Safe Bulkers, Inc. Refinances US$74.9 million Loan Facilities Resulting to Debt Write off of US$8.3 million


Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced today that the Company has refinanced US$74.9 million loans outstanding, with a new loan facility of US$49.6 million and cash on hand of US$17.0 million, resulting in a debt write off of about US$8.3 million.

Dr. Loukas Barmparis, President of the Company, said: “We continued our actions towards improving our capital structure and reducing our financing expenses aiming to create value for our shareholders. Our past moves included buy back of two Kamsarmax class vessels under sale and lease back agreements and exchange and buy back of series B Preferred shares.”

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, series B preferred stock, series C preferred stock and series D preferred stock are listed on the NYSE, and trade under the symbols “SB”, “SB.PR.B”, “SB.PR.C”, and “SB.PR.D”, respectively.