Safe Bulkers, Inc. Declares Quarterly Dividend on Its 8.00% Series B Cumulative
Redeemable Perpetual Preferred Shares
ATHENS, GREECE -- (Marketwired) -- 01/13/14 -- Safe Bulkers, Inc.
(the "Company") (NYSE: SB), an international provider of marine
drybulk transportation services, announced today that the Company's
Board of Directors has declared a cash dividend of $0.50 per share on
its 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares
(the "Series B Preferred Shares") (NYSE: SB.PR.B) for the period from
October 30, 2013 to January 29, 2014. The dividend will be paid on
January 30, 2014 to all Series B preferred shareholders of record as
of January 24, 2014.
The Company has 1,600,000 Series B Preferred Shares outstanding as of
today. This is the third consecutive cash dividend the Company has
declared since the commencement of trading of its Series B Preferred
Shares on the New York Stock Exchange on June 19, 2013.
The declaration and payment of dividends, if any, will always be
subject to the discretion of the Board of Directors of the Company,
and will depend on, among other things, the Company's earnings,
financial condition and cash requirements and availability, the
Company's ability to obtain debt and equity financing on acceptable
terms as contemplated by the Company's growth strategy, the
restrictive covenants in the Company's existing and future debt
instruments and global economic conditions.
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 is listed on the NYSE, where it trades
under the symbol "SB". The Company's current fleet consists of 28
drybulk vessels, all built 2003 onwards, and the Company has
contracted to acquire ten additional drybulk newbuild vessels to be
delivered at various times through 2016.
This press release contains forward-looking statements (as defined in
Section 27A of the Securities Exchange Act of 1933, as amended, and
in the Section 21E of the Securities Act of 1934, as amended)
concerning future events, the Company's growth strategy and measures
to implement such strategy, including expected vessel acquisitions
and entering into further time charters. Words such as "expects,"
"intends," "plans," "believes," "anticipates," "hopes," "estimates"
and variations of such words and similar expressions are intended to
identify forward-looking statements. Although the Company believes
that the expectations reflected in such forward-looking statements
are reasonable, no assurance can be given that such expectations will
prove to have been correct. These statements involve known and
unknown risks and are based upon a number of assumptions and
estimates which are inherently subject to significant uncertainties
and contingencies, many of which are beyond the control of the
Company. Actual results may differ materially from those expressed or
implied by such forward-looking statements. Factors that could cause
actual results to differ materially include, but are not limited to,
changes in the demand for drybulk vessels, competitive factors in the
market in which the Company operates, risks associated with
operations outside the United States and other factors listed from
time to time in the Company's filings with the Securities and
Exchange Commission. The Company expressly disclaims any obligations
or undertaking to release any updates or revisions to any
forward-looking statements contained herein to reflect any change in
the Company's expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is based.
For further information please contact:
Dr. Loukas Barmparis
Safe Bulkers, Inc.
Tel.: +30 2 111 888 400
Fax: +30 2 111 878 500
Investor Relations / Media Contact:
Nicolas Bornozis, President
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, N.Y. 10169
Tel.: (212) 661-7566
Fax: (212) 661-7526
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