DNB Markets Initiates Coverage on Safe Bulkers

According to a research report this morning, DNB Markets initiates a Buy rating and a $8.90 PT on the dry bulk company, Safe Bulkers SB. DNB Markets stated, “We remain positive on dry bulk fundamentals, while speed optimisation continues to make inroads into supply, which, coupled with continued growth in demand, makes us positive on dry bulk rates for the remainder of 2012 and throughout our forecast horizon. Safe Bulkers, a pure dry bulk play, is trading at 1.3x our NAV – we believe a premium is justified due to the company's solid track record of consistently paying quarterly dividends since inception.” Safe Bulkers closed Friday at $6.62.