Safe Bulkers, Inc. Secures Deal for New Japanese Kamsarmax Vessel

On April 26, 2024, Safe Bulkers, Inc. (referred to as the Company) (NYSE: SB), a worldwide provider of marine drybulk transportation services, announced the finalization of an agreement for the acquisition of a Japanese-built Kamsarmax-class dry-bulk vessel, with a capacity of 82,000 deadweight tons (dwt). The vessel is anticipated to be delivered in the Q4 of 2026.

This forthcoming addition to the company's fleet has been meticulously designed to meet the stringent criteria of Phase 3 of the Energy Efficiency Design Index (EEDI), which aims to mitigate greenhouse gas emissions (IMO GHG - EEDI Phase 3), as stipulated by the International Maritime Organization (IMO). Furthermore, the vessel complies with the latest NOx emissions standards, known as NOx-Tier III. Notably, this newbuild shares commonalities with several vessels in the company's existing orderbook, featuring cutting-edge energy efficiency enhancements that translate to reduced fuel consumption.

To date, Safe Bulkers has taken delivery of nine vessels that meet the stringent criteria of IMO GHG Phase 3 and NOx Tier III standards. With the recent agreement in place, the company's orderbook comprises eight newbuild vessels, two of which are equipped with methanol dual fuel capabilities. Scheduled deliveries are spread out over the coming years, with one vessel expected in 2024, two in 2025, four in 2026, and one in 2027.

Dr. Loukas Barmparis, President of Safe Bulkers, expressed his enthusiasm regarding this latest development, stating, "This recent addition to our newbuild order, with a delivery timeline that aligns closely with current slot availability, is in line with our overarching fleet renewal strategy. It underscores our steadfast commitment to owning and operating one of the most environmentally efficient dry bulk fleets within the industry."

In its capacity as a global leader in marine drybulk transportation services, Safe Bulkers serves a diverse array of clients by offering transportation solutions for dry bulk commodities such as grain, coal, and iron ore along various international shipping routes. Its common stock, series C preferred stock, and series D preferred stock are listed on the New York Stock Exchange (NYSE), trading under the symbols "SB," "SB.PR.C," and "SB.PR.D," respectively.

Safe Bulkers Inc. (referred to as the "Company") operates as a global supplier of marine dry-bulk transportation services, specializing in the transportation of commodities such as grain, coal, and iron ore across the globe. The company's mission is to consistently surpass customer expectations by safely and efficiently transporting dry bulk cargoes worldwide. With a vision to establish itself as one of the most competitive providers of marine dry bulk transportation services globally, Safe Bulkers Inc. aims to uphold its reputation, which spans over 60 years, as one of the most dependable and steadfast pure dry bulk companies in the industry.