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 Names John T. Gaffney as Director Replacing Basil Sakellis
| Source: Safe Bulkers, Inc.
ATHENS, GREECE--(Marketwire - October 21, 2009) - Safe Bulkers, Inc. (the "Company") (NYSE : SB ), an international provider of marine drybulk transportation services,
has announced that John T. Gaffney, Executive Vice President of First
Solar, Inc., has been appointed as an independent member of the Company's
board of directors, replacing Basil Sakellis, who has resigned to pursue
personal interests.
Mr. Gaffney joined First Solar in January 2008. He leads First Solar's
corporate development, legal, sustainable development and environmental
affairs departments. Prior to joining First Solar, Mr. Gaffney practiced
law at the firm of Cravath, Swaine & Moore LLP, where he was a partner
since 1993. During his time at Cravath, Mr. Gaffney advised numerous
corporate and financial institution clients on merger, acquisition and
capital markets transactions. Mr. Gaffney holds a B.A. from The George
Washington University and an M.B.A. and J.D. from New York University.
Mr. Gaffney will also serve on the Company's audit committee and corporate
governance, nominating and compensation committee.
Polys Hajioannou, the Company's Chairman and Chief Executive Officer
thanked Mr. Sakellis for his service to the Company: "Mr Sakellis, who
joined the board of directors during our initial public offering, has
served the Company in a dedicated and professional manner. I wish to take
this opportunity to thank him for his contributions and wish him the best
in all future endeavours."
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 NYSE, where it trades under the symbol "SB." The Company's
fleet consists of 14 drybulk vessels, all built post-2003, and the Company
has contracted to acquire additional drybulk newbuild vessels to be
delivered at various times beginning in 2010 through 2011.
Forward-Looking Statements
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 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.