Safe Bulkers, Inc. Reports Fourth Quarter and Twelve Month 2012 Results and Declares Quarterly Dividend

ATHENS, GREECE--(Marketwire - Feb 20, 2013) - Safe Bulkers, Inc. (the "Company") (NYSE: SB), an international provider of marine drybulk transportation services, announced today its unaudited financial results for the three and twelve month period ended December 31, 2012. The Company's Board of Directors also declared a quarterly dividend of $0.05 per share for the fourth quarter of 2012.

Summary of Fourth Quarter 2012 Results

• Net revenue for the fourth quarter of 2012 increased by 8% to $46.4 million from $42.9 million, during the same period in 2011.
• Net income for the fourth quarter of 2012 increased by 36% to $32.2 million from $23.6 million, during the same period in 2011. Adjusted net income(1) for the fourth quarter of 2012 decreased by 15% to $20.5 million from $24.0 million, during the same period in 2011.
• EBITDA(2) for the fourth quarter of 2012 increased by 39% to $43.9 million from $31.7 million during the same period in 2011. Adjusted EBITDA¹ for the fourth quarter of 2012 increased marginally at $32.2 million from $32.1 million during the same period in 2011.
• Earnings per share ("EPS") and Adjusted EPS¹ for the fourth quarter of 2012 was $0.42 and $0.27, respectively, calculated on a weighted average number of shares of 76,665,956, compared to $0.33 and $0.34, respectively, during the fourth quarter of 2011, calculated on a weighted average number of shares of 70,894,420.
• The Company's Board of Directors declared a dividend of $0.05 per share for the fourth quarter of 2012.

¹ Adjusted net income, Adjusted EPS and Adjusted EBITDA represent Net Income, EPS and EBITDA before early redelivery income/(cost) and gain/(loss) on derivatives and foreign currency. See Table 1.

² EBITDA represents net income before interest, income tax expense, depreciation and amortization. See Table 1.

Summary of Twelve Month Period Ended December 31, 2012 Results

• Net revenue for the twelve month period ended December 31, 2012 increased by 9% to $184.3 million from $168.9 million during the same period in 2011.
• Net income for the twelve month period ended December 31, 2012 increased by 7% to $96.1 million from $89.7 million during the same period in 2011. Adjusted net income for the twelve month period ended December 31, 2012 decreased by 13% to $89.8 million from $102.8 million, during the same period in 2011.
• EBITDA for the twelve month period ended December 31, 2012 increased by 16% to $137.5 million from $118.2 million during the same period in 2011. Adjusted EBITDA for the twelve month period ended December 31, 2012 decreased marginally to $131.2 million from $131.3 million during the same period in 2011.
• EPS and Adjusted EPS for the twelve month period ended December 31, 2012 was $1.27 and $1.19, respectively, calculated on a weighted average number of shares of 75,468,465, compared to $1.29 and $1.48, respectively, during the same period in 2011, calculated on a weighted average number of shares of 69,463,093.

Fleet and Employment Profile

In December 2012, citing excessive construction delays, the Company exercised its termination right under an agreement for the construction, sale and delivery by a shipyard to the Company of an 180,000 dwt, Capesize class newbuild vessel and delivered demands for a refund for the full amount of advances paid by the Company under such agreement, with interest, to each of the shipyard and the relevant refund guarantor (a bank rated Aa3 by Moody's Investor Services) pursuant to such agreement and the associated refund guarantees, respectively. In response, in January 2013, the Company received a notice of arbitration and initiated arbitration proceedings in London, England, with the shipyard. The arbitration dispute remains ongoing. The shipyard alleges that the Company's termination constitutes a breach of the agreement and argues that the Company is not entitled to a refund of any of the $31.8 million in advances paid, or interest. The Company has classified the $31.8 million in advances as Other current assets. The Company is and will continue vigorously pursuing the arbitration and believes that the merits in this dispute rest in the Company's favor. However, arbitration is inherently uncertain and the Company cannot provide assurance that it will prevail.

