Safe Bulkers, Inc. Announces Sale of one Panamax Vessel

Rhea-AI Summary

Safe Bulkers has announced the sale of the MV Koulitsa, a 2003 Panamax vessel, for $13.6 million, with delivery set for Q4 2021. This sale is part of the company's fleet renewal strategy, which includes acquiring the MV Koulitsa 2, a newer Panamax vessel built in 2013 for $22 million, expected to be delivered in July 2021. The new vessel has already been chartered at a rate of $24,000 per day for 12 months. This transaction marks the completion of the sale of all vessels built prior to 2004.

Positive

• Sale of MV Koulitsa for $13.6 million enhances liquidity.
• Acquisition of MV Koulitsa 2, a newer vessel, for $22 million strengthens fleet.
• New vessel already chartered at a gross daily rate of $24,000 for 12 months.

Negative

• None.

MONACO, June 30, 2021 (GLOBE NEWSWIRE) -- Safe Bulkers, Inc. (the Company) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that in relation to its fleet renewal strategy, it has entered into an agreement for the sale of MV Koulitsa, a 2003-built, Panamax class, dry-bulk vessel at gross sale price of $13.6 million and forward delivery date within the fourth quarter of 2021.    

Dr. Loukas Barmparis, President of the Company commented: “The MV Koulitsa will be replaced by the previously announced acquisition of the 2013-built, Panamax class, dry-bulk vessel to be named MV Koulitsa 2, purchased at a price of $22 million with an expected delivery within July 2021, which has already been chartered at a gross daily charter rate of $24,000 for a period of twelve months. This transaction concludes the sale of all our vessels built prior to 2004.” 

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 Koulitsa by Safe Bulkers?

The MV Koulitsa was sold for $13.6 million.

What is the delivery date for the MV Koulitsa?

The MV Koulitsa is scheduled for delivery in the fourth quarter of 2021.

What vessel is replacing the MV Koulitsa?

The MV Koulitsa is being replaced by the MV Koulitsa 2, a 2013-built vessel.

How much did Safe Bulkers pay for the MV Koulitsa 2?

Safe Bulkers purchased the MV Koulitsa 2 for $22 million.

What is the charter rate for the MV Koulitsa 2?

The MV Koulitsa 2 has been chartered at a rate of $24,000 per day.

What is the ticker symbol for Safe Bulkers?

Safe Bulkers trades under the ticker symbol SB.

What kind of services does Safe Bulkers provide?

Safe Bulkers provides marine drybulk transportation services.