Greece: Safe Bulkers Enters Credit Agreement for Acquisition of Three Post-Panamax Class Vessels

Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that it has entered into three credit agreements with Japanese governmental financial institutions amounting to US $122.4 million to finance the acquisition of three Japanese Post-Panamax class newbuild vessels.

The previously-announced vessel acquisitions from Japanese shipyards relate to one vessel which was delivered in 2010 and two vessels which are expected to be delivered in 2011 and 2012, respectively. The structure of the financing is in accordance with the Organisation for Economic Cooperation and Development-approved export credit schemes. The amount is repayable over twelve years with very competitive financial terms. The credit agreements were concluded with the Japan Bank for International Cooperation, (the “JBIC”), and Citibank Japan, Ltd acting as lead arranger.

The JBIC is the international wing of Japan Finance Corporation, a Japanese governmental financial institution which conducts lending, investment and guarantee operations while complementing private sector financial institutions, promoting Japanese industry. Nippon Export and Investment Insurance, the official export credit agency of Japan, insured almost half of the amount. Safe Bulkers, Inc. is believed to be the first Greece-based shipping company to enter into financing arrangements of this kind with Japanese governmental financial institutions. The transaction expands the Company’s strong relationships with Japanese counterparties, from shipyards and charterers to Japanese financial institutions.

Polys Hajioannou, Chief Executive Officer and Chairman of the Board of Directors of the Company, commented: “Over many years we have established extensive relationships with major Japanese shipyards and charterers. We have ordered 26 newbuild vessels in Japanese yards, while a large percentage of our fleet is chartered with major Japanese charterers. These three credit agreements now expand our cooperation with Japanese counterparties to the financial sector as well. We are proud, after extensive efforts, to become the first 2 Greece-based shipping company to enter into this kind of financing arrangement with Japanese governmental institutions and a private bank in Japan, demonstrating the depth of our relations with the Japanese market. Our recently completed equity offering with net proceeds of approximately US $39.6 million and these three credit agreements amounting to US $122.4 million, further strengthen our liquidity position. We have an ongoing newbuilding program and we may pursue further attractive vessel acquisition opportunities, with new vessel designs currently under development by leading Japanese shipyards, complying with upcoming regulations and incorporating technology advancements providing for energy efficiency and environmental protection.’’

About Safe Bulkers, Inc.

The Company 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. The Company’s common stock is listed on the NYSE, where it trades under the symbol “SB”. The Company’s current fleet consists of 16 drybulk vessels, all built post-2003, and the Company has contracted to acquire 11 additional drybulk newbuild vessels to be delivered at various times through 2014.

Source: safebulkers, June 02, 2011

Share this article

Follow World Maritime News

Posted on June 2, 2011

In Depth>


<< Oct 2015 >>
28 29 30 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31 1

Canada LNG Export Conference and Exhibition 2016

Following the tremendous success of DMG’s 3rd Annual Canada LNG Export Conference & Exhibition, those fundamental to the development of LNG…

read more >

Seatrade Offshore Marine & Workboats Middle East 2015

Middle East Workboats 2015 is firmly established as the definitive and leading industry event for the region. As a visitor you will be part…

read more >

Danish Maritime Technology Conference 7-8 October 2015

Danish Maritime Technology Conference is a summit for the maritime industry taking place during Danish Maritime Days 2015.

The conference gathers the newest, most innovative and sustainable technologies from the Danish Maritime industry.

The conference is held with support from The Danish Maritime Fond and in collaboration with members of Danish Maritime such as: MAN Diesel & Turbo, Wärtsilä Danmark, Emerson Process Management Marine Tank Management – Damcos A/S, Inrotech, VIKING Life Saving Equipment, Hempel, Alfa Laval Danmark, Force Technology and Søby Yard.

Danish Maritime Technology Conference is free of charge.

Read more about the conference here.

read more >

Marintec China 2015, Shanghai, China


Facts & Figures of Marintec China:
• The exhibition spread over 70,000 square metres in Shanghai New International Expo Centre
• Over 1,700 exhibiting companies were participating in the event
• 57,888 quality trade visitors from 88 countries/regions
• 16 national & regional pavilions from Austria, China, Denmark, Finland, France, Germany, Hong Kong SAR, Japan, Korea, the Netherlands, Norway, Singapore, Sweden, Taiwan region, the United States and the United Kingdom were organised

About Marintec China

Marintec China 2015 will be held on 1-4 December 2015 in Shanghai. With increasing worldwide recognition and reputation throughout the past three decades, the exhibition is attracting an increasing number of high-profile exhibitors and visitors from around the world.

Regarded as the only gateway to the Asian maritime market, Marinetech China has become larger than ever! Being the most recognized maritime trade show in Asia, Marintec China is definitely an international marketplace for buyers to source from international sellers showcasing their latest marine, ship design, offshore engineering and port technology.

Over the years, Marintec China has grown to reflect the size and importance of the Asian maritime market. Marintec China 2013 has broken all the previous records attracting more than 1,700 exhibiting companies from 32 countries /regions and 16 group pavilions, making it the most international and authorised industry event in Asia. Taking place once every two years, Marintec China 2015 edition is a unique opportunity for suppliers to connect with new customers and re-connect with existing contacts from the region, and final one to present new products and services to the trade visitors and experts from all parts of the world.

Visit Marintec China 2015 website for more details

read more >