Safe Bulkers sheds second vintage kamsarmax
Safe Bulkers Sells Aging Vessel to Renew Fleet
Greek dry bulk shipping company Safe Bulkers is strategically offloading older vessels to make way for new additions to its fleet. The firm has sold the 2007-built kamsarmax vessel, Pedhoulas Merchant, for $11.5 million to an undisclosed buyer. This sale follows the recent disposal of its sister ship, Pedhoulas Leader, as part of a broader plan to modernize its fleet ahead of upcoming newbuild deliveries.
Strategic Fleet Renewal
Safe Bulkers, listed on the New York Stock Exchange, is actively working to refresh its fleet by selling off older tonnage. The Pedhoulas Merchant, which has a deadweight tonnage of 82,300 and was built by Tadotsu Tsuneishi, is expected to change ownership in September. The vessel was valued at approximately $10.4 million by the online pricing platform VesselsValue, indicating a profitable sale for the company.
This recent transaction comes shortly after the sale of another kamsarmax vessel, Pedhoulas Leader, which was sold for $12.5 million. Both vessels are part of Safe Bulkers’ strategy to exit older fleet segments, with the sales expected to finalize between August and October. Loukas Barmparis, president of Safe Bulkers, emphasized the importance of these sales in executing their fleet renewal strategy. He stated, “With this agreement, we wound up the sale of our two oldest kamsarmax class vessels, executing our strategy to renew our fleet in view of the four newbuilds expected to be delivered to us within 2026.”
Future Fleet Expansion
Following these sales, Safe Bulkers’ fleet will consist of 47 ships, including the two kamsarmax vessels that are being sold. The company has plans to introduce six newbuilds in the same class, with deliveries scheduled through the first quarter of 2027. This proactive approach to fleet management reflects Safe Bulkers’ commitment to maintaining a modern and efficient shipping operation, positioning the company for future growth in the competitive dry bulk market.
