Safe Bulkers, Inc. Enters Into a Memorandum of Agreement for the Acquisition of a Japanese Post-Panamax Class Dry-Bulk Vesse...
November 26 2018 - 4:05PM
Safe Bulkers, Inc. (the Company) (NYSE: SB), an international
provider of marine drybulk transportation services, announced today
that it has entered into a Memorandum of Agreement with an
unaffiliated seller to acquire a Japanese-built, dry-bulk,
Post-Panamax class, resale, newbuild vessel. The vessel is expected
to be delivered within the first half of 2020.
The Company has the option to finance up to 50%
of the purchase price of the vessel through the periodic issuance
of the Company’s common stock to the seller. Any such common
stock issued by the Company will be subject to a restriction on
transfer for a period of six months from the date of such issuance.
The cash component of the purchase price will be financed
with cash on hand.
Dr. Loukas Barmparis, President of the Company
commented: “Following completion of the refinancing actions
announced by the Company last week that were designed to provide
financial flexibility and improve liquidity, this acquisition
reflects the Company’s commitment to opportunistically expand and
renew its fleet. This vessel suits our overall fleet profile
at an attractive price, while providing significant financing
flexibility.’’
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, 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 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 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
BarmparisPresident Safe 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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