Dry CargoEurope

Safe Bulkers offloads two panamaxes, brings in another

NYSE-listed dry bulk owner Safe Bulkers has offloaded two of its older panamax vessels and brought in a 2011-built panamax.

The company has agreed to sell Oshima-built (2003) Paraskevi for $7.3m, with delivery scheduled for March. In a separate agreement, it has also sold the Tsuneishi-built (2004) Vassos for a price of $8.7m. Both vessels are listed as sold to unknown Chinese buyers by VesselsValue.

Safe Bulkers has also entered into an agreement to buy a 2011-built Japanese panamax for $14m. The vessel is a sister-ship with two of the company’s existing vessels, and 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.

The transactions were revealed by Safe Bulkers in the company’s fourth quarter results, where it posted a net income of $7.6m.

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.”

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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