Safe Bulkers Acquires Capesize Class Dry-Bulk Vessel

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Safe Bulkers, Inc. announced on Monday that it has acquired a 181,000 dwt, Japanese, 2009-built, dry-bulk, Capesize class vessel at an attractive price. The acquisition was financed from cash on hand.

Following a dry docking the vessel is expected to be employed in the time charter market. As of August 13, 2018, the weighted time charter average of the Baltic Exchange Cape Index (BCI AVG5TC) was $26,059 per day.

Dr. Loukas Barmparis, President of the Company commented: “While we remain focused on the optimization of our capital structure by buying back later this month a Kamsarmax class vessel under sale and lease back agreement, our Board has decided to invest opportunistically in a second-hand Capesize class vessel, the second acquisition since December 2017, which we believe will be accretive to our revenues and further expand our fleet and our operations in the Capesize market.”

Sea News, August 14

Baibhav Mishra
Author: Baibhav Mishra

Associate Editor, Sea News