Safe Bulkers sells and leases back four kamsarmaxes

Safe Bulkers sells and leases back four kamsarmaxes

Safe Bulkers has sold four of its kamsarmax vessels to an unnamed bank for a net price of $92.1m, and will lease the vessels back on bareboat charters.

Each vessel has been leased back for a period of 10 years at a net bareboat charter rate of $6,500 daily, the NYSE-listed company said.

Safe Bulkers is obliged to purchase all four vessels at the end of the tenth year for a total price of $50.5m.

The agreement includes the option for the company to purchase the vessels after the second year of the bareboat charter at predetermined purchase prices.

“This sale and leaseback transaction, following settlement of debt with past lenders, provides additional liquidity of approximately $46.5m,” Safe Bulkers said.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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