Safe Bulkers, Inc. Announces Agreement for the Acquisition of Two Kamsarmax Class Newbuild Vessels

Monaco - May 31, 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 two Chinese dry-bulk, 82,500 dwt, Kamsarmax class vessels, at attractive prices with scheduled delivery dates within August 2024 and January 2025.

The newbuild vessels are designed to meet the requirements of Energy Efficiency Design Index related to Green House Gas, GHG emissions, ‘EEDI, Phase 3’ to comply with the NOx emissions regulation, NOx-Tier III.

Including this agreement and following the delivery of its first Phase 3 newbuild in May 2022, the Company has an outstanding orderbook of 10 newbuild vessels, with scheduled deliveries one in 2022, five in 2023, three in 2024 and one in 2025, of which three are Post-panamax class and seven are Kamsarmax class vessels.

Dr. Loukas Barmparis, President of the Company commented: “Newbuild orders remain the core context of our fleet renewal strategy. In this respect we have ordered two additional GHG-EEDI Phase 3, NOx-Tier III Kamsarmax class vessels in a leading Chinese shipyard further expanding our fleet with energy efficient vessels”.

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