Safe Bulkers, Inc. Reports First Quarter 2014 Results and Declares Quarterly Dividend on Common Stock

ATHENS, GREECE--(Marketwired - May 28, 2014) -  Safe Bulkers, Inc. (the "Company") (NYSE: SB), an international provider of marine drybulk transportation services, announced today its unaudited financial results for the quarter ended March 31, 2014. The Board of Directors of the Company also declared a quarterly dividend of $0.06 per share of common stock for the first quarter of 2014.

Summary of First Quarter 2014 Results

• Net revenue for the first quarter of 2014 decreased by 7% to $41.3 million from $44.2 million during the same period in 2013.
• Net income for the first quarter of 2014 decreased by 30% to $11.2 million from $16.1 million during the same period in 2013. Adjusted net income¹ for the first quarter of 2014 decreased by 46% to $8.6 million from $16.0 million during the same period in 2013.
• EBITDA² for the first quarter of 2014 decreased by 14% to $23.7 million from $27.5 million during the same period in 2013. Adjusted EBITDA¹ for the first quarter of 2014 decreased by 23% to $21.1 million from $27.4 million during the same period in 2013.
• Earnings per share ("EPS") and Adjusted EPS¹ for the first quarter of 2014 of $0.13 and $0.10 respectively, calculated on a weighted average number of shares of 83,441,135, compared to $0.21 and $0.21 in the first quarter 2013 respectively, calculated on a weighted average number of shares of 76,673,484.
• The Board of Directors of the Company declared a dividend of $0.06 per common share for the first quarter of 2014.

Fleet and Employment Profile

In January 2014, the Company took delivery of the Lake Despina (Hull No. 8126), a 181,400 dwt, Japanese newbuild Capesize class vessel. Upon her delivery, the vessel entered into a 10-year time charter contract.

In January 2014, the Company took delivery of the Kypros Land (Hull No. 1659), a 77,100 dwt, Japanese eco-design newbuild Panamax class vessel. Upon her delivery, the vessel was employed in the spot charter market.

In March 2014, the Company took delivery of the Kypros Sea (Hull No. 1660), a 77,100 dwt, Japanese eco-design newbuild Panamax class vessel. Upon her delivery, the vessel was employed in the spot charter market.

In March 2014, the Company, following an arbitration award issued in January 2014 in favor of the Company by a London arbitration tribunal, collected $36.3 million in arbitration award proceeds in relation to a cancelled Capesize class vessel (Hull No. J0131). The proceeds represent the full amount of advances paid to the shipyard of $31.8 million and interest of $4.5 million, calculated at an annual rate of 5% from the date of receipt of the relevant installments by the shipyard until the refund of such installments.

In May 2014, the Company concluded its previously announced public offering (the "Public Offering") of 2,300,000 shares of its 8.00% Series C Cumulative Redeemable Perpetual Preferred Shares, par value $0.01 per share, liquidation preference $25.00 per share (the "Series C Preferred Shares") at a price of $25.00 per share, which included 300,000 shares sold pursuant to the full exercise of the underwriters' overallotment option. The aggregate gross proceeds from the Public Offering, before the underwriting discount and other offering expenses, were $57,500,000.

As of May 22, 2014, the Company's operational fleet was comprised of 31 drybulk vessels with an average age of 5.4 years and an aggregate carrying capacity of 2.9 million dwt. The fleet consists of 10 Panamax class vessels, 7 Kamsarmax class vessels, 11 post-Panamax class vessels and 3 Capesize class vessels, all built 2003 onwards.

As of May 22, 2014, the Company had contracted to acquire 10 new eco-design newbuild vessels, comprised of 6 Japanese Panamax class vessels, 2 Japanese Post-Panamax class vessels and 2 Chinese Kamsarmax class vessels. In addition, the Company had recapitulation agreements for 3 new eco-design newbuild vessels, comprised of 1 Japanese Post-Panamax class vessel at the stage of contract signing and 2 Japanese Kamsarmax class vessels at the stage of finalization of contractual terms and upgrading of technical specifications.

Upon delivery of all of our newbuilds, assuming we do not acquire any additional vessels or dispose of any of our vessels, our fleet will be comprised of 44 vessels, 15 of which will be new eco-design vessels, having an aggregate carrying capacity of 3.9 million dwt and average age of 6.1 years.

