Safe Bulkers Announces Acquisition of Second Hand Vessel

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Safe Bulkers, Inc., an international provider of marine dry-bulk transportation services, announced today that it has acquired a 92,000 dwt, South Korean 2010 built, dry-bulk, Post-Panamax class vessel at an attractive price. The vessel is a sistership of the Company’s two existing South Korean Post-Panamax class vessels. The acquisition was financed from cash on hand.

Dr. Loukas Barmparis, President of the Company commented, “In parallel with the optimisation of our capital structure our Board has decided to invest in a second hand vessel which we believe it will be accretive to our revenues. Furthermore, the acquisition of an additional sistership provides us with enhanced operational flexibility and optimises our ability to control fleet operating expenses.”

Sea News, December 15