Safe Bulkers completes sale of oldest Kamsarmax vessels

Safe Bulkers Inc., a maritime company led by Cypriot shipowner Polys Hajioannou, has announced the sale of its MV Pedhoulas Merchant, a Kamsarmax-class dry-bulk vessel built in Japan in 2006. The transaction, valued at $11.5 million, is set for delivery in September 2025. This sale marks the conclusion of the company’s divestment of its two oldest Kamsarmax vessels, as it aims to modernize its fleet.

Strategic Fleet Renewal

President Loukas Barmparis highlighted the significance of this agreement, stating that it aligns with the company’s strategy to renew its fleet. The MV Pedhoulas Merchant, along with the Pedhoulas Leader, built in 2007, represents the last of the older vessels in Safe Bulkers’ lineup. Barmparis emphasized that the company is preparing for the arrival of four newbuilds expected to be delivered by 2026. In total, Safe Bulkers has an orderbook of six vessels scheduled for delivery by 2027, indicating a robust commitment to fleet expansion and modernization.

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Safe Bulkers operates as an international provider of marine dry-bulk transportation services, specializing in the transport of essential commodities such as coal, grain, and iron ore. The company serves some of the largest charterers in the industry, navigating global shipping routes to meet demand. Its common stock and preferred shares are publicly traded on the New York Stock Exchange under the symbols SB, SB.PR.C, and SB.PR.D.

Market Risks and Future Outlook

While the company is optimistic about its future, it acknowledges the inherent risks and uncertainties associated with the maritime industry. Safe Bulkers has pointed out that changes in demand for dry-bulk vessels, competitive market dynamics, and fluctuations in charter rates and fuel prices could impact its operations. Additionally, political and economic disruptions affecting shipping routes pose potential challenges.

The company also noted risks related to vessel construction, tariffs, and banking sector volatility. Broader geopolitical developments could further influence its business environment. Safe Bulkers has stated that actual results may differ significantly from current expectations and has no obligation to update its forward-looking statements based on future events or changes in circumstances. This cautious approach reflects the complexities of the shipping industry and the need for strategic planning in an ever-evolving market.