ATHENS, GREECE--(Marketwire - June 19, 2009) - Safe Bulkers, Inc. (the "Company") (NYSE: SB), an international provider of marine drybulk transportation services,
today announced the sale of a Panamax Class Vessel.
Fleet Update
The Company announced today that it has entered an agreement to sell a
76,000 dwt Panamax class vessel built in 2003 for $33 million, excluding
commissions to brokers. The vessel will be delivered to its new owners in
December 2009. The extended delivery period, which exceeds the market
standard of three months, will permit the Company to employ the vessel in
the spot market through December 2009. Proceeds from the sale of the
vessel will strengthen the Company's balance sheet.
The Company also provided additional details regarding its entry into a
resale agreement to acquire a Capesize class newbuild vessel to be
delivered in April 2010, which had been previously announced in a press
release dated June 8, 2009. The acquisition price for the 177,000 dwt
newbuild is $63 million, including commissions, and the vessel will be
delivered by the Shanghai Jiangnan Changxing Shipbuilding Co., part of the
SWS group.
Management Commentary
Polys Hajioannou, Chairman of the Board of Directors and Chief Executive
Officer of the Company, said: "The sale of one of our older vessels for $33
million, excluding commissions to brokers, is consistent with our business
strategy of operating a young, high quality fleet while taking advantage of
attractive opportunities to make vessel sales and acquisitions. One such
recent opportunity involved a previously-announced acquisition of a
Capesize vessel for $63 million, including commissions, from a
well-regarded shipyard. We continue to actively manage our fleet during
this global economic downturn."
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.
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.
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