Nicosia, Cyprus. Safe Bulkers has ordered four Japanese-built dry bulk vessels, including its first Capesize newbuilding, as it continues a fleet renewal programme focused on fuel efficiency and environmental performance.
Order details and delivery schedule
Safe Bulkers, which is listed on the New York Stock Exchange, said it had entered into recapitulation agreements for the acquisition of three 82,000 dwt Kamsarmax vessels and one 182,000 dwt Capesize vessel, all scheduled for delivery in 2029.
The company said two of the Kamsarmax newbuildings are expected to be delivered in the first half of 2029, with the third due in the third quarter of 2029. The Capesize vessel is scheduled for delivery in the second half of 2029.
Financing arrangements
Safe Bulkers said the Kamsarmax acquisitions are expected to be financed through the company’s cash reserves, with no external financing arranged at this stage.
The Capesize vessel will be acquired through a finance lease under a ten-year bareboat charter agreement, with purchase options in favour of the company available five years after the start of the charter period, at predetermined prices.
The company said the agreements remain subject to customary documentation, terms and closing conditions.
Fleet renewal and regulatory compliance
Safe Bulkers said the move extends its rolling fleet renewal programme led by Polys Hajioannou and marks the company’s entry into the Capesize newbuilding segment.
The company said all four vessels are designed to meet the IMO’s Energy Efficiency Design Index Phase 3 requirements and will also comply with the latest NOx Tier III emissions regulations. It added that the Kamsarmax vessels will be sister ships to a number of newbuildings already in its orderbook and will incorporate energy efficiency features aimed at reducing fuel consumption.
What do you think this order signals about Safe Bulkers’ fleet renewal strategy?