Safe Bulkers Acquires Two New Drybulk Vessels

Maritime Activity Reports, Inc.

December 17, 2009

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced today that it has agreed to acquire two additional newbuild drybulk Post-Panamax class vessels, each with a capacity of 95,000 deadweight tons, built by a Japanese shipyard.
 
The first of the newbuilds is expected to be delivered during the second half of 2010 and the second is expected to be delivered during the first half of 2012. The new agreements expand the existing relationship between the company and the shipyard, established in 2008 through a contract for a sistership vessel, which is expected to be delivered in the second half of 2011. The aggregate cost for the three vessels in construction at this shipyard is $153m including commissions, plus or minus customary adjustments.

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