Citigroup Reiterates Neutral, $6.50 PT on Safe Bulkers

Citigroup maintains its Neutral rating and $6.50 target price on Safe Bulkers

as the company continues to grow its fleet strategically by acquiring Pmax Vessel. Citi comments, “Safe Bulkers has acquired a Panamax-class newbuild bulk carrier at a Japanese shipyard. .... Including this acquisition, Safebulker's orderbook expands to 10 vessels (five Panamax, three Kamsarmax, one Post-Panamax and one Capesize) with six expected to be delivered in 2012, two in 2013 and two in 2014. This is Safebulker's fourth acquisition this year, which will add to its current fleet of 18 vessels totaling ~1.5m dwt, which is set to grow to 2.6m dwt after all newbuild deliveries.” SB closed at $6.06 per share on Monday.