Safe Bulkers Acquires a Post-Panamax Class Dry-Bulk Vessel

 

The vessel is a sistership of the Company’s two existing South Korean Post-Panamax class vessels. The acquisition was financed from cash on hand.

 

Dr. Loukas Barmparis, President of the Company commented: “In parallel with the optimization of our capital structure our Board has decided to invest in a second hand vessel which we believe it will be accretive to our revenues. Furthermore, the acquisition of an additional sistership provides us with enhanced operational flexibility and optimizes our ability to control fleet operating expenses.”

 

As of October 25, 2017, Safe Bulkers' operational fleet comprised of 38 drybulk vessels with an average age of 7.3 years and an aggregate carrying capacity of 3.4 million dwt. Its fleet consists of 14 Panamax class vessels, nine Kamsarmax class vessels, 12 post- Panamax class vessels and three Capesize class vessels, all built 2003 onwards. 

 

The Company is an international provider of marine dry-bulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes for some of the world’s largest users of marine dry-bulk transportation services.