Dry CargoEuropeFinance and Insurance

Safe Bulkers banks $53m from sale and leaseback of eight vessels

Greek dry bulk owner Safe Bulkers has entered into sale and leaseback agreements for eight vessels.

Safe Bulkers has sold the eight vessels, to an unnamed party, for $158.3m and will use the funds to refinance loan facilities worth $105.2m providing the company $53.1m in additional liquidity.

Two of the sold vessels were leased back under bareboat charters for a period of six years, while the other six vessels were leased back under bareboat charters for a period of eight years.

All of the vessels have purchase options included in their contracts, while four have purchase obligations at the end of the charter period.

Loukas Barmparis, president of Safe Bulkers, commented: “These recent financing arrangements have strengthened our liquidity position, which now exceeds $140 million, and provide us with financial flexibility to take advantage of opportunities that may arise.”

Additionally, the company also entered into a three-year unsecured revolving credit facility with a capacity of $15m.

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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