Safe Bulkers (NYSE: SB) announced today that it has entered into recapitulation agreements for the acquisition of four Japanese newbuild dry bulk vessels.
The three newbuild vessels are 82,000 dwt, Kamsarmax class, with scheduled delivery dates of two in the first half and one in the third quarter of 2029.
One newbuild vessel is a 182,000 dwt Capesize class, with scheduled delivery date in the second half of 2029.
The acquisitions for the three Kamsarmax class vessels are anticipated to be financed through the company’s cash reserves, with no external financing having been arranged at this stage.
The Capesize class vessel will be acquired through a finance lease under a bare boat charter agreement for a period of ten years, with purchase options in favor of the Company available five years following the commencement of the bareboat charter period, all at predetermined purchase prices.
The recapitulation agreements are subject to customary terms, documentation, and closing conditions.
All newbuild vessels are designed to meet the Phase 3 requirements of the Energy Efficiency Design Index related to the reduction of greenhouse gas emissions and also comply with the latest NOx emissions regulation. The Kamsarmax newbuilds vessels are sister vessels to a number of newbuilds in Safe Bulkers’ orderbook with advanced energy efficiency characteristics resulting in lower fuel consumption.
The company has already taken delivery of thirteen IMO GHG Phase 3 – NOx Tier III vessels.
Upon consummation of these recapitulation agreements, they will have an outstanding orderbook of eleven newbuild vessels, two of which are methanol dual-fueled, with scheduled deliveries of three in 2026, two in 2027, one in 2028, and five in 2029.
Dr. Loukas Barmparis, President of the Company commented:
“Safe Bulkers continues to invest selectively in modern newbuild vessels incorporating the latest-generation designs from leading shipyards, with delivery schedules aligned to the Company’s fleet age profile and available slots. This strategy supports our fleet renewal pathway to maintain a young, modern, fuel-efficient, and environmentally advanced fleet, preserving our competitiveness.”
About Safe Bulkers, Inc.
The Company is an international provider of marine dry-bulk transportation services, transporting bulk cargoes, particularly grain, coal and iron ore, along worldwide shipping routes for some of the world’s largest users of marine dry-bulk transportation services. The Company’s common stock, series C preferred stock and series D preferred stock are listed on the NYSE, and trade under the symbols “SB”, “SB.PR.C”, and “SB.PR.D”, respectively.
source: Capital Link Editorial
