Why Is Safe Bulkers Trading Lower Today?

Shares of Safe Bulkers (SB) fell as the market continues to react to the shipping crisis triggered by the COVID-19 pandemic. The company provides marine dry bulk transportation services.

However, the stock is still up by more than 100% year-to-date after a rollercoaster 2020, according to Yahoo Finance. Also, supply chains in the shipping industry are under immense pressure amid a dearth of containers, resulting in skyrocketing shipping costs.

Recently, the company embarked on an accelerated deleveraging strategy. As part of the plan, the company voluntarily paid a $21.2 million debt as it seeks to maintain an energy-efficient fleet with low leverage. (See Safe Bulkers stock analysis on TipRanks)

Consensus among analysts is a Hold based on 1 Buy, 1 Hold, and 1 Sell. The average analyst Safe Bulkers price target of $4.83 implies 27.11% upside potential from current levels.

SB scores 6 out of 10 on TipRanks’ Smart Score rating system, suggesting that the stock is likely to perform in line with market averages.

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