Safe Bulkers Expands Its Fleet with Post-Panamax Ship

Monaco-based dry bulk shipping company Safe Bulkers has acquired a South Korean-built dry bulk Post-Panamax class vessel “at an attractive price”.

The 92,000 dwt ship was constructed in 2010 and is the sister vessel of the company’s two existing South Korean Post-Panamax class vessels.

Safe Bulkers informed that the acquisition was financed from cash on hand.

“In parallel with the optimization of our capital structure our Board has decided to invest in a second hand vessel which we believe it will be accretive to our revenues,” Loukas Barmparis, President of the company, said.

“Furthermore, the acquisition of an additional sistership provides us with enhanced operational flexibility and optimizes our ability to control fleet operating expenses,” Barmparis added.

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