Safe Bulkers, Inc. Announces Common Stock Repurchase Program

Rhea-AI Summary

Safe Bulkers, Inc. (NYSE: SB) has authorized a stock buyback program allowing for the purchase of up to 5,000,000 shares of its common stock, equating to approximately 4.1% of outstanding shares. The program underscores the company's commitment to enhancing shareholder value. Although purchases are permitted, the company is not obligated to buy back shares and can modify or terminate the program at any time. Funding for the buyback will come from existing cash resources, indicating financial stability amidst ongoing market fluctuations.

Positive

• Authorization of a buyback program for up to 5,000,000 shares enhances shareholder value.
• Represents approximately 4.1% of outstanding shares, signaling confidence in company performance.
• Buyback funded through existing cash resources reflects financial stability.

Negative

• None.

MONACO, June 21, 2022 (GLOBE NEWSWIRE) -- Safe Bulkers, Inc. (the “Company”) (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 4.1% of the shares of the Company’s common stock outstanding and 6.9% 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’s common stock, series B preferred 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, business disruptions due to natural disasters or other events, such as the recent COVID-19 pandemic, 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.
Athens, Greece
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' stock buyback program?

The stock buyback program aims to enhance shareholder value by potentially reducing the number of shares outstanding.

How many shares is Safe Bulkers authorized to repurchase?

Safe Bulkers is authorized to repurchase up to 5,000,000 shares of its common stock.

What percentage of outstanding shares does the buyback program represent for Safe Bulkers?

The buyback program represents approximately 4.1% of the total outstanding shares.

How will Safe Bulkers fund the buyback program?

The buyback will be funded using the company's existing cash resources.

Can Safe Bulkers modify or terminate the stock buyback program?

Yes, the company can modify or terminate the buyback program at any time without prior notice.