In December 2012, the Company took early redelivery of the Martine, ahead of the contracted earliest redelivery date of January 21, 2014. In connection with this early redelivery, the Company recognized early redelivery income of $8.5 million, consisting of cash compensation paid by the relevant charterer of $8.6 million, net of commissions, less accrued revenue of $0.1 million. The Company employs the Martine in the spot market.

In December 2012, the Company took early redelivery of the Maria, ahead of the contracted earliest redelivery date of February 24, 2014. In connection with this early redelivery, the Company recognized early redelivery income of $3.2 million, consisting of cash compensation paid by the relevant charterer of $3.4 million, net of commissions, less accrued revenue of $0.2 million. The Company employs the Maria in the spot market.

In December 2012, the Company agreed with the charterer of the Maritsa the early termination of a charter party of which the contracted earliest redelivery date was January 29, 2015. The vessel was redelivered to the Company in January 2013, whereupon the Company received cash compensation of $13.1 million. The Company employs the Maritsa with the same charterer in the period time charter market.

In January 2013, the Company acquired and took delivery of the Paraskevi, a second-hand, 74,300 dwt, Japanese, 2003-built, Panamax class vessel, for a purchase price of $13.8 million. The Paraskevi was delivered to the Company with dry-docking and special survey passed.

In January 2013, the Company contracted to acquire the Pedhoulas Commander, a second-hand, 83,700 dwt, Japanese, 2008-built, Kamsarmax class vessel, for a purchase price of $19.4 million. The Company believes that it will take delivery of Pedhoulas Commander sometime in March 2013.

In January 2013, the Company agreed to a new scheduled delivery of Hull 1659, to be in the first half of 2014, instead of the initial scheduled delivery in the second half of 2013.

As of February 15, 2013, the Company's operational fleet, was comprised of 25 drybulk vessels with an average age of 4.8 years and an aggregate carrying capacity of 2.28 million dwt. The 25-vessel fleet consists of seven Panamax class vessels, six Kamsarmax class vessels, 10 Post-Panamax class vessels and two Capesize class vessels, and each such vessel was built post 2003.

As of February 15, 2013, the Company, has contracted to acquire six additional drybulk newbuild vessels and one secondhand vessel, with deliveries scheduled at various times through 2015. The orderbook consists of three newbuild Panamax vessels, two Post-Panamax vessels and one Capesize vessel. The secondhand vessel is Kamsarmax.

Set out below is a table showing the Company's existing and newbuild vessels and their contracted employment as of February 15, 2013:

Vessel Name		DWT		Year Built (1)		Country of construction		Charter Rate (2) USD/day		Charter Duration (3)
Current Fleet
Panamax
Maria		76,000		2003		Japan		6,250		Feb 2013 - Mar 2013
Koulitsa		76,900		2003		Japan		8,500		Dec 2012 - Feb 2014
Paraskevi		74,300		2003		Japan		8,000		Jan 2013 - Apr 2013
Vassos		76,000		2004		Japan		29,000		Nov 2008 - Oct 2013
Katerina		76,000		2004		Japan		20,000		Feb 2011 - Feb 2014
Maritsa		76,000		2005		Japan		8,000		Jan 2013 - Dec 2014
Efrossini		75,000		2012		Japan		14,800  9,500		Nov 2012 - Feb 2013 Mar 2013 -May 2013
Kamsarmax
Pedhoulas Merchant		82,300		2006		Japan		18,350		Aug 2011 - Jul 2013
Pedhoulas Trader		82,300		2006		Japan		41,850 BPI + 6.5% (4)		Aug 2008 - Jul 2013 Aug 2013 - Jul 2015
Pedhoulas Leader		82,300		2007		Japan		13,250		Jun 2012 - May 2014
Pedhoulas Builder		81,600		2012		China		8,450		Oct 2012 - Nov 2013
Pedhoulas Fighter		81,600		2012		China		(BPI+4%) -1,000(5)		Aug 2012 - Sep 2013
Pedhoulas Farmer		81,600		2012		China		8,000		Sep 2012 - Sep 2013
Post-Panamax
Stalo		87,000		2006		Japan		34,160		Mar 2010 - Feb 2015
Marina		87,000		2006		Japan		41,557		Dec 2008 - Dec 2013
Sophia		87,000		2007		Japan		34,720		Oct 2008 - Sep 2013
Eleni		87,000		2008		Japan		41,738		Apr 2010 - Mar 2015
Martine		87,000		2009		Japan		8,500		Jan 2013 - Mar 2013
Andreas K		92,000		2009		South Korea		10,000		Dec 2012 - Feb 2014
Panayiota K		92,000		2010		South Korea		6,000		Dec 2012 - Feb 2013
Venus Heritage		95,800		2010		Japan		7,200		Feb 2013 - Mar 2013
Venus History		95,800		2011		Japan		12,000		Sep 2012 - Jan 2013
Venus Horizon		95,800		2012		Japan		9,500		Feb 2013 - Apr 2013
Capesize
Kanaris		178,100		2010		China		25,928		Sep 2011 - Jun 2031
Pelopidas		176,000		2011		China		38,000		Feb 2012 - Dec 2021
Subtotal		2,282,400
Orderbook
Newbuilds
Panamax
Hull No. 814		75,000		2H 2013		Japan
Hull No. 1659		76,600		1H 2014		Japan
Hull No. 1660		76,600		1H 2014		Japan
Post-Panamax
Hull No. 2396		84,000		2H 2015		Japan
Hull No. 2397		84,000		2H 2015		Japan
Capesize
Hull No. 8126		181,000		1H 2014		Japan		24,376 (6)		Jan 2014 - Jan 2024
Second-hand
Kamsarmax
TBN Pedhoulas Commander		83,700		2008 (7)		Japan
Subtotal		660,900
Total		2,943,300

