SOURCE: Safe Bulkers, Inc.

Safe Bulkers, Inc.

June 10, 2010 16:47 ET

Safe Bulkers, Inc. Announces Election of Class II Directors at 2010 Annual Meeting of Stockholders

ATHENS, GREECE--(Marketwire - June 10, 2010) -  Safe Bulkers, Inc. (the "Company") (NYSE: SB), an international provider of marine drybulk transportation services, announced the election of two Class II directors at the Company's annual meeting of stockholders held in Athens today.

Elected Class II directors were Dr. Loukas Barmparis, the Company's President, and John Gaffney, an independent director who serves as a Senior Vice President, Corporate Development and General Counsel of Solyndra, Inc., based in Fremont, CA. The Class II directors were elected to hold office for a term ending at the annual meeting of stockholders in 2013 and until their respective successors have been duly elected and qualified.

Stockholders also ratified the appointment of Deloitte, Hadjipavlou, Sofianos & Cambanis S.A. as the Company's independent auditors for the fiscal year ending December 31, 2010.

Stockholders also approved an equity compensation plan for independent directors. A summary of the equity compensation plan for independent directors is set forth under the heading "Proposal III: Approval of Equity Compensation Plan for Independent Directors" in the Company's proxy statement dated May 10, 2010.

About Safe Bulkers, Inc.
The Company's subsidiaries provide 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 such services. The Company's common stock is listed on the NYSE where it trades under the symbol "SB." The Company's subsidiaries currently own 15 drybulk vessels, all built post 2003, and have contracted to acquire six additional drybulk newbuild vessels to be delivered at various times through the first quarter of 2012.

Forward-Looking Statements
This press release contains forward-looking statements (as defined in Section 27A of the Securities Exchange Act of 1933, as amended, and in the Section 21E of the Securities 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 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.

Contact Information

  • For further information please contact:

    Company Contact:
    Dr. Loukas Barmparis
    President
    Safe Bulkers, Inc.
    30-32 Karamanli Avenue
    Voula 16673
    Athens, Greece
    Tel.: +30 (210) 899-4980
    Fax: +30 (210) 895-4159
    E-Mail: directors@safebulkers.com

    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