Safe Bulkers Agrees Sale and Leaseback for Eight Ships

Safe BulkersIllustration; Image Courtesy: Pixabay under CC0 Creative Commons license

Monaco-based dry bulk shipping company Safe Bulkers has entered into sale and leaseback agreements with respect to eight vessels.

As informed, the aggregate gross proceeds to the company in connection with the sale and leaseback arrangements are USD 158.3 million.

Safe Bulkers intends to use the proceeds to refinance loan facilities of USD 105.2 million with terms expiring between 2023 and 2025 and for general corporate purposes.

Under the deals, two vessels were leased back under bareboat charter agreements for a period of six years. In addition, six vessels were leased back under bareboat charter agreements for a period of eight years.

Four of such arrangements contemplate a purchase obligation at the end of the bareboat charter period and purchase options commencing three years following commencement of the bareboat charter period, and the remaining four arrangements contemplate a purchase option five years and nine months following commencement of the bareboat charter period, all at predetermined purchase prices, according to the company.

Safe Bulkers further said that the sale and leaseback agreements provide additional liquidity of USD 53.1 million.

Moreover, the company has entered into a three-year unsecured revolving credit facility providing for a draw down capacity of USD 15 million.

“These recent financing arrangements have strengthened our liquidity position, which now exceeds USD 140 million, and provide us with financial flexibility to take advantage of opportunities that may arise,” Loukas Barmparis, President of Safe Bulkers, commented.

Share this article

Follow World Maritime News

In Depth>


<< Mar 2020 >>
24 25 26 27 28 29 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 2 3 4 5

Seawork 2020

Seawork is Europe’s leading commercial marine and workboat exhibition, providing businesses the opportunity…

read more >

Belgian Offshore Days 2020

During this event, a conference will be held with focus on “Increasing value by data driven innovation…

read more >

World Future Ports Summit 2020

This event will bring together ports and maritime shipping professionals from global leading companies and authorities to discuss recent digital technologies…

read more >

Europort Romania

Europort Romania is the premier maritime networking event of the Black Sea and will connect maritime technology and service suppliers with high level professionals from Romania and surrounding shipbuilding markets.

More info

read more >