1) For newbuilds, the dates shown reflect the expected delivery date.
2) Charter rate represents recognized gross daily charter rate. For charter parties with variable rates among periods or consecutive charter parties with the same charterer, the recognized gross daily charter rates represents the weighted average gross charter rate over the duration of the applicable charter period or series of charter periods, as applicable. Charter agreements may provide for additional payments, namely ballast bonus to compensate for vessel repositioning.
3) The start dates listed reflect either actual start dates or, in the case of contracted charters that had not commenced as of February 15, 2013, scheduled start dates. Actual start dates and redelivery dates may differ from the scheduled start and redelivery dates depending on the terms of the charter and market conditions.
4) A period time charter with a forward delivery date in August of 2013 at a gross daily charter rate linked to the Baltic Panamax Index ("BPI") plus a premium of 6.5%.
5) A period time charter at a gross daily charter rate linked to the BPI plus a premium of 4%. Net daily charter rate payable will be reduced by an amount equal to $1,000 per day.
6) The charter agreement grants the charterer the option to extend the period time charter for an additional twelve months at a time, at a gross daily charter rate of $26,330, less 1.25% total commissions, which option may be exercised by the charterer a maximum of two times. The charter agreement also grants the charterer an option to purchase the vessel at any time beginning at the end of the seventh year of the period time charter period, at a price of $39 million less 1.00% commission, decreasing thereafter on a pro-rated basis by $1.5 million per year. The Company holds a right of first refusal to buy back the vessel in the event that the charterer exercises its option to purchase the vessel and subsequently offers to sell such vessel to a third party.
7) Vessel is scheduled to be delivered to the Company in March 2013.

As of February 15, 2013, the contracted employment of fleet ownership days was:

	2013 (remaining)	60%
	2013 (full year)	65%
	2014	26%
	2015	13%

Capital expenditure requirements and liquidity as of February 15, 2013

As of February 15, 2013, the remaining capital expenditure requirements to shipyards or sellers, net of commissions for the delivery of the six newbuild and one secondhand vessel, amounted to $193.5 million, of which $68.1 million is scheduled to be paid in 2013, $74.2 million in 2014 and $51.2 million in 2015. We anticipate satisfying these capital expenditure requirements from existing cash and time deposits, borrowings against our long-term floating rate note investment, cash surplus from operations and existing revolving credit facilities and commitments.

As of February 15, 2013, the Company had $47.0 million in cash and short-term time deposits, $22.8 million in short-term restricted cash, $3.9 million in long-term restricted cash, $68.9 million available under existing revolving credit facilities and $40.0 million undrawn availability against our $50.0 million floating rate note.

