Business: Safe Bulkers, 8.00% Series D Cumulative Redeemable Perpetual Preferred Shares, liquidation preference $25 per share, redeemable at the issuer's option on or after 6/30/2019 at $25 per share plus accrued and unpaid dividends, and with no stated maturity.<p> Cumulative distributions of 8.00% per annum ($2.00 per annum or $0.50 per quarter) will be paid quarterly on 1/30, 4/30, 7/30 & 10/30 to holders of record on the record date that will be the business day prior to the payment date (NOTE: the ex-dividend date is the record date). <p>Dividends paid by these preferred shares are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) but, since they are issued by a foreign company, are NOT eligible for the dividends received deduction for corporate holders (see page S-38 of the prospectus for further information). <p> In the event of a fundamental change when the common stock ceases to be listed on the NYSE or the Nasdaq Markets, the issuer may redeem the shares at a redemption price in cash equal to $25 per share plus an amount equal to all accumulated and unpaid dividends thereon to the date of redemption, whether or not declared. <p> This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.