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Safe Bulkers seals new $70m loan

New York-listed Greek dry bulk owner Safe Bulkers has entered into a new five-year $70m credit facility.

The loan comprises a term loan tranche of $30m and a reducing revolving credit facility tranche providing for a draw down capacity of up to $40m. The proceeds will refinance loan facilities of $64.3m for eight vessels, maturing in 2023.

Loukas Barmparis, president of Safe Bulkers, said: “We continue our strategy of gradually deleveraging our Company and increasing the revolving credit facility component of our debt, which provides a greater flexibility and lower overall interest costs, targeting a lower leverage as we continue to renew our fleet with modern, energy efficient newbuild tonnage or second-hand tonnage from leading Japanese yards that will replace older or Chinese-built vessels.”

Last week, Safe Bulkers acquired a 2013-built Japanese panamax bulker for $22m.

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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