Safe Bulkers, Inc. Announces Voluntary Prepayments of $21.2 million of Debt as Part of its Deleveraging Strategy

Rhea-AI Summary

Safe Bulkers, Inc. (NYSE: SB) has voluntarily prepaid $21.2 million of its debt as part of its deleveraging strategy. The company's President, Dr. Loukas Barmparis, stated that this action aims to pave the way for a modern, energy-efficient fleet with low leverage. Safe Bulkers specializes in marine drybulk transportation services, handling cargoes like coal, grain, and iron ore. The company’s common stock, series C preferred stock, and series D preferred stock are listed on the NYSE under the symbols SB, SB-PC, and SB-PD, respectively.

Positive

• Voluntary prepayment of $21.2 million of debt demonstrates commitment to financial prudence.
• Deleveraging strategy could lead to a more energy-efficient fleet and reduced leverage.

Negative

• None.

MONACO, June 03, 2021 (GLOBE NEWSWIRE) -- Safe Bulkers, Inc. (the Company) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that in the context of its deleveraging strategy the Company has voluntarily prepaid $21.2 million of debt.

Dr. Loukas Barmparis, President of the Company commented: “The Company is accelerating its deleveraging strategy, by voluntarily prepaying debt with the objective of creating a clear path towards a modern, energy-efficient fleet with low leverage.”

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 Safe Bulkers' recent financial move regarding debt?

Safe Bulkers has voluntarily prepaid $21.2 million of debt as part of its deleveraging strategy.

What is the purpose of Safe Bulkers' deleveraging strategy?

The strategy aims to create a clear path towards a modern, energy-efficient fleet with low leverage.

Under which stock symbols is Safe Bulkers listed?

Safe Bulkers is listed on the NYSE under the symbols SB for common stock, SB-PC for series C preferred stock, and SB-PD for series D preferred stock.

Who commented on the company's deleveraging strategy?

Dr. Loukas Barmparis, President of Safe Bulkers, commented on the company's deleveraging strategy.