Set out below is a table showing the Company's existing vessels and their contracted employment as of May 22, 2014:

Vessel Name		DWT		Year Built		Country of construction		Charter Rate (1)USD/day		Charter Duration (2)
Panamax
Maria		76,000		2003		Japan		14,200		Apr 2014 - Jul 2014
Koulitsa		76,900		2003		Japan		13,000		Feb 2014 - Jun 2014
Paraskevi		74,300		2003		Japan		8,650		Aug 2013 - Jul 2014
Vassos		76,000		2004		Japan		BPI(4) + 6%		Apr 2014 - Nov 2014
Katerina		76,000		2004		Japan		9,850		May 2014 - Jul 2014
Maritsa		76,000		2005		Japan		27,649 (3)		Mar 2013 - Jan 2015
Efrossini		75,000		2012		Japan		12,000		Apr 2014 - Jul 2014
Zoe		75,000		2013		Japan		14,800		Apr 2014 - Jul 2014
Kypros Land		77,100		2014		Japan		15,600		Mar 2014 - Jun 2014
Kypros Sea		77,100		2014		Japan		10,750		Apr 2014 - Jul 2014
Kamsarmax
Pedhoulas Merchant		82,300		2006		Japan		BPI(4) + 9.5%		Jul 2013 - Jul 2015
Pedhoulas Trader		82,300		2006		Japan		BPI(4) + 6.5%		Aug 2013 - Aug 2015
Pedhoulas Leader		82,300		2007		Japan		13,250		Jun 2012 - Jun 2014
Pedhoulas Commander		83,700		2008		Japan		10,750		Sep 2013 - Jul 2014
Pedhoulas Builder		81,600		2012		China		15,000		May 2014 - Jun 2014
Pedhoulas Fighter		81,600		2012		China		11,500		Sep 2013 - Jun 2014
Pedhoulas Farmer		81,600		2012		China		7,100		Apr 2014 - May 2014
Post-Panamax
Stalo		87,000		2006		Japan		13,400		Jan 2014 - Jun 2014
Marina		87,000		2006		Japan		16,675		Mar 2014 - Jun 2014
Xenia		87,000		2006		Japan		15,000		Apr 2014 - Jul 2014
Sophia		87,000		2007		Japan		12,400 BPI(4) + 18%		Dec 2013 - May 2014 Jun 2014 - Aug 2014
Eleni		87,000		2008		Japan
Martine		87,000		2009		Japan		10,750		May 2014 - May 2014
Andreas K		92,000		2009		South Korea		7,500		Apr 2014 - Jun 2014
Panayiota K		92,000		2010		South Korea		9,000		Apr 2014 - Jun 2014
Venus Heritage		95,800		2010		Japan		12,000		Apr 2014 - Jun 2014
Venus History		95,800		2011		Japan		10,500		Apr 2014 - Jun 2014
Venus Horizon		95,800		2012		Japan		13,000		Oct 2013 - Mar 2015
Capesize
Kanaris		178,100		2010		China		25,928		Sep 2011 - Jun 2031
Pelopidas		176,000		2011		China		38,000		Feb 2012 - Dec 2021
Lake Despina		181,400		2014		Japan		24,376 (5)		Jan 2014 - Jan 2024
Total		2,863,700

1)	Charter rate represents recognized gross daily charter rate. For charter parties with variable rates among periods or consecutive charter parties with the same charterer, the recognized gross daily charter rates represents the weighted average gross charter rate over the duration of the applicable charter period or series of charter periods, as applicable. Charter agreements may provide for additional payments, namely ballast bonus, to compensate for vessel repositioning.
2)	The start dates listed reflect either actual start dates or, in the case of contracted charters that had not commenced as of May 22, 2014, scheduled start dates. Actual start dates and redelivery dates may differ from the scheduled start and redelivery dates depending on the terms of the charter and market conditions.
3)	Following the early redelivery of the Maritsa, in January 2013 the Company received a cash compensation payment of $13.1 million, which is being amortized over the period of the new period time charter with the same charterer. The agreed gross daily charter rate is $8,000 for the period until January 2015.
4)	A period time charter at a gross daily charter rate linked to the Baltic Panamax Index ("BPI") plus a premium.
5)	A period time charter of ten years at a gross daily charter rate of $23,100 for the first two and a half years and of $24,810 for the remaining period. The charter agreement grants the charterer an option to purchase the vessel at any time beginning at the end of the seventh year of the charter, at a price of $39 million less 1.00% commission, decreasing thereafter on a pro-rated basis by $1.5 million per year. The Company holds a right of first refusal to buy back the vessel in the event that the charterer exercises its option to purchase the vessel and subsequently offers to sell such vessel to a third party. The charter agreement also grants the charterer the option to extend the period time charter for an additional twelve months at a time, at a gross daily charter rate of $26,330, less 1.25% total commissions, which option may be exercised by the charterer a maximum of two times.

