Safe Bulkers, Inc. Declares Quarterly Dividend

TINNews

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced today that the Company’s Board of Directors has declared:

a cash dividend of $0.50 per share on its 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares (the “Series B Preferred Shares”) (NYSE: SB.PR.B) for the period from April 30, 2017 to July 29, 2017;
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 April 30, 2017 to July 29, 2017;
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 April 30, 2017 to July 29, 2017.

Each dividend will be paid on July 31, 2017 to all shareholders of record as of July 24, 2017 of the Series B Preferred Shares of the Series C Preferred Shares and of the Series D Preferred Shares, respectively. Dividends on the Series B, 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.

This is the sixteenth consecutive cash dividend declared on the Company’s Series B Preferred Shares, the thirteenth cash dividend declared on its Series C Preferred Shares and the twelfth cash dividend declared on its Series D Preferred Shares, since their respective commencement of trading on the New York Stock Exchange.

The declaration and payment of dividends, if any, will always be subject to the discretion of the Board of Directors of the Company, and will depend on, among other things, the Company’s earnings, financial condition and cash requirements and availability, the Company’s ability to obtain debt and equity financing on acceptable terms as contemplated by the Company’s growth and leverage strategies, the restrictive covenants in the Company’s existing and future debt instruments and global economic conditions.