Late Friday afternoon, a filing came from Safe Bulkers, Inc. for a proposed IPO of its shares.  The company has applied for the ticker "SB" on NYSE.  Pricing indications are 10 million shares in a price range expected of $20.00 to $22.00 per share.

The lead underwriters are listed as Merrill Lynch and Credit Suisse; and co-managers are Jefferies & Company, Dahlman Rose & Company, Poten Capital Services, and DnB NOR Markets.

As you could guess by the name, it is a shipholding company.  Safe Bulkers is an international provider of marine drybulk transportation services based in Greece, transporting bulk cargoes, particularly grain, iron ore and coal, along worldwide shipping routes for some of the world’s largest consumers of marine drybulk transportation services.  Its current fleet of 11 Japanese-built drybulk vessels, with an aggregate carrying capacity of 887,900 deadweight tons (“dwt”), has an average age of 2.6 years as of December 31, 2007 and one of the world’s youngest fleets of Panamax, Kamsarmax and Post-Panamax class vessels.

All of the shares of common stock being sold in this offering are being sold by Vorini Holdings Inc., our sole stockholder.

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Jon C. Ogg
May 19, 2008

Jon Ogg produces and edits the "10 Stocks Under $10" newsletter and he does not own securities in the companies he covers.

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