Contact Information: For further information please contact: Company Contact: Dr. Loukas Barmparis President Safe Bulkers, Inc. Athens, Greece Telephone: +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
Safe Bulkers, Inc. Updates Fleet and Employment Profile
| Source: Safe Bulkers, Inc.
ATHENS, GREECE--(Marketwire - June 8, 2009) - Safe Bulkers, Inc. (the "Company") (NYSE : SB ), an international provider of marine drybulk transportation services,
today announced updates to its fleet and employment profile.
Fleet and Employment Update
The Company announced today that it has cancelled one of its two Capesize
class newbuilds and has substituted it with another newbuild to be
delivered in April 2010. The Company has also delayed the delivery of its
second Capesize class newbuild until September 2011. The Company
anticipates that the net effect of these three transactions will be the
reduction of capital expenditure requirements, excluding commissions to
brokers, of approximately $12 million.
The cancelled newbuild vessel and the delayed newbuild vessel were subject
to period time charter agreements. In the case of the cancelled newbuild
vessel, the relevant charterer has agreed in principle to vessel
substitution subject to final documentation. In the case of the postponed
newbuild vessel, the relevant charterer has agreed to postponed delivery
during 2012 with a decrease in the gross daily charter rate from $40,000 to
$38,000.
In addition, the Company announced that it has agreed to accept delayed
delivery of one Post-Panamax class newbuild from 2010 to a later date
between June and August, 2011, subject to final documentation. There is
no charter party agreement associated with this newbuild.
The Company has also announced that it has entered into: (i) a period time
charter with a duration of 23 to 27 months for a Panamax class vessel with
a delivery date in June or July of 2009, at a gross daily charter rate of
$15,500, less 4.75% in total commissions; (ii) a period time charter with a
duration of 14 to 17 months for a Panamax class vessel with a delivery date
in June or July of 2009, at a gross daily charter rate of $18,000, less
3.75% in total commissions and (iii) a period time charter for a Kamsarmax
class vessel with a delivery date in June or July of 2009, with a duration,
at charterer's option, of either 23 to 27 months at a gross daily charter
rate of $18,500 less 4.75% in total commissions, or of 13 to 17 months at a
gross daily charter rate of $21,000 less 4.75% in total commissions.
Management Commentary
Polys Hajioannou, Chairman of the Board of Directors and Chief Executive
Officer of the Company, said: "We continue to closely manage our business
through the current recession, reducing our capital expenditure
requirements, maintaining our relationships with our customers and
increasing our coverage."
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 through 2011.
Forward-Looking Statements
This press release contains forward-looking statements (as defined in
Section 27A of the of the Securities Exchange 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 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.