Safe Bulkers, Inc. announces quarterly dividend on its 8.00% Series C Cumulative Redeemable Perpetual Preferred Stock and 8.00% Series D Cumulative Redeemable Perpetual Preferred Stock.

02.07.2024 – 16:05

MONACO, July 2, 2024 (GLOBE NEWSWIRE) — Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of ocean transportation services for dry bulk cargoes, today announced that the Company’s Board of Directors has declared:

• a cash dividend of $0.50 per share on its 8.00% Series C Cumulative Redeemable Perpetual Preferred Stock (the “Series C Preferred Stock”) (NYSE: SB.PR.C) for the period April 30, 2024 through July 29, 2024;
• a cash dividend of $0.50 per share on its 8.00% Series D Cumulative Redeemable Perpetual Preferred Stock (the “Series D Preferred Stock”) (NYSE: SB.PR.D) for the period April 30, 2024 through July 29, 2024.

Each dividend will be paid on July 30, 2024 to all shareholders of record of Series C Preferred Stock and Series D Preferred Stock, respectively, as of July 19, 2024. Dividends on Series C and D Preferred Stock will be payable quarterly in arrears on the 30th day (unless the 30th falls on a weekend or holiday, in which case the payment date will be postponed to the next business day) of January, April, July and October of each year.

The declaration and payment of future dividends, if any, will always be subject to the discretion of the Company’s Board of Directors. There can be no assurance that the Company’s Board of Directors will elect to issue cash dividends in the future. The timing and amount of any dividends declared will depend on, among other things, (i) the Company’s earnings, fleet employment profile, financial condition and cash requirements and available sources of liquidity; (ii) decisions relating to the Company’s growth, fleet renewal and leverage strategies; (iii) the provisions of the laws of the Marshall Islands and Liberia governing the payment of dividends; (iv) restrictive covenants in the Company’s existing and future debt securities; and (v) global economic and financial conditions.

About Safe Bulkers, Inc.

The Company is an international provider of dry bulk marine transportation services, transporting bulk commodities, primarily coal, grain and iron ore, on global shipping lanes for some of the world’s largest users of dry bulk marine transportation services. The Company’s common stock and Series C and D preferred stock are listed on the NYSE and trade under the symbols “SB,” “SB.PR.C,” and “SB.PR.D,” respectively.

Forward-looking statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended) concerning future events, the Company’s growth strategy and actions to implement that strategy, including anticipated vessel purchases and the entering into of additional time charter agreements. 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, there can be no assurance that such expectations will prove to be correct. These statements involve known and unknown risks and are based on a number of assumptions and estimates that by their nature are subject to significant uncertainties and contingencies, many of which are beyond the Company’s control. 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 demand for dry bulk carriers, competitive factors in the market in which the Company operates, risks associated with doing business outside the United States and other factors detailed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligation or undertaking to release publicly 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:

Company contact:
Loukas Barmparis
president
Secure Bulkers, Inc.
Phone: +30 2 111 888 400
+357 25 887 200
E-mail: [email protected]

Investor Relations / Media Contact:
Nicolas Bornozis, President
CapitalLink, Inc.
230 Park Avenue, Suite 1540
New York, NY 10169
Phone: (212) 661-7566
Fax: (212) 661-7526
E-mail: [email protected]