Working Conditions Aboard the Cymona-Pride

Safe Bulkers has announced the sale of three vessels to entities under the control of its chairman and CEO, Polys Hajioannou. The transactions include the 2006-built Stalo, a post-panamax vessel weighing in at 87,000 deadweight tons, which was sold for $9 million in cash. Notably, Hajioannou has also acquired the 2014-built Kypros Unity, a 78,000 deadweight ton panamax vessel, in a cash deal totaling $20 million. Furthermore, Hajioannou will be taking over the shipbuilding contract for an 84,000 dwt newbuild post-panamax, originating from Japan, which is scheduled for delivery in 2019. This contract, however, still has a remaining capital expenditure of $28.4 million. Safe Bulkers indicated that these transactions would facilitate the repayment of a $16.7 million loan associated with the Kypros Unity. Collectively, this operation will decrease the company's capital expenditure obligations by $28.4 million, reduce its existing debt by $16.6 million, and enhance its liquidity position by $12.3 million.