Apart from the above loan and credit facilities and commitments, the Company utilizes cash flows from operations generated by its contracted period time charters. The Company has also the ability to borrow additional amounts secured by two existing debt-free vessels, six newbuild vessels and one second-hand vessel, on which additional financing may be contracted, upon delivery of such vessels to the Company as and if required.

Dividend Declaration

The Company's Board of Directors declared a cash dividend on the Company's common stock of $0.05 per share payable on or about March 8, 2013 to shareholders of record at the close of trading of the Company's common stock on the New York Stock Exchange (the "NYSE") on March 4, 2013.

The Company has 76,670,460 shares of common stock issued and outstanding as of today's date.

The Board of Directors of the Company is continuing a policy of paying out a portion of the Company's free cash flow at a level it considers prudent in light of the current economic and financial environment. The declaration and payment of dividends, if any, will always be subject to the discretion of the Board of Directors of the Company. The timing and amount of any dividends declared will depend on, among other things: (i) the Company's earnings, financial condition and cash requirements and available sources of liquidity, (ii) decisions in relation to the Company's growth 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 financial conditions. Accordingly, the Company may reduce or not pay dividends in the future.

Management Commentary 

Dr. Loukas Barmparis, President of the Company, said: "Our Board of Directors has declared our nineteenth consecutive dividend since our IPO in the amount of $0.05 per share. The last quarter we were focused on reducing our counter party risk through early redeliveries while strengthening our cash position. We are also focused on attractive secondhand acquisitions to better position ourselves before the next shipping cycle." 

Conference Call

On Thursday, February 21, 2013 at 9:00 A.M. EST, the Company's management team will host a conference call to discuss the financial results.

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 (866) 819-7111 (US Toll Free Dial In), 0(800) 953-0329 (UK Toll Free Dial In) or +44 (0)1452-542-301 (Standard International Dial In). Please quote "Safe Bulkers" to the operator.

A telephonic replay of the conference call will be available until February 28, 2013 by dialing 1 (866) 247-4222 (US Toll Free Dial In), 0(800) 953-1533 (UK Toll Free Dial In) or +44 (0)1452 550-000 (Standard International Dial In). Access Code: 1859591#

Slides and Audio Webcast

There will also be a live, and then archived, webcast of the conference call, available through the Company's website (www.safebulkers.com). Participants in the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

Management Discussion of Fourth Quarter 2012 Results

Net income increased by 36% to $32.2 million for the fourth quarter of 2012 from $23.6 million for the same period in 2011, mainly due to the following factors:

Net revenues: Net revenues increased by 8% to $46.4 million for the fourth quarter of 2012, compared to $42.9 million for the same period in 2011, mainly due to an increased number of operating days. The Company operated 23.6 vessels on average during the fourth quarter of 2012, earning a time charter equivalent rate, or TCE³ of $20,845, compared to 17.41 vessels and a TCE rate of $26,330 during the same period in 2011.

Vessel operating expenses: Vessel operating expenses increased by 36% to $9.8 million for the fourth quarter of 2012, compared to $7.2 million for the same period in 2011. The increase in operating expenses is attributable to the increase in ownership days by 36% to 2,171 days for the fourth quarter of 2012 from 1,602 days for the same period in 2011. Daily vessel operating expenses increased slightly by 0.5% to $4,511 for the fourth quarter of 2012 compared to $4,487 for the same period in 2011.

Depreciation: Depreciation increased by 33% to $8.8 million for the fourth quarter of 2012, compared to $6.6 million for the same period in 2011, as a result of the increase in the average number of vessels owned and operated by the Company during the fourth quarter of 2012.

Early redelivery income: During the fourth quarter of 2012, the Company recorded $11.7 million of early redelivery income, versus $0.1 million for the same period in 2011. Early redelivery income recorded in the fourth quarter of 2012 as a result of the early termination of the charter party agreements of the Maria and Martine.

Interest expense: Interest expense increased by 93% to $2.9 million for the fourth quarter of 2012, compared to $1.5 million for the same period in 2011, as a result of the increase in the average amount of loans and credit facilities by the Company during the fourth quarter of 2012.

