Safe Bulkers, Inc. Announces Agreement for the Acquisition of One Capesize Class Dry-bulk Japanese Vessel

Rhea-AI Summary

Safe Bulkers, Inc. (NYSE: SB) has announced the acquisition of the MV Maria, a Capesize vessel built in 2014, for $33.8 million. The delivery is scheduled for February 2022 and will be financed from the company’s cash reserves. This vessel is the company's sixth Capesize addition and will enhance its fleet to a total of 40 vessels. The purchase capitalizes on seasonal market weaknesses, according to President Dr. Loukas Barmparis, highlighting a competitive acquisition strategy.

Positive

• Acquisition of the MV Maria for $33.8 million enhances fleet to 40 vessels.
• Strategic purchase during seasonal weakness in the Capesize market.

Negative

• None.

MONACO, Jan. 25, 2022 (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 2014-built, Japanese, dry-bulk, 181,000 dwt, Capesize class vessel, to be named MV Maria, with a scheduled delivery date within February 2022. The vessel will be acquired at a purchase price of $33.8 million and will be financed from the cash reserves of the Company. 

Dr. Loukas Barmparis, President of the Company commented: “This will be our sixth Cape and the 40^th vessel in our fleet. MV Maria is sister vessel to our recently acquired MV Stelios Y and was bought, at what we believe to be a competitive price, capitalizing on the Capesize market seasonal weakness.”

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 name of the vessel acquired by Safe Bulkers?

The acquired vessel is named MV Maria.

What is the acquisition price of MV Maria?

MV Maria was acquired for $33.8 million.

When is the delivery date for MV Maria?

The delivery date for MV Maria is scheduled for February 2022.

How many vessels does Safe Bulkers have after this acquisition?

After this acquisition, Safe Bulkers will have a total of 40 vessels.

What type of vessel is MV Maria?

MV Maria is a Capesize class vessel with a deadweight tonnage of 181,000.

How will MV Maria be financed?

MV Maria will be financed from the cash reserves of Safe Bulkers.