Safe Bulkers has started trading on the Main Market of Euronext Athens, in a move aimed at strengthening the link between Greek shipping and European capital markets.

The company, which has been listed on the New York Stock Exchange since 2008, began trading in Athens under the symbol SB, with an initial trading price of €5.70.

The opening ceremony was attended by Deputy Shipping Minister Marina Hadjimanolis, Cyprus’ ambassador to Greece Stavros Avgoustides and their associates, adding a strong Cyprus dimension to the listing, as Safe Bulkers is based on the island.

In her remarks, Hadjimanolis thanked Safe Bulkers founder and chief executive Polys Hadjioannou for his steady and long-standing support for Cypriot shipping.

She also stressed that, through Safe Bulkers, “the heart of Cyprus from today beats strongly on the Athens Stock Exchange”.

The dual listing is designed to broaden Safe Bulkers’ investor base in Europe, improve access for institutional and private investors, and raise the company’s profile across Euronext’s wider pan-European network.

Hadjioannou described the move as a strategic step for both the company and the Greek capital market.

“Our goal is to actively contribute to the transformation of Athens into a leading shipping financial center within the framework of Euronext,” he said.

“This dual listing creates a bridge between international capital markets and investors in the region, while at the same time strengthening confidence in the long-term prospects of the Greek and European capital markets,” he added.

The company’s entry into Euronext Athens comes as Greece seeks to strengthen its role as a shipping finance hub, building on its position as the world’s largest shipping power and on the country’s return to investment grade.

At the same time, the integration of the Athens Stock Exchange into the Euronext network is seen as opening new channels for attracting international capital, particularly from investors seeking exposure to Greek shipping through a European market.

Safe Bulkers has clarified that the New York Stock Exchange will remain its main trading market, with the Athens listing operating in a complementary role.

Its presence in Athens is expected to make its shares more accessible to European investors, while also creating a framework that could encourage similar moves by other internationally active Greek shipping companies.

Market participants view the listing as a development with both symbolic and practical importance, as it brings together Greek-owned shipping, international capital markets and the domestic financial ecosystem.

This ecosystem includes shipowners, banks, shipbrokers, technical managers, legal advisers and specialist maritime service providers, all of which are seen as central to Athens’ ambition to become a stronger regional financial centre.

Safe Bulkers is one of the established names in the international dry bulk sector.

The company currently operates a fleet of 45 dry bulk vessels, while it has ordered 11 newbuildings fitted with advanced environmental technology.

Among the new vessels are two dual-fuel ships capable of using methanol, reflecting the company’s focus on fleet renewal and the transition towards cleaner shipping.

Since 2022, Safe Bulkers has already taken delivery of 13 newbuild vessels that comply with IMO GHG Phase 3 and NOx Tier III requirements, further strengthening the environmental profile of its fleet.

The company’s strategy remains focused on renewing and expanding its fleet, improving environmental performance, maintaining strong liquidity and keeping debt at prudent levels.

Safe Bulkers also enters the Athens market with a strong financial base.

The company maintains liquidity and available financial resources of $399 million, giving it flexibility at a time when the shipping industry continues to face geopolitical, regulatory and market pressures.

In 2025, Safe Bulkers recorded revenues of $288 million, confirming its position in the dry bulk transportation market.

The company has also paid a dividend for 16 consecutive quarters, with its most recent quarterly dividend standing at $0.05 per share.

However, dividend payments remain subject to the discretion of the board of directors.

Future distributions will depend on profitability, fleet utilisation, liquidity needs, investment plans, financial obligations, the regulatory framework and wider global economic conditions.

The Athens listing, according to the company, is also intended to support long-term shareholder value by combining access to international capital with a stronger presence in Europe.

Safe Bulkers expressed its thanks to the Cyprus Securities and Exchange Commission (CySEC), Euronext Athens and the advisers involved in the process, saying the cross-border listing creates a framework that may serve as a guide for future international listings in the Greek market.