ATHENS, GREECE--(Marketwire - February 19, 2009) - Safe Bulkers, Inc. (the "Company") (NYSE: SB), an international provider of marine drybulk transportation services,
has confirmed that its Chief Operating Officer and director, Nicolaos
Hadjioannou, has resigned from both positions with the Company in order to
pursue his own shipping activities. Under his contractual arrangements
with the Company, Mr. Hadjioannou cannot pursue drybulk vessel business
opportunities for the next 12 months, unless first offered to, and refused
by, the Company.
Polys Hajioannou, Chairman of the Board of Directors and Chief Executive
Officer of the Company, said: "Although he will be missed, Nicolaos'
departure to pursue his own business opportunities is a natural progression
for him. I definitely agree that now is the right moment for his decision.
I thank Nicolaos for the contributions he has made to Safe Bulkers, Inc.,
and wish him all the best in his future endeavors, for which he has every
credential to make successful."
The Company has appointed John Foteinos to replace Nicolaos Hadjioannou as
a director and Chief Operating Officer. Mr. Foteinos has 25 years of
experience in the shipping industry. After obtaining a bachelor's degree in
nautical studies, he joined the predecessor of our Manager, Safety
Management Overseas, in 1984, where he presently serves and will continue
to serve as Chartering Manager. Mr. Foteinos assumes his new position on
the Board of Directors and as Chief Operating Officer immediately. "John's
knowledge and experience will be a great addition to our executive
leadership team," said Polys Hajioannou.
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 13
Japanese-built drybulk vessels, all built post 2003, and have contracted to
acquire additional drybulk newbuild vessels to be delivered at various
times within the next two years.
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.
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