Safe Bulkers Sells Capesize Vessel as Part of Fleet Renewal Strategy
New York-listed Greek shipping company Safe Bulkers has announced the sale of its 14-year-old capesize vessel, the *Michalis H*, for $35.2 million. The transaction is part of the company’s ongoing fleet renewal program, aimed at modernizing its operations. The delivery of the vessel to its new owner is scheduled for the first quarter of 2026.
The *Michalis H*, built in China in 2012, is one of the many bulk carriers in Safe Bulkers’ fleet, which currently consists of approximately 45 vessels. This fleet includes panamax, kamsarmax, post-panamax, and capesize units, with an average age of just over ten years. Loukas Barmparis, the company’s president, emphasized that the sale aligns with their strategic goals and is timed favorably within the current market cycle.
Balancing Sales and New Orders
The sale of the *Michalis H* is part of a broader strategy where Safe Bulkers is balancing secondhand vessel sales with new orders. Earlier this year, the company returned to the newbuilding market, securing agreements for two kamsarmax vessels, each with a deadweight tonnage of 82,500. These new ships are expected to be delivered in the third quarter of 2028 and the first quarter of 2029.
This latest sale follows a restructuring phase in 2024, during which Safe Bulkers sold two kamsarmax vessels. With the recent capesize sale, the company’s orderbook now includes eight vessels scheduled for delivery through 2029. This strategic approach allows Safe Bulkers to maintain a competitive edge in the shipping industry while ensuring a modern and efficient fleet.
The company’s proactive measures reflect its commitment to adapting to market conditions and enhancing operational efficiency. By renewing its fleet and investing in new vessels, Safe Bulkers aims to position itself favorably for future growth in the bulk shipping sector.