Set out below is a table showing the Company's newbuild vessels and their contracted employment as of May 22, 2014:

Vessel Name		DWT		Expected delivery		Country of construction		Charter Rate (1) USD/day		Charter Duration (2)
Panamax
Hull No. 821		77,000		2H 2014		Japan
Hull No. 822		77,000		1H 2015		Japan
Hull No. 1689		76,500		1H 2015		Japan		15,400		May 2015 - May 2025
Hull No. 827		77,000		2H 2015		Japan
Hull No. 828		77,000		1H 2016		Japan
Hull No. 835		77,000		2H 2016		Japan
Kamsarmax
Hull No. 1148		82,000		1H 2015		China
Hull No. 1146		82,000		1H 2016		China
Hull No. TBN (3)		81,600		1H 2016		Japan
Hull No. TBN (3)		81,600		1H 2017		Japan
Post-Panamax
Hull No. 1685		84,000		2H 2015		Japan
Hull No. 1686		84,000		2H 2015		Japan
Hull No. TBN (3)		84,000		1H 2016		Japan
Total		1,040,700

1)	Charter rate represents recognized gross daily charter rate. For charter parties with variable rates among periods or consecutive charter parties with the same charterer, the recognized gross daily charter rates represents the weighted average gross charter rate over the duration of the applicable charter period or series of charter periods, as applicable.
2)	The start dates listed reflect scheduled start dates as of May 22, 2014. Actual start dates and redelivery dates may differ from the scheduled start and redelivery dates depending on the terms of the charter and market conditions.
3)	Newbuild vessels at the stage of recapitulation agreement.

The contracted employment of fleet ownership days as of May 22, 2014 was:

2014 (remaining)	36%
2014 (full year)	60%
2015	15%
2016	10%

Capital expenditure requirements and liquidity

As of May 22, 2014, the Company had agreed to acquire 13 newbuild vessels. The remaining capital expenditure requirements to shipyards or sellers, for the delivery of these 13 newbuilds amounted to $365.4 million, of which $52.5 million was scheduled to be paid in 2014, $162.6 million in 2015, $128.4 million in 2016 and $21.9 million in 2017. The average price payable to shipyards stands at $31.1 million per newbuild vessel or an aggregate of $403.9 million of capital expenditure requirements for the acquisition of our 13 newbuild vessels with deliveries; 1 in 2014; 6 in 2015; 5 in 2016; and 1 in 2017; as a result of investing during the lower part of the shipping cycle.

As of May 22, 2014, the Company had liquidity of $315.0 million consisting of $103.1 million in cash and short-term time deposits, $1.7 million in short-term restricted cash, $1.7 million in long-term restricted cash, a $50.0 million floating rate note which matures in October 2014, $68.3 million available under existing revolving credit facilities and $90.2 million under committed loan facilities for four existing and one newbuild vessels.

Additionally, the Company continues to utilize the net cash flows from its operations to fund its capital expenditure requirements. As of May 22, 2014 the Company had 12 unencumbered newbuild vessels on order against which additional financing could be raised upon their delivery, providing the Company with further financial flexibility in funding its newbuild program and the opportunity to further expand and renew the fleet.

Dividend Declaration on the Common Stock

The Board of Directors of the Company declared a cash dividend on the Company's common stock of $0.06 per share payable on or about June 17, 2014 to shareholders of record at the close of trading of the Company's common stock on the New York Stock Exchange (the "NYSE") on June 10, 2014.

The Company has 83,442,755 shares of common stock issued and outstanding as of today's date.

