Safe Bulkers acquires secondhand capesize at bargain price

Safe Bulkers acquires secondhand capesize at bargain price

Greek dry bulk owner Safe Bulkers says it has acquired a 2009-built Japanese capesize at what it says is an attractive price.

The vessel will head for a dry docking and is then expected to be employed in the time charter market.

While the vessel identity wasn’t revealed by Safe Bulkers, the most likely candidate was reported by Splash yesterday with the court-led sale of Five Stars Fujian at auction for $24.8m. The vessel had been detained since 2016 at the request of China’s Bank of Communications due to a debt dispute with Five Stars Fujian Shipping.

Loukas Barmparis, president of Safe Bulkers, commented: “While we remain focused on the optimization of our capital structure by buying back later this month a kamsarmax class vessel under sale and lease back agreement, our board has decided to invest opportunistically in a second-hand capesize class vessel, the second acquisition since December 2017, which we believe will be accretive to our revenues and further expand our fleet and our operations in the capesize market.”

The acquisition is being financed with cash on hand, and joins three other capesizes in the Safe Bulkers fleet which currently stands at 40 vessels.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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