Athens, Greece. Safe Bulkers has signed a definitive agreement for the construction and acquisition, through financial leasing, of a newbuild capesize vessel with a capacity of 182,000 deadweight tonnes. The deal is part of the company’s broader fleet renewal strategy.
Agreement structure
The transaction was first outlined in a framework agreement in May and has now been completed. The vessel will be acquired through a finance lease in the form of a 10-year bareboat charter agreement beginning upon delivery, which is scheduled for the second half of 2029.
Under the agreement, Safe Bulkers will have the option to purchase the vessel five years after the start of the charter, at pre-agreed redemption prices up to the tenth year of the agreement.
Fleet and financing strategy
The structure allows the company to add a high-capacity vessel to its fleet while limiting its initial capital commitment and retaining the option of full ownership at a later stage.
Environmental specifications
The new capesize has been designed in line with the International Maritime Organisation’s Energy Efficiency Design Index Phase 3 requirements for reducing greenhouse gas emissions.
It will also comply with NOx Tier III regulations, which set stricter limits on nitrogen oxide emissions. According to the company, the vessel will include advanced energy efficiency features aimed at reducing fuel consumption.
Orderbook outlook
Safe Bulkers’ orderbook now stands at 11 newbuild vessels, two of which are dual-fuel methanol vessels.
Deliveries are scheduled between 2026 and 2029, with three vessels expected in 2026, two in 2027, one in 2028 and five in 2029.