Safe Bulkers, Inc. Announces Agreement for the Acquisition of One Capesize Class Dry-bulk Vessel
Safe Bulkers, Inc. (NYSE: SB) announced the acquisition of a 2012-built, 181,000 dwt Capesize vessel, the MV Michalis H, for $30 million. The purchase will be financed from the Company’s cash reserves, expanding its fleet to seven Capesize vessels. Scheduled for delivery in May 2022, this acquisition is part of the Company's strategy to enhance its market position in the Cape market segment. President Dr. Loukas Barmparis expressed confidence in the competitive pricing and the utilization of existing liquidity to finance the deal.
- Acquisition of the MV Michalis H expands fleet to seven vessels in the Capesize segment.
- Financing from cash reserves preserves share capital.
- Acquisition at a competitive purchase price enhances market position.
- None.
MONACO, April 12, 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 2012-built, Chinese, dry-bulk, 181,000 dwt, Capesize class vessel, to be named MV Michalis H, with a scheduled delivery date within May 2022. The vessel will be acquired at a gross purchase price of
Dr. Loukas Barmparis, President of the Company, commented: “We have further expanded in the Cape market segment acquiring our seventh vessel, at what we believe a competitive purchase price, utilizing our liquidity.”
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 significance of Safe Bulkers' acquisition of the MV Michalis H?
How much did Safe Bulkers pay for the MV Michalis H?
When is the delivery date for the MV Michalis H?
How will the acquisition of the MV Michalis H be financed?
What are the expected impacts of this acquisition on Safe Bulkers' market position?
