Safe Bulkers is on the verge of becoming the first shipping company to achieve a dual listing on Euronext Athens, following confirmation from the market operator that it meets all necessary requirements for admission to its main market.
The New York-listed dry bulk shipping firm, led by Polys Hajioannou, announced that the Listings and Market Operations Committee of Euronext Athens has validated its eligibility for a dual listing of its common shares.
These shares carry the ISIN code MHY7388L1039, and the next step involves approval of the prospectus by the Hellenic Capital Markets Commission. Once this approval is secured, Safe Bulkers intends to announce when trading will commence.
This move represents a significant milestone not just for Safe Bulkers but also for the Athens market, as Euronext aims to strengthen Greece’s position as a financial hub for shipping. It is a timely development, considering the ongoing efforts of Greek and Cyprus-linked shipping firms to gain broader access to capital markets while retaining their international investor base.
Currently, Safe Bulkers is listed on the New York Stock Exchange, where its common stock trades under the symbol SB. In addition, its Series C and Series D preferred shares are traded on the NYSE under the symbols SB.PR.C and SB.PR.D, respectively.
Piraeus Bank S.A. is serving as the listing adviser for this initiative, while Potamitis Vekris Law Firm is providing legal counsel on Greek law matters. Global legal counsel is being handled by White & Case LLP.
As an international provider of marine dry bulk transportation services, Safe Bulkers transports bulk cargoes such as coal, grain, and iron ore across global shipping routes, catering to some of the largest users of dry bulk shipping services.
The upcoming listing on the Athens exchange is also part of a broader strategy to reinforce its presence in capital markets, expand access to a wider pool of investors, and strengthen ties with the Greek shipping community. This development is seen as a vote of confidence in Euronext Athens and the future of the Greek economy, particularly in its ambitions for a robust shipping-related capital market.
