Safe Bulkers joins ambitious Greek stock market, trading initiation set for Posidonia

The US-listed dry bulk major will become the first shipping company with a dual listing in New York and Athens, following regulatory clearance of the process.

Safe Bulkers made the announcement on 26 May, highlighting that Euronext Athens has confirmed that all listing requirements for the dual listing of the company’s common shares on the main market have been met.

The Hellenic Capital Market Commission disclosed on 27 May that its board had approved the content of the company’s prospectus for the listing.

According to the prospectus published by Safe Bulkers, trading of the shares on Euronext Athens is expected to begin on 2 June, during Posidonia week.

Some Greek shipowners have in recent years used the domestic capital market mainly for bond issuances, with Safe Bulkers among those active in this space as recently as 2022. However, they have generally preferred larger markets such as New York or Oslo for primary listings. This is a dynamic that Euronext aims to shift, following its integration of the Greek stock market into its broader platform in late 2025.

Speaking at the recent Delphi Economic Forum, Euronext chief executive and chairman Stéphane Boujnah expressed confidence that Greek shipping companies would increasingly list on their “home” exchange as it becomes larger and more visible to international investors.

Safe Bulkers has been one of the most active players in the dry bulk newbuilding market in recent years, while consistently renewing its fleet through timely disposals of older assets.

The company currently operates a fleet of 45 bulk carriers, two of which are held for sale, while maintaining an orderbook of 11 vessels, including two methanol dual-fuel units, scheduled to enter the fleet by 2029.

Safe Bulkers chairman and chief executive Polys Hajioannou is the company’s largest shareholder.