The Board of Directors of the Company is continuing a policy of paying out a portion of the Company's free cash flow at a level it considers prudent in light of the current economic and financial environment. The declaration and payment of dividends, if any, will always be subject to the discretion of the Board of Directors of the Company. The timing and amount of any dividends declared will depend on, among other things: (i) the Company's earnings, financial condition and cash requirements and available sources of liquidity, (ii) decisions in relation to the Company's growth strategies, (iii) provisions of Marshall Islands and Liberian law governing the payment of dividends, (iv) restrictive covenants in the Company's existing and future debt instruments and (v) global financial conditions. Accordingly, dividends might be reduced or not be paid in the future.

Management Commentary

Dr. Loukas Barmparis, President of the Company, said: "Our Board of Directors has declared a dividend of $0.06 per common share, payable in June. We maintain substantial exposure in the spot market allowing for potential upside to our revenues in the event of a strong charter market."

Conference Call

On Thursday, May 29, 2014 at 9:00 A.M. EDT, the Company's management team will host a conference call to discuss the financial results.

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 (866) 819-7111 (US Toll Free Dial In), 0(800) 953-0329 (UK Toll Free Dial In) or +44 (0)1452-542-301 (Standard International Dial In). Please quote "Safe Bulkers" to the operator.

A telephonic replay of the conference call will be available until June 10, 2014 by dialing 1 (866) 247-4222 (US Toll Free Dial In), 0(800) 953-1533 (UK Toll Free Dial In) or +44 (0)1452 550-000 (Standard International Dial In). Access Code: 1859591#

Slides and Audio Webcast

There will also be a live, and then archived, webcast of the conference call, available through the Company's website (www.safebulkers.com). Participants in the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

Management Discussion of First Quarter 2014 Results

Net income decreased by 30% to $11.2 million for the first quarter of 2014 from $16.1 million for the first quarter of 2013, mainly due to the following factors:

Net revenues: Net revenues decreased by 7% to $41.3 million for the first quarter of 2014, compared to $44.2 million for the same period in 2013, mainly due to a decrease in time charter rates. The Company operated 29.86 vessels on average during the first quarter of 2014, earning a TCE³ rate of $13,921, compared to 24.97 vessels and a TCE rate of $18,113 during the same period in 2013.

Vessel operating expenses: Vessel operating expenses increased by 27% to $12.6 million for the first quarter of 2014, compared to $9.9 million for the same period in 2013. The increase in operating expenses is mainly attributable to an increase in ownership days by 20% to 2,687 days for the first quarter of 2014 from 2,247 days for the same period in 2013.

Depreciation: Depreciation increased to $10.3 million for the first quarter of 2014, compared to $8.8 million for the same period in 2013, as a result of the increase in the average number of vessels operated by the Company.

Gain on asset purchase cancellation: Gain on asset purchase cancellation was $3.6 million during the first quarter of 2014 compared to zero for the same period in 2013. This represents interest of $4.5 million the Company received from the shipyard, calculated on advances paid in relation to a cancelled Capesize class vessel (Hull No. J0131) to the shipyard of $31.8 million, calculated at an annual rate of 5% from the date of receipt of the relevant installments by the shipyard until the refund of such installments, net of capitalized expenses related to the vessel's construction and legal expenses related to the cancellation.

Interest expense: Interest expense decreased to $2.2 million or 15% in the first quarter of 2014 from $2.6 million for the same period in 2013 as a result of the decrease in the average outstanding amount of loans and credit facilities and in the weighted average interest rate of such loans and credit facilities.

Daily vessel operating expenses⁴: Daily vessel operating expenses increased by 7% to $4,707 for the first quarter of 2014 compared to $4,412 for the same period in 2013, mainly due to increase of crewing, spare, stores and provisions expenses due to the initial supplies of three newbuild vessels delivered during the first quarter of 2014.

Daily general and administrative expenses⁴: Daily general and administrative expenses, which include daily fixed and variable management fees payable to our Manager and daily costs incurred in relation to our operation as a public company, decreased by 5% to $1,118 for the first quarter of 2014, compared to $1,176 for the same period in 2013. The decrease is mainly attributable to a higher number of ownership days.

