船运股SB和SBLK - 不出所料,自星期一盘后公布分红$0.50以后,SB的两个优先股SB.PR.C和SB.PR.D均已窜升至

船运股SB和SBLK - 不出所料,自星期一盘后公布分红$0.50以后,SB的两个优先股SB.PR.C和SB.PR.D均已窜升至$22以上,自$20起已经升值10%。

 

Panamax指数一直比Capedize的坚挺。目前Panamax指数已经涨过1,100,比年初最低点已经上升100%,离前高1,700还有600点的距离。目前Panamax的船运价已经能够使SB有相当的盈利,这为优先股股利的支付提供了强有力的保障。毕竟10%左右的稳定收益在市场上还是非常抢手的。

 

对于追求现金流,求稳,且对10%左右的收益率感到比较满意的投资者来说,这两只优先股是不错的选择。它们的年股利率以$25的赎回价为基准均为8%。现在两只优先股的股价大概都在$22左右,所以实际收益率为9.1%左右。并且,还有13%左右的本金升值空间。

 

还有一个现象就是:SBLK的8%公司债目前价位已经高过其$25的票面价值,也就是说投资人愿意溢价购买并且承受低于8%的收益。但是,我觉得与SB的优先股比较起来,这是mispriced。因为,SB在现在的船运价下依然可以盈利,而最近BDI主要是受Capesize船的拖累(SBLK有三分之一的船属于这一类,而SB只有4艘这类船,并且有3艘还是拥有长期的高运价合同)。SBLK在目前的船运价下有很大的亏损风险。SBLK的公司债唯一的好处就是偿债优先权比优先股高一个等级。但是在SB经营良好且财务非常稳健的情况下,其优先股的低一级的偿债优先权并不是一个太大的问题。所以,同样的$25的票面价值,SB的优先股目前$22几的价位与SBLK公司债的$25以上的价位相比是非常具有投资价值的。

 

SB的优先股目前买盘强劲,随着优先股分红的宣布,会有许多人赶在股利发放截止日期之前抢着进货,对股价形成推升。现在美联储停止加息并甚至可能会从明年开始降息,像SB优先股这样的能比较稳定地产生10%左右收益的资产会成为市场中的"黄金",因为美联储的利息越低,这种资产就会越值钱。SB优先股每年分红为$2.00。另外,近期季报将会陆续公布,船运公司的业绩将会比BDI留给人的印象要好,因为各个公司都有一些在船运价比较高时定下的船运合同。

 

这里有一篇详细讨论SB.PR.C和SB.PR.D的文章,链接在下面。

 

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的优先股在前几天的股市下跌中表现得十分抗跌。

 

SB管理层的经营风格非常谨慎,目前致力于减少公司负债。其实,我倒是觉得现在更应该做股票回购。但是,公司目前的举措是非常有利于优先股的。另外,值得一提的是:即使在2015-2016年BDI崩盘时,SB也没有停止发放优先股股利。公司管理层也持有相当数量的优先股。

 

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.

 

本文纯属自娱自乐，不构成任何投资建议。股市有风险，投资需谨慎，买卖文中所提及的股票所产生的盈利或亏损均应由投资者个人自负。Disclosure：我重仓SB,SB.PR.D,和SBLK。