Safe Bulkers, Inc. Announces Sale of one Panamax Class Dry-bulk Vessel

Rhea-AI Summary

Safe Bulkers announced an agreement to sell its Kamsarmax MV Efrossini vessel, a 2012-built Panamax dry-bulk ship, for $22.5 million. Delivery is expected by June 2023, post which the company will charter the vessel back at a rate of $16,050 per day for 10 to 14 months. This move aligns with the company's strategy to replace older vessels with new builds that meet environmental regulations. Currently, Safe Bulkers operates a fleet of 44 vessels, including 12 eco-ships, and has ordered nine newbuilds compliant with IMO GHG Phase 3 standards.

Positive

• Sale of MV Efrossini for $22.5 million contributes to liquidity.
• Chartering back the vessel enhances short-term revenue at $16,050 daily.
• Strategic shift towards newer, eco-friendly vessels may improve competitiveness and compliance.

Negative

• None.

MONACO, March 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 a Kamsarmax MV Efrossini, a 2012 Japanese-built, Panamax class, dry-bulk vessel at a gross sale price of $22.5 million and forward delivery date within June 2023.

Upon delivery to new owners, the vessel will be chartered back by the Company at a gross daily charter rate of $16,050 for a period of ten to fourteen months.

Dr. Loukas Barmparis, President of the Company commented: “Having ordered recently an additional IMO Phase 3 newbuild Kamsarmax vessel and sold a 2012 Panamax vessel, we continue our strategy to selectively sale relatively older tonnage and gradually replace it with newbuilds of latest available designs, aiming to improve our fleets’ environmental performance and increase our competitiveness in a new more stringent regulatory environment.’’

About Safe Bulkers, Inc.

The Company is an international provider of marine dry-bulk transportation services, transporting bulk cargoes, particularly grain, coal and iron ore, along worldwide shipping routes for some of the world’s largest users of marine dry-bulk transportation services. The Company owns 44 vessels, 12 of which are eco-ships and three are IMO GHG Phase 3 - NOx Tier III vessels, and has an outstanding orderbook of nine IMO GHG Phase 3 - NOx Tier III newbuild vessels. 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 latest news about Safe Bulkers stock (SB) on March 14, 2023?

On March 14, 2023, Safe Bulkers announced the sale of its MV Efrossini vessel for $22.5 million, with a charter agreement for continued use.

How much is Safe Bulkers receiving for the MV Efrossini vessel?

Safe Bulkers is selling the MV Efrossini vessel for $22.5 million.

What is the charter rate for the MV Efrossini after its sale?

The charter rate for the MV Efrossini post-sale is $16,050 per day.

What is Safe Bulkers' strategy following the sale of the MV Efrossini?

Safe Bulkers aims to replace older vessels with newer models to enhance environmental performance and comply with regulations.