1	Adjusted net income, Adjusted EPS and Adjusted EBITDA are non-GAAP measures and represent net income, EPS and EBITDA before gain on asset purchase cancellation, early redelivery income/(cost) and gain/(loss) on derivatives and foreign currency, respectively. See Table 1.
2	EBITDA is a non-GAAP measure and represents net income plus interest expense, tax, depreciation and amortization. See Table 1.
3	Time charter equivalent rates, or TCE rates, represent the Company's charter revenues less commissions and voyage expenses during a period divided by the number of our available days during the period.
4	See Table 2.

Unaudited Interim Financial Information and Other Data
SAFE BULKERS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands of U.S. Dollars except for share and per share data)
			Three-Months Period Ended March 31,
			2013			2014
REVENUES:
	Revenues		45,172			42,806
	Commissions		(945	)		(1,463	)
	Net revenues		44,227			41,343
EXPENSES:
	Voyage expenses		(4,035	)		(4,355	)
	Vessel operating expenses		(9,914	)		(12,648	)
	Depreciation		(8,836	)		(10,267	)
	General and administrative expenses		(2,642	)		(3,004	)
	Early redelivery cost		-			(532	)
	Gain on asset purchase cancellation		-			3,633
	Operating income		18,800			14,170
OTHER (EXPENSE) / INCOME:
	Interest expense		(2,575	)		(2,165	)
	Other finance costs		(216	)		(218	)
	Interest income		271			231
	Gain/(loss) on derivatives		63			(447	)
	Foreign currency gain/(loss)		36			(38	)
	Amortization and write-off of deferred finance charges		(310	)		(301	)
	Net income		16,069			11,232
	Less Preferred dividend		-			800
	Net Income available to common shareholders		16,069			10,432
	Earnings per share		0.21			0.13
Weighted average number of shares			76,673,484			83,441,135

SAFE BULKERS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands of U.S. Dollars)
			December 31, 2013		March 31, 2014
ASSETS
	Cash, time deposits and restricted cash, short term		71,421		60,015
	Other current assets		51,764		21,728
	Short-term investment		50,000		50,000
	Vessels, net		855,200		964,481
	Advances for vessel acquisition and vessels under construction		76,299		33,087
	Restricted cash non-current		1,423		1,673
	Other non-current assets		6,109		6,527
	Total assets		1,112,216		1,137,511
LIABILITIES AND EQUITY
	Current portion of long-term debt		35,185		72,312
	Other current liabilities		22,119		20,582
	Long-term debt, net of current portion		473,110		458,560
	Other non-current liabilities		3,466		2,267
	Shareholders' equity		578,336		583,790
	Total liabilities and equity		1,112,216		1,137,511

TABLE 1
RECONCILIATION OF ADJUSTED NET INCOME, EBITDA, ADJUSTED EBITDA
AND ADJUSTED EPS
		Three-Months Period Ended March 31,
(In thousands of U.S. Dollars except for share and per share data)		2013			2014
Net Income - Adjusted Net Income
Net Income		16,069			11,232
Less Gain on asset purchase cancellation		-			(3,633	)
Plus Early redelivery cost		-			532
Plus (Gain)/loss on Derivatives		(63	)		447
Plus Foreign currency (gain)/loss		(36	)		38
Adjusted Net Income		15,970			8,616
EBITDA - Adjusted EBITDA
Net Income		16,069			11,232
Plus Net interest expense		2,304			1,934
Plus Depreciation		8,836			10,267
Plus Amortization		310			301
EBITDA		27,519			23,734
Less Gain on asset purchase cancellation		-			(3,633	)
Plus Early redelivery cost		-			532
Plus (Gain)/loss on derivatives		(63	)		447
Plus Foreign currency (gain)/loss		(36	)		38
ADJUSTED EBITDA		27,420			21,118
EPS - Adjusted EPS
Net Income		16,069			11,232
Adjusted Net Income		15,970			8,616
Weighted average number of shares		76,673,484			83,441,135
EPS		0.21			0.13
Adjusted EPS		0.21			0.10

EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income available to common shareholders and Adjusted EPS are not recognized measurements under US GAAP.

Adjusted Net Income represents net income before gain on asset purchase cancellation, early redelivery cost, gain/(loss) on derivatives and foreign currency, respectively.

