MONACO, Nov. 26, 2018 (GLOBE NEWSWIRE) -- Safe Bulkers, Inc. (the Company) (NYSE: SB), an international provider
of marine drybulk transportation services, announced today that it has entered into a Memorandum of Agreement with an unaffiliated
seller to acquire a Japanese-built, dry-bulk, Post-Panamax class, resale, newbuild vessel. The vessel is expected to be delivered
within the first half of 2020.
The Company has the option to finance up to 50% of the purchase price of the vessel through the periodic
issuance of the Company’s common stock to the seller. Any such common stock issued by the Company will be subject to a
restriction on transfer for a period of six months from the date of such issuance. The cash component of the purchase price
will be financed with cash on hand.
Dr. Loukas Barmparis, President of the Company commented: “Following completion of the refinancing actions
announced by the Company last week that were designed to provide financial flexibility and improve liquidity, this acquisition
reflects the Company’s commitment to opportunistically expand and renew its fleet. This vessel suits our overall fleet
profile at an attractive price, while providing significant financing flexibility.’’
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 C preferred stock and series D preferred stock are listed on the NYSE, and trade under
the symbols “SB”, “SB.PR.C”, and “SB.PR.D”, respectively.
Forward-Looking Statements
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and in
Section 21E of the Securities Exchange 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.
For further information please contact:
Company Contact:
Dr. Loukas Barmparis
President
Safe Bulkers, Inc.
Tel.: +30 2 111 888 400
+357 25 887 200
E-Mail: directors@safebulkers.com
Investor Relations / Media Contact:
Nicolas Bornozis, President
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, N.Y. 10169
Tel.: (212) 661-7566
Fax: (212) 661-7526
E-Mail: safebulkers@capitallink.com
