Contact Information: For further information please contact: Company Contact: Dr. Loukas Barmparis President Safe Bulkers, Inc. Athens, Greece Telephone: +30 210 895 7070 Investor Relations / Media Contact: Ramnique Grewal Vice 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
Safe Bulkers, Inc. Announces Acquisition of a New Post-Panamax Drybulk Vessel and New Time Charter
| Source: Safe Bulkers, Inc.
ATHENS, GREECE--(Marketwire - July 8, 2008) - Safe Bulkers, Inc. (the "Company") (NYSE : SB ) announced today that it has entered into an agreement to acquire a
newbuild drybulk Post-Panamax class vessel of more than 90,000 deadweight
tons, scheduled for delivery in the second half of 2010 upon completion of
construction.
The contract price for the vessel is approximately $68.4 million subject to
customary adjustments as provided for in the agreement. The acquisition
cost is expected to be financed from cash from operations and additional
debt.
Dr. Loukas Barmparis, President of the Company, stated: "This acquisition
is within the context of our stated business strategy to expand the size of
our fleet through timely and selective investment in newbuild vessels. It
is also consistent with our policy to operate a high quality fleet with
newbuilds that have the technical specifications and advanced design
related to the services we want to offer to our customers. This vessel will
be our Company's 8th Post-Panamax vessel, and will increase our total fleet
when all newbuilds will be delivered to 20 vessels, all built post 2003."
New long-term time charter
The Company, pursuing its balanced chartering strategy, also announced
today that it has entered into a 10-year time charter for a Capesize class
vessel with a delivery date during the first half of 2010, at a gross daily
rate of $40,000 less 1.00% total commissions.
About Safe Bulkers, Inc.
The Company is an international provider of marine drybulk transportation
services, transporting bulk cargoes, particularly grain, iron ore and coal,
along worldwide shipping routes for some of the world's largest users of
marine drybulk transportation services. The Company's common stock is
listed on the New York Stock Exchange where it trades under the symbol
"SB."
Forward-Looking Statement
This press release contains forward-looking statements (as defined in
Section 27A of the Securities Act of 1933, as amended, and 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 which 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
dry bulk 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 publicly 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.