Safe Bulkers, Inc. Announces Agreement for the Acquisition of a Kamsarmax Newbuild Vessel

Rhea-AI Summary

Safe Bulkers announced the acquisition of a Japanese-built Kamsarmax dry-bulk vessel, set for delivery in Q4 2023. This vessel adheres to the latest Energy Efficiency Design Index and NOx emissions regulations, reflecting the company’s commitment to environmental standards. With this addition, Safe Bulkers' orderbook now includes five compliant newbuild vessels. The acquisition will be financed from cash reserves, demonstrating the company’s strategic investment in an efficient fleet. Dr. Loukas Barmparis emphasized a gradual renewal of their fleet to enhance operational efficiency.

Positive

• Acquisition of a new Kamsarmax vessel improving fleet efficiency.
• Addition expands the total orderbook to five environmentally compliant vessels.
• Financing from cash reserves indicates strong financial health.

Negative

• None.

MONACO, July 06, 2021 (GLOBE NEWSWIRE) -- Safe Bulkers, Inc. (the Company) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that it has entered into an agreement for the acquisition of a Japanese-built, Kamsarmax class, 82,000 dwt, dry-bulk, newbuild vessel with scheduled delivery in the fourth quarter of 2023. The vessel is designed to meet the latest requirements of Energy Efficiency Design Index related to Green House Gas emissions ‘EEDI, Phase 3’ and also comply with the latest NOx emissions regulation, NOx-Tier III.  

Including this acquisition the total orderbook of the Company is comprised of five EEDI-Phase 3 compliant, NOx Tier III Japanese newbuild vessels, three of which are Post-Panamax and two are Kamsarmax. The acquisition will be financed from the cash reserves of the Company.  

Dr. Loukas Barmparis, President of the Company commented: “We continue to invest in the most efficient, environmental friendly available vessels in the market, gradually renewing our fleet.’’  

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
Fax: +30 2 111 878 500
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 is the purpose of Safe Bulkers' new vessel acquisition?

The acquisition aims to enhance fleet efficiency and comply with environmental regulations.

When will the new Kamsarmax vessel be delivered?

The vessel is scheduled for delivery in the fourth quarter of 2023.

What are the specifications of the new vessel acquired by Safe Bulkers?

The vessel is a Japanese-built Kamsarmax class with 82,000 dwt, compliant with EEDI Phase 3 and NOx Tier III regulations.

How is Safe Bulkers financing the acquisition of the new vessel?

The acquisition will be financed from the company's existing cash reserves.

What impact will the new vessel acquisition have on Safe Bulkers' operations?

The acquisition is expected to improve operational efficiency and support environmentally friendly shipping operations.