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
Safe Bulkers, Inc. Announces a New Period Time Charter for a Post-Panamax Class Vessel at $20,500 Gross Daily Rate
| Source: Safe Bulkers, Inc.
ATHENS, GREECE--(Marketwire - October 29, 2009) - Safe Bulkers, Inc. (the "Company") (NYSE : SB ), announced today that it has entered into a new period time charter for
the Andreas K, a 92,000 dwt Post-Panamax class vessel, with a delivery date
in November 2009, for a minimum duration of 12 months and a maximum
duration of 14 months, at a gross daily rate of $20,500 less 3.75% total
commissions.
Our subsidiary Maxdodeka Shipping Corporation took delivery of the newbuild
Andreas K on September 8, 2009 and the vessel has since been operated in
the spot market. Following this delivery, our operational fleet expanded to
14 drybulk vessels, comprised of five Panamax, three Kamsarmax and six
Post-Panamax vessels, all built post-2003.
Polys Hajioannou, CEO and Chairman of the Board of Directors of the
Company, said: "We have concluded a new period time charter which secures
additional contracted revenues to our Company and reinforces the stability
of our cash flows. This charter is accretive to earnings and demonstrates
our ability to develop direct business with the industry's charterers."
About Safe Bulkers, Inc.
The Company is an international provider of marine drybulk transportation
services, transporting bulk cargoes, particularly grain, iron ore and coal,
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
fleet consists of 14 drybulk vessels, all built post-2003, and the Company
has contracted to acquire additional drybulk newbuild vessels to be
delivered at various times beginning in 2010 through 2011.
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.