Safe Bulkers, Inc. Announces Sale of one Kamsarmax Vessel

Rhea-AI Summary

Safe Bulkers, Inc. (NYSE: SB) has announced the sale of the MV Pedhoulas Trader, a 2006 Japanese-built Kamsarmax class dry-bulk vessel, for a net price of $15.84 million, with delivery scheduled for December 2022. President Dr. Loukas Barmparis stated that this sale is part of the company's strategy to upgrade its fleet to comply with new environmental regulations while enhancing competitiveness. The company focuses on transporting bulk cargoes globally and is adapting to the challenges of a stringent regulatory environment.

Positive

• Sale of MV Pedhoulas Trader for $15.84 million strengthens cash position.
• Transition to newbuild IMO Phase 3 vessels enhances fleet environmental performance.

Negative

• None.

MONACO, Sept. 26, 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 sale of MV Pedhoulas Trader, a 2006 Japanese-built, Kamsarmax class, dry-bulk vessel at a net sale price of $15.84 million and forward delivery date within December 2022.

Dr. Loukas Barmparis, President of the Company commented: “We continued to sell older tonnage as we take delivery of our newbuild IMO Phase 3 vessels, improving the fleet environmental performance and increasing our competitiveness in the new more stringent regulatory environment.’’

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 vessel did Safe Bulkers sell?

Safe Bulkers sold the MV Pedhoulas Trader, a 2006-built Kamsarmax class dry-bulk vessel.

What was the sale price of the MV Pedhoulas Trader?

The MV Pedhoulas Trader was sold for a net price of $15.84 million.

When is the delivery date for the sold vessel?

The delivery date for the MV Pedhoulas Trader is scheduled for December 2022.

What benefits does Safe Bulkers anticipate from selling older vessels?

The company aims to improve its fleet's environmental performance and increase competitiveness.

What stock symbols are associated with Safe Bulkers?

Safe Bulkers' stock trades under the symbols SB, SB-PC, and SB-PD.