³ Time charter equivalent rates, or TCE rates, represent the Company's charter revenues less commissions and voyage expenses during a period divided by the number of our available days during the period.

Unaudited Interim Financial Information and Other Data
SAFE BULKERS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands of U.S. Dollars except for share and per share data)
			Three-Months Period Ended December 31,						Twelve-Months Period Ended December 31,
			2011			2012			2011			2012
REVENUES:
	Revenues		43,715			47,191			172,036			187,557
	Commissions		(798	)		(828	)		(3,128	)		(3,261	)
	Net revenues		42,917			46,363			168,908			184,296
EXPENSES:
	Voyage expenses		(947	)		(1,379	)		(1,987	)		(7,286	)
	Vessel operating expenses		(7,188	)		(9,793	)		(26,066	)		(34,540	)
	Depreciation		(6,571	)		(8,755	)		(23,637	)		(32,250	)
	General and administrative expenses		(2,471	)		(2,741	)		(8,489	)		(9,946	)
	Early redelivery income		106			11,677			207			11,677
	Operating income		25,846			35,372			108,936			111,951
OTHER (EXPENSE) / INCOME:
	Interest expense		(1,510	)		(2,885	)		(5,250	)		(9,072	)
	Other finance costs		(187	)		(243	)		(1,055	)		(1,268	)
	Interest income		259			288			1,046			1,122
	(Loss)/gain on derivatives		(175	)		65			(12,491	)		(5,384	)
	Foreign currency loss		(390	)		(15	)		(799	)		(3	)
	Amortization and write-off of deferred finance charges		(290	)		(359	)		(653	)		(1,226	)
	Net income		23,553			32,223			89,734			96,120
	Earnings per share		0.33			0.42			1.29			1.27
Weighted average number of shares			70,894,420			76,665,956			69,463,093			75,468,465

SAFE BULKERS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands of U.S. Dollars)
			December 31, 2011		December 31, 2012
ASSETS
	Cash, time deposits & restricted cash		28,121		125,524
	Other current assets		9,838		46,305
	Vessels, net		655,356		810,001
	Advances for vessel acquisition and vessels under construction		122,307		39,902
	Restricted cash non-current		5,423		3,923
	Long-term investment		50,000		50,000
	Other non-current assets		6,226		6,559
	Total assets		877,271		1,082,214
LIABILITIES AND EQUITY
	Current portion of long-term debt		18,486		19,199
	Other current liabilities		33,187		28,294
	Long-term debt, net of current portion		465,805		596,468
	Other non-current liabilities		27,951		12,397
	Shareholders' equity		331,842		425,856
	Total liabilities and equity		877,271		1,082,214

Fleet Data
		Three-Month Period Ended December 31,								Twelve-Month Period Ended December 31,
		2011				2012				2011				2012
FLEET DATA
Number of vessels at period end			18				24				18				24
Average age of fleet (in years)			4.29				4.50				4.29				4.50
Ownership days (1)			1,602				2,171				5,992				7,716
Available days (2)			1,594				2,158				5,976				7,703
Operating days (3)			1,588				2,154				5,962				7,654
Fleet utilization (4)			99.1	%			99.2	%			99.5	%			99.2	%
Average number of vessels in the period (5)			17.41				23.60				16.42				21.08
AVERAGE DAILY RESULTS
Time charter equivalent rate (6)		$	26,330			$	20,845			$	27,932			$	22,979
Daily vessel operating expenses (7)		$	4,487			$	4,511			$	4,350			$	4,476

(1) Ownership days represent the aggregate number of days in a period during which each vessel in our fleet has been owned by us.
(2) Available days represent the total number of days in a period during which each vessel in our fleet was in our possession net of off-hire days associated with scheduled maintenance, which includes major repairs, drydockings, vessel upgrades or special or intermediate surveys.
(3) Operating days represent the number of our available days in a period less the aggregate number of days that our vessels are off-hire due to any reason, excluding scheduled maintenance.
(4) Fleet utilization is calculated by dividing the number of our operating days during a period by the number of our ownership days during that period.
(5) Average number of vessels in the period is calculated by dividing ownership days in the period by the number of days in that period.
(6) Time charter equivalent rates ("TCE rates") represent our charter revernues less commissions and voyage expenses during a certain period divided by the number of our available days during the period.
(7) Daily vessel operating expenses include the costs for crewing, insurance, lubricants, spare parts, provisions, stores, repairs, maintenance, statutory and classification expense, drydocking, intermediate and special surveys and other miscellaneous items. Daily vessel operating expenses are calculated by dividing vessel operating expenses by ownership days for the relevant period.

