Safe Bulkers Declares Quarterly Dividend on its 8.00% Series C Cumulative

Source: www.gulfoilandgas.com 4/8/2022, Location: Europe

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, 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 Shares (the “Series C Preferred Shares”) (NYSE: SB.PR.C) for the period from January 30, 2021 to April 29, 2022;
- a cash dividend of $0.50 per share on its 8.00% Series D Cumulative Redeemable Perpetual Preferred Shares (the “Series D Preferred Shares”) (NYSE: SB.PR.D) for the period from January 30, 2021 to April 29, 2022.
- Each dividend will be paid on May 2, 2022 to all shareholders of record as of April 20, 2022 of the Series C Preferred Shares not redeemed on April 29, 2022 (as further discussed below), and of the Series D Preferred Shares, respectively. Dividends on the Series C and D Preferred Shares are payable quarterly in arrears on the 30th day (unless the 30th falls on a weekend or public holiday, in which case the payment date is moved to the next business day) of January, April, July and October of each year.

As previously announced, the Company issued a notice of partial redemption to holders of its Series C Preferred Shares, pursuant to which the Company expects to redeem 1,492,554 of the 2,297,504 outstanding Series C Preferred Shares on April 29, 2022, at a redemption price of $25.00 per Series C Preferred Share plus all accumulated and unpaid dividends to, but excluding, April 29, 2022. From and after April 29, 2022, all distributions on the redeemed Series C Preferred Shares will cease to accumulate, such redeemed Series C Preferred Shares will no longer be deemed outstanding, and all rights in respect of the redeemed Series C Preferred Shares will terminate, except for the right to receive the redemption price. Thus, holders of Series C Preferred Shares will not be entitled to receive a dividend on May 2, 2022 in respect of the Series C Preferred Shares to be redeemed on April 29, 2022.

The declaration and payment of future dividends, if any, will always be subject to the discretion of the Board of Directors of the Company. There is no guarantee that the Company’s Board of Directors will determine 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 in relation to the Company’s growth, fleet renewal and leverage strategies; (iii) provisions of Marshall Islands and Liberian law governing the payment of dividends; (iv) restrictive covenants in the Company’s existing and future debt instruments; and (v) global economic and financial conditions.


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