronext Athens, after the market operator confirmed that the Cyprus-linked shipowner meets the requirements for admission to its main market.

The New York-listed dry bulk shipping company, controlled by Polys Hajioannou, said Euronext Athens’ Listings and Market Operations Committee confirmed during its latest session that all listing requirements for the dual listing of its common shares had been met.

The shares carry the ISIN code MHY7388L1039, with the process now subject to approval of the prospectus by the Hellenic Capital Markets Commission.

Safe Bulkers said it expects to announce the date on which trading will begin once the prospectus has been approved.

The move marks an important development for both the company and the Athens market, as Euronext has been seeking to strengthen the Greek exchange’s role as a financial centre for shipping.

Moreover, it comes at a time when Greek and Cyprus-linked shipping groups continue to look for broader access to capital markets, while maintaining their international investor base.

Safe Bulkers is already listed on the New York Stock Exchange, where its common stock trades under the symbol SB. Its Series C and Series D preferred shares also trade on the NYSE under the symbols SB.PR.C and SB.PR.D, respectively.

The company said Piraeus Bank S.A. is acting as listing adviser, while Potamitis Vekris Law Firm served as legal counsel on Greek law matters. White & Case LLP served as global legal counsel.

Safe Bulkers is an international provider of marine dry bulk transportation services, carrying bulk cargoes including coal, grain and iron ore across global shipping routes for some of the world’s largest users of dry bulk shipping services.

The planned Athens listing is also seen as part of the company’s wider effort to strengthen its presence in the capital markets, widen access to investors and reinforce its links with the Greek shipping community.

At the same time, the development is being viewed as a vote of confidence in Euronext Athens, as well as in the broader prospects of the Greek economy and its shipping-related capital market ambitions.