ahmet ihsan ariturk Thesis When I first wrote about Safe Bulkers (NYSE:SB) in January 2023, my thesis had four pillars.  Shipping rates should improve, given the restricted supply and muted demand. SB was cheap relative to the sector, and its valuation might re-rate closer to peer valuations.  SB’s efficient fleet set them up to generate profits above industry norms and navigate a changing regulatory environment. Management’s capital allocation fits my investing profile (smaller dividend, larger reinves ...