TABLE 1
RECONCILIATION OF ADJUSTED NET INCOME, EBITDA, ADJUSTED EBITDA AND ADJUSTED EPS
		Three-Month Period Ended December 31,				Twelve-Month Period Ended December 31,
(In thousands of U.S. Dollars except for share and per share data)		2011		2012		2011		2012
Net Income - Adjusted Net Income
Net Income		23,553		32,223		89,734		96,120
Less Early redelivery income		(106	)	(11,677	)	(207	)	(11,677	)
Plus Loss/(gain) on derivatives		175		(65	)	12,491		5,384
Plus Foreign currency loss		390		15		799		3
Adjusted Net Income		24,012		20,496		102,817		89,830
EBITDA - Adjusted EBITDA
Net Income		23,553		32,223		89,734		96,120
Plus Net interest expense		1,251		2,597		4,204		7,950
Plus Depreciation		6,571		8,755		23,637		32,250
Plus Amortization		290		359		653		1,226
EBITDA		31,665		43,934		118,228		137,546
Less Early Redelivery Income		(106	)	(11,677	)	(207	)	(11,677	)
Plus Loss/(gain) on derivatives		175		(65	)	12,491		5,384
Plus Foreign currency loss		390		15		799		3
ADJUSTED EBITDA		32,124		32,207		131,311		131,256
EPS - Adjusted EPS
Net Income		23,553		32,223		89,734		96,120
Adjusted net income		24,012		20,496		102,817		89,830
Weighted average number of shares		70,894,420		76,665,956		69,463,093		75,468,465
EPS		0.33		0.42		1.29		1.27
Adjusted EPS		0.34		0.27		1.48		1.19

EBITDA represents net income before interest, income tax expense, depreciation and amortization. Adjusted EBITDA represents EBITDA before, early redelivery income/(cost) and gain/(loss) on derivatives and foreign currency. EBITDA and adjusted EBITDA are not recognized measurements under US GAAP. EBITDA and adjusted EBITDA assist the Company's management and investors by increasing the comparability of the Company's fundamental performance from period to period and against the fundamental performance of other companies in the Company's industry that provide EBITDA and adjusted EBITDA information. The Company believes that EBITDA and adjusted EBITDA are useful in evaluating the Company's operating performance compared to that of other companies in the Company's industry because the calculation of EBITDA generally eliminates the effects of financings, income taxes and the accounting effects of capital expenditures and acquisitions and the calculation of adjusted EBITDA generally further eliminates the effects of early redelivery income/(cost) and gain/(loss) on derivatives and foreign currency, items which may vary for different companies for reasons unrelated to overall operating performance.

EBITDA, adjusted EBITDA, Adjusted Net Income and Adjusted EPS have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of the Company's results as reported under US GAAP. EBITDA and adjusted EBITDA should not be considered as substitutes for net income and other operations data prepared in accordance with US GAAP or as a measure of profitability. While EBITDA and adjusted EBITDA are frequently used as measures of operating results and performance, they are not necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation.

About Safe Bulkers, Inc.

The Company is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes for some of the world's largest users of marine drybulk transportation services. The Company's common stock is listed on the NYSE, where it trades under the symbol "SB". The Company's current fleet consists of 25 drybulk vessels, all built post-2003, and the Company has contracted to acquire six additional drybulk newbuild vessels and one secondhand to be delivered at various times through 2015.

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Exchange Act of 1933, as amended, and in Section 21E of the Securities Act of 1934, as amended) concerning future events, the Company's growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates" and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the demand for drybulk vessels, competitive factors in the market in which the Company operates, risks associated with operations outside the United States and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.