Safe Bulkers sells Capesize vessel for $35.2m in fleet renewal move

Cyprus-linked shipping company Safe Bulkers, Inc. announced it has entered into an agreement for the sale of the MV Michalis H, a 2012 Chinese-built Capesize class dry-bulk vessel, at a gross sale price of $35.2 million, with forward delivery within the first quarter of 2026.

At the same time, the company clarified the move forms part of its fleet renewal strategy.

Loukas Barmparis, president of the company said that “In the context of our renewal strategy we sold the MV Michalis H at what we consider an optimal timing in the cycle and at a competitive price”, adding that “at present, the orderbook of the company consists of eight vessels from now until 2029.’’

Meanwhile, the company explained it is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes for some of the world’s largest users of marine drybulk transportation services.

In addition, its 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.

Furthermore, the announcement contains forward-looking statements concerning future events, the company’s growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters.

Although the company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct.

These statements involve known and unknown risks and are based upon a number of assumptions and estimates subject to significant uncertainties and contingencies, including business disruptions due to natural disasters or other events such as the COVID-19 pandemic.

Actual results may therefore differ materially from those expressed or implied by such forward-looking statements.

Factors include changes in the demand for dry-bulk vessels, competitive market conditions, changes in TCE rates, fuel prices, risks associated with operations outside the US, general domestic and international political conditions, tariffs imposed as a result of trade war and trade protectionism.

They also include uncertainty in the banking sector, market volatility and disruption of shipping routes due to political events.

The company added that risks associated with vessel construction and other factors listed in filings with the Securities and Exchange Commission may also affect results.

It also expressly disclaims any obligation to release updates or revisions to forward-looking statements following changes in expectations, events, conditions or circumstances.