Safe Bulkers (NYSE:SB) are living up to their name for investors today, rising 12% through 1:05 p.m. EDT after the company set an earnings date for its fiscal first-quarter 2021 financial results.
As management advised, Safe Bulkers will release its numbers after close of trading next week, on Wednesday, May 5.
Image source: Getty Images.
So what
So why the enthusiastic response to a rather ho-hum announcement of an earnings date? Well, consider what Safe Bulkers might
report on that date.
Heading into the Q1 report, analysts are already optimistic that Safe Bulkers will reverse its year-ago loss and return a $0.10 per-share profit on sales growth of 27% $57.9 million in revenue. Lending confidence to these predictions, the Baltic Exchange Dry Index (BDI) has been on a winning streak ever since the start of this year. The BDI tracks rates shippers like Safe Bulkers can get for hauling dry bulk goods (e.g., coal, iron pellets, and grain) across the ocean. From a starting p
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KUALA LUMPUR (April 26): Interest in the dry bulk shipping segment, a sector that has been off the radar for more than a decade, is getting strong, against the backdrop of surging freight rates driven by an unexpected commodity boom during the Covid-19 pandemic.
The Baltic Exchange Dry Index, which tracks freight rates across different vessel sizes, started the year higher than pre-pandemic levels, and is currently double its five-year average at 2,472 points as key markets replenish supplies that were drawn down in the year of the pandemic.
Shares of dry bulk carriers, from Thai-listed Thoresen Thai Agencies PCL to Hong Kong-listed Pacific Basin Shipping Ltd, have risen between 63% and 153% in tandem with the bullish charter rates.
Freight rate spike puts dry bulk carriers back in spotlight
Interest in the dry bulk shipping segment, a sector that has been off the radar for more than a decade, is getting strong, against the backdrop of surging freight rates driven by an unexpected commodity boom during the Covid-19 pandemic.
The Baltic Exchange Dry Index, which tracks freight rates across different vessel sizes, started the year higher than pre-pandemic levels, and is currently double its five-year average at 2,472 points as key markets replenish supplies that were drawn down in the year of the pandemic.
Shares of dry bulk carriers, from Thai-listed Thoresen Thai Agencies PCL to Hong Kong-listed Pacific Basin Shipping Ltd, have risen between 63% and 153% in tandem with the bullish charter rates.
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