Adjusted Net Income available to common shareholders represents Adjusted Net Income less Preferred dividend.

EBITDA represents net income before interest, income tax expense, depreciation and amortization. Adjusted EBITDA represents EBITDA before gain on asset purchase cancellation, early redelivery cost, gain/(loss) on derivatives and foreign currency, respectively. EBITDA and Adjusted EBITDA are not recognized measurements under US GAAP. EBITDA and Adjusted EBITDA assist the Company's management and investors by increasing the comparability of the Company's fundamental performance from period to period and against the fundamental performance of other companies in the Company's industry that provide EBITDA and Adjusted EBITDA information. The Company believes that EBITDA and Adjusted EBITDA are useful in evaluating the Company's operating performance compared to that of other companies in the Company's industry because the calculation of EBITDA generally eliminates the effects of financings, income taxes and the accounting effects of capital expenditures and acquisitions and the calculation of Adjusted EBITDA generally further eliminates the effects from gain/(loss) on asset purchase cancellation, early redelivery income/(cost) and gain/(loss) on derivatives and foreign currency, items which may vary for different companies for reasons unrelated to overall operating performance.

EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of the Company's results as reported under US GAAP. EBITDA and Adjusted EBITDA should not be considered as substitutes for net income and other operations data prepared in accordance with US GAAP or as a measure of profitability. While EBITDA and Adjusted EBITDA are frequently used as measures of operating results and performance, they are not necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation.

TABLE 2: FLEET DATA AND AVERAGE DAILY INDICATORS
		Three-Months Period Ended March 31,
		2013				2014
FLEET DATA
Number of vessels at period end			26				31
Average age of fleet (in years)			4.96				5.28
Ownership days (1)			2,247				2,687
Available days (2)			2,219				2,657
Operating days (3)			2,214				2,656
Fleet utilization (4)			98.5	%			98.8	%
Average number of vessels in the period (5)			24.97				29.86
AVERAGE DAILY RESULTS
Time charter equivalent rate (6)		$	18,113			$	13,921
Daily vessel operating expenses (7)		$	4,412			$	4,707
Daily general and administrative expenses (8)		$	1,176			$	1,118

(1)	Ownership days represent the aggregate number of days in a period during which each vessel in our fleet has been owned by us.
(2)	Available days represent the total number of days in a period during which each vessel in our fleet was in our possession net of off-hire days associated with scheduled maintenance, which includes major repairs, drydockings, vessel upgrades or special or intermediate surveys.
(3)	Operating days represent the number of our available days in a period less the aggregate number of days that our vessels are off-hire due to any reason, excluding scheduled maintenance.
(4)	Fleet utilization is calculated by dividing the number of our operating days during a period by the number of our ownership days during that period.
(5)	Average number of vessels in the period is calculated by dividing ownership days in the period by the number of days in that period.
(6)	Time charter equivalent rates, or TCE rates, represent our charter revenues less commissions and voyage expenses during a period divided by the number of our available days during the period.
(7)	Daily vessel operating expenses include the costs for crewing, insurance, lubricants, spare parts, provisions, stores, repairs, maintenance, statutory and classification expense, drydocking, intermediate and special surveys and other miscellaneous items. Daily vessel operating expenses are calculated by dividing vessel operating expenses by ownership days for the relevant period.
(8)	Daily general and administrative expenses include daily fixed and variable management fees payable to our Manager and daily costs in relation to our operation as a public company. Daily general and administrative expenses are calculated by dividing general and administrative expenses by ownership days for the relevant period.

About Safe Bulkers, Inc.

The Company is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes for some of the world's largest users of marine drybulk transportation services. The Company's common stock, series B and series C preferred stock are listed on the NYSE, where they trade under the symbols "SB", "SB.PR.B" and "SB.PR.C", respectively. The Company's current fleet consists of 31 drybulk vessels, all built 2003 onwards, and the Company has agreed to acquire 13 additional drybulk newbuild vessels to be delivered at various dates through 2017.

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Exchange Act of 1933, as amended, and in Section 21E of the Securities Act of 1934, as amended) concerning future events, the Company's growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates" and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the demand for drybulk vessels, competitive factors in the market in which the Company operates, risks associated with operations outside the United States and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.