Safe Bulkers, Inc. announces agreement for the

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MONACO, June 3, 2024 (GLOBE NEWSWIRE) — Safe Bulkers, Inc. (the Company) (NYSE: SB), an international provider of dry bulk maritime transportation services, today announced that it has entered into an agreement to acquire a Japanese Kamsarmax class dry bulk vessel, 82,000 dwt, with a planned delivery date in the first quarter of 2027.

The newbuild vessel is designed to meet the Phase 3 requirements of the Energy Efficiency Design Index relating to the reduction of greenhouse gas emissions (“IMO GHG -EEDI Phase 3”) as adopted by the International Maritime Organization (“IMO” ) and also comply with the latest NOx emissions regulations, NOx-Tier III (“NOx-Tier III”). This newbuild vessel is a sister ship to a number of newbuild vessels in our order book with advanced energy efficiency features that result in lower fuel consumption.

The company has already taken delivery of nine IMO BKG Phase 3 – NOx Tier III ships. Including this agreement, the company has an outstanding order book of nine newbuild vessels, two of which are methanol dual-fuel, with planned deliveries one in 2024, two in 2025, four in 2026 and two in 2027.

Dr. Loukas Barmparis, president of the company, commented: “We are entering into this newbuild order in line with our fleet renewal strategy, with the aim of creating a resilient business with a young and efficient fleet within the evolving stringent CO2 emissions regulations.”

About Safe Bulkers, Inc.

The company is an international provider of maritime dry bulk transportation services, transporting bulk cargoes, primarily grain, coal and iron ore, along global shipping lanes for some of the world’s largest users of maritime dry bulk transportation services. The Company’s common stock, Series C Preferred Stock and Series D Preferred Stock are listed on the NYSE and trade under the symbols “SB,” “SB.PR.C” and “SB.PR.D,” respectively.

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) regarding future events, the Company’s growth strategy and actions to implement such a 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, there can be no assurance that such expectations will prove to be correct. These statements involve known and unknown risks and are based on a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the Company’s control. 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 demand for dry bulk carriers, competitive factors in the market in which the Company operates, risks associated with operations outside the United States and other factors stated from time to time. timely in the company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligation or undertaking to release 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 display.

For more information, please contact:

Company contact:
Dr. Loukas Barmparis
President
Safe Bulkers, Inc.
Tel.: +30 2 111 888 400
Fax: +30 2 111 878 500
E-mail: [email protected]

Investor relations/media contact:
Nicolas Bornozis, chairman
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, NY 10169
Phone: (212) 661-7566
Fax: (212) 661-7526
E-mail: [email protected]