Safe Bulkers, Inc. Announces Sale of a 2004-built Panamax Class Dry-bulk Vessel

Rhea-AI Summary

Safe Bulkers, Inc. (SB) Announces Sale of MV Katerina for $10.2 Million: Safe Bulkers, Inc. (NYSE: SB), a global marine drybulk transportation services provider, has finalized the sale of MV Katerina, a 2004 Japanese-built Panamax class dry-bulk vessel, at a gross sale price of $10.2 million. The sale is part of the Company's fleet renewal strategy, with plans to focus on environmentally efficient dry bulk fleets. President Dr. Loukas Barmparis highlighted the sale and the Company's remaining orderbook of eight Phase 3 newbuilds, including two methanol dual fuel vessels, to be delivered by Q1-2027.

Positive

• The sale of MV Katerina for $10.2 million indicates the Company's commitment to fleet renewal and environmentally efficient operations, positioning it for long-term sustainability and growth.

Negative

• None.

MONACO, Nov. 14, 2023 (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 sale of MV Katerina, a 2004 Japanese built, Panamax class, dry-bulk vessel at a gross sale price of $10.2 million. The vessel will be delivered to her new owners within December 2023.

Dr. Loukas Barmparis, President of the Company, commented: “MV Katerina, the oldest vessel in our fleet was sold as part of our renewal strategy. The Company’s remaining orderbook includes eight more Phase 3 newbuilds, two of which are methanol dual fuel, to be delivered by Q1-2027, targeting one of the most environmentally efficient dry bulk fleets in the market.’’

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 46 vessels, consisting of 11 Panamax, 9 Kamsarmax, 18 Post-Panamax and 8 Capesize vessels, with an aggregate carrying capacity of 4.6 million dwt and an average age of 10.5 years. Twelve vessels in our fleet are eco-ships built after 2014, and six 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 Exchange Act of 1933, as amended, and in Section 21E of the Securities 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
+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 is the sale price of MV Katerina?

The gross sale price of MV Katerina is $10.2 million.

When will MV Katerina be delivered to the new owners?

MV Katerina will be delivered to her new owners within December 2023.

What is the Company's remaining orderbook?

The Company's remaining orderbook includes eight Phase 3 newbuilds, with two methanol dual fuel vessels, to be delivered by Q1-2027.

What is the Company's strategy behind the sale of MV Katerina?

The sale is part of the Company's fleet renewal strategy, aiming to focus on environmentally efficient dry bulk fleets.