ATHENS, GREECE--(Marketwire - December 21, 2009) - Safe Bulkers, Inc. (the "Company") (NYSE: SB), announced today that it has agreed to terminate the existing charter
of the Kamsarmax-class vessel "Pedhoulas Merchant." The charter was
contractually due to expire in November 2010. Following this agreement, the
vessel is expected to be redelivered between February and March 2010. In
exchange for the early redelivery of the vessel, the charterer has agreed
to pay the Company cash compensation between $5.1 and $6.5 million,
depending on the vessel's actual redelivery date. Following redelivery the
vessel will be available for employment.
Polys Hajioannou, CEO and Chairman of the Board of Directors of the
Company, said: "During 2009, we have entered into similar early termination
agreements with proper compensation, which strengthen our cash position.
Traditionally we seek to maintain a high charter coverage ratio, while
employing certain of our vessels in the spot market to take advantage of
the higher rates until meaningful period time charters can be contracted."
About Safe Bulkers, Inc.
The Company is an international provider of 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 marine
drybulk transportation services. The Company's common stock is listed on
the NYSE, where it trades under the symbol "SB." The Company's current
fleet consists of 14 drybulk vessels, all built post-2003, and the Company
has contracted to acquire six additional drybulk newbuild vessels to be
delivered at various times through 2012 and has agreed to sell one vessel.
Forward-Looking Statement
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 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, the ability to satisfy
the closing conditions of the acquisition, 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