船運股SB和SBLK - 不出所料,自星期一盤後公布分紅$0.50以後,SB的兩個優先股SB.PR.C和SB.PR.D均已竄升至

船運股SB和SBLK - 不出所料,自星期一盤後公布分紅$0.50以後,SB的兩個優先股SB.PR.C和SB.PR.D均已竄升至$22以上,自$20起已經升值10%。

 

Panamax指數一直比Capedize的堅挺。目前Panamax指數已經漲過1,100,比年初最低點已經上升100%,離前高1,700還有600點的距離。目前Panamax的船運價已經能夠使SB有相當的盈利,這為優先股股利的支付提供了強有力的保障。畢竟10%左右的穩定收益在市場上還是非常搶手的。

 

對於追求現金流,求穩,且對10%左右的收益率感到比較滿意的投資者來說,這兩隻優先股是不錯的選擇。它們的年股利率以$25的贖回價為基準均為8%。現在兩隻優先股的股價大概都在$22左右,所以實際收益率為9.1%左右。並且,還有13%左右的本金升值空間。

 

還有一個現象就是:SBLK的8%公司債目前價位已經高過其$25的票麵價值,也就是說投資人願意溢價購買並且承受低於8%的收益。但是,我覺得與SB的優先股比較起來,這是mispriced。因為,SB在現在的船運價下依然可以盈利,而最近BDI主要是受Capesize船的拖累(SBLK有三分之一的船屬於這一類,而SB隻有4艘這類船,並且有3艘還是擁有長期的高運價合同)。SBLK在目前的船運價下有很大的虧損風險。SBLK的公司債唯一的好處就是償債優先權比優先股高一個等級。但是在SB經營良好且財務非常穩健的情況下,其優先股的低一級的償債優先權並不是一個太大的問題。所以,同樣的$25的票麵價值,SB的優先股目前$22幾的價位與SBLK公司債的$25以上的價位相比是非常具有投資價值的。

 

SB的優先股目前買盤強勁,隨著優先股分紅的宣布,會有許多人趕在股利發放截止日期之前搶著進貨,對股價形成推升。現在美聯儲停止加息並甚至可能會從明年開始降息,像SB優先股這樣的能比較穩定地產生10%左右收益的資產會成為市場中的"黃金",因為美聯儲的利息越低,這種資產就會越值錢。SB優先股每年分紅為$2.00。另外,近期季報將會陸續公布,船運公司的業績將會比BDI留給人的印象要好,因為各個公司都有一些在船運價比較高時定下的船運合同。

 

這裏有一篇詳細討論SB.PR.C和SB.PR.D的文章,鏈接在下麵。

 

Profitable Despite The Trade Wars: A 10.4% Yield From Safe Bulkers Preferred https://seekingalpha.com/article/4231213?source=ansh $SB, $DSX, $SBLK, $SB.PC, $SB.PD

 

SB的優先股在前幾天的股市下跌中表現得十分抗跌。

 

SB管理層的經營風格非常謹慎,目前致力於減少公司負債。其實,我倒是覺得現在更應該做股票回購。但是,公司目前的舉措是非常有利於優先股的。另外,值得一提的是:即使在2015-2016年BDI崩盤時,SB也沒有停止發放優先股股利。公司管理層也持有相當數量的優先股。

 

Monaco – April 8, 2019 -- Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that the Company's Board of Directors has declared:

 

a cash dividend of $0.50 per share on its 8.00% Series C Cumulative Redeemable Perpetual Preferred Shares (the “Series C Preferred Shares”) (NYSE: SB.PR.C) for the period from January 30, 2019 to April 29, 2019;

 

a cash dividend of $0.50 per share on its 8.00% Series D Cumulative Redeemable Perpetual Preferred Shares (the “Series D Preferred Shares”) (NYSE: SB.PR.D) for the period from January 30, 2019 to April 29, 2019.

 

Each dividend will be paid on April 30, 2019 to all shareholders of record as of April 23, 2019 of the Series C Preferred Shares and of the Series D Preferred Shares, respectively. Dividends on the Series C and D Preferred Shares are payable quarterly in arrears on the 30th day (unless the 30th falls on a weekend or public holiday, in which case the payment date is moved to the next business day) of January, April, July and October of each year.

The declaration and payment of dividends, if any, will always be subject to the discretion of the Board of Directors of the Company, and will depend on, among other things, the Company’s earnings, financial condition and cash requirements and availability, the Company’s ability to obtain debt and equity financing on acceptable terms as contemplated by the Company’s growth and leverage strategies, the restrictive covenants in the Company’s existing and future debt instruments and global economic conditions.

 

About Safe Bulkers, Inc.

 

The Company is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes for some of the world’s largest users of marine drybulk transportation services. The Company's common stock, Series C and Series D preferred stock is listed on the NYSE, where it trades under the symbols “SB”, “SB.PR.C” and “SB.PR.D”, respectively.

 

本文純屬自娛自樂，不構成任何投資建議。股市有風險，投資需謹慎，買賣文中所提及的股票所產生的盈利或虧損均應由投資者個人自負。Disclosure：我重倉SB,SB.PR.D,和SBLK。