Safe Bulkers Buys Post-Panamax Newbuild

BulkerIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license

Monaco-based dry bulk owner Safe Bulkers inked a deal to acquire a Post-Panamax newbuild vessel from an unnamed seller availing of attractive market opportunities.

The vessel is expected to be delivered within the first half of 2020.

Safe Bulkers has the option to finance up to 50% of the purchase price of the vessel through the periodic issuance of the company’s common stock to the seller. The cash component of the purchase price will be financed with cash on hand.

 “Following completion of the refinancing actions announced by the company last week that were designed to provide financial flexibility and improve liquidity, this acquisition reflects the company’s commitment to opportunistically expand and renew its fleet. This vessel suits our overall fleet profile at an attractive price, while providing significant financing flexibility,” Loukas Barmparis, President of the company said.

The company has been very busy over the recent period with refinancing of its obligations, pushing back USD 132.4 million balloon payments scheduled in 2021 and 2022 to 2023 and 2025.

Safe Bulkers’ net revenues for the third quarter of 2018 increased by 34% to USD 50.1 million year-on-year, while net income for the quarter increased by 21% to USD 8.1 million year-on-year.

 

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