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Marine Log

May 19, 2008

Safe Bulkers, Inc. plans IPO

Athens-headquartered Safe Bulkers, Inc. is planning an IPO of 10 million shares of common stock on the New York Stock Exchange.

According to a Form F1 filed with the SEC, the initial public offering price is expected to be between $20.00 and $22.00 per share.

The stock has been approved for listing on the New York Stock Exchange under the symbol "SB."

According to the filing the company is "an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly grain, iron ore and coal, along worldwide shipping routes for some of the world's largest consumers of marine drybulk transportation services."

Its current fleet of 11 Japanese-built drybulk vessels, with an aggregate carrying capacity of 887,900 deadweight tons ("dwt") and an average age of 2.6 years as of December 31, 2007, is one of the world's youngest fleets of Panamax, Kamsarmax and Post-Panamax class vessels. The fleet is expected to almost double (on a dwt basis) by mid-2010 as the result of the delivery of eight drybulk newbuilds, comprised of two Kamsarmax, four Post-Panamax and two Capesize class vessels. On delivery of the last of the eight contracted newbuilds in May 2010, the fleet will total 19 vessels, having an aggregate carrying capacity of 1,759,900 dwt and an average age of 3.2 years.

The filing says the company is controlled by the Hajioannou family, "which has a long history of operating and investing in the international shipping industry, including a long history of vessel ownership. Vassos Hajioannou, the late father of Polys Hajioannou, our chief executive officer, and Nicolaos Hadjioannou, our chief operating officer, first invested in shipping in 1958. Since that time, the Hajioannou family's presence within the drybulk shipping industry has become well-established and continues to grow. Polys Hajioannou has been actively involved in the industry since 1987, when he joined the predecessor of our affiliated management company, Safety Management Overseas S.A ... Nicolaos Hadjioannou joined Safety Management in 1999


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