Safe Bulkers, Inc. Declares Quarterly Dividend on its 8.00% Series C Cumulative Redeemable Perpetual Preferred Shares; 8.00% Series D Cumulative Redeemable Perpetual Preferred Shares
April 08 2022 - 9:00AM
Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international
provider of marine drybulk transportation services, announced today
that the Company’s Board of Directors has declared:
- a cash dividend of
$0.50 per share on its 8.00% Series C Cumulative Redeemable
Perpetual Preferred Shares (the “Series C Preferred Shares”) (NYSE:
SB.PR.C) for the period from January 30, 2021 to April 29,
2022;
- a cash dividend of
$0.50 per share on its 8.00% Series D Cumulative Redeemable
Perpetual Preferred Shares (the “Series D Preferred Shares”) (NYSE:
SB.PR.D) for the period from January 30, 2021 to April 29,
2022.
Each dividend will be paid on May 2, 2022 to all
shareholders of record as of April 20, 2022 of the Series C
Preferred Shares not redeemed on April 29, 2022 (as further
discussed below), and of the Series D Preferred Shares,
respectively. Dividends on the Series C and D Preferred Shares are
payable quarterly in arrears on the 30th day (unless the
30th falls on a weekend or public holiday, in which case the
payment date is moved to the next business day) of January, April,
July and October of each year.
As previously announced, the Company issued a
notice of partial redemption to holders of its Series C Preferred
Shares, pursuant to which the Company expects to redeem 1,492,554
of the 2,297,504 outstanding Series C Preferred Shares on April 29,
2022, at a redemption price of $25.00 per Series C Preferred Share
plus all accumulated and unpaid dividends to, but excluding, April
29, 2022. From and after April 29, 2022, all distributions on the
redeemed Series C Preferred Shares will cease to accumulate, such
redeemed Series C Preferred Shares will no longer be deemed
outstanding, and all rights in respect of the redeemed Series C
Preferred Shares will terminate, except for the right to receive
the redemption price. Thus, holders of Series C Preferred Shares
will not be entitled to receive a dividend on May 2, 2022 in
respect of the Series C Preferred Shares to be redeemed on April
29, 2022.
The declaration and payment of future dividends,
if any, will always be subject to the discretion of the Board of
Directors of the Company. There is no guarantee that the Company’s
Board of Directors will determine to issue cash dividends in the
future. The timing and amount of any dividends declared will depend
on, among other things: (i) the Company’s earnings, fleet
employment profile, financial condition and cash requirements and
available sources of liquidity; (ii) decisions in relation to the
Company’s growth, fleet renewal and leverage strategies; (iii)
provisions of Marshall Islands and Liberian law governing the
payment of dividends; (iv) restrictive covenants in the Company’s
existing and future debt instruments; and (v) global economic and
financial conditions.
About Safe Bulkers, Inc.The
Company is an international provider of marine dry-bulk
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 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 StatementsThis
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 BarmparisPresidentSafe Bulkers,
Inc.Tel.: +30 2 111 888 400+357 25 887 200E-Mail:
directors@safebulkers.com
Investor Relations / Media Contact:
Nicolas Bornozis, PresidentCapital Link, Inc.230
Park Avenue, Suite 1536New York, N.Y. 10169Tel.: (212) 661-7566Fax:
(212) 661-7526E-Mail: safebulkers@capitallink.com
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