Safe Bulkers, Inc. Announces Sale of one Kamsarmax Vessel

Rhea-AI Summary

Safe Bulkers has announced the sale of the MV Pedhoulas Fighter, a Kamsarmax class dry-bulk vessel, for $23.7 million, expected to deliver in Q4 2021. This sale culminates in the disposal of three sister vessels, part of the strategy to renew its fleet. The company has also sold a total of seven vessels, acquired four second-hand ones, and ordered eight new Japanese-built vessels, with deliveries set from Q2 2022 to Q1 2024, indicating a commitment to enhancing fleet efficiency.

Positive

• Sale of MV Pedhoulas Fighter for $23.7 million enhances cash flow.
• Total of seven vessels sold, indicating effective fleet management.
• Acquisition of four second-hand vessels supports fleet growth.
• Order of eight new Japanese-built vessels indicates long-term strategic planning.

Negative

• None.

MONACO, Sept. 22, 2021 (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 Fighter, a 2012 Chinese-built, Kamsarmax class, dry-bulk vessel at gross sale price of $23.7 million and forward delivery date within the fourth quarter of 2021.

Including this agreement and the previously announced agreements, the Company has sold seven vessels, has acquired four second-hand vessels and has ordered eight Japanese newbuild vessels with deliveries starting from Q2 2022 until Q1 2024.

Dr. Loukas Barmparis, President of the Company commented: “With the sale of MV Pedhoulas Fighter we conclude the sale of three sisterships, Kamsarmax class, Chinese-built vessels, gradually renewing our fleet with modern more efficient Japanese built newbuilds or Japanese-built younger vessels.”

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 sale price of the MV Pedhoulas Fighter?

The MV Pedhoulas Fighter was sold for $23.7 million.

How many vessels has Safe Bulkers sold recently?

Safe Bulkers has sold a total of seven vessels.

When is the delivery of the MV Pedhoulas Fighter expected?

The delivery of the MV Pedhoulas Fighter is expected in Q4 2021.

What is Safe Bulkers' stock symbol?

Safe Bulkers trades under the stock symbol 'SB'.

What vessels has Safe Bulkers ordered recently?

Safe Bulkers has ordered eight new Japanese-built vessels.