Safe Bulkers, Inc. Announces the Acquisition of One Newbuild Panamax-Class Drybulk Vessel
December 12 2011 - 4:05PM
Marketwired
Safe Bulkers, Inc. (the "Company") (NYSE: SB) announced today that
it has entered into a shipbuilding contract for the construction of
one Japanese-built, drybulk Panamax-class vessel at an attractive
price, with an expected delivery date in the first half of 2014.
Including this acquisition, the Company has contracted to
acquire 10 drybulk newbuild vessels consisting of: five
Panamax-class vessels, including one with a delivery date in the
first half of 2012, two with delivery dates in the second half of
2013 and two with delivery dates in the first half of 2014; three
Kamsarmax-class vessels with delivery dates in the first half of
2012; one Post-Panamax-class vessel with a delivery date in the
first half of 2012; and one Capesize-class vessel with a delivery
date in the second half of 2012.
Assuming the delivery of all of the Company's newbuilds on
order, the Company's fleet will consist of 28 vessels with
deadweight capacity of approximately 2.6 million tons.
Dr. Loukas Barmparis, President of the Company, said: "Our
policy is to maintain a young, modern and efficient fleet offering
high quality services to our Charterers. We are focusing on repeat
orders for sister vessels which optimize our operations. This new
acquisition is concluded at a relatively low point in the business
cycle during which we intend to invest in new generation and fuel
efficient designs."
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 18 drybulk vessels, all built post-2003, and the
Company has contracted to acquire 10 additional drybulk newbuild
vessels to be delivered at various times through 2014.
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 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 that 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 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 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.
For further information please contact: Company
Contact: Dr. Loukas Barmparis President Safe Bulkers, Inc.
Athens, Greece Telephone: +30 210 899 4980 E-Mail:
directors@safebulkers.com Investor Relations / Media
Contact: Nicolas Bornozis 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
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