CimbriaTOC EventsTBA GroupBühler GmbHPort of South LouisianaSailors Society
  • Sailors Society
  • Port of Stockton
  • Cimbria
  • TOC Events
  • Port of South Louisiana
  • TBA Group

Safe Bulkers sell and leaseback eight ships

Safe Bulkers sell and leaseback eight ships

(Posted on 21/01/20)

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced that the

Company has entered into sale and leaseback agreements with respect to eight vessels. The

proceeds from the sale and leaseback agreements are being used to refinance loan facilities of

$105.2 million with terms expiring between 2023 and 2025 and for general corporate

The aggregate gross proceeds to the Company in connection with the sale and leaseback

arrangements are $158.3 million. Under the arrangements, two vessels were leased back,

under bareboat charter agreements, for a period of six years and six vessels were leased back

under bareboat charter agreements, for a period of eight years. Four of such arrangements

contemplate a purchase obligation at the end of the bareboat charter period and purchase

options commencing three years following commencement of the bareboat charter period,

and the remaining four arrangements contemplate a purchase option five years and nine

months following commencement of the bareboat charter period, all at predetermined

purchase prices. The Company has assessed that these transactions will be recorded as

financing transactions.

The sale and leaseback agreements provide additional liquidity of $53.1 million. The

agreements contain financial covenants in line with the existing loan and credit facilities of

the Company. The repayment schedule of the Company on a pro-forma basis taking into

account the refinancing transactions, in relation to the repayment schedule as of September 30.

In addition, the Company has entered into a three-year unsecured revolving credit facility

providing for a draw down capacity of $15 million.

As of January 15, 2020, the Company had liquidity of $143.6 million consisting of $113.8

million in cash and bank time deposits, $14.8 million in restricted cash and $15.0 million

available under the unsecured revolving credit facility.

Dr. Loukas Barmparis, President of the Company, said: “These recent financing

arrangements have strengthened our liquidity position, which now exceeds $140 million, and

provide us with financial flexibility to take advantage of opportunities that may arise.”

Latest News

IOMSR expands Greek fleet with four bulk carriers

(Posted on 18/05/22)

The Isle of Man Ship Registry is expanding its Greek fleet with an agreement to flag four bulk carriers... Read more


Women climbing the maritime career ladder, but more can be done

(Posted on 18/05/22)

Women are advancing up the Caribbean maritime career-ladder into senior positions – although more... Read more


ClassNK releases PrimeShip-HULL 2022 for new structural rules

(Posted on 12/05/22)

Leading classification society ClassNK has released its design support system “PrimeShip-HULL... Read more


International segments drive solid Algoma performance

(Posted on 05/05/22)

Algoma Central Corporation has reported its results for the three months ended March 31, 2022. Revenues... Read more


Report highlights INTERCARGO members’ commitment to quality

(Posted on 05/05/22)

The International Association of Dry Cargo Shipowners (INTERCARGO) has launched the thirteenth edition... Read more


ClassNK issues AiP for ammonia-ready LNG-fuelled bulk carrier

(Posted on 27/04/22)

Leading Classification Society ClassNK has issued an Approval in Principle (AiP) for the design of an... Read more


Inmarsat combats rising maritime cybercrime with fleet secure UTM

(Posted on 27/04/22)

Inmarsat, the world leader in global, mobile satellite communications, has launched Fleet Secure Unified... Read more


Bulk shipping offering between UAE and Bangladesh

(Posted on 20/04/22)

AD Ports Group has announced that its feeder service, SAFEEN Feeders, has signed a long-term trade facilitation... Read more


CMS and MHSS to support seafarers impacted by Ukraine war

(Posted on 20/04/22)

Columbia Shipmanagement, together with its owning company and its clients, have raised an unprecedented... Read more


Blue Fin Shipping orders six combi freighters from Damen

(Posted on 14/04/22)

Impressed by the outstanding performance of the first two Combi Freighters 3850, German ship owner Blue... Read more


TelestackVan AalstViganPort of StocktonMultimodal 2022The Wolfson Centre for Bulk Solids Handling Technology
  • Telestack
  • Van Aalst

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping