Safe Bulkers to Acquire Japanese Kamsarmax Dry-Bulk Vessel

TL;DR

**Safe Bulkers is buying a new Japanese dry-bulk ship, expanding its fleet.**

AI Summary

Safe Bulkers, Inc. (NYSE: SB) announced on January 10, 2024, an agreement to acquire one Japanese Kamsarmax class dry-bulk vessel, weighing 82,000 deadweight tons (dwt). This acquisition expands the company's fleet, potentially increasing its capacity for marine drybulk transportation services. For investors, this matters because a larger, newer fleet can lead to increased revenue potential and operational efficiency, but also involves capital expenditure and market risk for dry-bulk shipping.

Why It Matters

This acquisition signals Safe Bulkers' strategy to expand its fleet and potentially increase its market share in dry-bulk transportation, which could impact future earnings and stock performance.

Risk Assessment

Risk Level: medium — While fleet expansion can be positive, the dry-bulk shipping market is cyclical and subject to global trade fluctuations, posing inherent risks to the investment.

Analyst Insight

An investor should monitor future filings for details on the vessel's delivery date, financing terms, and its impact on Safe Bulkers' operational capacity and financial projections, as this acquisition is a capital expenditure that could affect future earnings.

Key Numbers

• 82,000 dwt — deadweight tons of the acquired vessel (indicates the carrying capacity of the Kamsarmax class dry-bulk vessel)
• January 10, 2024 — date of agreement and filing (marks the official announcement of the vessel acquisition)

Key Players & Entities

• Safe Bulkers, Inc. (company) — the registrant and acquirer of the vessel
• Konstantinos Adamopoulos (person) — Chief Financial Officer who signed the report
• NYSE: SB (company) — Safe Bulkers' stock ticker
• Monaco (company) — location of Safe Bulkers' principal executive office

Forward-Looking Statements

• Safe Bulkers' fleet capacity will increase following the delivery of the new vessel. (Safe Bulkers, Inc.) — high confidence, target: Upon vessel delivery (not specified in filing)
• The acquisition will contribute to Safe Bulkers' revenue in future quarters. (Safe Bulkers, Inc.) — medium confidence, target: Post-delivery and operational deployment

FAQ

Filing Documents

• f11024sb6k.htm (6-K) — 14KB
• f11024sb6k001.jpg (GRAPHIC) — 30KB
• 0001317861-24-000002.txt ( ) — 56KB

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: January 10, 2024 SAFE BULKERS, INC. By: /s/ Konstantinos Adamopoulos Name: Konstantinos Adamopoulos Title: Chief Financial Officer Safe Bulkers, Inc. Announces Agreement for the Acquisition of One Japanese Kamsarmax Class Dry-bulk Vessel Monaco January 10, 2024 -- 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 a Japanese, 82,000 dwt, dry-bulk, Kamsarmax class vessel with a scheduled delivery date within the third quarter of 2026. The newbuild vessel is designed to meet the Phase 3 requirements of Energy Efficiency Design Index related to the reduction of greenhouse gas emissions (GHG -EEDI Phase 3) as adopted by the International Maritime Organization, (IMO) and also comply with the latest NOx emissions regulation, NOx-Tier III (NOx-Tier III). This newbuild vessel is a sister vessel to a number of newbuilds in our orderbook with advanced energy efficiency characteristics resulting to lower fuel consumption. The Company has already taken delivery of seven IMO GHG Phase 3 NOx Tier III vessels. Including this agreement, the Company has an outstanding orderbook of nine Phase 3 newbuild vessels, two of which are methanol dual fuel, with scheduled deliveries three in 2024, two in 2025, three in 2026, and one in 2027. Dr. Loukas Barmparis, President of the Company commented: Consistent with our ESG strategy, we have placed an additional order for a Phase 3 newbuild targeting a gradual fleet renewal and the subsequent operational and financial advantages associated with it. About Safe Bulkers, Inc. The Company is an international provider of marine drybulk transportation services, transporting bulk cargoes, parti

Forward-Looking Statements

Forward-Looking Statements This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and in Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, the Companys 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 that are inherently subject to significant uncertainties and contingencies, business disruptions due to natural disasters or other events, such as the recent COVID-19 pandemic, 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, changes in TCE rates, changes in fuel prices, risks associated with operations outside the United States, general domestic and international political conditions, uncertainty in the banking sector and other related market volatility, disruption of shipping routes due to political events, risks associated with vessel construction and other factors listed from time to time in the Companys filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertakings to release any updates or revisions to any forward-looking statements

View Full Filing

View this 6-K filing on SEC EDGAR