Safe Bulkers, Inc. Announces the Formation of a Board of Directors Committee on Environmental, Social and Governance

Rhea-AI Summary

Safe Bulkers, Inc. (SB) forms a new Board of Directors committee on Environmental, Social and Governance (ESG) to support the company's overall ESG strategic direction. The committee consists of six Board members, four of whom are independent directors. The President of the Company will lead the management team on ESG matters and report to the ESG Committee. The ESG Committee will review the Company’s ESG performance and ensure governance oversight by the Board of Directors of the ESG strategy and implementation, consistent with the priorities outlined in the Company’s sustainability report. Dr. Loukas Barmparis, President of the Company, stated that the formation of the new ESG committee is a result of the specific focus required by the Board on the overall ESG strategy of the Company. The Company implements its ESG strategy as articulated in the latest sustainability report, with the most recent step towards decarbonization being the ordering of two methanol dual-fueled newbuilds ahead of its peers.

MONACO, Nov. 22, 2023 (GLOBE NEWSWIRE) -- Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced that it has formed a new Board of Directors committee on Environmental, Social and Governance (the “ESG Committee”).

The ESG Committee shall support the Company’s overall ESG strategic direction, providing the executive management and the Board of Directors with ESG insights on significant trends. The ESG Committee consists of six Board members, four of whom are independent directors. The President of the Company has been assigned to lead the management team on ESG matters and report to the ESG Committee. The ESG Committee shall review the Company’s ESG performance and ensure governance oversight by the Board of Directors of the ESG strategy and implementation, consistent with the priorities outlined in the Company’s sustainability report.

Dr. Loukas Barmparis, President of the Company, said, “The formation of this new ESG committee comes as a result of the additional specific focus required by the Board on the overall ESG strategy of the Company. The Company implements its ESG strategy as articulated in the latest sustainability report, with the most recent step towards decarbonization being the ordering of two methanol dual-fueled newbuilds ahead of its peers.”

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 47 vessels, consisting of 11 Panamax, 10 Kamsarmax, 18 Post-Panamax and 8 Capesize vessels, with an aggregate carrying capacity of 4.7 million dwt and an average age of 10.5 years. Twelve vessels in our fleet are eco-ships built after 2014, and seven are IMO GHG Phase 3 – NOx Tier III vessels built 2022 onwards. The Company's common stock, Series C and Series D preferred stock is listed on the NYSE, where it trades 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, business disruptions due to natural disasters or other events, such as the recent COVID-19 pandemic, 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, changes in TCE rates, changes in fuel prices, risks associated with operations outside the United States, general domestic and international political conditions, uncertainty in the banking sector and other related market volatility, disruption of shipping routes due to political events, risks associated with vessel construction 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 undertakings 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 purpose of the new committee formed by Safe Bulkers, Inc. (SB)?

The purpose of the new committee is to support the company's overall ESG strategic direction and provide insights on significant trends to the executive management and the Board of Directors.

How many members are there in the ESG Committee of Safe Bulkers, Inc. (SB)?

The ESG Committee consists of six Board members, four of whom are independent directors.

Who will lead the management team on ESG matters for Safe Bulkers, Inc. (SB)?

The President of the Company has been assigned to lead the management team on ESG matters and report to the ESG Committee.

What is the recent step taken by Safe Bulkers, Inc. (SB) towards decarbonization?

The most recent step towards decarbonization is the ordering of two methanol dual-fueled newbuilds ahead of its peers as part of the company's ESG strategy.

Who is the President of Safe Bulkers, Inc. (SB)?

Dr. Loukas Barmparis is the President of the Company.