Safe Bulkers, Inc. (the Company) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that in relation to its ESG strategy, has entered into contracts for the acquisition of two dual-fueled, 81,200 dwt, Kamsarmax class dry-bulk vessels, at attractive prices with scheduled delivery dates in the fourth quarter of 2026 for the first vessel, and in the first quarter of 2027 for the second vessel.

Safe Bulkers, Inc. Announces Contracts for the Acquisition of Two Dual-Fueled Kamsarmax Class Newbuild Vessels

The newbuild vessels are designed to meet the requirements of Energy Efficiency Design Index related to Green House Gas, GHG emissions, ‘EEDI, Phase 3’ and to comply with the NOx emissions regulation, NOx-Tier III.

The newbuild vessels are capable of operating with methanol and fuel. When powered by green methanol the vessels can produce close to zero GHG emissions based on the life cycle assessment (LCA) methodology well-to-propeller (WTP).

The Company has already taken delivery of five IMO GHG Phase 3 - NOx Tier III vessels and is expected to take delivery 9 additional newbuilds, two of which dual-fueled, with scheduled deliveries two in 2023, three in 2024, two in 2025, one in 2026 and one in the first quarter of 2027.

Dr. Loukas Barmparis, President of the Company commented: “Following our fleet renewal strategy developed after 2019 with 12 newbuilds, we have extensively assessed the use of technologies leading to net-zero GHG emissions. The two new contracts, with relatively prompt deliveries, signed today, reflect our ambition to be in the forefront of environmental developments.”