Nicosia, Cyprus. Safe Bulkers, Inc. said it has agreed to sell the MV Michalis H, a 2012 Chinese-built Capesize dry-bulk vessel, for a gross price of $35.2 million. The company expects forward delivery within the first quarter of 2026.
Sale and fleet renewal strategy
The company said the sale forms part of its fleet renewal strategy. President Loukas Barmparis said the vessel was sold at what the company considers an optimal point in the cycle and at a competitive price, adding that the company’s orderbook consists of eight vessels from now until 2029.
Company operations and stock listings
Safe Bulkers said it provides marine drybulk transportation services, carrying bulk cargoes including coal, grain and iron ore on worldwide shipping routes for some of the world’s largest users of such services. The company said its common stock, series C preferred stock and series D preferred stock are listed on the NYSE under the symbols “SB”, “SB.PR.C” and “SB.PR.D”, respectively.
Forward-looking statements and risks
The company said the announcement includes forward-looking statements on future events, its growth strategy, and measures to implement that strategy, including expected vessel acquisitions and additional time charters. It said it considers these expectations reasonable but provided no assurance they will prove correct.
Safe Bulkers said the statements involve known and unknown risks and are based on assumptions and estimates subject to significant uncertainties and contingencies, including potential business disruptions from natural disasters or other events such as the COVID-19 pandemic. It said actual results may differ materially from those expressed or implied.
The company cited factors including changes in demand for dry-bulk vessels, competitive market conditions, changes in TCE rates, fuel prices, risks associated with operations outside the US, general domestic and international political conditions, and tariffs imposed as a result of trade war and trade protectionism.
What do you make of Safe Bulkers’ decision to sell the MV Michalis H with delivery expected in the first quarter of 2026?
