Safe Bulkers pushes on with fleet renewal

SafeBulkers

Safe Bulkers has sold two of its older panamax vessels and acquired a 2011-built panamax, the company said in its fourth quarter financial results report.

The company has agreed to sell Oshima-built (2003) Paraskevi for $7.3m, with delivery scheduled for March. It has also separately sold the Tsuneishi-built (2004) Vassos for a price of $8.7m.

Safe Bulkers has also agreed to buy a 2011-built Japanese panamax vessel for $14m. Delivery is scheduled by the end of this month. It will immediately go out on a charter for 11 to 14 months at a rate of $13,800 per day.

Loukas Barmparis, president of Safe Bulkers, said: ”Having a consistent strategy for fleet renewal and environmental upgrading, hands on operations and strong balance sheet, we believe we are well positioned to take advantage of a strengthening charter market.”

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