Safe Bulkers, Inc. Announces the Acquisition of One Newbuild, Panamax-Class, Drybulk Vessel

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced yesterday that it has entered into a shipbuilding contract for the construction of a Japanese-built, drybulk Panamax-class vessel at a contracted price of $18.9 million plus JP ¥1.9 billion,

with an expected delivery date in the first quarter of 2012.
With this latest acquisition, Safe Bulkers has a total of nine newbuilding orders that will expand its operating fleet to 25 vessels with an aggregate deadweight capacity of approximately 2.4 million tons by 2013.
Dr. Loukas Barmparis, President of the Company, commented: "We are pleased to conclude this agreement for a Japanese newbuild Panamax class vessel with prompt delivery date in the first quarter of 2012. This vessel is designed to satisfy specifically the needs of our Japanese customers, while maintaining a reasonably low average cost per newbuild vessel in our orderbook. Furthermore, this vessel, together with the additional intended acquisitions of Japanese newbuild vessels, is planned to replace our older Panamax vessels upon completion of their respective period time charters which expire in 2013 to 2015."
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 16 drybulk vessels, all built post-2003, and the Company has contracted to acquire nine additional drybulk newbuild vessels to be delivered at various times through 2013.