Dry CargoEurope

Safe Bulkers offloads three bulkers to Hajioannou

In its latest set of results published overnight, Safe Bulkers has revealed that it has sold three vessels to entities controlled by its chairman and CEO Polys Hajioannou.

Stalo, a 2006-built 87,000 dwt post-panamax was sold to Hajioannou for $9m cash, while 2014-built 78,000 dwt panamax Kypros Unity was sold for $20m cash. Additionally, Hajioannou has taken up the shipbuilding contract for an 84,000 dwt Japanese newbuild post-panamax due for delivery in 2019 which has $28.4m capital expenditure outstanding.

Safe Bulkers said it will use the funds to pay an outstanding loan of $16.7m attached to the Kypros Unity. Overall, the transaction will result in a $28.4m reduction in the company’s capital expenditure obligations, a $16.6m reduction in the company’s existing indebtedness, and a $12.3m improvement in the company’s liquidity.

The company said it is also in negotiations for another company controlled by Hajioannou to assume its obligations under a shipbuilding contract for a 81,600 dwt Japanese newbuild Kamsarmax scheduled for delivery in the first half of 2018.


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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