Safe Bulkers, Inc. Announces Agreement for the Acquisition of One Capesize Class Dry-bulk Vessel

Monaco - May 26, 2022

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 2012-built, Chinese, dry-bulk, 176,000 dwt, Capesize class vessel, to be named MV Aghia Sofia, with delivery date within August 2022, upon completion of its scheduled dry docking by its current owners, which includes ballast water treatment installation, sandblasting and painting of cargo holds and environmental upgrading with ultra-low friction paints, as per our requirements.

The vessel will be acquired at a gross purchase price of $31.75 million and will be financed from the cash reserves of the Company.

Dr. Loukas Barmparis, President of the Company commented: "Following our time charter contracts for three-year employment of two of our Capesize class vessels, we are using our liquidity to further expand our Cape size class fleet to eight vessels, expecting that such acquisition will be accretive to our revenue and profitability."

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