Monaco – October 21, 2020
Safe Bulkers, Inc. (the Company) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that it has entered into an agreement for the acquisition of a Japanese-built, dry-bulk, Kamsarmax class, 82,000 dwt, newbuild vessel at an attractive price with a scheduled delivery within the first half of 2022.
At the same time the Company has entered into a sale and lease back through a bareboat charter agreement with a third party for 90% financing of this acquisition. The bareboat charter will have a duration of ten years with a purchase obligation at a predetermined price at its end and purchase options in our favor.
The vessel is designed to meet the latest requirements of Energy Efficiency Design Index related to Green House Gas, GHG emissions, ‘EEDI, Phase 3’. It will also comply with the latest NOx emissions regulation, NOx-Tier III.
Dr. Loukas Barmparis, President of the Company commented: “This is a new investment at the edge of the technological design and environmental performance, targeting to renew our fleet. In addition, the agreed financing allows for limited impact on our liquidity, which presently exceeds US$100 million, as we have not and do not intend to utilize our previously announced at the market (ATM) equity offering at stock price levels we have seen year to date.”
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.
Safe Bulkers, Inc. press release