The Mississippi Valley Trade & Transport Council

Safe Bulkers ads to fleet from cash on hand

(Posted on 16/08/18)

Safe Bulkers, Inc., an international provider of marine dry-bulk transportation services, has announced 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 13 August, 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.”

In July the company announced net revenues for the second quarter of 2018 increased by 34% to $47.0 million from $35.0 million during the same period in 2017.

Safe Bulkers is an international provider of marine drybulk 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 drybulk transportation services. The Company’s common stock, series C preferred stock and series D preferred stock are listed on the NYSE, and trade under the symbols “SB”, “SB.PR.C” and “SB.PR.D” respectively.