Safe Bulkers, Inc. Announces a Five Million Shares of Common Stock Repurchase Program

Rhea-AI Summary

Safe Bulkers, Inc. (NYSE: SB) has authorized a program to repurchase up to 5,000,000 shares of its common stock, potentially representing 4.5% of outstanding shares and 8.1% of its public float. The program allows for flexibility in purchasing shares and may be modified or terminated at any time. The repurchases will be made in compliance with applicable laws and regulations, funded using the company's existing cash resources.

MONACO, Nov. 30, 2023 (GLOBE NEWSWIRE) -- Safe Bulkers, Inc. (the “Company” or “Safe Bulkers”) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that it has authorized a program under which it may from time to time in the future purchase up to 5,000,000 shares of the Company’s common stock. If the maximum number of shares of the Company’s common stock are purchased pursuant to the aforementioned program, it would represent approximately 4.5% of the shares of the Company’s common stock outstanding and 8.1% of its public float.

The program does not obligate the Company to purchase shares of the Company’s common stock and the program may be modified or terminated at any time without prior notice. Any such purchases will be made in the open market in compliance with applicable laws and regulations, and that purchases on the open market will be conducted within the safe harbor provisions of Regulation 10b-18 under the Securities Exchange Act of 1934, as amended. The purchases will be funded using the Company’s existing cash resources.

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 has a fleet of 47 vessels, consisting of 11 Panamax, 10 Kamsarmax, 18 Post-Panamax and 8 Capesize vessels, with an aggregate carrying capacity of 4.7 million dwt and an average age of 10.5 years. Twelve vessels in our fleet are eco-ships built after 2014, and seven are IMO GHG Phase 3 - NOx Tier III vessels built 2022 onwards. 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 the Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, Safe Bulkers’ 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 Safe Bulkers 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 which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Safe Bulkers. 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 Safe Bulkers operates, risks associated with operations outside the United States and other factors listed from time to time in Safe Bulkers’ filings with the Securities and Exchange Commission. Safe Bulkers expressly disclaims any obligations or undertaking to release any updates or revisions to any forward-looking statements contained herein to reflect any change in its 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

FAQ

What did Safe Bulkers, Inc. (NYSE: SB) announce?

Safe Bulkers, Inc. (NYSE: SB) announced the authorization of a program to repurchase up to 5,000,000 shares of its common stock.

How many shares does the program allow Safe Bulkers, Inc. (NYSE: SB) to repurchase?

The program allows Safe Bulkers, Inc. (NYSE: SB) to repurchase up to 5,000,000 shares of its common stock.

How will Safe Bulkers, Inc. (NYSE: SB) fund the share repurchases?

Safe Bulkers, Inc. (NYSE: SB) will fund the share repurchases using its existing cash resources.

What percentage of outstanding shares does the potential repurchase represent for Safe Bulkers, Inc. (NYSE: SB)?

The potential repurchase represents approximately 4.5% of the shares of Safe Bulkers, Inc.'s (NYSE: SB) common stock outstanding and 8.1% of its public float.

Can the share repurchase program be modified or terminated?

Yes, the share repurchase program may be modified or terminated at any time without prior notice.

In what manner will the share repurchases be conducted?

The share repurchases will be made in the open market in compliance with applicable laws and regulations, within the safe harbor provisions of Regulation 10b-18 under the Securities Exchange Act of 1934, as amended.